Orion Group's actions are evaluated as an exemplary case of enhancing shareholder value currently required by the domestic stock market. This is not just a verbal promise, but a decision to cancel all of the company's treasury stock as a follow-up measure to the corporate value improvement plan announced last March. This is the result of Orion and Orion Holdings instilling strong trust in shareholders by specifying specific figures and timing through the board of directors. In particular, the policy of increasing dividends by 40% compared to the previous year, which began last February, shows a clear will to share the fruits of the company's growth with shareholders. The establishment of this virtuous cycle structure is receiving positive evaluation from the market in that it faithfully follows the basic principle of the capital market that corporate growth is directly linked to an increase in shareholder value.

On the other hand, JoongAng Group was unable to overcome the huge wave of structural change and liquidity crisis in the media industry and had to make the painful choice of going through legal rehabilitation procedures. The incident in which major affiliates, led by JTBC, declared default after failing to repay loans worth 20.6 billion won, clearly shows how rapidly the existing TV advertising market is collapsing due to digital transformation and the rapid rise of OTT platforms. The Seoul Rehabilitation Court recognizes the seriousness of the situation by allocating the rehabilitation applications of five companies, including JoongAng Holdings and Megabox Central, in one lump sum. This rehabilitation process, which began with Vice Chairman Hong Jeong-do's public apology, will go beyond simple financial adjustments and will be a painful process in which JoongAng Group is forced to leave its past glory behind and improve its constitution for survival.

Meanwhile, in the investment market, as demand from individual investors seeking stable cash flow grows, ‘covered call ETFs’ are emerging as a central axis of the market. According to an analysis by the Capital Market Research Institute, the domestic covered call market recorded explosive growth to 24 trillion won in three years. It is clear why products that manage volatility and provide special dividends through active management, as in the case of Mirae Asset Global Investments, are popular. However, investors should not overlook that these products are financed by option premiums. In a strong bull market, participation in the rise of the underlying asset may be limited, and the nature of the distribution may also be in the form of a capital refund, so simply relying on a high distribution rate can be a risky investment strategy.

The case of Woongjin, which entered a new phase by converting to a holding company system, clearly demonstrates the impact of corporate governance reform on financial efficiency. Woongjin, which has met the holding company requirements through the acquisition of Freelife, now faces the task of reducing the acquisition financing burden of approximately 700 billion won. The fact that companies are considering strategic options such as canceling or merging treasury shares to meet the 100% ownership requirement of a company under the Fair Trade Act suggests how companies can utilize legal regulations as an opportunity for practical financial improvement. In particular, the tax benefits that arise from the process of transferring Freelife's outstanding cash generation ability to the holding company are expected to be the key to solving the painful task of repaying the acquisition loan.