Corporate Governance and Pension Fund Performance

Kowalewski, Oskar

doi:10.5709/ce.1897-9254.32

Cited by 14 publications

(11 citation statements)

References 51 publications

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“…This research can contribute to the literature on corporate governance and its different implications in EFPC or pension funds, considering the results not always convergent of previous studies (Ammann & Zing, 2010;Kowalewski, 2012), especially when considering the effect of good governance practices in the context of these entities and their relationship with the profitability of the plans.…”

Section: Introductionmentioning

confidence: 70%

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Oliveira¹,

Beuren²,

Vicente³

2021

CGG

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Objective: This study analyzes the relationship between good corporate governance practices (access to information, content of published information and management structure) and the performance (measured by the profitability of the plans) of the Closed Entities of Complementary Pension Funds (Entidades Fechadas de Previdência Complementar - EFPC).Method: The sample comprises 76 EFPCs ranked among the 89 publicly funded entities and the data were collected in the Annual Information Reports (Relatórios Anuais de Informação), statutes and information on the entities' websites and in the statistical statement published by the Brazilian Association of Closed Pension Funds for the year 2017. In order to test the research hypothesis, the Multiple Linear Regression method performed with the support of STATA® software.Originality/Relevance: The relevance of EFPC is highlighted, a sector that has been growing in Brazil, mainly with the pension reform in the public and private sectors.Results: The study's evidence does not support the acceptance of the established hypotheses, which foresee a positive and significant relationship between governance practices and profitability, considering as practices the access and content of information and the structure of governance bodies. It is conjectured that the level of information disclosure and / or the governance practices analyzed may have influenced the findings.Theoretical/methodological contributions: Although the proposed relationships did not indicate statistical significance, the survey highlights the importance of good corporate governance practices in EFPC in order to achieve better results and fulfill obligations to stakeholders.

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Section: Introductionmentioning

confidence: 70%

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Oliveira¹,

Beuren²,

Vicente³

2021

CGG

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“…Autores que abordaram o tema em outros contextos Agenda de pesquisa no contexto brasileiro O'Sullivan e Diacon (1999), Jobome (2006), Bassem (2010), Lin et al (2009), Tipurić et al (2013), Desender et al (2013), Estape-Dubreuil e Torreguitar-Mirada (2015), Guo et al (2015), McCann e Ackrill (2015), Price et al (2015) Replicar e comparar a interação entre mecanismos externos e internos de governança Weir et al (2002) Replicar a interação entre mecanismos externos e internos de governança especificamente para empresas públicas Almer et al (2008) Verificar a efetividade dos mecanismos externos e internos de governança na percepção de investidores Corbett (2008), Jo e Harjoto (2011), Khan et al (2013) Replicar a abordagem pela responsabilidade social corporativa como catalisadora na geração dos mecanismos de governança Campbell et al (2011), Su e Lee 2013Identificar a interação entre os mecanismos internos e externos de governança corporativa e risco Jiang e Peng (2012), Huyghebaert e Wang (2012), Kowalewski (2012), Belghitar e Khan (2013) Comparar o ativismo como mecanismo de governança e o conflito de interesses entre investidores em diferentes contextos Sapra et al (2014) Analisar a relação entre os mecanismos externos e internos de governança e a inovação Monteiro et al (2014) Abordar outros mecanismos externos, além do sistema legal Chen et al (2015), Massa et al (2015) Verificar o efeito moderador dos mecanismos de governança e a compensação e sucessão do CEO E, também, pesquisas futuras poderiam verificar a efetividade dos mecanismos internos e externos, considerando-se a identidade do acionista controlador, e investigar as condições em que a propriedade estatal é benéfica ou prejudicial à governança das empresas. Ainda, estudos poderiam comparar como a governança corporativa, o sistema legal e as instituições variam em cada contexto e sua influência na proteção ao investidor.…”

