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Georgia State University

1. Stoycheva, Rayna L. Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009.

Degree: PhD, Public Management and Policy, 2011, Georgia State University

This study examined the determinants of public pension fund performance through the lens of agency theory. The study sought to answer the following questions: (1) How much of the fluctuation in the performance of pension plans is due to political interference - either directly from decisions made by legislatures or through the governance structure of the pension boards, after controlling for asset allocation, plan size, and other external factors? (2) Do pension board expertise, education and training, and information disclosure requirements improve the performance of pension plans? (3) Do pension trustees strategically determine the actuarial rate of return (discount rate) in order to reduce contributions in times of fiscal stress for the pension sponsor? Using longitudinal data of pension fund performance over the period 2000 to 2009 and instrumental variables methods to address endogeneity issues, the study found partial support for the agency theory hypotheses. The results indicate that political interference through reduced contributions was the main factor explaining pension performance. There was no direct evidence about the negative impact of politically appointed trustees on pension performance. The impact of these findings for current policy and future research are discussed. Advisors/Committee Members: Dr. Katherine G. Willoughby, Dr. Carter A. Doyle, Dr. W. Bartley Hildreth, Dr. Douglas S. Noonan, Dr. David L. Sjoquist, Dr. Gregory D. Streib.

Subjects/Keywords: state and local pensions; public pensions funding; defined benefit pension plans; civil service; business and politics

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Stoycheva, R. L. (2011). Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009. (Doctoral Dissertation). Georgia State University. Retrieved from https://scholarworks.gsu.edu/pmap_diss/44

Chicago Manual of Style (16th Edition):

Stoycheva, Rayna L. “Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009.” 2011. Doctoral Dissertation, Georgia State University. Accessed April 06, 2020. https://scholarworks.gsu.edu/pmap_diss/44.

MLA Handbook (7th Edition):

Stoycheva, Rayna L. “Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009.” 2011. Web. 06 Apr 2020.

Vancouver:

Stoycheva RL. Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009. [Internet] [Doctoral dissertation]. Georgia State University; 2011. [cited 2020 Apr 06]. Available from: https://scholarworks.gsu.edu/pmap_diss/44.

Council of Science Editors:

Stoycheva RL. Sustainable Governance and Management of Defined Benefit Plans in the Public Sector: Lessons From the Turbulent Decade of 2000-2009. [Doctoral Dissertation]. Georgia State University; 2011. Available from: https://scholarworks.gsu.edu/pmap_diss/44

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