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Crisis, internal governance mechanisms and pension fund performance: Evidence from Poland

机译：危机，内部治理机制和养老基金绩效：来自波兰的证据

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This study provides new insight on the impact of supervisory board structure as an internal governance mechanism on privately defined contribution pension fund performance in Poland. Using a hand-collected data set, we find evidence that the chairman, as a motivated insider, plays an important role in determining fund performance. The results also show, although with weaker evidence, that outsiders may positively impact fund performance. During the 2007-2008 crisis, however, the insider professional knowledge outweighed the benefits of having motivated outsiders on the supervisory board. Consequently, the results show that both the composition of the supervisory board and the motivation and knowledge of its members are important in explaining pension fund performance. We also find that other governance factors have no impact on fund performance. The results are a relevant contribution to the current regulatory debate on reforms of the pension fund industry in Poland, arguing that modifying the supervisory board structure and electing outsiders with professional knowledge may significantly improve its performance.
机译：这项研究提供了关于作为内部治理机制的监事会结构对波兰私人缴费型养老基金业绩的影响的新见解。使用手工收集的数据集，我们发现有证据表明董事长作为有动力的内部人士，在决定基金业绩方面发挥着重要作用。结果也显示，尽管证据不足，但外部人士可能对基金绩效产生积极影响。但是，在2007年至2008年的危机期间，内部人的专业知识胜过激励外部人进入监事会的好处。因此，结果表明，监事会的组成以及其成员的动力和知识对于解释养老基金的绩效都非常重要。我们还发现其他治理因素对基金业绩没有影响。该结果为当前有关波兰养老基金行业改革的监管辩论做出了重要贡献，认为修改监事会结构并选举具有专业知识的局外人可能会大大改善其绩效。

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