Antecedents of Equity Fund Performance: A Contingency Perspective

IF 0.3 Q4 BUSINESS, FINANCE

Review of Pacific Basin Financial Markets and Policies Pub Date : 2021-03-01 DOI:10.1142/S0219091521500065

L. Liu, Fuming Jiang, Jizhong Li, O. Farooque

引用次数: 1

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 to 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.

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股票基金业绩的前因:权变视角

虽然基金绩效管理文献已经清楚地证明，基金规模、基金家族规模和净现金流量是股票基金绩效的重要前提，但之前的实证研究显示，结果好坏参半，没有得到充分的解释。通过权变视角，我们开发了一个概念模型，该模型考察了费率和管理层薪酬作为背景因素如何与基金规模、基金家族规模和净现金流相互作用，从而影响股票基金的业绩。实证分析基于2009 - 2015年7年间中国690只股票基金的面板数据。结果表明，费用率和管理层薪酬调节了基金家族规模和净现金流量对基金业绩的影响，管理层薪酬也调节了基金规模与基金业绩的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Pacific Basin Financial Markets and Policies BUSINESS, FINANCE-

CiteScore

1.30

自引率

11.10%

发文量

期刊介绍： This journal concentrates on global interdisciplinary research in finance, economics and accounting. The major topics include: 1. Business, economic and financial relations among the Pacific rim countries. 2. Financial markets and industries. 3. Options and futures markets of the United States and other Pacific rim countries. 4. International accounting issues related to U.S. companies investing in Pacific rim countries. 5. The issue of and strategy for developing Tokyo, Taipei, Shanghai, Sydney, Seoul, Hong Kong, Singapore, Kuala Lumpur, Bangkok, Jakarta, and Manila as international or regional financial centers. 6. Global monetary and foreign exchange policy, and 7. Other high quality interdisciplinary research in global accounting, business, economics and finance.