Fund Management Research Articles

How Do Socially Responsible Investment Funds Go Green? The Influence of Investment Styles and managers' Experience

ABSTRACTWe provide an holdings‐based analysis of socially responsible investment (SRI hereafter) funds' greenness and its determinants in Europe over 8 years (2015–22). To this end, a segmentation of SRI funds by greenness degree based on k‐means clustering is developed. Our results reveal that SRI funds' greenness depends on specific investment styles and the salient experience of managers in SRI. We verify that greening an SRI fund implies a higher stock selectivity leading managers to underweight their portfolios with fossil fuel stocks and raise the weight of green stocks once SRI market regulations in Europe have been implemented. Also, we find that active investment styles make SRI funds greener. Moreover, we provide evidence of counteracting experience effects provided that the more (resp. less) the manager is experienced in SRI (resp. mutual fund industry), the greener the fund is. In addition to those experience effects, we detect a gender diversity effect provided that a greater gender diversity in fund management teams contributes to increase SRI funds' greenness. Overall, our findings support the argument that the experience and abilities of fund managers are important factors for investors to consider when they choose SRI funds notably because skilled professionals with more experience in SRI are more likely to adapt to regulatory shifts.

The social ledger: qualitatively decoding interaction-driven investment decisions among Indian investors and fund managers

Purpose This study aims to investigate the antecedents of social interaction among Indian retail investors and fund managers to understand how these factors influence investment decisions. By identifying and examining these antecedents, the study aims to shed light on the social dynamics that shape investment behavior in the Indian financial market. Design/methodology/approach The researchers have mainly adopted an interpretive strategy for the present study. Qualitative data elicited through semistructured interviews with six retail investors and two fund managers were subjected to qualitative thematic analysis. Findings Our research found several factors that make Indian retail investors and fund managers connect and make financial decisions. Peers can improve a person’s investing performance through social facilitation, and discussing investment suggestions and lessons learned can affect a group’s investment behavior. Social norms also influenced investors’ financial decisions, demonstrating compliance. Investor closeness increased information sharing. Finally, the fear of missing out (FOMO), a psychological phenomenon where people fear missing out on rewarding experiences, encouraged social engagement as investors sought appealing prospects. Research limitations/implications The researchers interviewed eight carefully selected interviewees across the divide between retail investors and fund managers. Adopting other grouping criteria, conducting a focus group discussion with more respondents or adopting a mixed-methods approach may increase our understanding of the investment decision behaviors of Indian retail investors and fund managers. Practical implications The findings have far-reaching consequences, from deepening our knowledge of investors’ motivations and actions to directing individual savers, informing the development of financial literacy initiatives, influencing fund management practices and inspiring additional research in this study area. Originality/value This research, including retail investors and fund managers, significantly contributes to the literature on investment decisions and behavioral finance, particularly in the context of Indian investors and managers. This study’s unique perspective and comprehensive approach make it a valuable addition to the field, sparking interest and further exploration among academics, practitioners and investors alike.

Public Sector Audit Reforms and Financial Management

Developing economies across the world face high public corruption and weak financial management, and the role of sound audit practices in shaping the narratives is still at the exploring stage in most countries in sub-Saharan Africa. This research explores the nexus between public audit reforms and public sector financial management using survey research design and Nigeria as a case study. Participants in the study were drawn from The Office of the Auditor General of the Federation (OAuGF) Headquarter in Abuja. Agency theory anchored this study and simple descriptive analytics was used in testing the seven hypotheses. The research established that: the recent audit reforms carried out in Nigeria are considered necessary for better public sector financial management; Nigeria’s audit system has a strong connection with public sector financial management; there is a need for the establishment of Federal Audit Service Commission (FASC) in Nigeria; the recent audit reforms will block treasury loot and leakages in Nigerian public funds management; Nigeria needs effective audit laws to wholesomely fight corruption through recent audit reforms; and the recent Nigerian audit reforms embrace integrity, transparency and accountability in the management of public funds. The study makes the following recommendations: there is a need for audit staff orientation and professional development in order to promote their overall productivity and efficiency; there is a need for the establishment of Federal Audit Service Commission (FASC) in order to promote the independence of Nigerian Audit system from executive interferences; Nigeria audit laws should be strengthened to curtail fund leakages, wastages of public property, and promotion of value-for-money expenditures; and the recent audit reforms carried out by the government of Nigeria should be sustained and given all necessary supports in order to achieve the desired results.

