In this paper, we study whether firms manage their pension risk exposures within an integrated corporate risk management framework or they manage their pension and firm risk exposures independently following the adoption of fair value pension reporting regulation (IAS 19). Controlling for known factors affecting the risk-taking in pension plan investments, we document a robust negative association both at the cross-section and over time between pension risk and firm systematic risk and operating asset risk during the post-IAS 19 adoption period. The findings suggest that firms manage pension risk as an integral part of firm risk, consistent with a coordinated risk management explanation. Overall, our evidence highlights that pension investment strategy is a dynamic process that is ultimately determined by sponsoring firms' strategic corporate risk management considerations and the important role that changing pension reporting regulation plays in shaping these dynamics. Our conclusions have potential wider implications for ongoing reforms in financial reporting and disclosure policy settings.

在本文中，我们研究了企业是在综合企业风险管理框架内管理其养老金风险敞口，还是在采用公允价值养老金报告条例（IAS 19）后独立管理其养老金和企业风险敞口。控制影响养老金计划投资风险承担的已知因素，我们记录了在 IAS 19 采用后期间养老金风险与公司系统风险和经营资产风险之间的横截面和随时间推移存在强大的负相关关系。研究结果表明，公司将养老金风险作为公司风险的一个组成部分进行管理，这与协调的风险管理解释一致。总体而言，我们的证据强调养老金投资策略是一个动态过程，最终由赞助公司决定 战略性企业风险管理考虑因素以及改变养老金报告监管在塑造这些动态方面所起的重要作用。我们的结论可能对正在进行的财务报告和披露政策设置改革产生更广泛的影响。