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Determinants of Pension Fund Efficiency in Kenya: An Exploratory Study

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AbstractThis paper investigates the determinants of the operational and financial efficiency of pension funds in Kenya. A sample of 362 pension schemes was drawn from the Kenyan Retirement Benefits Authority (RBA) register. The empirical results show that pension governance, leadership and regulations do not significantly influence the operational and financial efficiency of pension funds. The results do however reveal that pension regulations influence the leadership and governance practices of the pension schemes. Moreover, the schemes with more middle-aged members (31-40 years) are perceived to be better governed. Lastly, the results reveal fund size to be an important determinant of the financial efficiency of the pension funds.

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104. FN3 3Bikker, J., & Dreu, J,. (2009). ‘Operating Costs of Pension Funds: The impact of scale, governance and plan design’. Journal of Pension Economics and Finance, (8): 63-89.
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107. FN6 6Clark, G. (2003). ‘Pension Fund Governance: Moral Imperatives, State Regulation and the Market’. Oxford: Oxford University Press; Barrientos, A. & Boussofiane, A. (2005) ‘How efficient are pension fund managers in Chile?’ Revista de Economia Contemporanea, (2):289-311; Ambachtsheer, K., Capelle, R. & Lum, H. (2008) ‘The pension governance deficit: Still with us’, Rotman International Journal of Pension Management, (1):14-21.
108. FN7 7Bikker, J., Broeders, D. & Dreu, J. (2010).’ Stock Market performance and pension fund investment policy: Rebalancing, free float, or market timing?’. International Journal of Central Banking, June: 53-79.
109. FN8 8OECD. (2009b). ‘Pensions at a Glance: 2009 Retirement Income Systems in OECD Countries’. Paris: OECD Publishing; Yermo, J. (2002). ‘Revised Taxonomy of Pension Plans, Pension Funds and Pension Entities’. Paris: OECD Publishing.
110. FN9 9OECD. (2004). ‘Recommendations on the Core Principles of Occupational Pension Regulation’. Paris: OECD Publishing; Employee Benefit Retirement Institute (EBRI). (2004). ‘Retirement Income Statistics’. Available: www.ebri.orgpdf/programs/policyforums/may2004/ristats.pdf. [Accessed 15 May 2009].
111. FN10 10Almaric, F. (2006) ‘Pension funds corporate responsibility and sustainability’. Ecological Economics, (59): 440-450; World Bank. (2005). ‘Old Age Income Support in the 21st Century’. World Bank; Scott, J., Watson, J. & Hu, W. (2009). ‘What makes a Better Annuity? Pension Research Council. PRC WP2009-3; Yogo, M. (2009). ‘Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets’. Pension Research Council, PRC WP2009-02.
112. FN11 11Almaric, op. cit.
113. FN12 12Asher, M. & Nandy, A. (2006). ‘Governance and Regulation of Provident and Pension Schemes in Asia’. In M. Ramaesh and M. Howlett (Eds.), De-regulation and its discontents: Rewriting the rules in the Asia Pacific, Cheltenham, UK: Edward Elgar Publishing.
114. FN13 13‘Retirement Benefits Act (RBA)’. (2009). Quarterly Reports. Available: http://www.rba.go.ke[Accessed 12 November 2009].
115. FN14 14OECD (2004), op. cit.
116. FN15 15‘Retirement Benefits Act (RBA)’, op. cit.
117. FN16 16Kpessa, M. (2010). ‘Ideas, Institutions, and Welfare Program Typologies: An Analysis of Pensions and Old Age Income Protection Policies in Sub Saharan Africa’. Poverty and Public Policy, 2(1): 36-65.
118. FN17 17Ibid.
119. FN18 18Davis, E. P. (2005). ‘The role of pension funds as institutional investors in emerging market economies’. Korean Development Institute Conference on Population Ageing in Korea: Economic Impacts and Policy issues. March 2005.
