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The purpose of the study is to emphasise the urgent need for pension policy reform within Indonesia’s social security system.

The methodology employed in this research includes qualitative techniques such as in-depth interviews and thematic content analysis.

The findings suggest various measures for pension reform, including revising eligibility criteria, adjusting benefit designs to cover housing and transportation costs, promoting Defined Benefit Plans, enforcing compliance, addressing insufficient contributions, advocating for transparency, and aligning social assistance programs with pension system enhancements. However, there is a trade-off between the adequacy of pension benefits and the amount of resources required.

This study is limited by the need for more individuals knowledgeable about pension issues in Indonesia, primarily due to their high-ranking positions, making access challenging and potentially compromising the small sample size in research.

The research underscores the importance of maintaining policy consistency. It proposes a gradual increase in pension contributions as a pivotal strategy to ensure sustained financial security for retirees, particularly in the face of fiscal constraints. Also, the government should undertake comprehensive reforms, encompassing the revision of eligibility criteria, adjustment of minimum benefit designs, encouragement of employer contributions and effective management of compliance issues.

Social implications emphasise the importance of enhancing the financial security of retirees within Indonesia’s ageing population.

The originality and value of the research lie in guiding pension reform from the viewpoint of key policymakers involved in Indonesia’s pension system.

This paper aims to investigate the influence of health beliefs and trust by senior adults as associated with the perceived ease of use and perceived usefulness, for the acceptance of smart technology with a focus on smartwatch technology.

Structural equation modeling is used to conceptualize the model using survey data collected from 243 randomly selected senior adults 60+ years of age.

This paper presents that perceived usefulness, perceived ease of use, trust and health belief are direct and indirect predictors of senior adults’ technology acceptance and intention to use smartwatch technology.

The study reveals the moderator effect of social influence on relation between perceived usefulness, perceived ease of use and intention to use. The authors highlight the effect of health belief and trust on perceived usefulness and perceived ease of use and the role of intention to use smartwatch technology.

The authors contribute bridging developers of health technologists and senior adults as end-user perspectives. For marketing of health-care technology products, specifically smartwatch, to seniors, a focus on health beliefs and trust is essential to build, maintain and improve perceived usefulness and perceived ease of use.

The present study contributes empirical evidence to the literature on factors affecting the acceptance of the smartwatch technology by senior adults.

To investigate the potential of raising the retirement age and reforming pension insurance in mitigating intra- and inter-generational income inequality, thereby offering empirical support for governmental policy formulation.

A dynamic general equilibrium model with intertemporal iteration is developed to comprehensively assess the impact of policies raising the retirement age on income inequality, taking into account delayed retirement, survival probability, and pension insurance. The theoretical hypotheses are validated through simulation using MATLAB.

Through theoretical analysis, it is determined that, given certain assumptions are satisfied, raising the retirement age can effectively mitigate intra-generational income inequality, inter-generational income inequality under both the pay-as-you-go and fund accumulation systems. Simulation results indicate that, under current parameter settings, raising the retirement age can reduce the Gini coefficient. Furthermore, this study reveals that regardless of the pay-as-you-go or fund accumulation system, pension insurance serves as a mechanism for income redistribution and alleviating income inequality.

It offers a theoretical foundation for the government's policy on delayed retirement and endowment insurance.

The purpose of this paper is to examine failures in internal and external controls associated with sovereign wealth funds (SWFs), using three caselets to illustrate the fraud triangle theory factors.

This study uses a qualitative research approach. Caselets are used to illustrate the fraud triangle factors associated with SWFs.

Ideally, SWFs would be characterized by opacity and the strategic flexibility to advance political goals, but this operational agility facilitates an environment ripe for fraud, in large part because there is little transparency with regard to their regulatory structure. Elements of the fraud triangle inherent in the structure of SWFs contribute to the fraud found in the three case examples.

The authors use three SWF fraud cases rather than statistical sampling of all SWFs, which limits the generalizability of the findings. Future research should explore additional recommendations for the evaluation of SWF governance.

The overlap between public sector governance and SWF governance creates an environment amenable to fraud, and as a result, fraud has occurred in several SWFs. Governance recommendations should take into account the lessons learned from previous SWF fraud cases.

