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Determinants of Mutual Fund Flows in the Indian Stock Market: Insights Through the Nonlinear Autoregressive Distributed Lag Bounds-testing Approach with Structural Breaks

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  • Madhu Kumari
  • Prallad Debnath

Abstract

The study investigates the determinants of mutual fund (MF) flows with special reference to the Indian stock market using monthly data over the period of January 2012 to December 2020. The analysis has been conducted using the linear and nonlinear autoregressive distributed lag bounds testing approach. The impact of structural breaks on the model has been incorporated by using dummies. The results reveal that the negative and positive changes in stock returns and volatility have asymmetric impact on fund flows by MFs. Macroeconomic variables have a significant impact on the investment decisions made by MFs. The trading patterns of MFs and foreign institutional investors (FIIs) are opposite to each other, that is, purchases by FIIs lead to sales by MFs and vice- versa. The trading pattern of FIIs significantly impacts the direction of MF flows.

Suggested Citation

  • Madhu Kumari & Prallad Debnath, 2026. "Determinants of Mutual Fund Flows in the Indian Stock Market: Insights Through the Nonlinear Autoregressive Distributed Lag Bounds-testing Approach with Structural Breaks," Vision, , vol. 30(3), pages 306-318, June.
    • Handle: RePEc:sae:vision:v:30:y:2026:i:3:p:306-318
    DOI: 10.1177/09722629221096805
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