Impact du financement par fonds de pension sur la performance des entreprises du CAC 40
No 2018-4, EconomiX Working Papers from University of Paris Nanterre, EconomiX
As pension saving managers, pension funds are able to finance long term investment, R&D and innovation while assuring their role as traditional institutional investors (activism, outsourcing of internal management bias...). As such pension funds can play a crucial role in the French investment dynamic which is mostly characterized by the use of credit. However, among the studies on the influence of institutional investors, few are those specifically interested in pension funds, and none focuses on the French case. This article aims to fill this gap in the literature by studying the impact of pension fund investments of CAC 40 firms' performance. Our results, over the period 2004-2016, highlight a negative influence of pension funds' participation. We explain those findings by the weakness of pension funds' participation and their foreign origin.
Keywords: Pension funds; CAC 40; Tobin's Q; Panel; GMM (search for similar items in EconPapers)
JEL-codes: C23 G23 G32 G34 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2018-4
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