This study examines whether the National Pension Service’s (NPS) exercise of different types of ‘No’ voting rights is related to stock price crash risk in companies listed on the KOSPI from 2016 to 2022. The results indicate that the NPS’s exercise of ‘No’ voting rights is perceived as negative news, adversely affecting the stock market. Specifically, analyses of the effects of different types of ‘No’ voting rights on the risk of stock price crash show that the NPS’s ‘No’ voting rights on issues such as increases in executive remuneration limits and approval of financial statements increase the risk of stock price crashes. The findings of this study suggest that the exercise of dissenting voting rights by the National Pension Service can serve as a monitoring mechanism for investee firms, as it tends to be perceived as a negative signal by other investors, thereby increasing stock price crash risk.