Determinants of investment policy of Dutch pension funds

Kerkhof, J.A. (2017) Determinants of investment policy of Dutch pension funds.

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Abstract:Pension funds are one of the biggest players of the Dutch institutional investment market. Despite the fact that the total amount of assets of Dutch pension funds is rising, there are concerns regarding the ability to pay pensions when due (Bikker and De Dreu, 2007; Centraal Bureau voor de Statistiek, 2015). Investment return is the most important factor in influencing the pension fund's total amount of assets. Despite the growing interest for the topic, little is known about the dynamics of the investment policy of Dutch pension funds for the current period of time. This research combines pension fund as well as sponsoring firm determinants in order to see which factors do determine the investment policy of Dutch pension funds for the period of 2013 till 2015. In addition, a detailed spectrum of assets and their riskiness has been used. Overall, the results suggest that there is a positive relationship between the funding ratio and strategic risk exposure. Furthermore, a negative relationship between the defined benefit dummy and strategic risk exposure has been found.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
Link to this item:http://purl.utwente.nl/essays/73472
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