Impact of bank-affiliation on liquidity seeking of foreign mutual funds during adverse shocks: Evidence from China

Using daily shareholding data and event-based measures of composite shocks, we investigate the liquidity-seeking behavior of foreign mutual funds in China that are affiliated with commercial banks, comparing it with the behavior of unaffiliated foreign mutual funds. Fixed effect and panel structural VAR models both reveal differential responses between affiliated and unaffiliated foreign mutual funds. While both types of mutual funds seek liquidity by withdrawing from illiquid, volatile and growth-oriented stocks facing negative shocks, unaffiliated mutual funds exhibit a higher degree of liquidity seeking, consistent with the results of bank-affiliated funds providing liquidity stability. This finding is robust to the selection of shock periods and measurements. The evidence shed new lights on the liquidity management of open-end foreign mutual funds in emerging markets.

ANALISIS SISTEM PENGELOLAAN KEUANGAN DANA DESA NAGORI MARIHAT BARIS KECAMATAN SIANTAR KABUPATEN SIMALUNGUN

This research aims to determine the financial management system for Nagori Marihat Baris village funds, Siantar District, Simalunggun Regency. Meanwhile, data collection was carried out using interviews and documentation. The population in this research is the budget report and realization of Nagori Marihat Baris village funds from 1975-2023. The sample in this research is the budget report and realization of village funds in 2021-2022 with all village officials and the Nagori Marihat Baris community. The method in this research uses a qualitative descriptive method.The results of this research show that the financial management system for Nagori Marihat Baris village funds uses the Siskuedes application system which makes it easier to operate in conveying activities and programs for the activities carried out, however there are several stages of financial management of village funds in Permendagri No. 20 of 2018 that are still not appropriate based on financial management system, among others: 1). Related planning is the design mechanism for village fund management planning, minimizing wasted costs, integrating policies or opinions, principles and technical preparation.2). The related implementation is revenue and expenditure, making a budget plan for activity costs and carrying out activities, being responsible for the implementation of activities. 3). Related administration is managing village finances, recording every incoming and outgoing budget and closing the cost budget book. 4). Related reporting is submitting implementation realization reports to superiors, knowing the progress of implementing activities and transparency. 5). The related accountability is submitting a realization accountability report and an accountability report submitted no later than 3 months after the end of the relevant budget year as determined by village regulations.

Neoliberalism and sustainability of higher education in Australia

This paper critically examines the influence of neoliberal policies on the direction of Australian universities in recent years. By examining publicly available sources, including media, court, and parliamentary reports, we contend that the internationalization of higher education in Australia is a strategic response to these neoliberal policies, which have reduced government funding for the sector. However, the excessive application of neoliberalism in funding and cost management of universities has led to notable issues, such as a persistent decline in service quality, unfair treatment of international students, and insufficient pay for casual academics. The paper concludes with recommendations for policy improvements.

Pengaruh Penerapan Aplikasi Rencana Kegiatan Dan Anggaran Sekolah (Arkas) Dan Kompetensi Sumber Daya Manusia Terhadap Akuntabilitas Pengelolaan Dana Bos Di Moderasi Oleh Komitmen Pimpinan Di Sma Kabupaten Serdang Bedagai

