SavedAdd your journal

Journals / Ekoist: Journal of Econometrics and Statistics / 2026 / Sayı: 42

Determinants of Mutual Fund Performance: Evidence from Turkey

Arif Saldanlı(İstanbul University, Faculty of Economics)0000-0001-9990-9510
Batuhan Medetoğlu(Burdur Mehmet Akif Ersoy University, Ağlasun Vocational School)0000-0002-8400-1232
Sumeyra Uzun(İstanbul University, Faculty of Economics)0000-0003-4627-320X
Pages
86–95
Publication Date
2025-06-25
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The results show a significant and positive relationship between the total value of mutual funds and their returns relative to the BIST 100 returns.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Mutual funds are defined as assets managed by professionals to enable investments by mitigating asymmetric information in the market.
📊
Key Findings & Data:The volume of mutual funds is expected to increase further.
💡
Conclusion & Impact:The results show a significant and positive relationship between the total value of mutual funds and their returns relative to the BIST 100 returns.
🔬Design:Araştırma Makalesi
📍Scope:2019 Verileri
⚙️Variables:BIST 100 · Mutual Funds · Beck-Katz Forecaster

Abstract

Mutual funds are defined as assets managed by professionals to enable investments by mitigating asymmetric information in the market. Mutual funds, which appeal to investors with little or no financial literacy or those who prefer professional fund management despite their knowledge, have become popular in recent years to transform savings into investment opportunities. The volume of mutual funds is expected to increase further. Understanding the factors affecting mutual funds, the determinants of funds, or the variables related to funds enhances the comprehensibility of this concept. Quantitative analyses ensure the effective use of funds and increase their functionality. This study examines the relationship between mutual funds and BIST 100 in Turkey using data from 07.06.2019 to 02.05.2024. The total value of mutual funds and their returns relative to the BIST 100 returns were used as variables. Panel data analysis was employed, and the relationship was assessed using the Beck-Katz estimator. The results show a significant and positive relationship between the total value of mutual funds and their returns relative to the BIST 100 returns. This finding illustrates the relationship between mutual funds’ total value and the BIST 100, a benchmark stock market, during the study period. These results provide quantitative information on mutual funds for investors, sectors, and researchers.

🔖

Cite This Article

Saldanlı, A., Medetoğlu, B., Uzun, S. (2025). Determinants of Mutual Fund Performance: Evidence from Turkey. Ekoist: Journal of Econometrics and Statistics, Sayı: 42, 86–95. https://doi.org/10.26650/ekoist.2025.42.1566473

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (33)

