Sponsoring Company Finance, Investment and Pension Plan Funding  

Oleh:

Webb, David C.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 117 no. 520 (Apr. 2007), page 738-760.
Topik: pension plan; studies; pension plan funding; deficits; investment plans; defined benefit plans; corporate debt; economic models
Fulltext: 738.pdf (234.39KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.25 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article presents a model of the interaction of a company's financial and real investment decisions with the financing of its defined benefit pension plan. The pension plan deficit is a debt of the company, with explicit funding requirements and priority in the event of company insolvency. Pension plan deficits and options on future deficits and surpluses affect investment incentives as does the size and composition of company debt. We examine incentives for the firm to pay dividends rather than fund the pension plan and incentives to overfund the pension plan. The effects of pension benefit insurance and minimum funding requirements are shown.

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