Productivity and efficiency analysis of Pakistani mutual funds using Malmquist index approach

Farah Naz (), Hafsa Khan (), Muhammad Ishfaq Ahmad, Ramiz Ur Rehman () and Muhammad Akram Naseem ()
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Farah Naz: Department of Accounting & Finance, Kinnaird College for Women, Lahore, Pakistan
Hafsa Khan: Department of Business Studies, Kinnaird College for Women, Lahore, Pakistan
Muhammad Ishfaq Ahmad: Lahore Business School, The University of Lahore, Pakistan
Ramiz Ur Rehman: Lahore Business School, The University of Lahore, Pakistan
Muhammad Akram Naseem: Lahore Business School, The University of Lahore, Pakistan

International Journal of Financial Engineering (IJFE), 2019, vol. 06, issue 03, 1-21

Abstract: The key area of this research is to analyze the total factor productivity of mutual funds by using Data Envelopment Analysis (DEA) and also to identify the components which play a significant role in the growth of productivity. Malmquist productivity index approach is a nonparametric method that decomposes the index into components of productivity. The process of decomposition also helps in identifying the contribution of technology and efficiency in the growth of mutual funds in Pakistan. Empirical results suggest that efficiency growth in mutual funds is presenting the upward trend. The individual results of mutual funds showed the divergent trend. The component of pure efficiency change has a great influence on productivity growth except for all others components, and technical change has a smaller number of contributions in productivity growth.

Keywords: Mutual funds; Malmquist productivity index and upward trend (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1142/S2424786319500269

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