120. FN19 19Chansarn, S. (2005). ‘Efficiency in Thai financial sector after the financial crisis’. University Library of Munich, Germany. Available: http://www.ideas.repec.org/f/pch509.html. [Accessed 21 March 2009].
121. FN20 20Dulebohn, H. J. (1995). ‘A Longitudinal and Comparative Analysis of the Funded Status of Local Public Pension Plans’. Public Budgeting and Finance, Summer: 52-72.
122. FN21 21Stanko, D. (2002). ‘Polish Pension Funds – Does the system work? Cost, Efficiency and Performance Measurement Issues’. Osaka University, Graduate School of Economics; Bikker & Dreu, op. cit.
123. FN22 22Yang, T. & Mitchell, O. (2005). ‘Public Pension Governance, Funding and Performance: A Longitudinal Appraisal’. Pension Research Council, PRC WP 2005-02; Coronado, J., Mitchell, O., Sharpe, S. & Nesbit, B. (2008). ‘Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values’. Pension Research Council. PRC WP2008-3.
124. FN23 23Serrano, C. C., Mar, M. C. & Chaparro, G. F. (2002). ‘On Model Selection in Data Envelopment Analysis: A Multivariate Statistical Approach’. Discussion Papers in Management M02-7, University of Southampton, United Kingdom; Barros, C. P. & Garcia, T. M. (2006) ‘Performance Evaluation of Pension Funds management Companies with Data Envelopment Analysis’. Risk Management and Insurance Review, (2):165-188.
125. FN24 24Sofianopoulou, S. (2006). ‘Manufacturing Cells Efficiency Evaluation using Data Envelopment Analysis’ Journal of Manufacturing Technology Management(17):224-238.
126. FN25 25Yang & Mitchel, op. cit.; Steele, J. (2006). ‘The evolution of governance’. Pensions, 43-47; O’Neill, L. (2007). ‘Regulating Pension Fund Disclosure of Environmental, Social and Governance Practices’. Submission to the Ontario Expert Commission on Pensions. Ontario: Shareholder Association for Research and Education; Odundo, E. (2008). ‘Supervision of Pensions: Kenyan experience’. Paper presented at Pension Supervision Workshop, Dakar, 8 February 2008; Bikker & Dreu, op. cit.; Clark, G. & Urwin, R. (2009). ‘Leadership, collective decision-making and pension fund governance’. Oxford: Oxford University Press.
127. FN26 26Dulebohn, op. cit.
128. FN27 27Stanko, op. cit.; Bikker & Dreu, op. cit.
129. FN28 28Ambachtsheer, K. (2001) ‘A Framework for Public Pension Fund Management’. Public Pension Fund Management Conference. World Bank; Carmichael, J. & Palacios, R. (2003). ‘A Framework for Pension Fund Management’. 2nd Public Pension Fund Management Conference, World Bank, 5-7 May 2003; Besley, T. & Prat, A. (2005). ‘Credible Pensions’ Fiscal Studies, 26(1):119-135.
130. FN29 29Asebedo, G. & Grable, J. (2004) ‘Predicting Mutual Fund Over performance over a nine-year period’. Financial Counselling and Planning, 15(1):1-11; Markese, J. (2000). ‘What every investor should know about mutual funds’, AAII Journal, pp. 8-10.); Stanko, op. cit.
131. FN30 30Stewart, F. & Yermo J. (2009). ‘Pensions in Africa’. Paris: OECD Publishing.
132. FN31 31Kyiv (code name). (2003). ‘Pension Investment Regulation: Collection of Data and Recommendations’. USAID; Blome, S., Fachinger, K., Franzen, D., Scheuenstuhl, G. & Yermo J. (2007). ‘Pension Fund Regulation and Risk Management: Results from an ALM Optimisation Exercise’. Paris: OECD Publishing; Galer, R. (2009). ‘Prudent Person Rule: Standard for the Investment of Pension Fund Assets’. Paris: OECD Publishing.
133. FN32 32World Bank, op. cit.; Eijffinger, S. & Shi, Z. (2007). ‘EU Pension Fund Regulation: Why, Where and How to Continue’. EU Pension Regulation.
