Fund Traits and Corporate Value of Pension Fund Administrators in Nigeria

This study empirically analyses the effect of fund traits on corporate value of pension fund administrators (PFAs) in Nigeria. The issue of the potential nexus between fund characteristics and performance/value which has received vast empirical examination in Western academe has not been adequately investigated in Nigeria. With the evolution of the pension industry and tremendous rise in pension funds, this study therefore sought to provide empirical evidence on the whether selected traits significantly impact on corporate value of PFAs in Nigeria. A sample of twenty out of the twenty one licensed PFAs as at December 2017 were examined. Data for the study were sourced solely from annual reports of the studied PFAs for the period 2008 to 2017. In order to address endogeneity concerns, this study used an Arellano-Bond estimation which demonstrates that fund size, and Age and Contribution density are significant factors in predicting corporate value of PFAs.