Pension fund investment and firm innovation
利用丹麦非上市企业的独特数据，研究发现养老基金投资与企业创新（包括绿色技术）正相关，但在竞争激烈的行业中这种关联减弱，表明养老基金通过治理机制减少管理懈怠并提供长期稳定资本。
We use a unique dataset on domestic pension fund investments to estimate the relationship between pension fund investment and innovation within Danish unlisted firms. We find a significant positive association between pension fund investment and various measures of innovation, including those targeting green technologies. However, this association is attenuated in highly competitive industries, consistent with a governance channel through which pension funds exert discipline on managers. Overall, our study underscores the important role of pension funds in supporting firm innovation, particularly by reducing managerial slack and by supplying stable, long-term capital to unlisted firms.