  1. Adan H. A. (2013). An investigation of the determinants of mutual funds financial performance. A Research Project Submitted in Partial Fulfillment of the Requirements for the Award of the Degree of Master of Business Administration, School of Business, University of Nairobi. google scholar
  2. Akel, V. (2016). Türkiye’deki A ve B tipi yatırım fonları performansının devamlılığinın parametrik ve parametrik olmayan yöntemlerle değerlendirilmesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 22(2), 147-178. google scholar
  3. Altinkemer, M. & Ekinci, N. K. (1992). Capital account liberalization: The case of Turkey. New Perspectives on Turkey, 8, 89-108, https:// doi.org/10.15184/S0896634600000637 google scholar
  4. Aydoğan, B., Vardar, G. & Tunç, G. (2014). The interaction of mutual fund flows and stock returns: Evidence from the Turkish capital market. Ege Academic Review, 14(2), 163-174. google scholar
  5. Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647, https://doi.org/10.2307/2082979 google scholar
  6. Bogle, J. C. (2016). The index mutual fund: 40 years of growth, change, and challenge. Financial Analysts Journal, 72(1), 9-13, https://doi. org/10.2469/faj.v72.n1.5 google scholar
  7. Cao C., Chang E. C. & Wang Y. (2008). An empirical analysis of the dynamic relationship between mutual fund flow and market return volatility. Journal of Banking & Finance, 32 (10), 2111-2123, https://doi.org/10.1016/j.jbankfin.2007.12.035 google scholar
  8. Cook, R. D., & Weisberg, S. (1983). Diagnostics for heteroscedasticity in regression. Biometrika, 70(1), 1-10, https://doi.org/10.2307/ 2335938 google scholar
  9. Fama (1970). Efficient Capital Markets: A Review of Theory and Empirical Work., The Journal of Finance, 25(2), 383- 417. https://doi.org/ 10.2307/2325486 google scholar
  10. Fernando, D., Klapper, L. F., Sulla, V., & Vittas, D. (2003). The global growth of mutual funds. Retrieved from: https://ssrn.com/abstract= 636417 google scholar
  11. Ferreira M. A., Keswani A., Miguel A. F. & Ramos S. B. (2013). The determinants of mutual fund performance: A cross-country study. Review of Finance. European Finance Association, 17(2), 483-525, https://doi.org/10.1093/rof/rfs013 google scholar
  12. Haydaroğlu, C., & Tatlısu, S. (2016). Turgut Özal dönemi yeni sağ devlet ve ekonomik liberalizm: Devlet ve piyasa ilişkisinin politik ekonomisi. Bilecik Şeyh Edebali Üniversitesi Sosyal Bilimler Dergisi, 1(1), 27-41. google scholar
  13. Indro, D. C., Jiang, C. X., Hu, M. Y., & Lee, W. Y. (1999). Mutual fund performance: Does fund size matter? Financial Analysts Journal, 55(3), 74–87, https://doi.org/10.2469/faj.v55.n3.2274 google scholar
  14. İpekten, N. A., İpekten, G., & Elmas, B. (2020). Türkiye’de A Tipi yatırım fonlarının performans analizi (01/2013- 12/2017). Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(3), 462-476, https://doi.org/10.25287/ohuiibf.658605 google scholar
  15. Kaur, I., & Papavassiliou, V. (2018). Effect of mutual funds characteristics on their performance and trading strategy: A dynamic panel approach. Cogent Economics & Finance, 6(1), https://doi.org/10.1080/23322039.2018.1493019 google scholar
  16. Lofton, T. (2007). Getting started in exchange-traded funds (ETFs). John Wiley & Sons. google scholar
  17. Mahar S.W., Mangnejo G.M. & Brohi M.A. (2021). Determinants of mutual funds performance: A review article. Research Journal of Social Sciences and Economics Review, 2(2), 61-67, https://doi.org/10.36902/rjsser-vol2-iss2-2021(61-67) google scholar
  18. Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91, https://doi.org/10.2307/2975974 google scholar
  19. Mutual Fund Assets Market (2024). Mutual-fund-assets-market. Retrieved from: https://www.zionmarketresearch.com/toc/mutual-fund-assets-market) google scholar
  20. Neal, L. (1993). The rise of financial capitalism: International capital markets in the age of reason. Cambridge University Press. google scholar
  21. Oğuz, O. (2020). Borsa endeks getirisinin yatırım fonları portföyündeki pay senedi oranına etkisi: Nedensellik analizi. Uluslararası Ekonomi Siyaset İnsan ve Toplum Bilimleri Dergisi, 3(1), 24-35. google scholar
  22. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435. Retrieved from: http://dx.doi.org/10.2139/ssrn.572504 google scholar
  23. Robertson, R. A. (2001). Fund governance: Legal duties of investment company directors. Law Journal Press. google scholar
  24. Rouwenhorst, K. G. (2004). The origins of mutual funds. Retrieved from: https://ssrn.com/abstract=636146 google scholar
  25. Swamy (1971). Statistical inference in random coefficient regression models. New York: Springer. google scholar
  26. TEFAS (2024). Türkiye Electronic Fund Trading Platform-Most profitable investment funds. Retrieved from: https://www.tefas.gov.tr/ Default.aspx google scholar
  27. Uygurtürk, H., & Bal, K. (2020). Emeklilik ve Menkul Kıymet Yatırım Fonlarının Gri İlişkisel Analiz yöntemi ile karşılaştırmalı performans analizi. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(21), 298-320. google scholar
  28. Yerdelen Tatoğlu, F. (2020a). Panel zaman serileri analizi. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar
  29. Yerdelen Tatoğlu, F. (2020b). İleri panel veri analizi-stata uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar
  30. Yerdelen Tatoğlu, F. (2020c). Panel veri ekonometrisi-stata uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar
  31. Yıldız, A. (2006). Yatırım fonları performanslarının Veri Zarflama Analizi yöntemiyle değerlendirilmesi. Ankara Üniversitesi SBF Dergisi, 61(02), 211-234, https://doi.org/10.1501/SBFder_0000001349 google scholar
  32. Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. MIT press. google scholar
  33. Zhao L., Wang L. & Luo R. (2024). Mutual fund tournaments: State-dependent risk taking with transaction costs. Emerging Markets Review, 59, https://doi.org/10.1016/j.ememar.2024.101119 google scholar