Fund Investment Research Articles

Factors Affecting Personal Investment in Mutual Funds via Mo-bile Applications: An Empirical Analysis

Investing in mutual funds involves delegating financial decisions to an investment manager, and technological advances have made investments accessible on mobile platforms, providing various convenient features. This research empirically investigates whether individuals' behavior to invest in mutual funds on mobile platforms is still influenced by intention, possessing adequate financial literacy, and investment experience. Utilizing the construct Theory of Reasoned Action (TRA), the scale measured consists of 22 indicators related to the selected constructs and variables. Data were collected from 237 individual respondents from Indonesian society who have or have never invested in mutual funds on mobile platforms. PLS-SEM was used for statistical analysis. The findings reveal that attitudes, subjective norms, and financial literacy positively impact intention. Then, intention, financial literacy, and experience strongly influence individuals to invest in mutual funds via mobile platforms. This indicates that investing in mutual funds on mobile platforms is still based on strong intentions, adequate financial literacy, and experience in investing. The findings of this research will contribute to understanding individual behavior in investing, especially in using technology in investment. Furthermore, the important findings in this research can provide valuable guidance for policymakers, such as governments, Indonesian stock exchanges, and investment managers.

ESG Disclosures in the Private Equity Industry

ABSTRACTThis paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary‐based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the demand for ESG information from fund investors is a significant determinant of PE firms’ ESG disclosures. Leveraging data on PE firms’ portfolio companies, we document that more PE firm ESG disclosures are associated with better ESG outcomes at the portfolio company level, suggesting that voluntary ESG disclosures align with real actions for the average PE firm.

The The Influence Of Funding And Investment Decision On The Value Of Companies Listed On Indonesian Stock Exchange (IDX)

Company value is one of the determining aspects before investors decide to invest funds in a company. The increase in company value from year to year is the company's achievement in running its business. The aim of this research is to determine the simultaneous and partial relationship between funding decisions and investment decisions on the value of companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The data collection techniques in this research are documentation and literature study methods. The analysis of this research is multiple linear regression using SPSS 26 as a statistical test tool. The result in this research are there is no simultaneous influence between funding decisions and investment decisions on company value, there is a partial influence between funding decisions on company value, and there is no partial influence between investment decisions on company value. By optimizing funding decisions and investment decisions, company value will be able to increase.

A Study on Mutual Fund Investors Awareness Regarding Factsheet of the Scheme

Mutual fund is an investment tool, getting popular day by day. Indian Mutual fund industry manage Rs. 64.71 trillion in July 2024 an increase of about 40% from July 2023. Individual investors hold 61.0% of overall Assets under Management in July 2024. Fact sheet of scheme depict performance of mutual fund scheme. Awareness of individual investors regarding contents of fact sheets is highly desirable and this awareness level is found out in a small group for getting information and suggesting appropriate action. Key Words: Mutual fund, Investors, Awareness, Factsheet

PREDIKSI HARGA SAHAM BERDASARKAN ROA, ROE, PBV, DER, EPS DAN PER MENGGUNAKAN MACHINE LEARNING

Stocks are one of the popular investment instruments in Indonesia, but they also come with high risks. According to a report from PT Central Securities Depository Indonesia (KSEI) on November 21, 2022, the number of investors in the Indonesian capital market has reached 10 million people, followed by 9.3 million mutual fund investors and 803 thousand investors in government securities. Therefore, a method is needed to accurately predict stock prices. This research aims to apply a Machine Learning method based on Recurrent Neural Network (RNN) to predict stock prices on the Indonesia Stock Exchange (IDX) using financial ratio variables as features. The study uses stock data on the IDX from the Kompas100 stock index from 2008 to 2022. The data is then converted, cleaned, and divided into training and testing data. The model is trained with the training data and tested with the testing data. To measure the model's performance, this research uses the Root Mean Square Error (RMSE) metric. The study finds that the best-performing model produces an RMSE of 14.08. Additionally, the research also discovers that the best combination of financial ratio variables for the machine learning model includes ROA, ROE, PBV, DER, EPS, and PER, compared to combinations such as EPS, ROE, PER, and DER, or ROA, ROE, EPS, and PBV. In conclusion, this study suggests that the Machine Learning method based on RNN can be used to predict stock prices on the IDX using financial ratio variables as features.

