Modeling Key Factors Affecting the Modification of Regulation Pattern and Supervision of Pension Funds in Iran

Document Type : Original Article

Authors

1 PhD in financial management, Allameh Tabatabae University,Tehran. Iran.

2 associated professor, Allameh Tabatabae University, Tehran. Iran.

3 assistant professor, Allameh Tabatabae University,Tehran. Iran.

Abstract

The study of pension funds in Iran shows that currently, these funds face deficit and liquidity gap due to different reasons. The challenge of the imbalance between resources and consumptions in pension funds and its negative consequences, especially the funds deficit and consequently the increased commitments of the government in this area, have made it inevitable to implement reforms in these funds. But the main question is that why these reforms have not become operational in spite of the perception of the crisis of pension funds by different actors in this area? Accordingly, and considering the complex and multidimensional nature of retirement, in order to modify the regulation structure in these funds, it is required to identify and explain the key factors affecting this structure modification and the way in which they affect this structure. Using thematic analysis method (TA) and interpretive-structural modeling (ISM), the key factors affecting the modification of regulation pattern of pension funds were identified in this study, and by obtaining the themes network, the relationship model between effective factors was extracted at 6 levels, and finally, MICMAC method was used to measure the power of the influence and dependence of factors. Results from this study show that it is required to delegate the responsibility for management of intergenerational affairs in the field of retirement to an independent meta-power pension supervisor.

Keywords

Main Subjects

References

Beetsma, R., Lekniute, Z., and Ponds, E. (2014). Reforming American public sector pension plans: Truths and consequences. Rotman Int. J. Pension Manag, 7 (2), ). pp 66–74.
Bolanos, R., Emilio, F., Alfredo, N., and Pablo, P. (2005). Using interpretive structural modelling in strategic decision-making groups. Management Decision, . 43(6). pp, 877 – 895.
Boyatzis, R. E. (1998), Transforming qualitative information: thematic analysis and code development. Sage.
Braun, V. and Clarke, V. (2006),. ‌Using thematic analysis in psychology. Qualitative Research in Psychology, . (3) 2. pp, 77-101.
Claudio Raddatz and Sergio L. Schmukler. (2008). Pension Funds and Capital Market Development. How Much Bang for the Buck? The World Bank Development Research Group Macroeconomics and Growth Team.
Daneva, I. (2009). Regulation of pension fund investments in Bulgaria- developments and trends. E-Journal “Dialogue”.
Gentzoglaniss, A. (2007). Financial integration and competitiveness in Middle East and North Africa countries. Managerial Finance, . (33)7. pp, 461-476. Permanent Link to this document: http://dx.doi.org/10.1108/03074350710753744.
Guba E. G., and Lincolne Y.S. (1982). Epistemological and methodological bases of naturdistic inquiry. Educational Communication and Technology Journal; . 30(4). pp: 233-252.
Holzmann, R. (2002). A World Bank Perspective on Pension Reform. World Bank Press.
Hu, Yu-wei. (2006). Pension reform in china (a case study). Economics and finance discussion papers, Economics and finance section, school of social science, Brunel University.
International Monetary Fund (IMF). (2016). Global financial stability report. www.imfbookstore.org or www.elibrary.imf.org.
IOPS (2015). Pension trends and the changing supervisory landscape. 29-30 October, Berlin, Germany.
Kelly, Sonja E. (2016). WHY FINANCIAL INCLUSION POLICY AND REGULATION? Faculty of the School of International Service of American University in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in International Relations.
Kogut, B., and Spicer, A. (2002). Capital market development and mass privatization are logical contradiction. Industrial and corporate change, Vol. 11. pp , Number 1, PP 1-37.
Kolmakov, S. V. (2019). Analysis Of Administrative Regulations For The Provision Of Public Services Of The Pension Fund Of The Russian Federation, Business Strategies, And Real Economy Publishing House.
OECD. (2015). ANNUAL SURVEY OF INVESTMENT REGULATIONS OF PENSION FUNDS. www.oecd.org.
OECD. (2019). ANNUAL SURVEY OF INVESTMENT REGULATIONS OF PENSION FUNDS. http://www.oecd.org/daf/fin/private-pensions/2019-Survey-Investment-Regulation-Pension-Funds ..pdf
OmotayoJohncally, A., and Bankole, A. (2019), on mathematical models for pension fund optimal selection strategies, AMERICAN JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT, . (2) 4. pp, 2576-5973.
Rajkumar, S. (2012). Pension Fund Management at the World Bank. Financial Advisory and Banking, World Bank Treasury, Washington DC, treasury.worldbank.org.
Rocha, R., Hinz, R. and Gutierrez, J. (1999). Improving the Regulation and Supervision of Pension Funds: Are There Lessons From the Banking Sector? Social Protection Unit, Human Development Network, the World Bank, No. 9929.
Seidman, L. J. (2006). Neuropsychological functioning in people with ADHD across the lifespan. Clinical Psychology Review, . (20) 26. pp, 466–485.
Stewart, F. (2010). Pension Funds’ Risk-Management Framework: Regulation and Supervisory Oversight, OECD Working Papers on Insurance and Private Pensions, No. 40, OECD publishing, © OECD. Doi: 10.1787/5kmlcz7qq3zx-en.
THE INTERNATIONAL ORGANISATION OF PENSION SUPERVISORS (IOPS). (2010). IOPS PRINCIPLES OF PRIVATE PENSION SUPERVISION.
The World Bank. (2003). Islamic Republic of Iran the Pension System in Iran: Challenges and Opportunities. Middle East and North Africa, Social and Human Development Group (MNSHD), (In Two Volumes) Volume I:   Main Report, Report No. 25174-IR.
Willis Towers Watson and Thinking Ahead Institute (2017), Global Pension Assets Study. Executive Summary.

Economic Strategy
Volume 9, Issue 35 - Serial Number 35
November 2020
Pages 359-401

Files

Share

How to cite

Statistics