文章基本信息

标题：Contributory Pension Fund Administrations in Nigeria: Stochastic Frontier Analysis of Its Efficiency and Implications for Policy Designs
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作者：Babatunde Moses Ololade ; Abiodun Adewale Adegboye ; Rafiu Oyesola Salawu 等
期刊名称：Journal of Financial Risk Management
印刷版ISSN：2167-9533
电子版ISSN：2167-9541
出版年度：2019
卷号：8
期号：4
页码：333-348
DOI：10.4236/jfrm.2019.84023
出版社：Scientific Research Publishing
摘要：The study assessed the technical efficiency of pension fund administrators in Nigeria using Stochastic Cost Frontier Model to generate efficiency scores for each of the eleven (11) selected pension fund administrators from a population of twenty-one (21). Panel data gathered from the annual reports of the selected pension fund administrators and the National Pension Commission were analysed using the maximum likelihood technique. The result showed that inefficiency, in varying degrees, existed in the selected fund administrators due to input costs on labour, equipment and premises and the mean and median efficiency scores were about 75% and 72% respectively. While the most efficient pension fund administrator recorded inefficiency score of 0.077, the least efficient pension fund administrator had inefficiency score of 0.388. The study concluded that increase in profitability, number of contributors, engaging in open fund investment activities and merger and acquisition reduce operating cost. It was therefore recommended that there should be a regulator-initiated merger and acquisition in the industry to eliminate waste, with positive impact on investment income. Besides, the regulatory agency should ease and expand transfer windows for existing contributors to transfer their pension contributions from an inefficient pension manager to efficient one to engender competition in the pension industry..
关键词：Pension Fund;Frontier Analysis;Efficiency;Nigeria;Pension Reform