We investigate whether the Korean National Pension Service, a corporate watchdog and major long-term investor in South Korea, positively affects corporate financial policy. The Korean National Pension Service is less likely to influence corporate financial policy even among firms with high uncertainty and information opacity, which increases the importance of large shareholders’ monitoring role. Additionally, ownership by the Korean National Pension Service has statistically insignificant effects on firms’ performance and financial soundness.

中文翻译：

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养老金监控和企业债务政策：来自韩国市场的证据*

我们调查了韩国国民退休金局（公司的监管者和韩国的主要长期投资者）是否对公司的财务政策产生了积极影响。即使在不确定性高和信息不透明的公司中，韩国国民养老金局也不太可能影响公司的财务政策，这增加了大股东监督作用的重要性。此外，韩国国民养老金局的所有权对企业的业绩和财务稳健性的影响在统计上可忽略不计。