Note(s): PFR is defined as the difference between plan assets and pension obligations, divided by market capitalization, where a higher value indicates a better-funded DB pension plan. SIZE denotes firm size and is measured as the natural logarithm of total assets. LEV is the leverage ratio, calculated as total liabilities over total assets. ROA represents return on assets, measured as net income divided by average total assets. MTB is the market-to-book ratio, computed as the market capitalization at the fiscal year-end divided by average total assets. BETA refers to the firm’s systematic risk, estimated using the market model. VOL is stock return volatility, measured by the standard deviation of weekly returns over the past year. FOREIGN is the natural logarithm of the percentage of shares held by foreign investors. Blockholder indicates the ownership percentage of the largest shareholder. DA represents discretionary accruals, estimated following the modified Jones model proposed by Kothari et al. (2005). Big4 is a dummy variable equal to 1 if the firm is audited by one of the Big 4 accounting firms, and 0 otherwise. Market is a dummy variable equal to 1 for KOSPI-listed firms and 0 for KOSDAQ-listed firms