Pension Fund Monitoring and Corporate Debt Policy: Evidence from the Korean Market*

被引：1

作者：

Choi, Wonseok ^{[1
]}

Chung, Chune Young ^{[2
]}

Park, Jongchan ^{[3
]}

机构：

[1] Univ North Texas, Hlth Sci Ctr, Dept Hlth Behav & Hlth Syst, Denton, TX 76203 USA

[2] Chung Ang Univ, Coll Business & Econ, Sch Business Adm, 84 Heukseok Ro, Seoul 06974, South Korea

[3] Washington State Univ, Carson Coll Business, Pullman, WA 99164 USA

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2021年 / 50卷 / 02期

基金：

新加坡国家研究基金会;

关键词：

Blockholding; Institutional monitoring; Korean market; Korean National Pension Service; Target capital structure; INSTITUTIONAL INVESTORS; CAPITAL STRUCTURE; CROSS-SECTION; OWNERSHIP; FIRMS; INFORMATION; GOVERNANCE; DECISIONS; DIRECTORS; HOLDINGS;

D O I：

10.1111/ajfs.12331

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether the Korean National Pension Service, a corporate watchdog and major long-term investor in South Korea, positively affects corporate financial policy. The Korean National Pension Service is less likely to influence corporate financial policy even among firms with high uncertainty and information opacity, which increases the importance of large shareholders' monitoring role. Additionally, ownership by the Korean National Pension Service has statistically insignificant effects on firms' performance and financial soundness.

引用

页码：210 / 237

页数：28

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