Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment

Mariassunta Giannetti · Luc A. Laeven

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Corporate Finance and Governance Financial Markets and Investment Strategies State Capitalism and Financial Governance

Abstract

Sweden offers a unique natural experiment to analyze the effects of institutionalized saving on the ownership structure, corporate governance, and firm performance. The Swedish pension reform increased the stock market participation of pension funds, causing a significant reshuffling in the ownership of pension funds. We show that the effects of institutional investment on firm performance depend on the industry structure of pension funds. Firm valuation improves if public pension funds and large independent private pension funds increase their shareholdings. Additionally, controlling shareholders appear reluctant to relinquish control and the control premium increases if public pension funds acquire shares.

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References

1998Law and Finance 1999Corporate Ownership Around the World 1986Large Shareholders and Corporate Control 1985The Structure of Corporate Ownership: Causes and Consequences 2002Investor Protection and Corporate Valuation 2002Disentangling the Incentive and Entrenchment Effects of Large Shareholdings 2002The ultimate ownership of Western European corporations 1999Understanding the determinants of managerial ownership and the link between ownership and performance

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