Abstract The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the technical efficiency of mandatory pension funds. The main role of the pension funds is to collect and invest the money contributed by the employer or the employee during working years until retirement. Therefore, development of pension funds as institutional investors is especially important for capital markets as well as for the whole economy. By applying the methodology of data envelopment analysis on a sample of 12 DMUs, i.e. four mandatory pension funds divided into three categories (A, B or C) for 2015-2018 period, we provide further evidence on their efficiency level. The results have shown very small differences among relative inefficient pension funds.

中文翻译：

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强制性养老金的效率：克罗地亚的案例

摘要本文旨在研究克罗地亚养老基金的绩效，或更准确地说，是衡量强制性养老基金的技术效率。养恤基金的主要作用是收集和投资在工作年限直至退休之前由雇主或雇员提供的资金。因此，发展养老基金作为机构投资者，对于资本市场以及整个经济尤为重要。通过将数据包络分析的方法应用于12个DMU的样本，即在2015-2018年期间将四个强制性养老基金分为三类（A，B或C），我们提供了其效率水平的进一步证据。结果表明，相对低效的养老基金之间的差异很小。