국민연금의 스튜어드십 코드 도입이 기업가치에 미치는 영향: 지배구조 개선의 매개효과

[Purpose] This study aims to assess the effect of the National Pension Service’s (NPS) adoption of the Stewardship Code in 2018 by examining firm values of Code－adopting companies relative to those that did not adopt the Code. [Methodology] Using data on firms listed on the Korea Composite Stock Price Index (KOSPI) from 2018－when the NPS announced its intention to adopt the Stewardship Code－through 2023, the study employs regression analysis to compare firm value between the NPS Code－adopting group and the non－adopting group. It further investigates, via mediation regression analysis, whether any observed increase in firm value for Code－adopting firms is transmitted through improvements in corporate governance. [Findings] The key findings of this study are as follows. First, the corporate value of companies subject to the NPS's stewardship code is found to be higher than that of companies not subject to the code. Second, the increase in corporate value for companies under the stewardship code is generated through the mediating effect of improved corporate governance. [Implications] In response to criticisms of passivity in protecting shareholder interests and capital market soundness, the NPS adopted the stewardship code in 2018. This study provides empirical evidence that the NPS's efforts improved corporate governance and, in turn, enhanced corporate value, offering important implications for the capital market.