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


  • María Rossana Sánchez Vega
  • Mario García Molina


Con este documento se busca obtener una aproximación al efecto que tiene la afiliación a un grupo económico sobre el desempeno y las decisiones de inversión de las administradoras de fondos de pensiones (AFP) en Colombia. Se utiliza el índice de Malmquist basado en la metodología DEA (2001 a 2010) y se comparan las inversiones y miembros de junta directiva de las AFP (2009-2010). Se encuentra que el tipo de afiliación no es un factor distintivo en los negocios de estas entidades. Es posible que la estructura del mercado colombiano y elementos de la normatividad tiendan a igualar su desempeno e inversiones.

Suggested Citation

  • María Rossana Sánchez Vega & Mario García Molina, 2011. "La afiliación a un grupo económico y el desempeno e inversiones de las administradoras de fondos de pensiones en Colombia," Documentos de Trabajo, Escuela de Economía 9917, Universidad Nacional de Colombia, FCE, CID.
  • Handle: RePEc:col:000178:009917

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    More about this item


    Business Groups; Pension Funds Administrators (AFP); Data Envelopment Analysis (DEA); Malmquist Index; Efficiency; Performance; Colombia.;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance


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