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1 – 10 of 168Godfred Matthew Yaw Owusu, Regina Mensah Onumah and Amanda Efua Essel-Donkor
This study aims to present a bibliometric analysis of research on pensions and retirement systems over the past 100 years. The study examines the intellectual structure and…
Abstract
Purpose
This study aims to present a bibliometric analysis of research on pensions and retirement systems over the past 100 years. The study examines the intellectual structure and mapping in the field of pension and retirement; uncovers growth and publication patterns; identifies thematic areas in the pension domain; provides analysis of gaps; and recommends direction for future research.
Design/methodology/approach
The study sourced data from the Scopus database between 1910 and 2022 covering a 112-year period. Employing bibliometric techniques, a total of 6,661 papers were selected and analyzed using SPSS and VOSviewer software.
Findings
Results from the cluster analysis suggest research in this domain has focused on five thematic areas namely pension plans, retirement systems, pension schemes, demographic, and socio-economic determinants of pension and retirement decisions. The authors show from the overlay visualization output how these themes have evolved within the period under review. The study further presents major developments, conclusions and suggestions for future research directions based on insights obtained from the research themes to enrich the field of pension and retirement planning.
Research limitations/implications
The study is useful for informing researchers and practitioners on the state of the pension domain, and findings are useful avenues in developing the research field.
Originality/value
The study adds to existing literature on pension and retirement by offering an analysis of the state of pension research over a century and highlighting areas for future research.
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Seyed Hadi Arabi, Mohammad Hasan Maleki and Hamed Ansari
The purpose of this study is to identify the drivers and future scenarios of Iran’s Social Security Organization.
Abstract
Purpose
The purpose of this study is to identify the drivers and future scenarios of Iran’s Social Security Organization.
Design/methodology/approach
The research is applied in terms of orientation and mixed in terms of methodology. In this research, the methods of theme analysis, root definitions, fuzzy Delphi and Cocoso were used. The theoretical population is the managers and senior experts of the social security organization, and the sampling method was done in a judgmental way. The tools of data collection were interviews and questionnaires. The interview tool was used to extract the main and subdrivers of the research and develop the scenarios.
Findings
Through theme analysis, 35 subdrivers were extracted in the form of economic, sociocultural, financial and investment, policy, marketing, environmental and legal themes. Due to the large number of subdrivers, these factors were screened with fuzzy Delphi. Eleven drivers had defuzzied coefficient higher than 0.7 and were selected for final prioritization. The final drivers were prioritized with the CoCoSo technique, and the two drivers of social security holdings governance and state of government revenues had the highest priority. Based on these two drivers, four scenarios of prosperity, resilient social security, unstable development and collapse have been developed.
Originality/value
Some of the suggestions of the research are: using the capacity of FinTechs and financial startups to invest the government revenues of the organization, using digital technologies such as business intelligence for more efficient decisions and developing corporate governance in the organization.
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Shulin Xu, Zefeng Tong, Cheng Li and Shuoqi Chen
High-quality labor supply is inevitable to maintain sustainable and steady economic growth. This study mainly explores the impact of the social pension system on the health of…
Abstract
Purpose
High-quality labor supply is inevitable to maintain sustainable and steady economic growth. This study mainly explores the impact of the social pension system on the health of human capital, and further explores its impact mechanism.
Design/methodology/approach
On the basis of the data from China Family Panel Studies from 2012 to 2018, this article uses the fixed effect model and the mediation effect model to empirically study the influence of the social pension scheme on the health of human capital and further explore its influence mechanism.
Findings
This study shows that the social pension scheme can significantly improve the physical and mental health of laborers, especially for low-income and agricultural groups. The implementation of the social pension scheme contributes to increasing medical services and reducing the labor supply for the benefit of human health capital. Therefore, the government should continue to expand the coverage of the social pension scheme and comprehensively improve the importance of human health capital on economic growth.
Practical implications
Medical costs and labor supply play a mediating effect in the relationship between social pension and rural labors' health status, which indicates that medical costs and labor supply level are still important factors affecting the health status of rural labor. There are essential factors affecting the health status of the rural labor force, and their role should be given more consideration in the process of system design and improvement.