Section: Tabela 7 Agenda De Pesquisaunclassified

Mecanismos Externos de Governança Corporativa no Brasil

Bueno¹,

Nascimento²,

Lana³

et al. 2018

CGG

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Casos de escândalo envolvendo fracas práticas de governança corporativa (GC) são destaques em vários países, especialmente no Brasil. Este artigo tem como objetivo realçar a importância dos mecanismos externos de GC e a necessidade de se desenvolver mais estudos acerca desse tema no país. Por meio do levantamento bibliométrico, com análise de 432 artigos nacionais e internacionais, no período de 1990 a 2016, foi possível verificar que, no Brasil, há apenas seis estudos que citam os mecanismos externos de GC, mas apenas um deles operacionaliza esses mecanismos empiricamente. Em contrapartida, nos Estados Unidos, na China e na Inglaterra, há um avanço nos artigos a respeito do tema, justamente pelo comprometimento com as práticas de GC das empresas. Com os achados desta pesquisa, pretendeu-se contribuir, teórica e empiricamente, com a descrição do estado da arte das pesquisas referentes aos mecanismos externos de GC no Brasil e no mundo, a síntese do papel dos mecanismos externos como ferramentas complementares da transparência e da boa GC, e a indicação de futuras possibilidades de pesquisas que aprofundem a avaliação dos mecanismos externos e da interação deles com os mecanismos internos na redução de assimetrias de informação e de interesse entre os agentes envolvidos.

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“…This may be different in countries where pension funds are merely asset management organizations. Kowalewski (2012) states that, in countries where participants have a clear choice, the market acts as the primary mechanism for external control. If a fund does not perform well, clients have the option to leave and invest their assets into a competitor’s fund.…”

Section: Related Literaturementioning

confidence: 99%

Board diversity and self-regulation in Dutch pension funds

Shi

Swinkels

Lecq

2017

EDI

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Purpose The purpose of this paper is to examine the change in pension fund board diversity after self-regulation was introduced, and investigate which pension fund characteristics influence compliance with self-regulation. In addition, the authors analyze whether compliance might be achieved by tokenism. Design/methodology/approach The authors hand-collect pension fund and pension fund board data of the largest (by assets) 200 pension funds in the Netherlands. The authors compare descriptive statistics on board diversity, perform statistical tests on these, and perform non-linear regression techniques to investigate which pension fund characteristics influence compliance. Findings The findings are fourfold. First, over the past three years, pension fund boards have only marginally improved on gender and age diversity. In April 2014, still more than 35 percent of the funds had no women on the board, and an overwhelming 60 percent had no members below 40 years of age. This indicates that self-regulation in the pension fund industry so far has not been effective for the industry as a whole. Second, the authors find that pension funds that have larger boards are more likely to have at least one woman on the board or at least one member below 40 years of age. Third, boards of pension funds with more assets are less likely to have young board members. Fourth, boards with at least one female have a higher probability of also having at least one member below 40 years, which is suggestive of tokenism. Research limitations/implications Based on Hirschman’s (1970) theory of voice and exit, the authors expect that pension fund boards would be more diverse than corporate boards. However, the authors find that this is not the case. Second, given the importance of generational value transfers in pension fund policy decisions, the authors expect that age is a more important diversity characteristic than gender for pension fund boards in the Netherlands. Again, the data does not support this prediction. Practical implications Consistent with the literature on diversity in corporate boards, the authors find that diverse boards are on average larger. This suggests that, all other things equal, small boards might want to reconsider whether increasing their size would lead to more diversity and hence to more voice for participants that cannot exit the pension scheme. If larger funds hesitate to include young members because of their lack of relevant skills, then the authors would recommend setting up a platform to educate young candidates and prepare them for board membership. Forced independent auditor verification, as in the UK, might be a fruitful action the regulator could enforce on pension funds going forward. However, if that also does not lead to a significant improvement, compulsory diversity quota might be the only option left for policy makers. Originality/value This paper contributes to the literature in at least three ways. First, the authors analyze whether self-regulation on diversity in pension fund boards has been effective. Second, the authors determine which pension fund characteristics are associated with more board diversity. Third, the authors shed light on tokenism in pension fund board composition: Diversity might be obtained through installing diversity tokens, which are individuals who have multiple diversity characteristics.

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Corporate Governance and Pension Fund Performance

Cited by 14 publications

References 51 publications

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Mecanismos Externos de Governança Corporativa no Brasil

Board diversity and self-regulation in Dutch pension funds

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