We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enactment reduction in pension risk-shifting is greater for firms with fewer investment opportunities. Overall, our results provide insight into how stakeholder constituency can mitigate an important form of risk-shifting.

中文翻译：

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减轻企业养老金计划的风险转移：来自利益相关者选区法规的证据


我们使用国家利益相关者选区法的交错颁布作为一个自然实验，以检验此类法律对企业养老金风险转移的影响。我们的分析涵盖养老金风险转移的三个组成部分：融资风险、投资风险和福利风险。我们观察到，随着利益相关者导向法的颁布，促进更多地考虑利益相关者的利益，养老金风险转移的所有三个要素都减少了。我们还发现，对于投资机会较少的公司来说，法案颁布后养老金风险转移的减少幅度更大。总体而言，我们的结果提供了有关利益相关者群体如何减轻风险转移的重要形式的见解。