The generalized entropy theory (GET) of glass formation provides an analytic framework for the structural relaxation time and thermodynamic properties of glass-forming polymers in terms of molecular parameters and variable thermodynamic conditions (e.g., variable pressure). Here, we utilize the GET to elucidate the physical nature of the activation volume ΔV # estimated from the leading pressure dependence of the structural relaxation time. We start by analyzing the temperature dependence of ΔV # , for which the predictions from the GET are shown to broadly accord with experimental and simulation results. This analysis is followed by establishing general trends in the variation of ΔV # with molecular parameters describing chain stiffness, cohesive interaction strength, chain length, and monomer structure. Our calculations further show that ΔV # is related to the differential change of the activation free energy as a function of temperature and thus bears a close relationship to the fragility of glass formation. The GET is also used to demonstrate that the variations of fragility and the glass transition temperature T g with molecular parameters in polymer materials having similar cohesive interaction strength, i.e., a similar chemical nature, can be understood to arise from the relative efficiency of molecular packing near T g , which we quantify through the experimentally measurable thermal expansion coefficient and isothermal compressibility. A structural understanding of the variation of fragility translates into a better understanding of ΔV # by virtue of the approximate relationship between these properties independently established by the GET.