Поиск российской национальной идеи как фактор современной государственной молодёжной политики

This article is devoted to the analysis of one of the key problems of the strategy of modern Russian state youth policy. This is the problem of sustainable dominance in youth policy of the motives of state charity (systematic investments of budget funds in solving current problems of youth, in general, or of individual groups) over the motives of national-state interest (ensuring the sovereignty and security of the country, solving the problems of its economic development) throughout the post-Soviet era and up to the present day. The long and intensive search for the Russian national idea during this period did not significantly affect the structure of motives for cooperation between the state and its young citizens in issues of upbringing, education, professional guidance and value choice. The author sees the reason that youth policy ideologically developed on its own and the search for a national idea did not fill it with any fundamentally new meanings in specific technology of such searches as political technology. The specificity reveals itself in the fact that the search was aimed at maximizing the improvement of the theoretical doctrine, designed to become a new Russian national idea, at giving it original form and content. At the same time, issues of applying such a theoretical doctrine to solve practical problems of internal Russian social policy and, in particular, state youth policy were excluded from the discussion. Today there is a turn in Russian politics: institutions and practices common to liberal democracies are increasingly filled with a conservative-patriotic meaning. The resumption, in this regard, of the search for the Russian national idea may repeat the fate of previous experiments in this direction. In this case, the motives of youth policy do not form a significant connection with national-state interests and the prospect of bringing it through the efforts of its subjects to some qualitatively new level will once again be postponed indefinitely.

Who is greener, more social and better-governed? Dual ownership by SRI mutual funds stands out

This study sheds new light on ESG performance and financial characteristics of companies that are constituents of portfolios of U.S. socially responsible investing (SRI) funds. We categorize SRI fund participation into three distinct types: debt-only, equity-only, and dual ownership of debt and equity. Companies with dual ownership tend to be held by relatively bigger and more concentrated SRI funds. Our holdings-based analysis reveals that these investee companies deliver superior ESG performance across all dimensions and have larger size, higher degree of financial safety, and higher profitability compared to those in equity-only or debt-only categories.

Evaluating Research Activity and NIH-Funding Among Academic Ophthalmologists Using Relative Citation Ratio

ABSTRACT Purpose The objective of this study was to evaluate the relationship between research activity and National Institutes of Health (NIH) funding status of the United States (US) academic ophthalmologists. Methods A retrospective cross-sectional analysis of bibliometric data was conducted. The NIH Research Portfolio Online Reporting Tools Expenditures and Reports (rePORTER) website was utilized to identify ophthalmology departments in the US that received NIH funding. Affiliated faculty from these institutions were then identified using NIH rePORTER and institutional websites. H-index was calculated using the Scopus database, and the NIH iCite tool was used to determine the Relative Citation Ratio (RCR). The h-index and w-RCR quantified research productivity, while m-RCR measured research impact. Results Data on 2688 faculty members from 66 departments we re identified, of which 21% were NIH-funded. Faculty members who received NIH-funding had significantly greater research productivity and impact as measured by h-index (32.5 vs 16.6; p < .001), m-RCR (2.2 vs 1.6; p < .001), and w-RCR (147.2 vs 70.1; p < .001) than their non-funded peers. When stratified by academic rank, NIH-funded faculty still had significantly higher h-index (16.1 vs 7.9; p < .001), m-RCR (2.2 vs 1.4; p < .001), and w-RCR (63.2 vs 61.8; p < .001) than non-funded peers. A similar trend was observed among non-tenured faculty members. Conclusion NIH funding is associated with higher research productivity and impact among US academic ophthalmologists as measured by h-index and RCR, which suggests that NIH funding may be a critical factor in enhancing scholarly contributions of ophthalmologists. These findings underscore the importance of continued investment in NIH funding to foster high-impact research within the field of ophthalmology.

Optimal consumption and investment in pooled annuity funds with and without fund managers

In this paper, we study two schemes of pooled annuity funds: pools with and without fund managers. In the pool without managers, there are no artificial rules or management cost and we introduce Nash equilibrium to depict the simultaneous non-cooperative game among participants. Given others' strategies, participants choose optimal consumption and investment strategies to maximize their own utility. In the pool with managers, the fund manager makes artificial rules for consumption and investment, ensuring cooperation among participants. The manager then determines optimal consumption withdrawal and investment strategies to maximize the total utility of all participants. By using variational methods and recursive algorithms, semi-analytical solutions in both pools are obtained. Due to prisoner's dilemma, larger pools without managers induce more intense competition in consumption and reduce utility. Thus, there exists an optimal pool size and only homogeneous participants form the pool. Meanwhile, larger pools with managers diversify investment and longevity risks more sufficiently and the subsidy effect among participants is mitigated. Therefore, the perfect pool with infinite participants is recommended as the optimal pool. Moreover, the preference between the two optimal pools depends on risk aversion degree, management cost and flexibility in selecting the strategies.

