scholarly journals Public Pension Fund Structure And Mechanisms: A Case Study Of The Tanzanian Pension Funds System

2017 ◽  
Vol 1 (1) ◽  
pp. 135
Author(s):  
Zubeda Chande Mpinga ◽  
Wim Westerman
Keyword(s):  
Pension Fund ◽  
Good Governance ◽  
Conflicts Of Interest ◽  
Pension Funds ◽  
Board Of Trustees ◽  
Public Pension ◽  
Special Focus ◽  
The Government ◽  
High Standards ◽  
And Performance

Good governance structures have become an issue of public interest, including public pension systems. This study assesses the pension funds governance in Tanzania, with a special focus on board of trustees’ issues. The growing interest referred to, is partly because the quality and performance of the funds trustees determines the income flows to which members are entitled and promised, as well as any shortfalls thereof, that may require interventions. Our findings suggest that board of trustees play an important role for funds governance and hence performance. The pension fund structure and mechanisms in Tanzania uphold high standards. Yet, a major issue is that the board selection seems to be politically motivated and that the government claims most board seats, making conflicts of interest likely to occur repeatedly. 

scholarly journals Who Values Corporate Social Responsibility in the Korean Stock Market?

2019 ◽  
Vol 11 (21) ◽  
pp. 5924 ◽  
Author(s):  
Sangki Lee ◽  
Insu Kim ◽  
Chung-hun Hong
Keyword(s):  
Corporate Social Responsibility ◽  
Stock Market ◽  
Social Responsibility ◽  
Private Sector ◽  
Abnormal Returns ◽  
Pension Funds ◽  
Public Pension ◽  
Korean Stock Market ◽  
The Government ◽  
Corporate Social

In this study, we explore the stock market’s response to new information that a firm has been included in the Dow Jones Sustainability Index (DJSI) in Korea. In addition, we investigate which investor group contributes to the changes, if any significant increase in returns is found, after a firm’s incorporation into the DJSI. This study aims to identify which investors value corporate social responsibility (CSR) in the Korean stock market and examine whether the government-led campaigns for CSR have affected private sector investors, as well as those from the public sector. We find statistically significant abnormal returns for firms after their first listing in the index, implying that investors in Korean markets consider a firm’s inclusion in the DJSI as good news for the firm value. Using a unique dataset from the Korea Exchange (KRX) on investors, we classify investors into four groups: individual investors, public pension funds, other institutional investors, and foreign investors. Unlike prior studies that focus only on the existence of abnormal returns, we investigate the trading behavior of each investor group for such announcements. We find that it is mainly the buying pressure of public pension funds that generates abnormal returns. By contrast, we cannot find statistically significant results for the other investor groups. This result implies that the government-led campaign for CSR has only had limited effects in the Korean stock market, and that awareness of CSR in the private sector should be improved.

China will drag feet on urgent pension reform

2019 ◽  
Keyword(s):  
Social Sciences ◽  
Pension Fund ◽  
Pension Reform ◽  
Pension Funds ◽  
The Self ◽  
Content Type ◽  
Younger Workers ◽  
Urban Worker ◽  
The Government ◽  
New Research

Subject Pension reform in China. Significance China's main pension fund could be completely depleted as early as 2035. New research published by the Chinese Academy of Social Sciences (CASS) predicts that expenditure from the urban worker basic pension fund will begin exceeding contributions in 2028, after which reserves will decline exponentially and could be exhausted within eight years. The government has already introduced measures to address the most pressing problems, such as the gross imbalance between regional pension funds and the failure of employers to contribute to the scheme. Impacts Younger workers will rely on their own savings and investment schemes, having little faith in the government pension. Rural residents, the self-employed and precariously employed have little or no meaningful state-backed pension. International insurers will eventually be allowed to enter China's private pension sector.

Portfolio allocation for public pension funds

2011 ◽  
Vol 10 (2) ◽  
pp. 221-245 ◽  
Author(s):  
GEORGE PENNACCHI ◽  
MAHDI RASTAD
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Pension Plans ◽  
Public Pension ◽  
Annual Data ◽  
Portfolio Risk ◽  
Fund Management ◽  
Pension Fund Management ◽  
Portfolio Allocations ◽  
State Pension

AbstractThis paper presents a model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation. The model's implications are examined using annual data on the portfolio allocations and plan characteristics of 125 state pension funds over the 2000–2009 period. Consistent with agency behavior by public pension fund management, we find evidence that funds chose greater overall asset – liability portfolio risk following periods of relatively poor investment performance. In addition, pension plans that select a relatively high rate with which to discount their liabilities tend to choose riskier portfolios. Moreover, consistent with a desire to gamble for higher benefits, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees.

