Open Access Journal Article

Pension Funds: The Importance of Corporate Governance

by Clea Beatriz Macagnan a orcid ,  Cristiane Benetti b,* ,  Luiz Alberto Mangoni c  and  Daniel Francisco Vancin d
a
Federal University of Paraiba - Cidade Universitária - João Pessoa – PB, 58051-900, Brazil
b
ICN Business School and CEREFIGE - 86 Rue Sergent Blandan, 54000 Nancy - France
c
Fisul College - Av. Pres. Vargas, 561 - Centro, Garibaldi - RS, 95720-000, Brazil
d
Vale do Rio dos Sinos University - Av. Unisinos, 950 - Cristo Rei, São Leopoldo - RS, 93022-750, Brazil
*
Author to whom correspondence should be addressed.
JIE  2024 2(2):28; https://doi.org/10.58567/jie02020002
Received: 21 April 2024 / Accepted: 29 September 2024 / Published Online: 6 November 2024
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Abstract

This study analyzed whether the level of corporate governance of companies listed on the Brazilian capital market is related to the investment decisions of Brazilian pension funds. We start from the assumption that the corporate governance system mitigates the moral risk, that may arise in the relationship between corporate managers and investors and respective shareholders, Brazilian pension funds. Shareholding dispersion would enable opportunism for corporate managers, making decisions focused on their interests to the detriment of shareholders or investors. The governance system would signal that this behavior would be controlled, signaling safer behavior for investors. Thus, the hypothesis is that the level of corporate governance would attract pension funds that would understand this system as reducing investment risk. To test this, we used panel data, with a sample of 1,582 observations of companies listed on the Brazilian Stock Exchange (B3) from 2010 to 2017. The statistical results show that corporate governance positively correlates with investment in pension funds. This leads to the conclusion that, for Brazilian pension funds, companies' signaling about their corporate governance practices is a risk-mitigating factor. Furthermore, these results allow us to infer that the company's governance level associated with leverage is a differentiating signaling element as the evidence points to a positive relationship.

Keywords: pension funds; corporate governance; emerging markets; debt;
Copyright: © 2024 by Macagnan, Benetti, Mangoni and Vancin. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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ACS Style
Macagnan, C. B.; Benetti, C.; Mangoni, L. A.; Vancin, D. F. Pension Funds: The Importance of Corporate Governance. Journal of Information Economics, 2024, 2, 28. https://doi.org/10.58567/jie02020002
AMA Style
Macagnan C B, Benetti C, Mangoni L A, Vancin D F. Pension Funds: The Importance of Corporate Governance. Journal of Information Economics; 2024, 2(2):28. https://doi.org/10.58567/jie02020002
Chicago/Turabian Style
Macagnan, Clea B.; Benetti, Cristiane; Mangoni, Luiz A.; Vancin, Daniel F. 2024. "Pension Funds: The Importance of Corporate Governance" Journal of Information Economics 2, no.2:28. https://doi.org/10.58567/jie02020002
APA style
Macagnan, C. B., Benetti, C., Mangoni, L. A., & Vancin, D. F. (2024). Pension Funds: The Importance of Corporate Governance. Journal of Information Economics, 2(2), 28. https://doi.org/10.58567/jie02020002

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