Determinants of Mutual Fund Growth in ASEAN CIS
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Abstract
This study aims to investigate the factors determining growth of mutual fund industries under the ASEAN Collective Investment Scheme (ASEAN CIS) which are Thailand, Singapore, and Malaysia. The time-series data between 2011 and 2015 are employed to analyze both full and individual samples through regression analysis. From the empirical results of full sample consisting of three countries, inflation rate, stock market capitalization, and money supply are positively significant with mutual fund growth while opposite direction has been found with exchange rate. Further investigation of individual country, GDP is significant variable in Singapore mutual fund industry. When GDP increases, Singapore mutual funds grows. On the other hand, gold price is negatively related to mutual fund growth in Singapore and Malaysia while crude oil price is negatively related to Thai mutual fund growth but shows positive effect in Malaysia.
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References
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