Ideally, SWFs would be characterized by opacity and the strategic flexibility to advance political goals, but this operational agility may also facilitate an environment ripe for fraud, in large part because there is little transparency with regard to their regulatory structure.

To the best of the authors’ knowledge, this paper is the first to identify the fraud triangle risk factors associated with sovereign wealth funds using SWF fraud caselets.

Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio.

Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland.

Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies.

This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors.

The purpose of this study is to investigate the financial well-being and social capital of Indian retirees. The paper investigates the extent of subjective financial well-being, the dependence on debts and the extent of bridging and bonding social capital of retirees with similar retirement pensions to understand the main issues they face.

Semi-structured interviews were conducted with 32 retired government schoolteachers. Two individuals transcribed the interviews after a pilot study, which helped remove repetitive responses. After ensuring the authenticity of the transcripts, the data was analyzed using interpretive phenomenological analysis.

The study's key findings reveal that retirees, armed with a clear understanding of their retirement income, exhibit a sense of financial control. At the same time, the presence of debt and the potential for high healthcare expenses adversely impact their subjective financial well-being. In terms of social capital, retirees predominantly rely on support from close-knit communities of friends and neighbors, as against their children. Additionally, retirees who migrate from their native places encounter challenges in establishing bridging social capital.

This study contributes to the ongoing discourse on financial well-being, specifically within the context of vulnerable groups such as retirees in India, where the absence of a state-supported retirement system adds a distinctive dimension. Against the backdrop of India's traditional societal framework, the research extends the existing literature by delving into the nuanced effects of evolving social dynamics on the social capital of retirees.

We model the relation between excess returns, fund size and industry size for active equity funds.

We study and contrast four markets – global equities, emerging markets, Australia core and Australia small caps – and use the results to investigate the extent to which funds deviate from estimated capacity.

We uncover a significantly negative relation between returns and both fund size and industry size across all markets. The estimated percentage of funds operating above versus below capacity varies both across markets and over time, as does the role played by fund size versus industry size. We find a greater prevalence of funds operating significantly below than above capacity, in contrast to findings for US equity mutual funds. Significant deviations from estimated capacity persist for a median of between two and six quarters.

Our main contribution is to show that the dynamics governing deviations from capacity for active equity funds vary across markets.

Passive investing has established itself as the dominant force in the world of professionally managed assets, surpassing the concept of index funds. Its meteoric rise is fueled by investors’ preference for its dual benefits of strong diversification and low cost. A comprehensive study of the economic model, addressed areas and market structure has not yet been conducted, despite the existence of numerous studies on more specific topics. To address this gap, this paper examines 943 articles on passive investing published between 1998 and 2022 in SCOPUS and Web of Science.

The study utilizes the most pertinent tools for conducting a systematic review by the PRISMA framework. This article is the result of SLR and extensive bibliometric analysis. Contextualized systematic literature review is used to screen and select bibliographic data, which is then subjected to a variety of bibliometric analyses. The study provides a bibliometric overview of works on passive investment research that are indexed in Scopus and Web of Science. Bibliometrix, VoS Viewer and Cite Space are the tools used to conduct content and network analysis, to ascertain the present state of research, as well as its focus and direction.

Our exhaustive analysis yields important findings. One, the previous decade has witnessed a substantial increase in the number of publications and citations; in particular, the inter-disciplinary and international scope of related research has expanded; Second, the top three clusters on “active versus passive funds,” “price discovery and market structures” and “exchange-traded funds (ETFs) as an alternative” account for more than fifty percent of the domain’s knowledge; Third, “Leveraged ETFs (LETFs)” and “environmental, social and governance (ESG)” are the two emerging themes in the passive investing research. Fourth, despite its many benefits, passive investing is not suitable for everyone. To get the most out of what passive investing has to offer, investors, intermediaries and regulators must all exercise sufficient caution. Our study makes a substantial contribution to the field by conducting a comprehensive bibliometric analysis of the existing literature, highlighting key findings and implications, as well as future research directions.

