Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro
Autor(a) principal: | |
---|---|
Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da UFG |
Texto Completo: | http://repositorio.bc.ufg.br/tede/handle/tede/11411 |
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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Rech, Ilírio Joséhttp://lattes.cnpq.br/5540005217517516Rech, Ilírio JoséPereira, Antonio GualbertoBotinha, Reiner Alveshttp://lattes.cnpq.br/8427490692187766Moraes Filho, Osmar Pereira de2021-06-01T12:01:08Z2021-06-01T12:01:08Z2021-04-15MORAES 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.http://repositorio.bc.ufg.br/tede/handle/tede/11411The 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.O objetivo desta dissertação é verificar quais as características dos fundos de pensão e de suas patrocinadoras influenciam o nível de funding dos planos de pensão. A pesquisa apoia-se na perspectiva corporativa financeira, a qual pressupõe que os fundos de pensão são geridos em benefício dos acionistas das companhias patrocinadoras. Foram usadas duas bases de dados: a primeira com os dados das patrocinadoras, no período de 2010 a 2019; e a segunda, com os dados dos fundos de pensão, no período de 2010 a 2018, com o corte de 2019 devido à ausência de dados. Para investigação das influências, foram usadas técnicas estatísticas não paramétricas univariada (estatística descritiva e Wilcoxon-Mann-Whitney test), bivariada (coeficiente de correlação de Spearman), e multivariada (regressão quantílica). No tocante às características das patrocinadoras que influenciam o funding: o nível de insolvência e a governança corporativa, apresentaram influência negativa, enquanto o risco de mercado e a remuneração total dos executivos mostraram influência positiva. No âmbito dos fundos de pensão: o risco (após controle de outras variáveis na análise multivariada) e a rentabilidade dos investimentos apresentaram influência positiva sobre o funding, enquanto a remuneração dos dirigentes e o percentual de membros do conselho deliberativo eleitos pelos participantes influenciam negativamente o funding. Com relação às premissas atuariais, houve diferença nas premissas reportadas pelas patrocinadoras e seus fundos de pensão, principalmente nas premissas: taxas de juros, entrada em aposentadoria e composição familiar. A pesquisa contribui principalmente para os seguintes stakeholders: para os investidores, auxiliando-os na compreensão das políticas de funding, por conseguinte, melhorando a precificação dos componentes de pensão; para os credores, auxiliando-os na compreensão das políticas de funding, portanto, melhorando a avaliação do impacto da previdência complementar na capacidade de pagamento dos devedores; para os reguladores, apontando possíveis aprimoramentos das normas, a fim de aproximar as regras do CPC e da PREVIC; por fim, para os empregados, visto que fundings inadequados podem comprometer os pagamentos dos benefícios dos empregados.Submitted by Franciele Moreira (francielemoreyra@gmail.com) on 2021-05-31T23:13:43Z No. of bitstreams: 2 license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5) Dissertação - Osmar Pereira de Moraes Filho - 2021.pdf: 1048518 bytes, checksum: 968cec5e9ce581680ca4db7e85864577 (MD5)Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2021-06-01T12:01:07Z (GMT) No. of bitstreams: 2 license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5) Dissertação - Osmar Pereira de Moraes Filho - 2021.pdf: 1048518 bytes, checksum: 968cec5e9ce581680ca4db7e85864577 (MD5)Made available in DSpace on 2021-06-01T12:01:08Z (GMT). No. of bitstreams: 2 license_rdf: 805 bytes, checksum: 4460e5956bc1d1639be9ae6146a50347 (MD5) Dissertação - Osmar Pereira de Moraes Filho - 2021.pdf: 1048518 bytes, checksum: 968cec5e9ce581680ca4db7e85864577 (MD5) Previous issue date: 2021-04-15Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPESporUniversidade Federal de GoiásPrograma de Pós-graduação em Ciências Contábeis (FACE)UFGBrasilFaculdade de Administração, Ciências Contábeis e Ciências Econômicas - FACE (RG)Attribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessFundingFundos de pensãoEntidades fechadas de previdência complementarFundingPension fundSupplementary social security closed entitiesCIENCIAS SOCIAIS APLICADASCaracterísticas dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiroCharacteristics of pension funds and their sponsors that influence funding: evidence from the brazilian marketinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesis3150050050050072161reponame:Repositório Institucional da UFGinstname:Universidade