<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the technical efficiency of mandatory pension funds. The main role of the pension funds is to collect and invest the money contributed by the employer or the employee during working years until retirement. Therefore, development of pension funds as institutional investors is especially important for capital markets as well as for the whole economy. By applying the methodology of data envelopment analysis on a sample of 12 DMUs, i.e. four mandatory pension funds divided into three categories (A, B or C) for 2015-2018 period, we provide further evidence on their efficiency level. The results have shown very small differences among relative inefficient pension funds.</p></abstract>

The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the technical efficiency of mandatory pension funds. The main role of the pension funds is to collect and invest the money contributed by the employer or the employee during working years until retirement. Therefore, development of pension funds as institutional investors is especially important for capital markets as well as for the whole economy. By applying the methodology of data envelopment analysis on a sample of 12 DMUs, i.e. four mandatory pension funds divided into three categories (A, B or C) for 2015-2018 period, we provide further evidence on their efficiency level. The results have shown very small differences among relative inefficient pension funds.

The Efficiency of Mandatory Pension Funds: Case of Croatia

Faculty of Tourism and Hospitality Management

South East European Journal of Economics and Business

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"The Efficiency of Mandatory Pension Funds: Case of Croatia"}

The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the technical efficiency of mandatory pension funds....

The Efficiency of Mandatory Pension Funds: Case of Croatia

Published Online: Dec 30, 2019

Page range: 82 - 94

DOI: https://doi.org/10.2478/jeb-2019-0015

Keywords
mandatory pension funds, technical efficiency, data envelopment analysis, pension system

© 2019 South East European Journal of Economics and Business, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The Efficiency of Mandatory Pension Funds: Case of Croatia

Published Online: Dec 30, 2019

Page range: 82 - 94

DOI: https://doi.org/10.2478/jeb-2019-0015

Keywordsmandatory pension funds, technical efficiency, data envelopment analysis, pension system

© 2019 South East European Journal of Economics and Business, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
mandatory pension funds, technical efficiency, data envelopment analysis, pension system