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Pension fund board governance and asset allocation: evidence from Switzerland

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  • Bregnard, Nadège
  • Salva, Carolina

Abstract

We study whether pension fund board governance relates to asset allocation. Pension funds with well-governed boards have greater international diversification, lower cash holdings, and, when pension funds are small, invest more in risky assets. In particular, pension fund boards that establish comprehensive investment policies invest more in equities, in foreign assets, and hold less cash. We argue that a comprehensive investment policy is likely to serve as a proxy for the financial expertise available to the fund while it provides the set up to facilitate decision making. Finally, we further show that the presence of external financial experts is also associated with lower cash holdings.

Suggested Citation

  • Bregnard, Nadège & Salva, Carolina, 2023. "Pension fund board governance and asset allocation: evidence from Switzerland," Journal of Pension Economics and Finance, Cambridge University Press, vol. 22(3), pages 400-424, July.
    • Handle: RePEc:cup:jpenef:v:22:y:2023:i:3:p:400-424_7
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