This study aims to analyze the influence of human resource (HR) competence and the Regional Government Information The management of the BOS fund program has several factors to achieve success, including a professional, reliable management team (HR) who upholds the principles of accountability and transparency. The purpose of this study was to test and analyze the effect of the implementation of the School Activity and Budget Plan Application (ARKAS) and Human Resources (HR) competence on the accountability of BOS fund management in Senior High Schools in Serdang Bedagai Regency. To test and analyze the commitment of the leadership to moderate the effect of the School Activity and Budget Plan Application (ARKAS) and Human Resources (HR) competence on the accountability of BOS fund management in Senior High Schools in Serdang Bedagai Regency. The research approach uses quantitative associative. In this study, the research instrument used was a questionnaire. This study uses the Structural Equation Modeling (SEM) analysis method using SmartPLS.3 software which is run on a computer media. Based on the results of the study, there is an effect of the implementation of ARKAS on the accountability of BOS fund management. There is an effect of HR competence on the accountability of BOS fund management. Leadership commitment can moderate the effect of the implementation of ARKAS on the accountability of BOS fund management. Leadership commitment can moderate the influence of HR competency on BOS fund management accountability.

Achieving SDGs Through Sustainability in Amil Zakat Organisations: Are Organisational Capacity and Social Skills Important?

Objective: This study aims to find empirical evidence related to the influence of organisational capability and social capability on organisational sustainability in the Amil Zakat Organisation (OPZ). This study also wants to prove that OPZ's social capability can moderate the influence of organisational capacity on organisational sustainability. Theoretical Framework: Providing professional organisational capacity is a form of OPZ's responsibility to improve the community's welfare through trustworthy zakat management. Thus, achieving organisational goals requires the importance of organisational capacity. Based on the stewardship theory, management is not motivated by individual goals but instead focuses on their primary goal for the organisation's benefit. Method: The methodology used in this study is a quantitative approach and the data analysis was carried out with the Moderated Regression Analysis model. Results and Discussion: The results of the research reveal that both organisational capacity and social capability have a positive influence on organisational sustainability. Furthermore, social capabilities have a positive moderating effect on the effect of organisational capacity on organisational sustainability. The test results show that the moderation in this study is included in the type of quasi-moderation. Research Implications: The results imply that the organisational capacity and social capability of OPZs have an essential role in determining organisational sustainability, where the social capability of amil zakat agencies becomes a determinant to strengthening organisational capacity in supporting the sustainability of amil zakat agencies. Originality/Value: This research provides new insights into the role of organisational capacity and social capability in achieving sustainability in the Amil Zakat Organisation. This study aligned with SDG 1 (No Poverty) by enhancing the management of Zakat funds to improve community welfare.

Pengelolaan Zakat, Infak, dan Sedekah dalam Pengembangan Usaha Mikro di Unit Pengelola Zakat (UPZ) Kecamatan Tajurhalang

This research addresses the issue of how ZIS funds are managed at the UPZ of Tajurhalang District in the development of micro enterprises, as well as the effectiveness of UPZ programs in assisting micro entrepreneurs. The purpose of this study is to understand the management of ZIS funds for developing micro enterprises in Tajurhalang District and to explore the efforts and implementation of productive business capital programs at UPZ. The research uses a qualitative method with a descriptive approach, which describes the issues occurring in the field. Data collection techniques include observation, interviews, and documentation. The results of the study show that effective management is essential for successful fundraising activities, as gathering and managing funds is not easy and involves various processes and dynamics. There must be a management process in fundraising, including planning, organizing, executing, and monitoring. ZIS funds, which were initially managed in non-productive sectors, can now be redirected to productive sectors.

Design Of a Web-Based School Operational Assistance (Bos) Management Information System at SMA Negeri 1 Nggaha Ori Angu

The management of School Operational Assistance (BOS) funds is an annual obligation for educational institutions. The Treasurer is responsible for this activity, which is overseen by the Principal. However, at SMA Negeri 1 Nggaha Ori Angu, the School Operational Assistance (BOS) fund management system is still conducted using a physical ledger. This process has encountered several challenges, including the difficulty in calculating the total funds managed and the lack of efficiency in managing the School Operational Assistance (BOS) funds. The process of utilising the ledger currently results in the unnecessary expenditure of time and effort, in addition to a considerable risk of errors and inaccuracies in the recorded data. In light of the challenges encountered in the management of School Operational Assistance (BOS) funds at SMA Negeri 1 Nggaha Ori Angu, this research aims to develop an Information System for the Management of School Operational Assistance Funds (BOS) using the Rapid Application Development (RAD) method. The web development in this research will employ the Hypertext Preprocessor (PHP) programming language with the CodeIgniter framework, which implements the Model-View-Control (MVC) concept. This technology has the potential to optimize and enhance the quality of School Operational Assistance (BOS) fund management at SMA Negeri 1 Nggaha Ori Angu.

