The moderating role of investor attrition on investor heterogeneity and fund performance towards fund flow on Indonesian equity mutual fund Industry
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Institusion
Sekolah Tinggi Manajemen Ipmi
Author
Aristio, Shan
Subject
H Social Sciences (General)
Datestamp
2021-12-17 04:56:01
Abstract :
This study aims to analyze the moderating impact of investor attrition on the effect of investor heterogeneity and fund performance towards fund flow in Indonesian equity mutual fund industry. Samples being used in this research are all IDR denominated (offshore or global sharia fund are excluded) active equity funds (index fund and ETF are excluded) being available in Indonesia, under a monthly cut-off basis within period of January 2015 until May 2021. Hence, this research is free of survivorship bias. This research documented several anomalies that unlike most of the research result conducted in us market where most of the mutual fund research came from; both investor heterogeneity and fund performance did not found to have a significant effect that attrition could weaken the fund performance's effect on fund flow, this research is documented a cross-interaction that attrition is strengthening the investor heterogeneity effect on fund flow. In other words, this research documented that investor attrition is reversing the previous insignificant effect on investor heterogeneity on fund flow if attrition occurs at a certain rate.
This study aims to analyze the moderating impact of investor attrition on the effect of investor heterogeneity and fund performance towards fund flow in Indonesian equity mutual fund industry. Samples being used in this research are all IDR denominated (offshore or global sharia fund are excluded) active equity funds (index fund and ETF are excluded) being available in Indonesia, under a monthly cut-off basis within period of January 2015 until May 2021. Hence, this research is free of survivorship bias. This research documented several anomalies that unlike most of the research result conducted in us market where most of the mutual fund research came from; both investor heterogeneity and fund performance did not found to have a significant effect that attrition could weaken the fund performance's effect on fund flow, this research is documented a cross-interaction that attrition is strengthening the investor heterogeneity effect on fund flow. In other words, this research documented that investor attrition is reversing the previous insignificant effect on investor heterogeneity on fund flow if attrition occurs at a certain rate.
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