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EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

Dražen Novaković   ORCID icon orcid.org/0000-0002-8365-7248 ; Josip Juraj Strossmayer University of Osijek, Faculty of Economics in Osijek, Osijek, Croatia

Puni tekst: engleski, PDF (1004 KB) str. 199-212 preuzimanja: 414* citiraj
APA 6th Edition
Novaković, D. (2015). EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA. Ekonomski vjesnik, 28 (1), 199-212. Preuzeto s https://hrcak.srce.hr/140831
MLA 8th Edition
Novaković, Dražen. "EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA." Ekonomski vjesnik, vol. 28, br. 1, 2015, str. 199-212. https://hrcak.srce.hr/140831. Citirano 09.08.2020.
Chicago 17th Edition
Novaković, Dražen. "EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA." Ekonomski vjesnik 28, br. 1 (2015): 199-212. https://hrcak.srce.hr/140831
Harvard
Novaković, D. (2015). 'EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA', Ekonomski vjesnik, 28(1), str. 199-212. Preuzeto s: https://hrcak.srce.hr/140831 (Datum pristupa: 09.08.2020.)
Vancouver
Novaković D. EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA. Ekonomski vjesnik [Internet]. 2015 [pristupljeno 09.08.2020.];28(1):199-212. Dostupno na: https://hrcak.srce.hr/140831
IEEE
D. Novaković, "EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA", Ekonomski vjesnik, vol.28, br. 1, str. 199-212, 2015. [Online]. Dostupno na: https://hrcak.srce.hr/140831. [Citirano: 09.08.2020.]

Sažetak

The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performance (e.g. ratios such as Sharpe’s, Sortino’s, Treynor’s, etc.) which quantify the ability of pension fund managers to deliver an active management risk premium, with respect to benchmarks.

In this paper, the previously mentioned traditional measures of risk-adjusted performance are applied to Croatian pension funds. Due to recent changes in pension systems in other Eastern European countries once again emphasis is put on this issue in Croatia. The analysis furthermore includes evaluation of pension funds’ asset allocation. The period of analysis covers twelve years, from the establishment of pension funds in Croatia in 2002 until 2013. The main hypothesis of the paper states that Croatian pension funds underperform with respect to benchmark comparisons, set as return on the combined CROBEX/CROBIS portfolio. Results show that the main hypothesis does not hold.

The financial performance of pension funds directly influences their competitiveness, derived from the possibility of measuring their success in active portfolio management. In addition, pension funds are expected to support the national economy. By investing their accumulating assets, they can protect jobs and enhance economic growth. However, they can achieve that only if they are competitive in means of financial performance.

 

Ključne riječi
pension funds; financial performance; competitiveness; Croatia

Hrčak ID: 140831

URI
https://hrcak.srce.hr/140831

Posjeta: 604 *