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All Journal Winter Journal: IMWI Student Research Journal
Rista Eva Fitriyana
Institut Keuangan Perbankan dan Informatika Asia Perbanas Jakartai
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Social Sciences

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The Effect of Asset Allocation Strategy on Pension Funds Investment Returns: The Moderating Role of Interest Rates Rista Eva Fitriyana; Aldrin Herwany
Winter Journal: IMWI Student Research Journal Vol. 7 No. 1 (2026): Winter Journal: IMWI Student Research Journal
Publisher : Institut Manajemen Wiyata Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52851/wt.v7i1.87

Abstract

This study is motivated by the fluctuation in pension fund investment returns in Indonesia despite the continuous growth in total assets and investment value. The study aims to examine the effect of asset allocation strategies on pension fund investment returns and to test the moderating role of interest rates. The study employs secondary data for the period 2020–2024 obtained from pension fund financial statements and the Bank Indonesia policy rate. The sample consists of 35 pension funds with 175 observations selected using purposive sampling. Data were analyzed using panel data regression and moderation testing. The results indicate that deposits, government securities, and equities have no significant effect on investment returns, while corporate bonds have a positive and significant effect. Interest rates are found to strengthen the relationship between asset allocation and pension fund investment returns.
Co-Authors Aldrin Herwany