In July 2018, the Korean National Pension Service (KNPS), one of the world’s largest pension funds, introduced a stewardship code, and in February 2019 it first exercised active shareholder engagement in an investee. Using an event study methodology, we examine whether this institutional investor’s active shareholder engagement affected the stock market. We find that the stock value of the KNPS’s investees was reduced after the active shareholder engagement. The effect was larger in the case of small-cap stocks, companies in which the KNPS has a 5–10% share, and firms with a lower environmental, social, and governance grade. This implies that market concerns about government intervention are valid, and institutional reforms are necessary, including specific guidelines to balance shareholder and management rights.

中文翻译：

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韩国国民年金局

2018 年 7 月，全球最大的养老基金之一韩国国民年金公团 (KNPS) 引入了管理守则，并于 2019 年 2 月首次对被投资方进行了积极的股东参与。使用事件研究方法，我们检查了该机构投资者的积极股东参与是否影响了股票市场。我们发现，在积极的股东参与后，KNPS 被投资方的股票价值降低了。小盘股、KNPS 占 5-10% 份额的公司以及环境、社会和治理等级较低的公司的影响更大。这意味着市场对政府干预的担忧是有道理的，体制改革是必要的，包括平衡股东和管理层权利的具体指导方针。