Governance and Performance of Private Pension Funds: Australian Evidence

46 Pages Posted: 22 Aug 2014

See all articles by Kevin Liu

Kevin Liu

School of Risk and Actuarial Studies, UNSW Business School | University of New South Wales, Australia

Date Written: 2014

Abstract

The growing importance of private pension funds in the global financial, economic and public policy landscape has led to increasing regulatory and public interest in their governance and performance. Looking at the Australian private pension (superannuation) funds, this paper examines the impact of fund internal governance on investment performance. Utilising a unique dataset on Australian superannuation fund board attributes and director characteristics, we find that 1) board age diversity, 2) the presence of regular and independent review on performance and compliance, 3) non-busy board, and 4) directors’ fund ownership, are positively associated with fund performance. We find no evidence that more independent directors or higher director compensation are linked to better performance.

Keywords: Pension, superannuation, trustee, governance, fund performance

JEL Classification: G23, G34, J32

Suggested Citation

Liu, Kevin Yi, Governance and Performance of Private Pension Funds: Australian Evidence (2014). 27th Australasian Finance and Banking Conference 2014 Paper. Available at SSRN: https://ssrn.com/abstract=2484380 or http://dx.doi.org/10.2139/ssrn.2484380

Kevin Yi Liu (Contact Author)

School of Risk and Actuarial Studies, UNSW Business School | University of New South Wales, Australia ( email )

Sydney, NSW 2052
Australia
+61 2 9385 7119 (Phone)

HOME PAGE: http://www.business.unsw.edu.au/our-people/kevinliu

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