TY - JOUR T1 - Determinants of Mutual Fund Performance: Evidence from Turkey AU - Saldanlı, Arif AU - Medetoğlu, Batuhan AU - Uzun, Sumeyra PY - 2025 DA - June Y2 - 2025 DO - 10.26650/ekoist.2025.42.1566473 JF - EKOIST Journal of Econometrics and Statistics PB - İstanbul Üniversitesi WT - DergiPark SN - 2651-396X SP - 86 EP - 95 IS - 42 LA - en AB - 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. KW - BIST 100 KW - Mutual Funds KW - Beck-Katz Forecaster CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - Cook, R. D., & Weisberg, S. (1983). Diagnostics for heteroscedasticity in regression. Biometrika, 70(1), 1-10, https://doi.org/10.2307/ 2335938 google scholar CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - 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 CR - Lofton, T. (2007). Getting started in exchange-traded funds (ETFs). John Wiley & Sons. google scholar CR - 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 CR - Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77-91, https://doi.org/10.2307/2975974 google scholar CR - Mutual Fund Assets Market (2024). Mutual-fund-assets-market. Retrieved from: https://www.zionmarketresearch.com/toc/mutual-fund-assets-market) google scholar CR - Neal, L. (1993). The rise of financial capitalism: International capital markets in the age of reason. Cambridge University Press. google scholar CR - 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 CR - 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 CR - Robertson, R. A. (2001). Fund governance: Legal duties of investment company directors. Law Journal Press. google scholar CR - Rouwenhorst, K. G. (2004). The origins of mutual funds. Retrieved from: https://ssrn.com/abstract=636146 google scholar CR - Swamy (1971). Statistical inference in random coefficient regression models. New York: Springer. google scholar CR - TEFAS (2024). Türkiye Electronic Fund Trading Platform-Most profitable investment funds. Retrieved from: https://www.tefas.gov.tr/ Default.aspx google scholar CR - 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 CR - Yerdelen Tatoğlu, F. (2020a). Panel zaman serileri analizi. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar CR - Yerdelen Tatoğlu, F. (2020b). İleri panel veri analizi-stata uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar CR - Yerdelen Tatoğlu, F. (2020c). Panel veri ekonometrisi-stata uygulamalı. İstanbul: Beta Basım Yayım Dağıtım A.Ş. google scholar CR - 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 CR - Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. MIT press. google scholar CR - 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 UR - https://doi.org/10.26650/ekoist.2025.42.1566473 L1 - https://dergipark.org.tr/tr/download/article-file/4284964 ER -