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Determinants of Shareholder Activism of the National Pension Fund of Korea

Authors
Lee, JaehyunIn, FrancisKhil, JaeukPark, Young S.Wee, Kyeong Woo
Issue Date
Dec-2018
Publisher
Wiley-Blackwell
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
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/4143
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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