RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL

Detalhes bibliográficos
Autor(a) principal: Mar Bogoni, Nadia
Data de Publicação: 2011
Outros Autores: Fernandes, Francisco Carlos
Tipo de documento: Artigo
Idioma: por
Título da fonte: REAd (Porto Alegre. Online)
Texto Completo: https://seer.ufrgs.br/index.php/read/article/view/38704
Resumo: The objective of this work is to identify the mechanisms of risk management currently adopted in investment activities of municipal retirement plans (RPPS) of the State of Rio Grande do Sul, Brazil. The methodology applied in the research is descriptive (using survey techniques) and quantitative (using probabilistic research). The research was accomplished in the period of December 2007 to February 2008 in the 303 municipal districts of the State of Rio Grande do Sul that maintain constituted RPPS. The survey received 84 municipal districts responses, allowing the research to reach a 9% error level in the probabilistic approach. The results of the research demonstrate 58% of the managers of RPPS declare not to possess a formalized investment policy; 70% declared not to maintain specific investment management sound practices and 74% informed they not to have investment management specific support systems. The cluster analysis provided the characterization of districts grouped by risk management practices combined with other socio-economic indicators. Three distinct clusters were identified, showing, as expected, the best practices among the RPPS are adopted by larger districts with larger investment volumes. Finally, in spite of Brazilian regulation recent advances, the results of the research demonstrate that mechanisms of risk control are not adopted in risk management of the investment activities of municipal retirement plans.
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spelling RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZILGESTÃO DE RISCO NAS ATIVIDADES DE INVESTIMENTO DOS REGIMES PRÓPRIOS DE PREVIDÊNCIA SOCIAL (RPPS) DOS MUNICÍPIOS DO ESTADO DO RIO GRANDE DO SULGestão de riscosinvestimentofundos de aposentadoriafundos de pensãoRegimes Próprios de Previdência Social.Risk managementinvestmentretirement fundspension fundsmunicipal retirement plans.The objective of this work is to identify the mechanisms of risk management currently adopted in investment activities of municipal retirement plans (RPPS) of the State of Rio Grande do Sul, Brazil. The methodology applied in the research is descriptive (using survey techniques) and quantitative (using probabilistic research). The research was accomplished in the period of December 2007 to February 2008 in the 303 municipal districts of the State of Rio Grande do Sul that maintain constituted RPPS. The survey received 84 municipal districts responses, allowing the research to reach a 9% error level in the probabilistic approach. The results of the research demonstrate 58% of the managers of RPPS declare not to possess a formalized investment policy; 70% declared not to maintain specific investment management sound practices and 74% informed they not to have investment management specific support systems. The cluster analysis provided the characterization of districts grouped by risk management practices combined with other socio-economic indicators. Three distinct clusters were identified, showing, as expected, the best practices among the RPPS are adopted by larger districts with larger investment volumes. Finally, in spite of Brazilian regulation recent advances, the results of the research demonstrate that mechanisms of risk control are not adopted in risk management of the investment activities of municipal retirement plans.O objetivo deste estudo é identificar os mecanismos de controle de riscos adotados pelos gestores dos RPPS nas atividades de investimento. A metodologia da pesquisa é descritiva, do tipo levantamento ou survey, com abordagem quantitativa e com uso da análise de clusters. A pesquisa foi realizada no período de dezembro de 2007 a fevereiro de 2008 nos 303 municípios do estado do Rio Grande do Sul que possuem RPPS constituído, sendo que 84 municípios participaram da pesquisa respondendo ao questionário. Os resultados mostram que 58 dos gestores dos RPPS pesquisados declararam não possuir uma política de investimentos formalizada; 70 declararam não adotar as práticas de gestão de investimentos investigadas e 74 informaram não possuir sistemas de apoio à gestão de investimentos formalizados. O uso da análise de clusters possibilitou a caracterização dos municípios segundo suas práticas de gestão de riscos combinadas com outros indicadores sócio-econômicos. Foram identificados 3 agrupamentos distintos, cuja análise demonstra que as melhores práticas de gestão de riscos nas atividades de investimentos são adotadas pelos RPPS dos municípios mais populosos, onde também foram verificados os maiores volumes de investimento. Conclui-se que, apesar da legislação vigente apresentar avanços com relação à formalização e à adoção de práticas que devem ser consideradas na ocasião da elaboração de uma política de investimentos eficaz, os resultados demonstram que não são adotados mecanismos de controle de riscos para as atividades de investimentos desses fundos.Universidade Federal do Rio Grande do Sul2011-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionscientific articleAvaliado pelos paresartigo científicoapplication/pdfhttps://seer.ufrgs.br/index.php/read/article/view/38704Electronic Review of Administration; Vol. 17 No. 1 (2011): Edição 68 - jan/abr 2011; 117-148Revista Electrónica de Administración; Vol. 17 Núm. 1 (2011): Edição 68 - jan/abr 2011; 117-148Revista Eletrônica de Administração; v. 17 n. 1 (2011): Edição 68 - jan/abr 2011; 117-1481413-23111980-4164reponame:REAd (Porto Alegre. Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/read/article/view/38704/24808Mar Bogoni, NadiaFernandes, Francisco Carlosinfo:eu-repo/semantics/openAccess2013-04-12T15:33:55Zoai:seer.ufrgs.br:article/38704Revistahttp://seer.ufrgs.br/index.php/read/indexPUBhttps://seer.ufrgs.br/read/oaiea_read@ufrgs.br1413-23111413-2311opendoar:2013-04-12T15:33:55REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
GESTÃO DE RISCO NAS ATIVIDADES DE INVESTIMENTO DOS REGIMES PRÓPRIOS DE PREVIDÊNCIA SOCIAL (RPPS) DOS MUNICÍPIOS DO ESTADO DO RIO GRANDE DO SUL
title RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
spellingShingle RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
Mar Bogoni, Nadia
Gestão de riscos
investimento
fundos de aposentadoria
fundos de pensão
Regimes Próprios de Previdência Social.
Risk management
investment
retirement funds
pension funds
municipal retirement plans.
title_short RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
title_full RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
title_fullStr RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
title_full_unstemmed RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
title_sort RISK MANAGEMENT IN INVESTMENT ACTIVITIES OF MUNICIPAL RETIREMENT SYSTEMS OF THE STATE OF RIO GRANDE DO SUL, BRAZIL
author Mar Bogoni, Nadia
author_facet Mar Bogoni, Nadia
Fernandes, Francisco Carlos
author_role author
author2 Fernandes, Francisco Carlos
author2_role author
dc.contributor.author.fl_str_mv Mar Bogoni, Nadia
Fernandes, Francisco Carlos
dc.subject.por.fl_str_mv Gestão de riscos
investimento
fundos de aposentadoria
fundos de pensão
Regimes Próprios de Previdência Social.
Risk management
investment
retirement funds
pension funds
municipal retirement plans.
topic Gestão de riscos
investimento
fundos de aposentadoria
fundos de pensão
Regimes Próprios de Previdência Social.
Risk management
investment
retirement funds
pension funds
municipal retirement plans.
description The objective of this work is to identify the mechanisms of risk management currently adopted in investment activities of municipal retirement plans (RPPS) of the State of Rio Grande do Sul, Brazil. The methodology applied in the research is descriptive (using survey techniques) and quantitative (using probabilistic research). The research was accomplished in the period of December 2007 to February 2008 in the 303 municipal districts of the State of Rio Grande do Sul that maintain constituted RPPS. The survey received 84 municipal districts responses, allowing the research to reach a 9% error level in the probabilistic approach. The results of the research demonstrate 58% of the managers of RPPS declare not to possess a formalized investment policy; 70% declared not to maintain specific investment management sound practices and 74% informed they not to have investment management specific support systems. The cluster analysis provided the characterization of districts grouped by risk management practices combined with other socio-economic indicators. Three distinct clusters were identified, showing, as expected, the best practices among the RPPS are adopted by larger districts with larger investment volumes. Finally, in spite of Brazilian regulation recent advances, the results of the research demonstrate that mechanisms of risk control are not adopted in risk management of the investment activities of municipal retirement plans.
publishDate 2011
dc.date.none.fl_str_mv 2011-04-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
scientific article
Avaliado pelos pares
artigo científico
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/38704
url https://seer.ufrgs.br/index.php/read/article/view/38704
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/38704/24808
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
dc.source.none.fl_str_mv Electronic Review of Administration; Vol. 17 No. 1 (2011): Edição 68 - jan/abr 2011; 117-148
Revista Electrónica de Administración; Vol. 17 Núm. 1 (2011): Edição 68 - jan/abr 2011; 117-148
Revista Eletrônica de Administração; v. 17 n. 1 (2011): Edição 68 - jan/abr 2011; 117-148
1413-2311
1980-4164
reponame:REAd (Porto Alegre. Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str REAd (Porto Alegre. Online)
collection REAd (Porto Alegre. Online)
repository.name.fl_str_mv REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ea_read@ufrgs.br
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