국민연금 지분율과 기업투자

초록

This study examines whether the National Pension Fund’s shareholding can explain the cross-sectional variation of corporate investments using the data of Korean manufacturing firms listed in KOSPI in the model of Tobin’s q and the framework of Gala and Gomes(2016). The coefficient estimates on the shareholding are positive and statistically significant, controlling for Tobin’s q, cash flows, and firm size. Different Estimation methods and samples do not change the finding qualitatively. It is possible, however, that the positive association in reduced-form regression may reflect a reverse causal relation or effects of latent variables.

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