RIEB Seminar
RIEB Seminar
RIEB Seminar
Hoste by TJAR Workshop
| Date & Time | Wednesday, February 14, 2024, 14:00 - 15:30 |
|---|---|
| Place | Meeting Room at RIEB (Annex, 2nd Floor) |
| Intended Audience | Faculty, Graduate Students, and People with Equivalent Knowledge |
| Langage | English |
| Remarks | Please complete the registration before February 12. Registration Form (Due: Feb 12) |
14:00 - 15:30
- Topic
- Analyzing ESG Follow Through of Pension Funds: Evidence from Korea National Pension Service
- Speaker
- Hee-Yeon SUNWOO (Department of Business Administration, Sejong University)
- Abstract
- Assessing asset allocators' ESG efforts is difficult because the related data is proprietary. We obtain a unique dataset of portfolio holdings and voting records from one of the largest pension funds in the world, Korean National Pension Services (NPS), and analyze whether and how it incorporates ESG into the decision making process. We find that firms with higher NPS ownership exhibits a greater improvement in ESG scores and that this improvement is more salient when NPS votes against the management during shareholders' meeting. Further, firms in NPS' portfolio that improved their ESG scores exhibit superior future stock returns. Overall, the results suggest that NPS is able to achieve ESG, as well as return, improvements from its holdings.