Effects of Characteristics of Mutual Funds and Firms on Fund Performances in Thailand

Abstract

The objective of this study is to investigates the effect of characteristics of mutual funds and firms on mutual fund's return in Thailand during January 2018 to December 2020.  The final sample include 796 of Thai open-ended mutual funds for general investors. Data were collected from SEC Application Programming Interface (SEC API).  The characteristics examine include firm age, fund age, number of staff, number, number of managers, number of funds in the firm, fund size, global flag, risk spectrum, fund policy and management style.  The methodology of the study is the multiple regression

This study results show that fund size, number of funds in the firm and number of managers have no significant effect on fund returns and volatilities while firm age and foreign-market funds have a positive impact on fund returns.  In additional, we find that number of staff and risk spectrum correlate with increased mutual fund risk at significant levels of 0.05 and 0.01, respectively.