Fund performance-flow relationship for microfinance mutual funds

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dc.authorid0000-0003-4085-7677
dc.contributor.authorMarti-Ballester, Carmen-Pilar
dc.contributor.authorErden, Buket
dc.date.accessioned2026-02-03T11:59:45Z
dc.date.available2026-02-03T11:59:45Z
dc.date.issued2025
dc.departmentÇanakkale Onsekiz Mart Üniversitesi
dc.description.abstractMutual funds could contribute to sustainable development by investing in microfinance institutions that provide microloans to microfirms with difficulties accessing financial services, such as loans, savings, and insurance from traditional banks. To increase their assets and support microfinance institutions, fund managers need to understand the factors that investors use to make their investment decisions. For microfinance investors, fund financial attributes could signal that microfinance institutions provide support to microentrepreneurs that improve their corporate financial performance. This would satisfy the social preferences of fund investors. Therefore, our research question is: Are investors considering past financial performance to select one specific microfinance mutual fund? To answer this question, we analysed the behaviour of microfinance mutual fund investors regarding past financial performance in different states of the economy. To this end, we collected information on 65 microfinance mutual funds domiciled in Austria, Japan, Liechtenstein, and Luxembourg. These mutual funds invested in global or emerging global markets from 2015 to 2021. For this sample, we implemented Petersen's method, which clusters standard errors by fund and year. These results indicated that microfinance mutual fund investors consider high annual raw returns, fund age, and ethical certifications when making investment decisions and withdrawing money from them during crises such as the COVID-19 pandemic. Conversely, microfinance fund investors do not react to past risk-adjusted returns, total risk, fund size, fund expenses, or fund flows.
dc.identifier.doi10.3934/QFE.2025020
dc.identifier.endpage601
dc.identifier.issn2573-0134
dc.identifier.issue3
dc.identifier.scopus2-s2.0-105013811514
dc.identifier.scopusqualityQ2
dc.identifier.startpage573
dc.identifier.urihttps://doi.org/10.3934/QFE.2025020
dc.identifier.urihttps://hdl.handle.net/20.500.12428/34410
dc.identifier.volume9
dc.identifier.wosWOS:001541468000001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherAmer Inst Mathematical Sciences-Aims
dc.relation.ispartofQuantitative Finance and Economics
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20260130
dc.subjectinvestors' behaviour
dc.subjectmicrofinance mutual funds
dc.subjectfinancial performance
dc.subjectethical
dc.subjectCOVID-19
dc.titleFund performance-flow relationship for microfinance mutual funds
dc.typeArticle

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