국민연금의 가족기업에 대한 투자와 감사보수

[Purpose] This study aims to examine the effect of the National Pension Service’s (NPS) ownership in family firms on audit fees, thereby identifying the differentiated impact of a public institutional investor implementing the Stewardship Code on the external audit environment of family－owned businesses. [Methodology] This study analyzes KOSPI and KOSDAQ listed firms from 2020 to 2022, classifying the sample based on whether the firm is family－owned and whether the NPS holds a stake. The analysis was conducted using OLS regression and entropy balancing for causal inference. [Findings] Family firms pay significantly lower audit fees compared to non－family firms, which can be attributed to their relatively lower audit risk. However, family firms in which the NPS holds a stake pay significantly higher audit fees than those without such ownership. Furthermore, this effect becomes stronger as the NPS’s shareholding increases. [Policy Implications] The National Pension Service’s ownership in family firms is positively and significantly associated with an increase in audit fees, indicating that the NPS is effectively fulfilling its role as an external monitor. This result suggests the need to expand the monitoring role of institutional investors for enhanced oversight of corporate governance in family firms.