ImpactU Versión 3.11.2 Última actualización: Interfaz de Usuario: 16/10/2025 Base de Datos: 29/08/2025 Hecho en Colombia
La Afiliación a un Grupo Ecónomico y el Desempeño e Inversiones de las Administradoras de Fondos de Pensiones en Colombia (Business Group Affiliation, Performance and Investments of Colombian Pension Funds Firms)
The paper seeks to approach the effect of the Pension Funds Administrator’s (AFP) affiliation to a business group, specifically in terms of performance and investment decisions. We used the Malmquist index from the DEA methodology (2001-2010) and the investments made by the AFPs and the relationships between their directors (2009-2010). We find that affiliation to a national or foreign economic group is not a distinctive factor in the AFP´s business. It is possible that the Colombian market structure and some elements of the local regulation tend to equalize their performance and investments.
