A performance-based assessment of Turkish private pension funds: efficiency, scale economies, and competitiveness
GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE, cilt.51, sa.2, ss.468-502, 2026 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 51 Sayı: 2
- Basım Tarihi: 2026
- Doi Numarası: 10.1057/s41288-025-00375-y
- Dergi Adı: GENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, EconLit
- Sayfa Sayıları: ss.468-502
- Anahtar Kelimeler: Competition, Efficiency, Market structure, Panzar–Rosse model, Private pension system
- İstanbul Üniversitesi Adresli: Evet
Özet
This study evaluates the performance of private pension providers via three dimensions-efficiency, economies of scale, and competitive structure-of the private pension sector in T & uuml;rkiye using a multi-method approach. The study employs a three-stage approach: data envelopment analysis to measure technical efficiency, Tobit regression to identify determinants, and the Panzar-Rosse model and Herfindahl-Hirschman Index to assess market structure. The analysis utilises firm-level panel data from 21 pension companies over 2013-2022. The empirical findings reveal that larger firm size is associated with improved efficiency, although diminishing returns emerge at higher asset scales. Financial profitability enhances technical efficiency, whereas a higher equity ratio and investment in both interest-bearing and interest-free financial instruments reduce it. The results indicate limited competition in a monopolistic or collusive market structure, which, paradoxically, is linked to improved technical efficiency by allowing managers to better exploit strategic advantages.