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Individual Commitment and Team Performance: Evidence from Mutual Fund Managers

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  • Luo, Jiang
  • Qiao, Zheng

Abstract

The psychology literature suggests that individual commitment has a positive effect on team performance by mitigating the free-rider problem. With its detailed management-team information, the mutual fund industry provides a unique opportunity to study how individual managerial commitment is related to performance. Committed fund managers are defined as those who work only for one fund. With few incentives to acquire private information, teams with no committed members underperform those with committed members. These findings remain robust after we incorporate various controls. We also explore why non-committed teams have been used increasingly often despite their poor performance.

Suggested Citation

  • Luo, Jiang & Qiao, Zheng, 2020. "Individual Commitment and Team Performance: Evidence from Mutual Fund Managers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 55(6), pages 2073-2098, September.
    • Handle: RePEc:cup:jfinqa:v:55:y:2020:i:6:p:2073-2098_10
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    Cited by:

    1. Shen, Lingbo, 2022. "Essays on behavioral finance and corporate finance," Other publications TiSEM a9b98a25-a208-4ba6-9344-9, Tilburg University, School of Economics and Management.
    2. Onur Kemal Tosun & Liang Jin & Richard Taffler & Arman Eshraghi, 2022. "Fund manager skill: selling matters more!," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 969-994, October.
    3. Andreu, Laura & Gimeno, Ruth & Serrano, Miguel, 2023. "Family competition via divergence in the trading of funds," Finance Research Letters, Elsevier, vol. 52(C).
    4. Zhang, Wei & Li, Yi, 2021. "Do visiting monks give better sermons? An analysis of the foreign experience of Chinese fund managers," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).

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