Do Pension Fund Investments Make a Difference? Effects on Firm Productivity

Roel Beetsma, Svend E. Hougaard Jensen, David Pinkus and Dario Pozzoli

No 17639, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We construct a comprehensive ownership dataset merged with the Danish registers to explore firms' productivity responses to a pension fund investment. Our analysis demonstrates that pension funds raise firms' productivity by investing in their equity. These results are robust to the consideration of selection issues and a large set of refinements, which show that the effects are larger for unlisted firms. We also find evidence to suggest that the increase in productivity tends to be larger the longer the duration and the larger the equity investment by pension funds.

Keywords: Pension; funds (search for similar items in EconPapers)
JEL-codes: D24 E23 G3 (search for similar items in EconPapers)
Date: 2022-11
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