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Foreign ownership, institutional distance and mutual fund performance: Evidence from China

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  • Zhang, Yue
  • Wang, Caiping
  • Chen, Yufei

Abstract

The existing literature documents mixed results on the impact of formal institutional distance on the performance of cross-border business. We contribute to this debate by providing evidence in the context of the Chinese mutual fund industry which was recently fully opened to foreign participants. Using a sample of 2115 actively managed equity mutual funds coming from 125 Chinese fund companies covering the period between July 2006 and September 2020, we show a negative relationship between formal institutional distance and funds' risk-adjusted performance. The funds offered by international joint venture fund companies (IJVs) with high institutional distance underperform the comparable domestic funds, whilst such an underperformance is not observed for the funds coming from IJVs with low institutional distance. Consistently, the institutional distance increases the probability of the cooperation failure between the foreign and the domestic partners of the IJVs. Policy implications for the international joint venture in the fund industry are discussed.

Suggested Citation

  • Zhang, Yue & Wang, Caiping & Chen, Yufei, 2024. "Foreign ownership, institutional distance and mutual fund performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:pacfin:v:87:y:2024:i:c:s0927538x24002269
    DOI: 10.1016/j.pacfin.2024.102474
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    More about this item

    Keywords

    Foreign ownership; Formal institutional distance; International joint venture; Mutual fund performance;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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