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This paper seeks to explore such questions as: “What are the impacts of foreign investors and what are the channels through which foreign investors contribute to or detracts from firm value in Korea?” It aims to discuss how foreign investors and foreign outside directors interact to enhance firm value.

Using longitudinal data from the KOSPI200 index in Korea during 2004‐2007, the study examined the direct and interaction effect of foreign blockholders and foreign board members. To address the representativeness of foreign investors, the authors verified the mandates of foreign board members though telephone interviews.

Foreign block shareholders and foreign outside directors respectively provide expertise and independent monitoring over management. Foreign blockholders' management control via board membership is likely to mitigate leverage of value enhancement when foreign outside directors represent private interests of foreign blockholders. The moderating effect is also supported since foreign ownership concentration has an inverted U‐shaped relationship with value enhancement. The paper confirms that board independence reinforces the positive impact of foreign outside directors on firm value.

This study offers a key to understanding corporate governance in that mutual monitoring and a balance among various types of stakeholders are crucial to value enhancement.

The paper provides clues to the extant diverse findings concerning the impact of foreign investors on firm value. It applies an integrated perspective to the empirical analyses of the impact of foreign investors by giving consideration to the agency – foreign outside directors – to implement management control on behalf of foreign blockholders.

During the 1920s and 1930s in the colonial city of Seoul, a group of women called the New Women and the Modern Girls expressed their modern identities by wearing different clothing, hairstyles and make-up; visiting cafés; viewing Western movies; and consuming other foreign merchandise. While these women were admired by many women as being pioneers of modernity, they were severely criticized by others under the pretext that they indulged their vanity without considering the economy of their families and their colonized nation. These criticisms continue in twenty-first century Korea. Based on the striking similarity between the two eras, an understanding of the consumption and the criticisms of the Modern Girls could provide a historical context for understanding women's experiences in the consumer culture of twenty-first century Korea. The paper aims to discuss these issues.

As secondary sources, literature published in both English and Korean was included. Primary data were obtained from articles in Korean newspapers, magazines and print advertisements from the 1920s and 1930s.

The New Women and Modern Girls expressed their modern identities by consuming various fashion goods, including Western-style clothes, make-up and various accessories, adopting Western hairstyles and frequenting modern cafés, theaters and department stores. However, their behaviors escaped the boundaries of the “wise mother, good wife” ideology, and they were severely criticized by those adhering to the neo-Confucianism and Korean nationalist ideology that was deeply rooted in Korean society. Thus, the reputations of the Modern Girls were tainted and the individuals were stigmatized.

This research illuminates the negative aspects of self-expressive consumption, showing how individualistic, identity-driven consumption can be stigmatized in the collectivistic culture of Korea that is rooted in neo-Confucian nationalism.