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Financial firms are publishing their plans to enhance shareholder returns in line with the government's Corporate Value-up Program, but the disclosures filed by Wednesday have been criticized for lacking specifics, according to market insiders, Wednesday.

According to the Korea Exchange, Kiwoom Securities on Tuesday disclosed its Corporate Value-up plans, vowing to achieve a 30 percent shareholder return rate, a price-to-book ratio (PBR) of 1 and a return on equity (ROE) above 15 percent.

The announcement followed as the government allowed companies to voluntarily disclose their Corporate Value-up plans starting from Monday.

Kiwoom Securities also included expansion plans, which include entering the promissory note business by obtaining a mega investment bank license, offering specialized pension services and expanding global operations. The company also commits to enhancing communication with investors and increasing its international presence by establishing an asset management firm in Singapore.

However, these announcements for enhancing corporate value largely overlap with the plans already disclosed by the securities firm in March.

Another financial firm that announced its moves early was KB Financial Group.

On Monday, the group issued a preliminary disclosure, stating it has been discussing sustainable strategies to enhance value with its board of directors and intends to disclose them in the fourth quarter of this year. But the announcement did not contain any details.

Despite the significance of being the first in the industry to make such announcements, investor sentiment seemed cold. Neither firms' share prices showed significant increases compared to pre-announcement levels.

Financial authorities initially emphasized corporations' voluntary movement in their guidelines and did not put any restrictions on disclosures. They did not indicate any mandatory format or content requirements for filings, nor did they enforce timelines.

It is anticipated that it will take longer to witness corporations' disclosures that are specific enough to impress the market.

Some listed companies, having made efforts to enhance their value since earlier this year, stated that they have no additional shareholder return plans to announce. Additionally, some other companies indicated that more time was needed to finalize new plans and proceed with their disclosures.

This raises concerns that the Corporate Value-up Program may lose momentum, if companies do not sufficiently participate in disclosures during the first half of this year.

Market analysts suggested that for the program to invigorate the stock market as intended, additional government policies, such as tax incentives, are essential to encourage active participation by companies.

At an international seminar hosted by the Korea Financial Investment Association on Tuesday, Yoshio Horimoto, vice commissioner of Japan's Financial Services Agency, also attributed Japan's success to policy achievements that have made tax incentives tangible, along with close communication between high-ranking government officials and overseas investors.