ScholarWorks@숙명여자대학교

초록

This study examines the performance of equity mutual funds based on the characteristics of their asset management company. Using monthly returns data from January 2004 to December 2018, we analyse whether fund performance differs fundamentally depending on whether the fund is managed by an independent asset management company or a group-affiliated one. For group-affiliated funds, differences are further analyzed based on financial versus industrial groups, and based on bank-holding or non-bank-holding groups Empirical results show that funds managed by independent asset management companies outperform those managed by group-affiliated companies. Additionally, funds from bank-holding financial groups perform better than those from non-bank-holding groups, but no significant difference is observed between financial and industrial groups. During the 2008 golbal financial crisis, fund performance was not significantly affected by group or financial group affiliations, However, pre-crisis analysis shows that independent companies, financial groups, and bank-holding financial groups achieved superior performance. However this difference disappears in the post-crisis period, with differences remaining only between bank-holding and non-bank-holding groups. These findings suggest that group and financial affiliations enhanced fund performance during pre-crisis market booms, but the post-crisis growth of passive investments like ETFs might diminish performance differentiation.

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