IDEAS home Printed from https://ideas.repec.org/a/bco/ncafaa/v13y2025p52-74.html

Investigating the Performance and Sustainability of Active Investment Funds in the Iranian Capital Market and the Position of Funds in Attracting Investors

Author

Listed:
  • Jaber Gahremanzade

    (Accounting Department, National University of Technology, Shahid Shamsipour, Iran)

  • Adel Shahvalizadeh

    (Assistant Professor, Islamic Azad University, Ardabil Branch, Iran)

  • Petra Cajnko

    (Faculty of Natural Sciences and Mathematics, University of Maribor, Slovenia)

Abstract

Investment funds are among the effective instruments in the capital market that are established by banks and brokerage companies and play an effective role in developing the market and increasing investor participation. They are generally classified as low-risk instruments suitable for direct participation by less experienced investors. Accordingly, the purpose of this research is to examine the efficiency and sustainability of active investment funds in the Iranian capital market and the position of the funds in attracting investors in 125 investment funds from 2014 to the end of 2023. Also, the research is applied in terms of purpose and descriptive-analytical in terms of method. The method of collecting information in theoretical foundations is the library method and in the section of testing hypotheses, the method of document mining of financial statements.Excel software was used in the process of data preparation, modification, and processing, and Eviews software, version 11, was used to calculate descriptive and inferential statistics. The research hypotheses were tested using regression analysis and a mixed data approach. The results of the study indicate that the efficiency and sustainability of active investment funds in the Iranian capital market are positively and significantly related to investor attraction and its position.

Suggested Citation

  • Jaber Gahremanzade & Adel Shahvalizadeh & Petra Cajnko, 2025. "Investigating the Performance and Sustainability of Active Investment Funds in the Iranian Capital Market and the Position of Funds in Attracting Investors," New Challenges in Accounting and Finance, EUROKD, vol. 13, pages 52-74.
    • Handle: RePEc:bco:ncafaa::v:13:y:2025:p:52-74
    DOI: 10.32038/NCAF.2025.13.03
    as

    Download full text from publisher

    File URL: https://api.eurokd.com/Uploads/Article/1704/NCAF.2025.13.03.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.32038/NCAF.2025.13.03?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Massimo Guidolin & Monia Magnani, 2024. "Do US Active Mutual Funds Make Good of Their ESG Promises? Evidence from Portfolio Holdings," Risks, MDPI, vol. 12(2), pages 1-26, February.
    2. Emmanuel Adu‐Ameyaw & Albert Danso & Moshfique Uddin & Samuel Acheampong, 2024. "Investment‐cash flow sensitivity: Evidence from investment in identifiable intangible and tangible assets activities," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 1179-1204, April.
    3. Fang, Fei & Parida, Sitikantha, 2022. "Sustainable mutual fund performance and flow in the recent years through the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 84(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dunbar, Kwamie & Treku, Daniel & Sarnie, Robert & Hoover, Jack, 2023. "What does ESG risk premia tell us about mutual fund sustainability levels: A difference-in-differences analysis," Finance Research Letters, Elsevier, vol. 57(C).
    2. Dariya Mykhayliv & Klaus G. Zauner, 2025. "On stakeholder theory and corporate investment under financial frictions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 803-810, January.
    3. Marah Bani Ismail & Bader Ismaeel, 2025. "The cost of equity capital and investment sensitivity to the cash flows: evidence from Jordanian industrial companies," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
    4. Zhang, Ping & Lv, Zi-Xu, 2024. "Is style drift informative? Evidence from mutual funds in China," Finance Research Letters, Elsevier, vol. 67(PA).
    5. Mai T. Said & Mona A. ElBannan, 2025. "Stock market reaction to COVID-19 outbreak: evidence from ESG firms in emerging economies," Journal of Asset Management, Palgrave Macmillan, vol. 26(2), pages 136-158, March.
    6. Fang, Fei & Parida, Sitikantha, 2025. "The cost of misclassification in mutual funds," Finance Research Letters, Elsevier, vol. 78(C).
    7. Fei Fang & Sitikantha Parida, 2025. "Do Active Sustainable Equity Funds Outperform Their Passive Peers? Evidence from the COVID-19 Pandemic," JRFM, MDPI, vol. 18(10), pages 1-16, September.
    8. Fang, Fei & Parida, Sitikantha, 2025. "Mutual fund investor response to climate activism: Evidence from the 2019 Global Climate Strike," Economic Modelling, Elsevier, vol. 151(C).
    9. Supatgiat, Chonawee & Phiromswad, Piyachart & Sahin, Olgun Fuat & Sarajoti, Pattarake, 2025. "Investigating the impact of ESG ratings on ETF performance during market disruptions: Evidence from the COVID-19 pandemic and Russian (full-scale) invasion of Ukraine," Research in International Business and Finance, Elsevier, vol. 77(PA).
    10. Abhisek Mahanta & Naresh Chandra Sahu & Pradeep Kumar Behera, 2026. "Sustainable Indices Outperforming Traditional Indices in India: A Comparative Study Pre and During COVID-19," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 33(1), pages 213-261, March.
    11. Lee, Chi-Chuan & Yu, Chin-Hsien & Zhang, Jian, 2023. "Heterogeneous dependence among cryptocurrency, green bonds, and sustainable equity: New insights from Granger-causality in quantiles analysis," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 99-109.
    12. Konstantinos Petridis & Nikolaos Kiosses & Ioannis Tampakoudis & Fouad Ben Abdelaziz, 2023. "Measuring the efficiency of mutual funds: Does ESG controversies score affect the mutual fund performance during the COVID-19 pandemic?," Operational Research, Springer, vol. 23(3), pages 1-29, September.
    13. Ricci, Ornella & Santilli, Gianluca & Scardozzi, Giulia & Stentella Lopes, Francesco Saverio, 2024. "ESG resilience in conflictual times," Research in International Business and Finance, Elsevier, vol. 71(C).
    14. Martí-Ballester, Carmen-Pilar, 2024. "Financial performance of mutual and pension funds focused on the natural resources sector," Resources Policy, Elsevier, vol. 93(C).
    15. Lagan Jindal, 2025. "Performance and investment styles of green mutual funds: a cross-country analysis," Journal of Asset Management, Palgrave Macmillan, vol. 26(7), pages 725-740, December.
    16. Wang, Hu, 2024. "ESG investment preference and fund vulnerability," International Review of Financial Analysis, Elsevier, vol. 91(C).
    17. Sneideriene, Agne & Legenzova, Renata, 2025. "Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis," Research in International Business and Finance, Elsevier, vol. 74(C).
    18. Fang, Fei & Parida, Sitikantha, 2024. "Climate policy regime change and mutual fund flows: Insights from the 2020 US election," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    19. Papathanasiou, Spyros & Koutsokostas, Drosos, 2024. "Sustainability ratings and fund performance: New evidence from European ESG equity mutual funds," Finance Research Letters, Elsevier, vol. 62(PA).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bco:ncafaa::v:13:y:2025:p:52-74. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sara Gunen (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.