Características dos fundos de pensão e de suas patrocinadoras que influenciam o funding: evidências do mercado brasileiro

• Autor(a) principal: Moraes Filho, Osmar Pereira de
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da UFG
• Texto Completo: http://repositorio.bc.ufg.br/tede/handle/tede/11411
• topic: Funding; Fundos de pensão; Entidades fechadas de previdência complementar; Funding; Pension fund; Supplementary social security closed entities; CIENCIAS SOCIAIS APLICADAS

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.