Antecedents of equity fund performance: A contingency perspective
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 c...
| Main Authors: | , , , |
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| Format: | Journal Article |
| Published: |
World Scientific
2020
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| Online Access: | http://hdl.handle.net/20.500.11937/79807 |
| _version_ | 1848764107018207232 |
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| author | Liu, Li Xian Jiang, Fuming Li, Jizhong Farooque, Omer Al |
| author_facet | Liu, Li Xian Jiang, Fuming Li, Jizhong Farooque, Omer Al |
| author_sort | Liu, Li Xian |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T11:14:05Z |
| format | Journal Article |
| id | curtin-20.500.11937-79807 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T11:14:05Z |
| publishDate | 2020 |
| publisher | World Scientific |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-798072020-09-02T07:55:44Z Antecedents of equity fund performance: A contingency perspective Liu, Li Xian Jiang, Fuming Li, Jizhong Farooque, Omer Al 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. 2020 Journal Article http://hdl.handle.net/20.500.11937/79807 World Scientific restricted |
| spellingShingle | Liu, Li Xian Jiang, Fuming Li, Jizhong Farooque, Omer Al Antecedents of equity fund performance: A contingency perspective |
| title | Antecedents of equity fund performance: A contingency perspective |
| title_full | Antecedents of equity fund performance: A contingency perspective |
| title_fullStr | Antecedents of equity fund performance: A contingency perspective |
| title_full_unstemmed | Antecedents of equity fund performance: A contingency perspective |
| title_short | Antecedents of equity fund performance: A contingency perspective |
| title_sort | antecedents of equity fund performance: a contingency perspective |
| url | http://hdl.handle.net/20.500.11937/79807 |