DETERMINANT FACTORS OF THE INVESTMENT PERFORMANCE OF
          VOLUNTARY PENSION FUNDS IN ROMANIA

                          Victoria Şeulean, University of the West Timişoara
                             Luiza Moş, University of the West Timişoara


ABSTRACT: The goal of this paper is to give an overview of the voluntary private pension system.
In the beginning it presents both the features and the legal framework that guide the functioning of
these pension funds in our country and the basic descriptive data regarding the membership and the
investments made by the funds. With the help of STATA, it carries on by analyzing the factors that
determine the changes in the value of the fund unit and establishing the relationship that exists
between the funds’ total asset allocation and the value of the fund unit. Based on mathematical tools
such as multivariate regressions it can be concluded that the investments made in deposits,
government bonds and listed equity have the greatest impact on the performance of voluntary
pension funds.

Key words: Voluntary private pension,investments, value of the fund unit

JEL codes: J32,G32