Determinants of Capital Adequacy Ratio for Pension Funds: A Case Study in Indonesia

Sunaryo Sunaryo, Alvia Santoni, Endri Endri, Muhammad Nusjirwan Harahap


The study aims to identify factors that influence adequacy ratio of fund (RKD) of the Defined Benefit Pension Plan (PPMP) Pension Fund for 2009-2018 period such as Return on Asset (ROA), Cash Conversion Rate (CCR), Central Board Revenue (CBR), Operating Expense Ratio (OER), Investment Expense Ratio (IER), and investment. The data analysis was common effect panel data regression method and the samples were twenty pension funds. The results showed that ROA, CCR, and investment have a significant and positive influence towards RKD, CBR and OER have a significant and negative influence towards RKD. IER did not have significant influence towards RKD.

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International Journal of Financial Research
ISSN 1923-4023(Print)ISSN 1923-4031(Online)


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