Philanthropy of Pesantren Towards Socio-Economic Welfare (Study At Markaz Bayt Al-Musaadah Social Institution, Mambaus Sholihin Gresik Islamic Boarding School)

Cases of misuse of social funds have slowed down welfare programs for the poor and dhuafa'. The establishment of Markaz Bayt Al-Musa'adah under Pesantren Mambaus Sholihin provides a breath of fresh air, with pesantren now required not only to produce a generation that understands religion, but also as a pillar of Islamic sharia economics. This research uses a qualitative method with a case study approach to explore the economic empowerment and management of philanthropic funds by Markaz Bayt Al-Musa'adah of Pesantren Mambaus Sholihin Gresik. This method involves in-depth data collection and various sources of information as well as participation in the field. The results show that Markaz Bayt Al-Musa'adah has implemented community economic empowerment through skills training programs and assistance to underprivileged students. The management of social funds is carried out transparently and accountably based on the principles of Islamic philanthropy, with managers working without taking profits, solely for the sake of Allah and the intention of khidmah to the caregiver.

Detailed Exploration Of Feasibility Study Of Siskeudes Implementation In Pematasang Serai Village, Langkat District

This research aims to provide detailed exploratory information on feasibility studies implementation of Siskeudes in Pematasang Serai Village, Langkat Regency in the framework of realizing accountability in village fund management. The focus in this research is Role Siskeudes which is used in preparing financial reports for the Pematasang Serai Village, Langkat Regency. This study used qualitative research methods. Technique The data collection used in this research is the observation method, interviews and documentation. The data analysis technique used in this research is engineering qualitative data analysis. The data analysis component used is data reduction, data display, and drawing conclusions. The research results show that Siskeudes played an important role in making it Pematang Serai Village financial report,. Siskeudes Very make it easier for Village Officials, especially the Secretary and Head of Finance of Pematang Serai Village in preparing and inputting financial reports. Public also involved in preparing the budget for one period, represented by the Community figures who participate in every deliberation in village financial budgeting Pematang Serai Village, Langkat Regency. Financial reports available in Pematang Serai Village is good, this is based on the financial reports created as proof of the village government's responsibility to the local community as well as to regional governments.

Pension funds in Colombia and implications: A bibliometric analysis from Scopus

This study delves into the dynamic landscape of pension funds in Colombia, examining both its current research status and practical implications. Understanding the state of pension systems is crucial for individuals' financial security and a country's overall economic stability, especially given factors such as an aging population and evolving socio-economic dynamics. By comprehensively analyzing scholarly publications on Colombian pension funds using the Scopus database, this research sheds light on key trends and contributors shaping policy formulation and financial planning. The analysis covers a period from 1987 to 2023, identifying 71 relevant articles through keyword searches and filters. Various metrics, including publication trends, citations, international collaboration, and authorship dynamics, were quantitatively assessed. The results reveal an annual growth rate of 5.37%, with research articles comprising 81.69%, review articles 7.04%, and other formats like books, book chapters, and conference papers making up 11.27% of the total documents. Notably, countries such as the UK, the USA, Spain, and Colombia emerge as key contributors to the literature. Among authors, Mesa-Lago, L., stands out as a significant figure, with one of the earliest publications on the topic. The findings underscore the growing importance of pension funds in Colombia, particularly in the context of fund performance research amid financial crises. The prevalence of international collaboration suggests a global interest in understanding and contributing to the development of Colombian pension systems. Furthermore, the study identifies research gaps, particularly in areas concerning the socio-economic impact of pension policies, providing a roadmap for future investigations. Policymakers, financial practitioners, and researchers can leverage these insights to inform strategic decision-making and address critical challenges in optimizing pension fund management in Colombia.

