Author Chiung-Ju Liang, Ming-Li Yao
Publish October 2005- March 2006
Title The Nonfinancial performance Measurements of financial service industry:- A Study of taiwan mutual fund market
Abstract In this study, we take the Taiwan mutual fund market as example and establish the models to explore the correlation between the nonfinancial measurements and performance. In this study Path Analysis is used to present the effect of nonfinancial measurements on fund performance. Issues such as the correlation between variables, difference between direct and indirect effect, and cause-and-effect relation models, are analyzed through multivariate models. Deconstructed sub-models are also set to test the stability of models. We find there is a time-lag effect between nonfinancial measurements and fund performance. There exists a relation between incentive contracts and fund managers’ satisfaction with their rewards which it also affects future fund performance. There is no significant relation between a fund’s past performance and its future performance – which can even be reversed in the future. The current rend of financial internationalisation and liberalisation has underlined the importance of effective performance evaluation in financial service industry.
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