Serial mediation effect of service innovation and word of mouth on mutual fund investment decision through mobile customer relationship management

Purpose The purpose of this paper is to examine the effect of mobile customer relationship management (mCRM), service innovation (SI) and word of mouth (WOM) on the investment decisions (IDs) of mutual fund investors. Design/methodology/approach This paper presents a new model for impacting the IDs of mutual fund investors. To verify the suggested model, Partial Least Squares with Structural Equation Modelling are used. For analysis, a survey questionnaire is designed, and data inputs were invited from more than 400 online mutual fund investors in Delhi NCR. Findings The outcomes reveal that the ID of mutual fund investors is significantly influenced by WOM. WOM, in turn, is significantly impacted by mCRM applications through SI playing a mediating role. Research limitations/implications The limitation with reference to survey respondents was that only online mutual fund investors using mCRM applications were considered. Moreover, this study was conducted in Delhi NRC, and a limited sample was considered. Practical implications The result from this research helps the financial organisation to consider SI in their mCRM application as one of the main concerned areas for increased WOM that directly influences the ID of mutual fund investors. Originality/value This study highlighted the impact of SI and WOM on the mutual fund investors’ decision, who use mCRM application. The outcome may contribute to the theoretical framework of IDs concerning mCRM applications. The results of this research offer practical implications for financial organisations in strategising their marketing and product development plans in the context of mutual funds. Also, the mutual fund ID through mCRM application is positively influenced by SI and WOM using both constructs as sequential mediating tools. This research offers new insights into mCRM application for mutual fund investors and financial organisations in India.

Mutual fund investment performance: Indonesia Sharia stock index as characteristics moderating model

Purpose – This study investigates how the Sharia stock price index influences the relationship between various factors, such as the expense ratio, portfolio turnover ratio, cash ratio, age, size, and characteristics of Sharia mutual funds, and their overall performance. Methodology – This study employed a quantitative descriptive research method to analyze 316 populations. Purposive sampling was used to obtain a total of 51 samples. We used research tools for data collection and SMART PLS 4 statistical software to analyze the collected data. Findings – The characteristics of ISSI-moderated mutual funds have a significant positive effect on the performance of Sharia mutual funds. To achieve better performance, investment managers must incur high costs in implementing active strategies. The more active the investment manager is in trading by looking at existing opportunities, the better the performance of the Sharia Mutual Funds. Implications – The implications of this research indicate that the movement of the Sharia stock price index can strengthen the positive causal relationship between several characteristics of Sharia mutual funds. The effects of Sharia mutual fund portfolio instruments, including shares, bonds, and deposits from the Sharia banking industry, also contribute to improving the performance of Sharia mutual funds in Indonesia.Originality – This study investigates the moderating role of the Sharia stock price index on several characteristics of Sharia mutual funds, including the expense ratio, portfolio turnover ratio, cash ratio, age of the mutual funds, and size of the mutual funds, in relation to their performance.

Determinants of Investment Decisions of Mutual Fund in Nepal

Mutual funds in Nepal are financial vehicles that pool money from multiple investors to invest in diversified portfolios of securities, managed by professional fund managers. They play a crucial role in mobilizing savings and providing access to diversified investment opportunities for Nepalese investors. This study examines the factors influencing investment decisions in mutual funds in Nepal, focusing particularly on financial literacy, risk perception, investment behavior, and peer group influence. To achieve the stated objective, data were collected from the primary source using a structured questionnaire administered through convenience sampling technique. The respondents comprised 204 individual investors of mutual funds inside the Kathmandu Valley. The Smart PLS 4.0 was used to analyze the structural relationships within the proposed theoretical model. The findings of this study validated the set hypotheses that financial literacy, risk perception and investment behaviour have positive and significant effect on investment decisions among the investors in Nepalese mutual funds but the peer group has no any effect on investment decision. These results underscore the importance of targeted financial education programs and tailored investment strategies that enhance individual investor knowledge and understanding, thereby fostering more informed and independent investment decisions in Nepal's mutual fund market. The results may encourage to promote financial literacy through educational programs and integrating it into national curricula can empower investors to make informed decisions in Nepalese context.

