2023 Volume 27 Pages 33-48
This study examines the legitimacy formation process of activist shareholders in the Japanese business community. Text analysis of articles in national newspapers showed that the perceptions of activists has changed, and that the corporate governance reforms implemented during the second Abe administration after 2013 were a factor in this change. Activist shareholders have gained legitimacy in Japanese business community due to changes in activist behavior and changes in the social system of Japanese business community (legitimization of management involvement by outsider shareholders). Finally, this study provides some important points in the ideal relationship between activist shareholders and companies.
