Quoted Equity Investments and Financial Performance of Pension Funds in Kenya
Quoted Equity Investments and Financial Performance of Pension Funds in Kenya
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肯尼亚养老基金的上市股权投资和财务业绩
DOI：
10.47604/ijfa.1645
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
M. Gekara
中科院分区：
文献类型：
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作者：
Roba Boyante;W. Muturi;M. Gekara
目的：本研究的灵感来自于需要调查的贡献，上市股权的财务业绩的养老基金在肯尼亚
方法：本研究采用描述性研究设计，数据收集表用于收集二级数据。这项研究的目标人群为截至2021年12月31日的1，258个注册计划。样本包括294个注册计划。次要数据来自退休福利管理局（RBA），用于2016- 2021年六年期间的研究变量。数据进行诊断测试，并使用多元线性回归方法进行分析。
调查结果：上市公司股权对养老基金绩效影响的回归结果表明，上市公司股权对养老基金绩效有显著的负向影响，p值为0.000，小于0.05的显著性水平。这表明上市公司的股权对公司业绩有负面影响。此外，16.6%的公司业绩变化是由上市股本解释的。研究结果与政策论述相呼应，即上市股本投资可能风险较高，因此需要增加风险溢价，以缓冲投资者对风险增加的承受力
对理论、实践和政策的独特贡献：本研究验证了现代投资组合理论，其前提是选择和构建资产组合，以最大化投资组合的预期收益，同时最小化伴随的风险。这项研究可以帮助政策制定者，如肯尼亚退休福利管理局（RBA）审查对上市股票的投资上限受托人和基金经理可以使用研究结果来确定上市股票投资在投资政策中的比例，这是最佳的上市股票作为资产类别的风险特征。
Purpose: This study is inspired by the need to investigate the contribution of quoted equity to financial performance of pension funds in Kenya
Methodology: The study used a descriptive research design with data collection form used to gather secondary data. The target population for this study was 1,258 registered schemes as per RBA as of 31 December 2021. The sample consisted of 294 registered schemes. Secondary data was obtained from the Retirement Benefits Authority (RBA) for the study variables for the six-year period between 2016- 2021. The data was subjected to diagnostic tests and analyzed using multiple linear regression method.
Findings: Regression results on the influence of quoted equity on the performance of pension funds shows that the coefficient had a negative and significant impact on performance of firms, p value 0.000 which was smaller than 0.05 level of significance. This shows that quoted equity had a negative impact on the performance of firms. In addition, 16.6% of the variation in performance of firms is explained by quoted equity. The study findings echo policy discourses suggesting that quoted equity investments may be riskier and therefore need for increased risk premium to cushion investors against increased risks
Unique Contributions to Theory, Practice and Policy: The study validates the modern portfolio theory whose premise is selection and construction of asset portfolios to maximize the portfolio expected return and the concurrently minimize the attendant risk. The study can help policy makers such as Retirement Benefits Authority (RBA) in Kenya review investment ceilings imposed on quoted equity The trustees and fund managers can use the study findings to determine proportion of quoted equity investments in the investment policy that is optimal given risk characteristic of quoted equity as an asset class.