Factors affecting mutual fund investors in India: A review

Factors affecting mutual fund investors in India: A review

Decoding the Stock Market and GDP Relationship Over the Long Term: Implications for Index Fund Investments

Abstract This paper analyzes the relationship between GDP and the stock market over the long term, intending to understand the implications for Index Fund investments. A quantitative research method, using US (United States) GDP as an independent variable, and the S&amp;P 500 index as a dependent variable, is employed. A population of 29 years, from 1990 to 2019, of data on US GDP and the S&amp;P 500 from official US sources was used. Linear regression analysis with SPSS calculating techniques is performed to determine whether there is a relationship between GDP growth and the stock market (S&amp;P 500). The results show a significant positive relationship between GDP growth and S&amp;P 500 performance. β coefficient of the regression analysis of 0.911 shows a strong correlation between the GDP and the S&amp;P 500. Our findings are also scientifically validated by the sig (P value) coefficient of 0.0000000000012. In addition, an R Square of 0.830 shows that our model explains all the variability of the response data around the mean at a level of 83%. The positive results of GDP and the stock market relationship, indicate considerable implications for Index Funds investments. Therefore, adding academic value to the practical financial implication aspects.

Investors’ Behavioral Intention in Mutual Fund Investments in India: Applicability of Theory of Planned Behavior

Investors’ Behavioral Intention in Mutual Fund Investments in India: Applicability of Theory of Planned Behavior

Modeling the risk of bank default

This paper is devoted to modeling the probability of default of Russian banks in 2015–2020. There are relatively few studies on defaults of Russian banks after 2015, and our work intends to partly fill this gap. The purpose of this research is to determine the main variables which significantly impact the risk of default of Russian banks. The work seeks to identify additional factors associated with an increased risk of bank defaults during a relatively stable period of development of the Russian economy (2015–2020) without external shocks, such as COVID‑19 or international sanctions. We apply an integrated approach to modeling the risk of bank defaults. Empirical methodology is represented by logit and probit models, as well as Cox regression. The set of potential predictors for bank defaults include the variables, characterizing various aspects of credit institutions functioning (in accordance with the CAMELS system), as well as macroeconomic variables. The most significant predictors of default turn out to be the capital adequacy ratio N1, bank net assets, the ratio of total loans to assets and the size of secured loan portfolio. In general, the results we obtain are consistent with the CAMELS system of indicators assessing the sustainability of commercial banks, while the impact of macroeconomic indicators tends to be insignificant. The results of the study could be of interest to the regulator both for the purposes of ongoing monitoring of financial stability as well as for default risk prevention; to credit institutions which elaborate internal systems for monitoring their financial soundness; and to financial market participants to select the most stable companies in terms of investment and allocation of funds. Further directions of research are related to the inclusion of a crisis period into the analysis and comparing the set of significant predictors for bank defaults during a crisis and a stable period of economic development, as well as the use of alternative methods, in particular, machine learning algorithms.

The influence of emotional intelligence and behavioural biases on mutual fund churning frequency: Evidence from India

Behavioural finance invalidates the rationalistic assumptions of the efficient market hypothesis by proposing a realistic explanation for overreaction and underreaction. These phenomena are caused by investors making financial decisions based on their emotions without realizing them. This study attempts to establish the effect of investors' emotional intelligence on behavioural biases, namely, herding, overconfidence bias, and disposition effects, and its consequences for the churning frequency of mutual fund portfolios. This quantitative cross-sectional study was undertaken to collect data from 499 mutual fund investors using a self-administered questionnaire. We found that the disposition effect has a negative impact and that overconfidence bias positively affects the churning frequency of mutual fund portfolios. Furthermore, emotional intelligence, particularly its subconstructs, affects herding bias and overconfidence bias, ultimately impacting the churning frequency of investors. An investor with a higher level of self-motivation is likely to have a disposition effect and herding bias. Investors with disposition impact may be encouraged to reorganize their portfolio if there are any schemes that have been providing negative returns for more than two years or that are not projected to offer significant returns in the future. By understanding how they stack up on each emotional intelligence metric, investors and financial advisors may focus on avoiding the biases that could jeopardize long-term portfolio returns.