Federal de Goiás (UFG)instacron:UFGLICENSElicense.txtlicense.txttext/plain; charset=utf-81748http://repositorio.bc.ufg.br/tede/bitstreams/8b4ef7aa-a468-40b9-83ac-dccdfd790b53/download8a4605be74aa9ea9d79846c1fba20a33MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805http://repositorio.bc.ufg.br/tede/bitstreams/2c6b4968-19a0-4111-8a28-10206197845d/download4460e5956bc1d1639be9ae6146a50347MD52ORIGINALDissertação - Osmar Pereira de Moraes Filho - 2021.pdfDissertação - Osmar Pereira de Moraes Filho - 2021.pdfapplication/pdf1048518http://repositorio.bc.ufg.br/tede/bitstreams/487f3fdb-0663-4c19-a6b1-8def59970033/download968cec5e9ce581680ca4db7e85864577MD53tede/114112021-06-01 09:01:08.243http://creativecommons.org/licenses/by-nc-nd/4.0/Attribution-NonCommercial-NoDerivatives 4.0 Internationalopen.accessoai:repositorio.bc.ufg.br:tede/11411http://repositorio.bc.ufg.br/tedeRepositório InstitucionalPUBhttp://repositorio.bc.ufg.br/oai/requesttasesdissertacoes.bc@ufg.bropendoar:2021-06-01T12:01:08Repositório Institucional da UFG - Universidade Federal de Goiás (UFG)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 |
dc.title.pt_BR.fl_str_mv |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
dc.title.alternative.eng.fl_str_mv |
Characteristics of pension funds and their sponsors that influence funding: evidence from the brazilian market |
title |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
spellingShingle |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro Moraes Filho, Osmar Pereira de Funding Fundos de pensão Entidades fechadas de previdência complementar Funding Pension fund Supplementary social security closed entities CIENCIAS SOCIAIS APLICADAS |
title_short |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
title_full |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
title_fullStr |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
title_full_unstemmed |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
title_sort |
Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro |
author |
Moraes Filho, Osmar Pereira de |
author_facet |
Moraes Filho, Osmar Pereira de |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Rech, Ilírio José |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/5540005217517516 |
dc.contributor.referee1.fl_str_mv |
Rech, Ilírio José |
dc.contributor.referee2.fl_str_mv |
Pereira, Antonio Gualberto |
dc.contributor.referee3.fl_str_mv |
Botinha, Reiner Alves |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/8427490692187766 |
dc.contributor.author.fl_str_mv |
Moraes Filho, Osmar Pereira de |
contributor_str_mv |
Rech, Ilírio José Rech, Ilírio José Pereira, Antonio Gualberto Botinha, Reiner Alves |
dc.subject.por.fl_str_mv |
Funding Fundos de pensão Entidades fechadas de previdência complementar |
topic |
Funding Fundos de pensão Entidades fechadas de previdência complementar Funding Pension fund Supplementary social security closed entities CIENCIAS SOCIAIS APLICADAS |
dc.subject.eng.fl_str_mv |
Funding Pension fund Supplementary social security closed entities |
dc.subject.cnpq.fl_str_mv |
CIENCIAS SOCIAIS APLICADAS |
description |
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. |
publishDate |
2021 |
dc.date.accessioned.fl_str_mv |
2021-06-01T12:01:08Z |
dc.date.available.fl_str_mv |
2021-06-01T12:01:08Z |
dc.date.issued.fl_str_mv |
2021-04-15 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
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. |
dc.identifier.uri.fl_str_mv |
http://repositorio.bc.ufg.br/tede/handle/tede/11411 |
identifier_str_mv |
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. |
url |
http://repositorio.bc.ufg.br/tede/handle/tede/11411 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.program.fl_str_mv |
31 |
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500 500 500 500 |
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7 |
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216 |
dc.relation.sponsorship.fl_str_mv |
1 |
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Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
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Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Goiás |
dc.publisher.program.fl_str_mv |
Programa de Pós-graduação em Ciências Contábeis (FACE) |
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UFG |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Faculdade de Administração, Ciências Contábeis e Ciências Econômicas - FACE (RG) |
publisher.none.fl_str_mv |
Universidade Federal de Goiás |
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