The factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-06-18 DOI:10.1016/j.bir.2024.06.007
Salim Bouzekouk, Fadillah Mansor
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Abstract

The purpose of this study is to analyze the impact of fund management companies' past performance, fees, perceived religiosity, and perceived risk on Malaysian Muslim investors' attitude toward them. The moderating effects of investor risk aversion, price sensitivity, religiosity, and Islamic financial literacy are considered. A model based on the unified theory of acceptance and use of technology is built to analyze the impact of the variables considered. The study data were collected using a survey of 550 Malaysian retail investors. Our findings show that Muslim investor attitudes are negatively affected by the perceived risk of a fund management company and positively affected by a fund management company's perceived religiosity and past performance. Moreover, the perceived religiosity impact is positively moderated by an investor's Islamic financial literacy and negatively moderated by the investor's price sensitivity. Practical implications of the results and avenues for further investigation in future research are discussed.
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在伊斯兰单位信托基金的背景下,影响马来西亚散户投资者选择基金管理公司的因素
本研究旨在分析基金管理公司的过往业绩、费用、宗教信仰和风险对马来西亚穆斯林投资者态度的影响。研究还考虑了投资者风险规避、价格敏感性、宗教信仰和伊斯兰金融知识的调节作用。在接受和使用技术的统一理论基础上,建立了一个模型来分析所考虑的变量的影响。研究数据是通过对 550 名马来西亚散户投资者的调查收集的。我们的研究结果表明,穆斯林投资者的态度受到基金管理公司感知风险的负面影响,而受到基金管理公司感知宗教性和过往业绩的正面影响。此外,投资者的伊斯兰金融知识对感知宗教信仰的影响有正向调节作用,而投资者的价格敏感性对感知宗教信仰的影响有负向调节作用。本文讨论了研究结果的实际意义以及未来研究的进一步调查途径。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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