Page 82 - SUSTAINABILITY ISSUES & COVID-19

3. RESEARCH METHOD

3.1. Research Design
This research uses case study research. Stake (1995) describes cases as specific, complex, more specifically, integrated
systems that have boundaries and components that function and aim (in social science and human services). Qualitative
case study research is a study of the uniqueness and complexity of a case that emerges to understand its activities
under important circumstances. Ellet (2007) describes cases as verbal representations of reality that place readers in
the role of participants in the situation.

This research was designed using a case study on the AKM Pension Fund. The case study design was chosen because
the researcher wanted to explore the phenomenon of governance and the AKM Pension Fund asset allocation process.
This has been shown several times on news pages regarding the allocation of pension fund assets which tend to be
short-term investment instruments and low returns so that the placement of investment funds that have been made
has not been optimal.

3.2. Data collection technique
The data collection method used in this study is qualitative. Qualitative research is conducted by collecting data from
interviews, observations, memo notes, and other documents. Interviews, document reviews, and observations are part
of data collection in qualitative research (Stake, 1995).

This study uses primary and secondary data. Primary data, which is the main information in the research, includes
in-depth interviews with the Investment Management Division about governance in the AKM Pension Fund and
the allocation of investment assets. Secondary data used in this study include governance guidelines, governance
implementation reports, investment directions, annual audited data, investment portfolio reports, and actuary reports.
After conducting a document review and direct interview with the Head of Investment Management, an analysis of
the meaning obtained from documents and interviews is carried out to obtain a comprehensive understanding of the
implementation of governance and the process of investment asset allocation.

3.3. Research Instruments
The research instruments used in this study were document reviews and interviews. Review and document analysis
were carried out on governance Guidelines documents, Investment Guidelines, Investment Directions, investment
portfolio lists, 2017-2019 Financial Statements (Audited), Technical Reports, investment performance evaluation
documents, and Investment Plans for 2019. Based on these documents, an analysis of the implementation of principles
-principles of good pension fund governance by comparing it according to the 2016 POJK, as well as existing theories.
Interviews were conducted using a semi-structured method. Interviews were conducted face to face with the Head of
Investment Management.

3.4. Unit of Analysis
This study uses a single case study. The object of this research is the Pension Fund of a former employee of a BUMN
in Jakarta that implements a Defined Benefit Pension Program, to be able to explain and answer the problems in this
study. Based on the type of pension funds, DPPK-PPMP is still the majority in the Indonesian pension fund industry.

3.5. Analysis Technique
Data analysis in this study used a descriptive analysis method. The results of interviews and document reviews in this
study are described to be able to answer problem formulations and find evaluations on the implementation of AKM
Pension Fund governance and the asset allocation process. The description is done by describing what the AKM Pension
Fund has done and then compared it with the theory it should be and the POJK regulations. After that, the information
from the data obtained is processed into findings that describe the differences that occur in the implementation of
governance and the process of asset allocation for the AKM Pension Fund. After that, the researchers compiled the
research conclusions.

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