Eficiência financeira de Entidades Fechadas de Previdência Complementar (EFPC) e seus determinantes

Abstract

Social security management has been increasingly complex due to several factors, such as: the increase in the life expectancy of the people who make up the plans; reduction of the mass of contributions due to the fall in the level of formal employment; unstable financial markets and the growth of risks associated with all types of business. The objective of this research is to measure and evaluate the financial efficiency of pension funds in Brazil, specifically in Closed Entities of Complementary Pension Plans. The survey consisted of a sample of 126 pension funds for the period 2010 to 2016. The methodology was developed in two stages. In the first stage, the efficiency of funds was measured using the Data Envelopment Analysis (DEA) technique using the Malmquist metric. In the other stage, the following variables were statistically tested: pension fund size, investment type and sponsorship type, using the regression model of randomized data, with financial efficiency (productivity) as the dependent variable. It was concluded that in the evaluation of the efficiency scores that the larger pension funds presented an average level of efficiency lower than the lower ones; the efficiency scores of private pension funds were higher than those of public pension funds. As for the investment profile taken by the modality of application, it has been that those who invest in variable income have the highest efficiency scores.