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Corporate Governance of Pension Plans: The U.K. Evidence

Financial analysts journal, 2007-01, Vol.63 (1), p.70-83 [Peer Reviewed Journal]

Copyright 2007 CFA Institute ;Copyright CFA Institute Jan/Feb 2007 ;ISSN: 0015-198X ;EISSN: 1938-3312 ;DOI: 10.2469/faj.v63.n1.4409 ;CODEN: FIAJA4

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Title:
Corporate Governance of Pension Plans: The U.K. Evidence
Author: Cocco, João F. ; Paolo F. Volpin
Subjects: Book value ; Business structures ; Comparative analysis ; Corporate debt ; Corporate governance ; Corporate sponsorship ; Corporate trustees ; Deeds ; Defined benefit plans ; Employers ; Financial leverage ; Investment policy ; Investment strategies ; Investment trusts ; Pension contributions ; Pension funds ; Pension liabilities ; Pension plans ; Pension schemes ; Portfolio Management ; Stockholders ; Studies ; Trustees ; U.S.A ; Valuation
Is Part Of: Financial analysts journal, 2007-01, Vol.63 (1), p.70-83
Description: For this study of the governance of defined-benefit pension plans in the United Kingdom, the governance measure was equal to the proportion of trustees of the pension plan in 2002 who were also executive directors of the sponsoring company. The findings indicate that pension plans of indebted companies with a higher proportion of insider than independent trustees invest a higher proportion of pension plan assets in equities and that the sponsors contribute less to the plan and have a larger dividend payout ratio. This evidence supports the agency view that insider trustees act in the interests of shareholders of the sponsor, not necessarily in the interests of pension plan members.
Publisher: Charlottesville: CFA Institute
Language: English
Identifier: ISSN: 0015-198X
EISSN: 1938-3312
DOI: 10.2469/faj.v63.n1.4409
CODEN: FIAJA4
Source: AUTh Library subscriptions: ProQuest Central

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Corporate Governance of Pension Plans: The U.K. Evidence

Copyright 2007 CFA Institute ;Copyright CFA Institute Jan/Feb 2007 ;ISSN: 0015-198X ;EISSN: 1938-3312 ;DOI: 10.2469/faj.v63.n1.4409 ;CODEN: FIAJA4

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