134. FN33 33Stewart & Yermo, op. cit.
135. FN34 34Vittas, D., Impavido G. & O’Connor, R. (2008). ‘Upgrading the Investment Policy Framework of Public Pension Funds’. World Bank Policy Research Working Paper 4499.
136. FN35 35Raiffa, H. (2002). ‘The Art and Science of Negotiation’. Cambridge, MA: Harvard University Press; Antolin, P. & Stewart F. (2009) ‘Private Pensions and Policy Responses to the Financial and Economic Crisis’. IOPS Working paper No. 9.
137. FN36 36OECD. (2009b), op. cit.
138. FN37 37Hirschhorn, N. (2004). ‘Corporate Social Responsibility and the tobacco industry: hope or hype?’ Tobacco Control, (13):447-453; O’Neill, op. cit.; Save-Soderbergh, J. (2009). ‘Who Lets Ethics Guide his Economic Decision-making?: An Empirical Analysis of Individual Investments in Ethical Funds’. Swedish Institute for Social Research Working Paper 7/2005.
139. FN38 38Friends of the Earth (FOE).(2009). ‘Top 100 UK pension funds – how ethical are they?’ Friends of the Earth Trust.
140. FN39 39International Organisation of Pension Supervisors (IOPS). (2007a). ‘Experiences and Challenges with the introduction of Risk-Based Supervision for Pension Funds’. IOPS Working Paper No. 4; Mitchell, O., Piggot, J. & Kumru, C. (2008). ‘Managing Public Investment Funds: Best Practices and New Challenges’. Pension Research Council. PRC WP2008-07.
141. FN40 40IOPS (2007b); Thompson, G. (2008). ‘Risk Based Supervision of Pension Funds in Australia’. World Bank Policy Research Working Paper 4539; IOPS. (2008). ‘Supervisory Oversight of Pension Fund Governance’. IOPS Working Paper 8; Odundo, op. cit.
142. FN41 41Crane, R., Heller, M. & Yakoboski, P. (2008). ‘Defined Contribution Plans in the Public Sector: A Benchmark Analysis’. Pension Research Council, PRC WP2008-17; Brady, J. (2009). ‘Can 401 (k) Plans provide Adequate Retirement Resources? Pension Research Council, PRC WP2009-01; Faktum. (2009). ‘The Costs of Danish Pension Companies among the lowest in the OECD’. ATP.
143. FN42 42Hess, D. & Impavido G. (2003). ‘Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence’. World Bank Policy Research Working Paper 3110;Choi, J., Laibson, D., & Madrian, C. (2006). ‘Reducing the Complexity Costs of 401 (k) Participation Through Quick Enrollment’. Pension Research Council, PRC WP2006-03.
144. FN43 43Brady, op. cit.
145. FN44 44Yang, T. (2005). ‘Understanding the Defined Benefit versus Defined Contribution Choice’. Pension Research Council, PRC WP 2005-4.
146. FN45 45Nyce, S. (2005). ‘The Importance of Financial Communication for Participation Rates and Contribution Levels in 401 (k) Plans’. Pension Research Council, PRC WP 2005-3; Clark, R. & Mitchell, O. (2005). ‘Reinventing the Retirement Paradigm’. Oxford: Oxford University Press.
147. FN46 46Yang, op. cit.
148. FN47 47Friedberg, L. & Webb, A. (2003). ‘Retirement and the Evolution of Pension Structure’. Journal of Human Resources Management, XL (2): 281-308; Lusardi, A. & Mitchell. O. (2007). ‘Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, Housing and Wealth’. Journal of Monetary Economics, 54(1): 205-224.
149. FN48 48Chon, J., Hong, H., Huang, M. & Kubik, J. D. (2004). ‘Does fund size erode mutual fund performance? The role of liquidity and organization’. American Economic Review, (94):1276-1302; Mahon, A. & Donohoe, S. (2006). ‘Irish Occupational Pensions: An Overview and Analysis of Scale Economies’. Paper presented at the Irish Association of Pension Funds Defined Contribution Seminar;Cheong, S. T. (2007). ‘Effects of expenditures and size on mutual fund performance’. Singapore Management Review. January.
