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| Tekijä: | Webb, D.C. |
| Otsikko: | Sponsoring company finance, investment and pension plan funding |
| Lehti: | Economic Journal
2007 : APR, VOL. 117:520, p. 738-760 |
| Asiasana: | finance investment pension funds pension schemes |
| Kieli: | eng |
| Tiivistelmä: | The paper introduces 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 surpluses affect incentives as does the size and composition of company debt. The study examines incentives for the company to pay dividends rather than fund the pension plan and incentives to overfund the pension plan. |
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