Originality/value
The existing studies have more frequently studied the effect of the implementation of social pension schemes from the perspective of economic performance, but this paper evaluates the policy effect of social pension schemes based on the perspective of health human capital, which enriches research on health performance in related fields.
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Anamika Saharan, Akash Saharan, Krishan Kumar Pandey and T. Joji Rao
The low level of financial literacy among young adults is a pressing concern at both individual and country levels. Therefore, there is a dire need to understand the best-worst…
Abstract
Purpose
The low level of financial literacy among young adults is a pressing concern at both individual and country levels. Therefore, there is a dire need to understand the best-worst antecedents of financial literacy and how they influence each other.
Design/methodology/approach
A two-phased multicriteria decision-making (MCDM) technique consisting of best-worst method and interpretive structural modeling (BWM-ISM) was employed for pair-wise comparison, assigning weights, ranking and establishing the relationship among antecedents of financial literacy.
Findings
Results suggest that use of Internet (SF1), role of financial advisors (SF3) and education level of individuals (DS7) are top ranked antecedents, whereas masculinity/feminity, language and power distance in society are the least ranked antecedents of financial literacy. Findings will help both academicians and practitioners focus on the key factors and make efforts to increase financial literacy by minimizing resource usage.
Originality/value
The current study provides clarity among antecedents of financial literacy by following BWM-ISM approach for the first time in the financial literacy context.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2022-0746
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Raghavan Iyengar and Barry Shuster
Outstanding unexercised stock options can motivate managers to engage in actions that increase the value of their company’s stock, including buying back their firm’s stock. The…
Abstract
Purpose
Outstanding unexercised stock options can motivate managers to engage in actions that increase the value of their company’s stock, including buying back their firm’s stock. The objective of granting stock options to managers is to align their interests with stockholders by tying a portion of their compensation to the company’s stock performance. However, unexercised stock options may have unintended consequences by providing managers with a vested interest in artificially boosting stock prices via stock buybacks. The primary objective of this research is to study the main factors that influence firms' buyback decisions amongst hospitality firms at a time when these firms were clamoring for taxpayer bailouts. Results from logistic regression seem to suggest that outstanding executive stock options are a major contributory factor in a firm’s buyback decision. Estimates also indicate that larger, more profitable firms will likely engage in stock buybacks. These findings survive a battery of tests.
Design/methodology/approach
The authors use logistic regression to predict the probability of a firm’s buyback decision based on a given set of exogenous explanatory variables.
Findings
The paper supports the hypothesis that buyback decisions are guided by the motive to prop support stock prices in the presence of outstanding restricted stock options/warrants granted to firms' executives.
Research limitations/implications
The paper focuses on the buyback decision of U.S. hospitality firms. The results, therefore, might not be generalizable to firms in other industries or countries.
Practical implications
U.S. share repurchase corporate policy and government regulation needs to be revisited given the economic imperative for firms to invest in activities to restore employment and put them in a position for economic recovery.
Social implications
Public criticism of the size, structure and form (i.e. loan vs grant) of COVID-19 bailouts warrants an examination of whether the factors that drive hospitality and tourism firms to repurchase shares support economic recovery.
Originality/value
Consistent with agency theory, the authors find a significant positive association between outstanding restricted stocks and a firm’s decision to support the stock prices by buying back shares.
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Yong H. Kim, Bochen Li, Miyoun Paek and Tong Yu
We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the…
Abstract
We study the potential effects of pension underfunding on corporate investment, financial constraints and improved employee bonding using 10 Pacific-Basin countries (including the United States, Australia, and eight Asian countries) at heterogeneous economic development stages and different regulatory environments. We document that corporate pensions are significantly underfunded in most countries of our sample in the period of 2001–2017, when interest rates were ultralow in most countries. In addition, firms from countries with stronger employee protection and more generous retirement benefits tend to show higher levels of underfunding in their defined benefit (DB) pension plans. To the extent of pension underfunding imposing constraints on corporate investment, we find that firms in these countries can face more constraints on investment when their pension is underfunded.
