Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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The Relationship between the National Pension Service's Shareholding and Dividend Propensity: Focus on the Changes since the Stewardship Code.

국민연금의 지분율과 기업 배당성향 간의 관계: 스튜어드십 코드 도입 이후 변화를 중심으로

  • 원상희 (국민연금 기금운용 상근전문위원실) ;
  • 전봉걸 (서울시립대학교 정경대학 경제학과)
  • Received : 2021.08.31
  • Accepted : 2021.09.21
  • Published : 2021.09.30
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Abstract

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

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