scholarly journals Pension Fund: A Veritable Source of Financing Real Estate Development in Nigeria

2014 ◽  
Vol 23 ◽  
pp. 23-40 ◽  
Author(s):  
Adjekophori Bernard
Keyword(s):  
Real Estate ◽  
Pension Fund ◽  
Sampling Technique ◽  
Pension Funds ◽  
Capital Outlay ◽  
Pension Scheme ◽  
Real Estate Development ◽  
Professional Advice ◽  
Real Estate Developers ◽  
The Government

Pension funds control relatively large amounts of capital and represent the largest institutional investors in many nations. Financing real estate on the other hand required a huge capital outlay. This study examined the viability of pension funds as an investment option in real estate development. It is empirical in approach and it adopted a survey research design. A convenient random sampling technique was used to gather data from a sample of 42 respondents comprising of 18 pension administrators and 24 Real Estate Developers and Investors. A structured questionnaire was used as the instrument for data collection and a simple descriptive statistical method was use for presentation and analysis of the data. The results however reveal that both the pension administrators and the real estate developers agreed that the pension funds if well channel is a veritable means for financing real estate project. We therefore recommends amongst others that the government as a matter of urgency should slack their policy to increase the percentage of the funds for real estate development and to also advance a policy with strict guideline empowering the pension fund managers to directly grant credit to developers and real estate investors who is able to meet and comply with the conditions provided in such policy. Real estate brokers and experts should also be drafted into the pension scheme to give professional advice on the viability and feasibility of any proposed real estate development.

scholarly journals Towards a good governance system : The implementation of a system of management control in a public institution: Case of a Regional Academy for Education and Training.

2016 ◽  
Vol 7 (4) ◽  
pp. 1278-1288
Author(s):  
TOUILI KARIMA ◽  
DEKRI MERIAM
Keyword(s):  
Educational System ◽  
Good Governance ◽  
Management Control ◽  
Public Institution ◽  
Governance System ◽  
The Public ◽  
National Priority ◽  
The Difference ◽  
The Government ◽  
And Performance

The issue of reforming the Moroccan educational system has become an important national topic. The government is looking forward to achieve the objectives that have been defined forward for this system and contribute to let it be performant.Effectively, the Moroccan educational system is the second national priority. All the national speeches of his majesty king of Morocco are focalized in reorganizing this system by detecting the problems and developing pertinent solutions and tools able to make the difference in the future. The Moroccan context is characterized by the will of government to establish the notion of governance and performance in the public services in general and in the national educational system especially. The aim of our paper is to study how can we introduce the concept of performance in the educational system by integrating a system of management control in the system of education?The hypothesis that the three habitual summits of management control namely- means –objectives and realizations arenot enough for studying the complexity and the missions of such a sector like the educational system where the satisfactions of users is an important factor that must be took into consideration.

scholarly journals Value Judgments at the Heart of Green Transformation: The Leverage of Pension Fund Investors

2021 ◽  
pp. 1-20
Author(s):  
Monika Berg
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
Public Pension ◽  
Investment Strategies ◽  
Transformative Change ◽  
Value Judgments ◽  
Trade Offs ◽  
Public Pension Fund ◽  
Investment Capital ◽  
Transformative Function

Abstract As the urgency for green transformation grows, the question of whether finance capital can be harnessed to promote green transformation has been raised. Public pension funds are of particular interest since they are publicly governed, have long-term interest, and are growing in proportion to the global investment capital. However, transformative change demands a reprioritization of fundamental values in terms of trade-offs among economic, environmental, and social ends. This article identifies shifts in value judgments in public pension fund investments and particularly focuses on the institutional constraints by which value (re)priorities are resisted by investigating Swedish public pension funds. While there are signs of environmental embedding of the economy, I also note neutralization of the role and investment strategies of the funds, which has a stabilizing rather than a transformative function. The neutralization constrains deep green transformation, which demands politicization of the role of institutional investors.

National Pension Scheme in India: Functions and Performance

2021 ◽  
pp. 205-208
Author(s):  
Nandkumar Baburao Bodhgire
Keyword(s):  
State Government ◽  
Pension Fund ◽  
Pension Scheme ◽  
Government Employees ◽  
Fund Managers ◽  
The Government ◽  
And Performance

National Pension Scheme is a mandatory for all central and state government employees who joined in services after 2005. Although the scheme is implemented in 2006, most of the government employees are unknown about the benefit of the same scheme. Hence, this paper highlights functions of national pension scheme and performance of pension fund managers in terms of its return in 2020. ANOVA tool is employed for analyzing differences in return by pension fund managers. The study is concluded that HDFC pension fund gives more return other than pension fund.

