We exploit a large legal shock to the board structure of Korean firms, using a strong research design – combined difference-in-differences and regression discontinuity – to study whether this board structure change affects firm financial reporting (disclosure, MD&A length, and abnormal...

The 1998 governance reform democratized the management of National Pension Fund (NPF) by filling majority of seats in the Management Committee with non-government civilians representing pension policyholders. The reform also abolished the practice of NPF surrendering pension surplus into the...