Authors: Yilmaz Bayar; Metin Kilic
Addresses: Department of Economics, Usak University, Usak, Turkey ' Department of Maritime Business Administration, Bandirma Onyedi Eylul University, Balikesir, Turkey
Abstract: Pension funds have experienced considerable expansions in the value of their asset holdings after the gradual global transition from single tier pension system to multi-tiered pension systems, due to public pensions becoming financially unsustainable. Increases in the value of the pension funds' financial asset holdings have enhanced their efficiency in capital markets. This paper investigates the effect of pension funds as an institutional investor on stock market development in 18 OECD member states for the period of 2001-2015 with panel data analysis. The findings suggest that pension funds affected stock market development positively in the long run.
Keywords: pension funds; stock markets; sustainability; panel data analysis.
International Journal of Sustainable Economy, 2019 Vol.11 No.3, pp.273 - 285
Available online: 16 May 2019 *Full-text access for editors Access for subscribers Purchase this article Comment on this article