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However, its key provision -- an increase in the system’s defined contribution -- was rejected by the Lower House. The government will have to negotiate key parts of the bill…
Details
DOI: 10.1108/OXAN-DB285024
ISSN: 2633-304X
Keywords
Geographic
Topical
Following the traditions of stakeholder salience theory, this paper aims to contend that some institutional investor activists and tactics have more power, legitimacy and urgency…
Abstract
Purpose
Following the traditions of stakeholder salience theory, this paper aims to contend that some institutional investor activists and tactics have more power, legitimacy and urgency than others.
Design/methodology/approach
The author undertakes an empirical test of a saliency table looking at the effects of institutional investor heterogeneity on portfolio firm responses using ordinal logistic regression.
Findings
This study found heterogeneity for institutional investor type to drive firm responses but not tactic type raising the importance of the attributes of each type of investor activist. The author found a rank ordering of public pension plans, hedge funds and then private multiemployer funds in saliency to portfolio firms. In addition, the use of proxy-based tactics did not help or hurt each investor type. Both findings challenge prior empirical work.
Originality/value
The rank ordering based upon the heterogeneity of institutional investor activists and their tactical interactions are tested providing empirical evidence of the most influential activist investors and tactics in one study, which is rare in the literature.
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This study aims to examine whether and how the experience of specialized external governance mechanisms mandated by the Employee Retirement Income Security Act of 1974 – the…
Abstract
Purpose
This study aims to examine whether and how the experience of specialized external governance mechanisms mandated by the Employee Retirement Income Security Act of 1974 – the actuary and auditor – affect pension plan funding.
Design/methodology/approach
This study uses data from annual pension plan regulatory reports (Form 5500), Form 10-K filings, Form DEF 14A filings (company proxy statements) and publicly available data sources. The hand-collected data include information related to the pension plan’s actuary and auditor and various pension plan data disclosed in the company’s financial statement footnotes.
Findings
The author finds that more experienced actuaries and auditors are associated with better funded pension plans, especially when the company has higher financial risk or lower board independence. Additional analyses indicate that companies with more experienced actuaries and pension plan auditors are more likely to make higher annual pension plan contributions and hold fewer Level 3 fair value assets.
Originality/value
The dearth of pension plan governance research generally focuses on whether and how internal governance mechanisms affect pension plan funding. To the best of the author’s knowledge, this is the first empirical study of the relationship between external pension plan governance mechanisms and pension plan funding.
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Bighnesh Dash Mohapatra, Chandan Kumar Sahoo and Avinash Chopra
The purpose of this study is to explore and prioritize the factors that determine the social insurance contribution of unorganized workers.
Abstract
Purpose
The purpose of this study is to explore and prioritize the factors that determine the social insurance contribution of unorganized workers.
Design/methodology/approach
A two-stage procedure was adopted to recognize and prioritize factors influencing the social insurance participation of unorganized workers: first, crucial factors influencing unorganized workers’ contribution towards social insurance were identified by employing exploratory factor analysis, and in the second phase, the fuzzy analytical hierarchal process was applied to rank the specified criteria and then sub-criteria by assigning weights.
Findings
Four broad factors were identified, namely, economic, political, operational and socio-psychological, that significantly influence unorganized workers’ contribution towards social insurance. Later findings revealed that the prime influencer of unorganized workers’ contribution is employment contracts followed by average earnings, delivery of quality services, eligibility and accessibility.
Practical implications
The research findings are feasible as the basic propositions are based on real-world scenario. The identification and ranking of factors have the potential to be used as a checklist for policymakers when designing pension and social insurance for unorganized workers. If it is not possible to consider all, the criteria and sub-criteria assigned upper rank can be given priority to extend pension coverage for a large group of working poor.
Social implications
The key factors driving social insurance contributions have been highlighted by studying the stakeholders’ perceptions at a micro level. By comprehending the challenges, there is a possibility of covering a large section of the working poor into social insurance coverage.
Originality/value
This paper is believed to be one of its kinds to acknowledge a combination of factors that determine the contribution of unorganized workers to social insurance. This study is an empirical investigation to prioritize the essential drivers of social insurance participation by low-income cohorts in the context of emerging countries. The present approach of employing fuzzy logic has also very limited use in social insurance literature yet.
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