Empirical analysis of the impact of pension funds as institutional investors on the capital market

Mitreva, Mila (2022) Empirical analysis of the impact of pension funds as institutional investors on the capital market. In: SEERC Open Seminar Series.

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Abstract

The purpose of this paper is to provide a theoretical and empirical presentation of the impact of pension fund assets on the capital market and the turnover ratio of domestic shares in selected countries for the period 2010-2020. In order to carry out the empirical analysis, two models were created. In the first model, the market capitalization as a percentage of GDP is taken as the dependent variable, and in the second, the coefficient of stock market turnover of domestic shares. The independent variables in the model are the assets of the pension funds as a percentage of GDP, GDP growth per capita and inflation. Analysis was conducted in E-Views using panel data analysis. The results showed statistically significant independent variables in the first model, while in the second model the assets of pension funds and inflation were significant. The results of the analysis for the first model showed that pension fund assets have a positive effect on market capitalization, while market capitalization has a positive effect on GDP per capita growth. Through the second model, it was determined that the assets of the pension funds also have a positive impact on the turnover ratio of the domestic shares, while the dependent variable did not show an impact on any of the independent variables.

Item Type:	Conference or Workshop Item (Speech)
Subjects:	Social Sciences > Economics and business
Divisions:	Faculty of Economics
Depositing User:	Mila Mitreva
Date Deposited:	05 Dec 2022 12:57
Last Modified:	05 Dec 2022 12:57
URI:	https://eprints.ugd.edu.mk/id/eprint/30607

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