Pembentukan Peraturan Kebijakan Berdasarkan Asas-Asas Umum Pemerintahan yang Baik

Lentera Hukum ◽  
2017 ◽  
Vol 4 (3) ◽  
pp. 164 ◽  
Author(s):  
Sadhu Bagas Suratno
Keyword(s):  
Good Governance ◽  
Conflicts Of Interest ◽  
Policy Rules ◽  
Indonesian Government ◽  
The Creation ◽  
Legal Uncertainty ◽  
The Law ◽  
Written Law ◽  
The Government ◽  
Implementation Level

The creation of policy is one of the prerogatives of a free and uninhibited (freies ermessen, or free discretion) government administrations. Although freies ermessen grants free authority to the government, within the framework of national the law said the government should still observe legislation and the Principles of Good Governance. However, at the implementation level, there are still many policies that which are difficult to put into effect due to ambiguous interpretation and conflicts of interest, thus resulting in legal uncertainty. Based on this, there needs to be an affirmation of the position taken by the Indonesian government regarding the contradictory relationship between written law and implementation, so as to ensure the appropriate application of the principles of freies ermessen. Keywords: Policy Rules, Freies Ermessen, Legislatin, Good Governance Principles

scholarly journals A Critical Analysis on Pension Fund Performance: An Assessment in the Perspective of Political Economy of Accounting

2016 ◽  
Vol 11 (2) ◽  
pp. 141
Author(s):  
Gaguk Apriyanto ◽  
Eko Ganis Sukoharsono ◽  
Gugus Irianto ◽  
Erwin Saraswati
Keyword(s):  
Political Economy ◽  
Financial Performance ◽  
Pension Fund ◽  
Pension Funds ◽  
Board Of Trustees ◽  
Case Study Analysis ◽  
Multiple Case ◽  
Distribution Of Power ◽  
Study Sites ◽  
Pension Benefits

<p>This study aims to assess the performance of the Pension Fund based on the perspective of Political Economy of Accounting (PEA). This study is a multiple case study analysis, with three (3) study sites, Pension Fund A, B, and C.</p><p>The results showed that the financial performance of the Pension Fund A is excellent, but the hegemony and domination of the employer and the board of trustees is quite high, resulting in the detriment of the interests of pension fund in the form of delay to raise pension benefits. The financial performance of the Pension Fund B is good, yet hegemony and dominance of the employer and the board of trustees is quite high, resulting in the detriment of the interests of pension fund in the form of a decrease in the value of pension benefits. The financial performance of the Pension Fund C is not good, hegemony and domination of the employer and the board of trustees is high enough, which harms the interests of the pension fund in the form of increased pension benefits and transparency of fund management information. The situation illustrates that hegemony and domination has occurred by employers and administrators in the Pension Fund A, B, and C. The three pension funds have failed to provide justice and prosperity to the retired people.</p>Necessary is regulations to reduce the hegemony and domination of employers and board of trustees of pension funds, so that the distribution of power and wealth is more equitable.

The impact of agency costs on the investment performance of Australian pension funds

2006 ◽  
Vol 5 (3) ◽  
pp. 299-324 ◽  
Author(s):  
ANTHONY D. F. COLEMAN ◽  
NEIL ESHO ◽  
MICHELLE WONG
Keyword(s):  
Agency Costs ◽  
Pension Fund ◽  
Conflicts Of Interest ◽  
Pension Funds ◽  
Performance Difference ◽  
Investment Performance ◽  
For Profit ◽  
Not For Profit ◽  
The Impact ◽  
The Relationship

This paper evaluates the overall investment performance of Australian pension funds by examining the determinants of risk-adjusted performance, and the relationship between risk, returns, and expenses. Using quarterly return data for 225 pension funds comprising 68% of total prudentially regulated pension fund assets, we find significant differences exist across fund types. On both a net return and risk-adjusted performance basis, not-for-profit funds significantly outperformed for-profit funds over the seven years to June 2002. We suggest that the performance difference is consistent with the hypothesis that agency costs in for-profit funds (due to non-representative trustee board structures and potential board member conflicts of interest) are greater than agency costs in not-for-profit funds (with representative trustee boards).

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