Cumming, Douglas J.; Lu, Fanyu; Xu, Limin; Yu, Chia-Feng - In: Journal of business ethics : JBE 195 (2024) 3, pp. 579-598
We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount...