Antecedents of equity fund performance: a contingency perspective

Liu, Li Xian, Jiang, Fuming, Li, Jizhong, and Farooque, Omar Al (2020) Antecedents of equity fund performance: a contingency perspective. Review of Pacific Basin Financial Markets and Policies. (In Press)

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Abstract

While the fund performance management literature has clearly documented that the fund size, fund family size, and net cash flow are important antecedents of equity fund performance, prior empirical studies have revealed mixed results that have not been adequately explained. Through the lens of the contingency perspective, we developed a conceptual model that examines how the expense ratio and management compensation as contextual factors interact with the fund size, fund family size, and net cash flow to affect equity fund performance. The empirical analyses were based on panel data including 690 equity funds in China over a 7-year period from 2009–2015. The results show that the expense ratio and management compensation moderate the effects of the fund family size and net cash flow on fund performance, and management compensation also moderates the relationship between the fund size and fund performance.

Item ID: 63543
Item Type: Article (Research - C1)
ISSN: 1793-6705
Keywords: fund size; fund family size; net cash flow; expense ratio; management compensation; equity fund performance; Chinese mutual fund
Date Deposited: 22 Jul 2020 23:08
FoR Codes: 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150203 Financial Institutions (incl Banking) @ 80%
15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1503 Business and Management > 150311 Organisational Behaviour @ 20%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9199 Other Economic Framework > 919999 Economic Framework not elsewhere classified @ 100%
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