The paper seeks to approach the effect of the Pension Funds Administrator's (AFP) affiliation to a business group, specifically in terms of performance and investment decisions. We used the Malmquist index from the DEA methodology (2001-2010) and the investments made by the AFPs and the...

Purpose – The purpose of this paper is to present novel empirical findings regarding the shareholder-management agency problem. Design/Methodology/Approach – The paper presents new evidence regarding the shareholder-management agency problem. It expands the set of factors that may cause...

We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001-2008. We find evidence that the pension freeze tends to attenuate the drain on...

This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation...