The emergence of shareholder activism in Korea has been warmly commended by Western economists. The prominent Korean shareholder activism was led by the People's Solidarity for Participatory Democracy (PSPD), a civil society organization. How could the activism led by a civil society organization grow and thrive in the poor soil of Korea to become a success story of corporate governance reform in developing countries?The first part of this book discusses what shareholder activism and its emergence mean and which aspect the study of shareholder activism has paid, and should pay, attention to. Using a general framework of decision-making, Part I introduces three distinct approaches which previous scholars have taken to explain the rise of shareholder activism.Identifying the limitations of the first two approaches in explaining the rise of the PSPD activism, the second part of this book investigates three elements of social movement theory (political opportunity, framing process and resource mobilization). It concludes with the findings and their implications for policymakers, scholars and managers interested in shareholder activism and corporate governance reforms in general.