NORMA SUBYEKTIF DAN SELF-EFFICACY DALAM PENERIMAAN APLIKASI REKSA DANA DAN SAHAM

Mutual funds and shares are investment elements that are more volatile compared to gold, but in the long term they are quite profitable elements. This can be seen during the COVID-19 pandemic, the Russian-Ukrainian war crisis, and the bankruptcy of a large bank in America, this investment element still provides profits. The financial technology industry also provides various service applications on mobile phones or smartphones that make it easier for people to invest in mutual funds and shares. This research analyzes the determinants of Indonesian society's acceptance of stock mutual fund applications using the Technology Acceptance Model (TAM) and adding two external variables, namely subjective norms and self-efficacy. This research uses Structural Equation Model-Partial Least Square (SEM-PLS) to test the hypothesis. The results show that all TAM variables and subjective norms have an influence, but self-efficacy does not influence interest in using mutual fund and stock applications. In order to increase public acceptance of mutual fund and stock investment applications, and then interest in using them, service providers should improve the ease of operation and usefulness of their applications. Efforts should also be made to encourage people to recommend each other to invest through this application.

Challenges and Opportunities in Access to Essential Medicines in Rural Uganda

Access to essential medicines in rural Uganda is hindered by multifaceted challenges related to infrastructure, logistics, regulatory frameworks, and financial constraints. Poor road networks and inadequate transportation systems delay the delivery of medicines, while storage and supply chain management issues compromise medication quality and availability. Human resource shortages further impede distribution efforts, alongside financial limitations that affect procurement and sustainability. Regulatory reforms aimed at enhancing pharmacy practice have improved standards but pose implementation challenges. This review article employed a comprehensive literature review and analysis of existing research, policy documents, and case studies related to access to essential medicines in rural Uganda. Despite these obstacles, opportunities such as community-based interventions, technological innovations like mHealth, and public-private partnerships (PPPs) offer promising avenues to address these barriers. Strategic investments in infrastructure, regulatory compliance, and sustainable funding are crucial to improving access to essential medicines and healthcare outcomes in rural Uganda. Keywords: Essential Medicines Access, Rural Healthcare Challenges, Pharmacy Regulation Uganda, Medication Distribution Logistics, Public-Private Partnerships Healthcare

The co-evolution of sustainable finance stakeholders under the EU taxonomy for sustainable activities: an exploratory study of Irish disclosure experiences

PurposeIn pursuit of objectives, under the European Green Deal, to channel capital flows to sustainable activities, the EU Taxonomy offers clarity, labelling real economic activities as “sustainable”, based on technical screening criteria. This study of disclosure experiences aims to explore the role of co-evolutionary relationships in the Taxonomy’s effectiveness.Design/methodology/approachCo-evolution theory implies a dynamic interplay among sustainable finance stakeholders (SFSs), through adjustment to, impact on and operationalisation of the Taxonomy. Corporate disclosure experiences, including those of financial institutions and related SFS experiences, may reveal co-evolutionary processes. With significant Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs), Irish SFSs provide contextual insight. Semi-structured interviews with a purposive sample of Irish SFSs capture inaugural corporate Taxonomy disclosure experiences.FindingsA thematic analysis reveals six co-evolutionary processes that facilitate Taxonomy implementation in pursuit of policy objectives: [1] cross-functional reporting; [2] iterative pre-empting and addressing compliance issues; [3] regulation as a catalyst for co-evolution; [4] advanced capacity building; [5] stakeholder adaptation and [6] graduated use of ESG data. Implications for sustainability policy development and management are significant.Practical implicationsWhilst limited to just one EU jurisdiction, given limited prior empirical evidence for sustainable finance regulations from co-evolutionary perspectives, this study highlights a catalytic, yet precautionary role for co-evolution in their transformation effectiveness. As such, they must take account of their potential to stimulate co-evolution and to nurture it in pursuit of their policy objectives.Social implicationsThe findings of this study add to a small, but growing body of academic literature on the Taxonomy Regulation, which suggests that a co-evolutionary lens is important for gaining a comprehensive understanding of its early-stage dynamics. From an implementation perspective, the qualitative data reveals actionable implications for regulators and policymakers, such as building capacity, better anticipation of outcomes and investment in data infrastructure.Originality/valueUnlike existing analyses of disclosures, this study offers a co-evolutionary lens on Taxonomy contributions to sustainable development through qualitative accounts.