Abstract
AbstractThis paper examines the effects of country conditions on fund manager fees. By using an international sample of 607 funds from 23 countries, the authors show that legal, culture, and political risk have robust effects on fund manager fees. The findings indicate that Islamic and conventional funds in developing countries with weaker legal settings and higher corruption have higher fixed and performance fees. However, performance fees are lower and fixed fees are higher in countries with higher political risk. Overall, Hofstede's cultural values significantly affect the fund fees with robust differential effects between Islamic and conventional funds.
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