Determinants of Shareholder Activism of the National Pension Fund of Korea
- Authors
- 이재현; Francis In; 길재욱; 박영석; 위경우
- Issue Date
- Dec-2018
- Publisher
- 한국증권학회
- Keywords
- National Pension Fund of Korea; Shareholder activism; Stock market reaction; Voting right
- Citation
- Asia-Pacific Journal of Financial Studies, v.47, no.6, pp.805 - 823
- Journal Title
- Asia-Pacific Journal of Financial Studies
- Volume
- 47
- Number
- 6
- Start Page
- 805
- End Page
- 823
- URI
- http://scholarworks.bwise.kr/ssu/handle/2018.sw.ssu/30927
- DOI
- 10.1111/ajfs.12238
- ISSN
- 2041-9945
- Abstract
- This paper identifies the determinants of shareholder activism of the National Pension Fund of Korea (NPF), and investigates its stock market reaction. In the case of article amendments, the NPF exercises its voting right actively when the firm has concentrated ownership, and does not belong to chaebols. The NPF is active when the firm has diffused ownership, and is not a chaebol affiliate if the agenda up for vote is auditor appointments. The event studies show that a long position in the NPF “Yes” vote stocks and a short position in the “No” vote stocks produce positive abnormal returns.
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Collections - College of Business Administration > School of Finance > 1. Journal Articles
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