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dc.creatorAbinzano Guillén, María Isabeles_ES
dc.creatorMuga Caperos, Luis Fernandoes_ES
dc.creatorSantamaría Aquilué, Rafaeles_ES
dc.date.accessioned2017-10-04T09:30:51Z
dc.date.available2019-11-01T00:00:11Z
dc.date.issued2017
dc.identifier.issn1057-5219
dc.identifier.urihttps://hdl.handle.net/2454/25856
dc.description.abstractThis paper analyses the role played by pension plan governance structure and how it impacts on plan fees and plan performance. The results clearly show that fees decrease significantly and performance improves when pension plan governance structures permit full alignment of interests and allow greater capacity for the decision-makers to monitor and discipline the managers. It is also observed that companies managing both employee and individual funds, tend to exploit differences in the internal corporate governance mechanisms of each type of plan in order to nurture employer-sponsored plans at the expense of individual plans. These results suggest that internal corporate governance mechanisms allowing closer alignment with the interests of participants would be preferable to focusing exclusively on setting the minimum proportion of independent directors.en
dc.description.sponsorshipFinancial support from the Spanish Ministry of Econ omy and Competitiveness, Project ECO2016-77631-R and Fundación Caja Navarra FUNCAN-07445 are gratefully acknowledged..en
dc.format.mimetypeapplication/pdfen
dc.language.isoengen
dc.publisherElsevieren
dc.relation.ispartofInternational Review of Financial Analysis, 54 (2017) 63-75en
dc.rights© 2017 Elsevier Inc. The manuscript version is made available under the CC BY-NC-ND 4.0 license.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectPension plan governanceen
dc.subjectBargaining poweren
dc.subjectFeesen
dc.subjectPerformanceen
dc.titleBad company. The indirect effect of differences in corporate governance in the pension plan industryen
dc.typeArtículo / Artikuluaes
dc.typeinfo:eu-repo/semantics/articleen
dc.contributor.departmentUniversidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economicses_ES
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessen
dc.embargo.terms2019-11-01
dc.identifier.doi10.1016/j.irfa.2017.09.008
dc.relation.projectIDinfo:eu-repo/grantAgreement/ES/1PE/ECO2016-77631en
dc.relation.publisherversionhttps://doi.org/10.1016/j.irfa.2017.09.008
dc.type.versionVersión aceptada / Onetsi den bertsioaes
dc.type.versioninfo:eu-repo/semantics/acceptedVersionen


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© 2017 Elsevier Inc. The manuscript version is made available under the CC BY-NC-ND 4.0 license.
Except where otherwise noted, this item's license is described as © 2017 Elsevier Inc. The manuscript version is made available under the CC BY-NC-ND 4.0 license.