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

Author

Listed:
  • Beetsma, Roel
  • Hougaard Jensen, Svend E.
  • Pinkus, David
  • pozzoli, dario

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.

Suggested Citation

  • Beetsma, Roel & Hougaard Jensen, Svend E. & Pinkus, David & pozzoli, dario, 2022. "Do Pension Fund Investments Make a Difference? Effects on Firm Productivity," CEPR Discussion Papers 17639, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17639
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    More about this item

    Keywords

    Pension funds;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • G3 - Financial Economics - - Corporate Finance and Governance

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