150. FN49 49Sofianopoulou, op. cit.
151. FN50 50Berg, S. (2010). ‘Water utility Benchmarking: Measurement, Methodology and Performance Incentives’. London: International Water Association.
152. FN51 51Ibid.
153. FN52 52Ibid.
154. FN53 53Ramanathan, R. (2003). ‘An introduction to Data Envelopment Analysis: A tool for performance measurement’. Thousand Oakes, CA: Sage Publishing. (2003); Berg, op. cit.
155. FN54 54Ramanathan, op. cit.
156. FN55 55Serrano et al., op. cit.; Barros & Garcia, op. cit.
157. FN56 56Mostafa, M. (2007). ‘Benchmarking in Top Arab Banks: Efficiency through efficient frontier analysis’. Industrial Management and Data Systems, 107(6): 802-823.
158. FN57 57Ibid.
159. FN58 58Tharenou, P. (1993) ‘A Test of reciprocal causality for absenteeism’. Journal of Organisational Behaviour, (14): 269-290; Pierce, J. L. & Dunham, R. B. (1987). ‘Organisational Commitment to Pre-employment propensity and initial work experience’. Journal of Management, (13):163-178.
160. FN59 59Tharenou, op. cit.; Pierce & Dunham, op. cit.
161. FN60 60Jöreskog, K. G. & Sörbom, D. (2004). ‘ LISREL 8.8 for Windows’. Lincolnwood, IL: Scientific Software International Inc.
162. FN61 61Lusardi & Mitchell, op. cit.; Kimball, M., & Shumway, T. (2006). ‘Investor Sophistication, and the Participation, Home Bias, Diversification, and Employer Stock Puzzles’. University of Michigan Working Paper; Hilgert, M., Hogarth, J., & Beverly, S. (2003). ‘Household Financial Management: Connection between Knowledge and Behaviour’. Federal Reserve Bulletin, pp. 309-322.
163. FN62 62Aon Consulting Inc. (2005) ‘A Measurement Tool for Retirement Planning’. Replacement Ratio Study. Chicago: Aon.
164. FN63 63Stewart, F. (2009). ‘Pension Governance: Challenge and Potential Solutions’. OECD-IOPS MENA Workshop on Pension Regulation and Supervision, 2-3 February 2009; Moriarty, K. & Zadorozny, L. (2008). ‘Excellence in Pension Governance: Real Life. No Drama’. Available: http://www.mecer.com/summary.htm?siteLanguage=100&idContent=1329495. [Accessed 15 August 2009].
165. FN64 64Bateman, H. & Mitchell, O. S. (2004) ‘New evidence on pension plan design and administrative expenses: the Australian experience’. Journal of Pension Economics and Finance, (3):63-76.
166. FN65 65Dahlquist, Engstrom & Soderlind (2000) Dahlquist, M., Engstrom, S. & Soderlind, P. (2000) ‘Performance and characteristics of Swedish mutual funds’. Journal of Financial and Quantitative Analysis, 35(3): 409-423.
167. FN66 66Chan, H., Faff, R., Gallagher, R. & Looi, R. (2004). ‘Fund size, Transaction Costs and Performance: Size Matters’. The University of New South Wales Working Paper; Gallagher, D. R. & Martin, K. M. (2005). ‘Size and Investment Performance: A Research Note’. Abacus, (41):55-65.
168. FN67 67Chan et al., op. cit.
169. FN68 68Dahlquist et al., op. cit.
170. FN69 69Bikker & Dreu, op. cit.
171. FN70 70Stewart & Yermo, op. cit.
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/content/journals/10.1163/156921012x629376
2012-01-01
2015-09-04

Affiliations: 1: Email: cecil.arnolds@nmmu.ac.za, URL: http://www.w3.org/1999/xlink

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