Accountability and Transparency of Village Fund Budget Management

The village is the smallest organization in the state government so that it cannot be separated from the government's attention so that the village is given the authority to manage several matters related to its own regional autonomy such as the management and planning of village funds, but in implementing these two things must be in accordance with the regulations of the Republic of Indonesia. The purpose of this study is to find out how the implementation of accountability and transparency in Batu Makjage village is. The approach used in this study is qualitative research. Data was collected using observation, interviews, and document studies. The types of data used are primary data and secondary data where primary data is obtained through interviews, observations and also documentation studies, namely several people who are considered sufficient as sources of information or data. Secondary data was obtained from several documents in the Batu Makjage village office including the Report Document on the realization of the implementation of the village revenue and expenditure budget for the final semester of the 2023 budget year. The results of the study show that the management of the village fund budget in this village has met the regulations and is in accordance with existing procedures, namely with accountability and transparency which is indicated by community participation and ease of accessing information related to planning and management of village funds.

A Study on fund management in Canara Bank Aralapura, Thirthahalli

A study on cash management in Canara bank in this title focused on management of cash. In a banking activity anything is done by financial requirements

Village Financial Management in Accordance with Minister of Home Affairs Regulation No. 20 of 2018

General background effective village financial management is crucial in Indonesia, especially in light of increasing government regulations aimed at improving transparency and accountability. Specific background this study focuses on the implementation of Minister of Home Affairs Regulation No. 20 of 2018, which outlines mandatory processes for village financial management. Knowledge gap despite the existence of this regulation, there is a lack of comprehensive understanding regarding its practical application across different villages. Aims this research to investigate the planning, implementation, administration, reporting, and accountability of village funds in accordance with the regulation. Results findings reveal that the village's financial management processes comply with the regulation, demonstrating adherence to the required stages of management. Novelty the study provides a unique contribution by offering an in-depth analysis of village fund management within the context of regulatory compliance, highlighting both challenges and best practices. Implications the results emphasize the need for continued training and resources for village officials to ensure adherence to regulations and improve the effectiveness of village financial management systems. Highlights: Compliance with Minister of Home Affairs Regulation No. 20 of 2018 is essential for effective fund management. Involvement of the community in the planning process fosters transparency and accountability. Comprehensive training for village officials is necessary to enhance financial management practices. Keywords: Finance, Village, Participation, Planning, Transparency

Некоторые основные проблемы экономического развития современной России

The work provides assessments of trends and factors of economic growth in modern Russia. The research was carried out on the basis of constructing econometric models using Rosstat data. Research results show that the main trends in economic development consisted of a decrease in the rate of economic growth and the rate of growth in labor productivity. The main factor of economic growth was the growth of labor productivity. There were no significant trends in changes in the growth rate of employment and the growth rate of accumulated fixed capital. The growth in labor productivity was achieved, to a large extent, due to an increase in the capital intensity of production. The basis for economic development was largely an ineffective archaic mechanism, the mechanism for the formation of an industrial economy. Employment growth had a negative impact on economic growth rates. The results obtained indicate that the most important factors of competitiveness and economic growth - human capital and new technologies - are insufficiently and ineffectively used. They did not ensure an increase in labor productivity due to investing in outdated technologies, attracting workers who do not have high qualifications, which is due to a decline in the quality of education and a reduction in the scale of scientific research and development. Education has largely lost its function of forming human capital. The research and development system does not sufficiently serve as a source of new technologies. The identified problems are obviously due to shortcomings in economic policy, shortcomings in financial management and investment processes, insufficient funding and ineffective management of the education system, research and development.

