스튜어드십이 피투자기업의 이익조정에 미치는 영향

[Purpose]This study investigates whether pension funds and other institutional investors that have adopted the Stewardship Code actively participate in the financial decision－making processes of investee companies, particularly regarding earnings management, in line with their commitment to the Stewardship Code. [Methodology]An empirical analysis is conducted using a sample of firm－year observations from companies listed on the KOSPI and KOSDAQ markets between 2018, when the Stewardship Code was fully implemented, and 2023. A variable is constructed to identify companies invested in by investors committed to the Stewardship Code by manually matching the five largest shareholders of each company with stewardship investors. [Findings]The results of the empirical analysis indicate that the five largest shareholding investors committed to the Stewardship Code are capable of influencing the decision－making of investee companies by reducing their earnings management practices. Our findings remain consistent even when the sample period is expanded or when the years 2020－2021 are excluded to account for the impact of COVID－19. An additional analysis further confirms that institutional investors not committed to the Stewardship Code exhibit behaviors distinct from those of stewardship－committed investors. [Implications]This study contributes to the literature by exploring the effects of investors’ commitment to the Stewardship Code on the earnings management practices of investee companies—an area that has been rarely studied.