While the study contributes significantly to the field of knowledge, it has several limitations that must be considered when interpreting its findings and implications. With our emphasis on academic journals, the study analyzed only peer-reviewed journal articles, excluding conference papers, reports and technical articles. While we are confident that our approach resulted in a comprehensive and representative database, our reliance on Elsevier Scopus and Web of Science may have resulted in us overlooking relevant work accessible only through other databases. Additionally, specific bibliometric properties may not be time-stable, and certain common distribution patterns of the passive investing literature may still be developing.

With this study, it has been possible to observe and chart the high growth trajectory of passive investing research globally, especially post-US subprime crisis. Despite the widespread adoption of passive investing as an investment strategy, it is not a one-size-fits-all proposition. Market conditions change constantly, and it frequently requires an informed eye to determine when and how much to shift away from active investments and toward passive ones. Currency ETFs enable investors to implement a carry trade strategy in their portfolios; however, as a word of caution, currency stability and liquidity can play a significant role in international ETFs. Similarly, LETFs may be better suited for dynamic strategies and offer less value to a long-term investor. Lastly, the importance of investor education cannot be underestimated in the name of the highly diversified portfolio when using passive alternatives, for which necessary efforts are required by regulators and investors alike.

The inexorable trend to passive investing creates numerous issues for fund management, including fee and revenue pressure, which forces traditional managers to seek new revenue streams, such as illiquid and private assets, which also implies increased portfolio risk. Additionally, the increased transparency and efficiency associated with the ETF market indicates that managers must rethink the entire value chain, beginning with technology and the way investments interact. Passive investments have triggered changes in market structure that are still not fully understood or factored in. Active management and a range of valuation opinions on whether a price is “too low” or “too high” provide much-needed depth to a market as it attempts to strike a delicate balance between demand and supply forces, ensuring liquidity at all price points.

I hereby certify that I am the sole author of this paper and that no part of this manuscript has been published or submitted for publication.

The study's objective is to estimate the association of specific perceived employer-provided benefits on employees' intention to leave in different age cohorts during coronavirus disease 2019 (COVID-19). Informed by the psychological theories of ageing, the authors propose three age-cohort-specific hypotheses in three motivational domains: security and health benefits, flexible work arrangement and education-related benefits.

The authors use a large survey of employees in Estonia (n = 7,209) conducted in 2020 and test the association of specific benefits and their interactions with age on employees' intention to leave.

The results show that older cohorts are generally less prone to leave their jobs. Benefits that employers could use during the COVID-19 crisis generally had negative associations with the intention to leave, but age-specific differences were negligible; only the perceived provision of flexible work arrangements reduced the younger cohort's intention to leave relatively more.

This study is one of the few that allows us to make inferences regarding the benefits preferences amongst the working population during an unprecedented health crisis.

While being integrated together conceptually and practically, the literature on game theory in the context of financial markets lacks a cohesive understanding. This study aims to systematically scrutinize and analyse the literature of game theory in the context of financial markets, through a systematic literature review.

A systematic literature-based approach, through the theories, context, characteristics and methodology (TCCM) framework has been applied to 97 articles, extracted and filtered from two databases, Scopus and Web of Science, for a comprehensive review and understanding of the intellectual development in the domain of game theory and financial markets.

The review highlighted the most utilitarian theories within the literature, the context of research in terms of countries and industries, four themes which characterize the literature, as well as the methodologies and research designs used in this research domain. The paper also uncovered certain essential areas that present scope for further research.

While two of the largest indexation databases have been used, some relevant articles may have been excluded due to the restriction of databases and screening criteria, which may lead to the less exploration of several facets of the domain.

Practically, the paper has implications for multiple stakeholders including traders, businesses and governments. For traders, this paper acts as a guide to entering and understanding the dynamics of financial markets. The review also covers decision-making from the perspective of firms, including venture capitalists. This paper would allow firms to understand how game theory can help influence or analyze the strategic interactions between their stakeholders in terms of information disclosure, or consumers and their behavior to stimuli from the firm’s actions.

To the best of the authors’ knowledge, this study is the first of its kind that attempts to comprehensively provide an overview of the literature on game theory in financial markets. In doing so, this study shall help assess the current state of knowledge in the said field and locate gaps in the literature to propose new research directions.