La afiliación a un grupo ecónomico y el desempeño e inversiones de las administradoras de fondos de pensiones en Colombia

María Rossana Sánchez Vega and Mario García Molina

Econógrafos, Escuela de Economía from Universidad Nacional de Colombia, FCE, CID

Abstract: The paper seeks to approach the effect of the Pension Funds Administrator’s (AFP) affiliation to a business group, specifically in terms of performance and investment decisions. We used the Malmquist index from the DEA methodology (2001 -2010) and the investments made by the AFPs and the relationships between their directors (2009- 2010). We find that affiliation to a national or foreign economic group is not a distinctive factor in the AFP´s business. It is possible that the Colombian market structure and some elements of the local regulation tend to equalize their performance and investments.

Keywords: Business Groups; Pension Funds Administrators (AFP); Data Envelopment Analysis (DEA); Malmquist Index; Efficiency; Performance; Colombia (search for similar items in EconPapers)
JEL-codes: G23 G32 L25 (search for similar items in EconPapers)
Pages: 36
Date: 2011-11
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Persistent link: https://EconPapers.repec.org/RePEc:col:000176:022973

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