Strategic groups in the pension market and their relationship with their performance
DOI:
https://doi.org/10.15665/rde.v15i2.1305Keywords:
Strategic Groups, performance, pension market, AFPs, ChileAbstract
This paper analyses the Chilean pension market under the theory of strategic groups. The Chilean pension model is a benchmark at the international level. The system seeks to ensure that pension fund managers (AFPs) do not have market power, and that they can compete by charging lower commissions, achieving higher returns on funds and offering better service. Considering these characteristics, it is necessary to analyse the pension market with the theory of strategic groups. From this perspective, it is understood that the performance of the AFPs is determined by the characteristics of the industry and by its resources and capabilities. It is concluded that the strategic dimensions that determine the competitive behaviour of the AFPs are those of scope, service and publicity. AFPs operating in the pension market are grouped into 4 conglomerates. Finally, it is concluded that strategic decisions in the scope and advertising dimensions have no impact on the result, but that the deployment of in-service resources is positively related to the year's profit.
Resumen
Este trabajo analiza el mercado de pensiones de Chile bajo la teoría de grupos estratégicos. El modelo de pensiones de Chile es un referente a nivel internacional. El sistema busca que las administradoras de los fondos de pensiones (AFPs) no tengan poder de mercado, y que puedan competir a través de cobrar menores comisiones, lograr mayor rentabilidad en los fondos y ofrecer un mejor servicio. Considerando estas características, se hace presente la necesidad de analizar el mercado de pensiones con la teoría de los grupos estratégicos. Bajo esta perspectiva, se entiende que el desempeño de las AFPs se encuentra determinado por las características de la industria y por sus recursos y capacidades. Se concluye que las dimensiones estratégicas que determinan el comportamiento competitivo de las AFPs son las de ámbito, servicio y publicidad. Las AFPs que operan en el mercado de pensiones se agrupan en 4 conglomerados. Finalmente, se concluye que las decisiones estratégicas en las dimensiones de ámbito y publicidad no tienen impacto en el resultado, pero que el despliegue de recursos en servicio se relaciona en forma positiva con la utilidad del ejercicio.
Resumo
Este estudo analisa o mercado de previdência chileno sob a teoria de grupos estratégicos. O modelo de previdência chileno é uma referência a nível internacional. O sistema procura os gestores de fundos de pensões (AFPs) não têm poder de mercado, e eles podem competir através da cobrança de comissões mais baixas, obter retornos mais elevados sobre os fundos e prestar um melhor serviço. Considerando essas características é apresentar a necessidade de analisar o mercado de pensões com a teoria de grupos estratégicos. Nesta perspectiva, entende-se que o desempenho do AFPs é determinado pelas características da indústria e seus recursos e capacidades. Conclui-se que as dimensões estratégicas que determinam o comportamento concorrencial da AFPs são escopo, serviços e publicidade. AFPs a operar no mercado de pensão são agrupados em 4 grupos. Finalmente, concluímos que as decisões estratégicas nas dimensões de escopo e publicidade não têm impacto sobre o resultado, mas que a implantação de recursos em serviço se relaciona positivamente para o lucro líquido.
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