Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro
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2021-04-15
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Universidade Federal de Goiás
Resumo
The objective of this dissertation is to verify which characteristics of pension funds and their
sponsors influence the level of funding of BD plans. The research is based on the financial
corporate perspective, which presupposes that pension funds are managed for the benefit of
the shareholders of the sponsoring companies. Two databases were used: the first with data
from the sponsors, in the period from 2010 to 2019; and the second, with data from pension
funds, in the period from 2010 to 2018, with the 2019 cut due to lack of data. For the
investigation of the influences, we used univariate nonparametric (descriptive and Wilcoxon-
Mann-Whitney test), bivariate (Spearman correlation coefficient), and multivariate (quantile
regression) statistical techniques. Regarding the characteristics of the sponsors that influence
funding: the level of insolvency and corporate governance, showed negative influence, while
the market risk and the total remuneration of executives showed positive influence. Within
pension funds: the risk (after control of other variables in the multivariate analysis) and the
return on investments showed positive influence over funding, while the remuneration of the
directors and the percentage of members of the deliberative board elected by the participants
negatively influence funding. Regarding the actuarial premises, there was a difference in the
premises reported by the sponsors and their pension funds, mainly in the premises: interest
rates, retirement and family composition. The research contributes mainly to the following
stakeholders: to investors, assisting them in understanding funding policies, therefore
improving the pricing of pension components; to creditors, assisting the understanding of
funding policies, therefore, improving the assessment of the impact of supplementary pension
on the debtors' ability to pay; for regulators, pointing out possible improvements of the
standards, in order to approximate the rules of the CPC and PREVIC; finally, for employees, as
inappropriate fundings may compromise employee benefit payments.
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MORAES FILHO, O. P. Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro. 2021. 88 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021.