A Study on the Effect of the Fund’s Management Organization on the Risk-taking Strategy 펀드의 운용체제가 위험추구 전략에 미치는 영향에 관한 연구

This study empirically analyzed the effect of the fund management organizational system (individual and team management) on the fund’s risk-taking strategy for Korean equity funds. Decision-making by organizational systems can be explained by the group shift hypothesis and the diversification of opinion hypothesis. In the group movement hypothesis, the final decision in the team chooses extreme decision-making by collecting the opinions of the most active members, and in the diversification of opinion hypothesis, various opinions are finally decided by mutual agreement, making a less extreme choice. The results of panel regression analysis using the fixed effect model for this are as follows. First, it was confirmed that the fund manager chose a strategy to reduce risk when managing the team, supporting the diversification of opinion hypothesis. Based on the agent problem, increasing the management fee of the fund manager increased the risk of the fund manager. Funds with poor management performance in the past used aggressive risk-taking strategies to make up for their past performance. Second, team funds of large asset management companies are taking a strategy to reduce risk. Third, funds belonging to large asset management companies while team management are in a competitive structure for tournaments independent of other fund managers in the asset management company, so they avoided a risk-taking strategy from a relatively conservative perspective.