Factori determinanți ai performanței fondurilor închise de investiții
Determinants of the performance of closed-end investment funds

Summary/Abstract: . The paper aims to analyze the determinants of financial performance in the case of closed-end investment funds based on a sample of 40 closed-end investment funds. Financial performance was quantified through rates of return (economic return, financial profitability), annual stock exchange rate growth and overall profitability, which takes into account the annual stock exchange rate growth rate and dividend yield. We also used as dependent variables the price discount compared to the market value of the net asset and the dividend yield. The determining factors of the performance of closed-end investment funds are: general solvency ratio, degree of indebtedness, leverage, fund size, fund age, board characteristics (board size, average age of directors, percentage of female directors in total directors), structure portfolio by investment sectors and indicators of non-diversification of the portfolio (degree of concentration and degree of non-diversification). The overall solvency ratio, the degree of indebtedness, the size of the fund, the age of the fund, the average age of the directors, the percentage of female directors in the total number of directors and the degree of concentration positively influence the performance. The size of the board and the degree of non-diversification have a negative impact on performance. Leverage positively influences the discount.

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