Evaluation of the Management Policy of BOS Funds in Elementary Schools

General background however, the effective management of these funds remains a significant challenge, particularly in certain regions. Specific background this study focuses on evaluating the management policy of BOS funds at an elementary school, highlighting the need for systematic assessment criteria that align with established standards. Knowledge gap despite the existence of frameworks for evaluating fund management, there is limited research on their practical application in specific educational contexts. The aim is to analyze the BOS fund management by employing evaluation indicators based on Wirawan's framework, which includes input, process, output, and impact assessments. The results reveal that while the school’s facilities and infrastructure are generally in good condition, delays in fund distribution have adversely affected maintenance efforts. Key factors influencing successful fund management include meticulous planning, effective coordination, and accurate reporting. Furthermore, the study finds that BOS funds significantly reduce operational costs, benefiting both educators and students. Novelty this research contributes novel insights into the evaluation process of educational funding, illustrating how structured assessments can improve management practices. The implications of this study suggest that better fund management can lead to enhanced educational outcomes and resource allocation, ultimately fostering an environment conducive to learning. Highlights: Evaluation of BOS fund management enhances accountability and resource allocation. Delays in fund distribution impact maintenance of school facilities. Structured assessments improve educational outcomes and support effective learning environments. Keywords: BOS , Educational Management, Evaluation, Operational Costs, Infrastructure

Accountability of Village Fund Management with the Village Financial System Application

The general background village fund management has become an essential aspect of local governance, ensuring transparency and accountability in rural development. Specific background the use of accounting systems in village fund management is regulated by government policies, including the application of financial system software to streamline reporting and accountability processes. Knowledge gap however, there is limited research that evaluates the effectiveness of these systems at the village level, particularly in terms of their transparency and participatory mechanisms. Aims this research aims to analyze the implementation of the accounting system in village fund management, focusing on its transparency, accountability, and public participation. Results the findings reveal that the village fund management in Ngampelsari Village is conducted transparently, with clear accountability from the planning stage to reporting and evaluation. Novelty this research provides new insights into how the adoption of the Siskeudes application enhances the transparency and accountability of village fund management, which has not been extensively explored in previous studies. Implications the results suggest that the village government should continue updating and refining the system to maintain public trust and ensure effective fund management, while future research should expand the scope to include multiple villages for comparative analysis. Highlights: Transparent accounting improves village fund management efficiency. The Siskeudes application enhances financial reporting accuracy. Public participation is vital for accountable village governance. Keywords: Governance, Management, Transparency, Accountability, Siskeudes

Manajemen Pembiayaan Pendidikan di Sekolah Dasar Islam Terpadu Al Fatih Depok

The operational structure and funding of education is an important component in educational administration management which has the capacity to have a significant impact on the quality of human resources. This study intends to ensure the following: (1) Plan the budget in order to improve educational standards; (2) allocate human resources for the purposes of managing education financing; (3) implementing education financing management; and (4) supervising the education financing system in order to improve standards at SDIT AL FATIH Depok. Qualitative, analytical and descriptive methods were used in this study. Documentation, interviews and observation are the techniques used to obtain data. Data collection, data reduction, data presentation, and drawing conclusions are the four components of Miles and Huberman's interactive analysis model used in the data analysis approach. Credibility, transferability, dependability and confirmability are used in the process of determining data validity.The findings show the following: 1) SDIT AL FATIH Depok prepares and describes education budget planning in the form of RAPBPT, which is implemented at the end of each year by identifying all appropriate programs and budgets. 1) The process of allocating funds for education starts from the source, where the head of the foundation decides on the choices that have been reached through meetings involving stakeholders from the school community and repeats the assessment. Putting human resources in charge of overseeing the money is secondary. The principal is responsible for the financial management of SDIT AL FATIH Depok, in accordance with the organizational structure; The foundation and education department oversee the management of SDIT AL FATIH Depok's education funds. 3. The budget implementation process is used to fund school programs, as well as spending on goods and services, development, and so on. 4. After that, the School Committee, the AL FATIH Depok Foundation, and the Education Office received the school's financial accountability report.