Abstract
This study examines the relationship between institutional investors' shareholder activism and their performance, focusing particularly on the adoption of stewardship codes. The stewardship code includes guidelines for institutional investors to effectively fulfill the role of trustees and strengthen relationships with investee companies, with core elements such as enhancing shareholder rights. By analyzing the performance of institutional investors following the introduction of stewardship codes, this study aims increase understanding of the motivations behind institutional investors' active shareholder activism and the importance of stewardship codes. The study analyzes the relationship between the introduction of stewardship codes and the fidelity of voting rights exercised by asset management companies. According to the analysis, asset management companies that have adopted stewardship codes demonstrate higher performance compared to those that have not, particularly in terms of ROA performance. The result suggests a positive effect of stewardship adoption.