Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Cheng, Edwin (LMS) | - |
| dc.contributor.advisor | Choy, Petrus (LMS) | - |
| dc.creator | Ho, Linwen | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/9638 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | - |
| dc.rights | All rights reserved | en_US |
| dc.title | An exploratory study of the critical success factors of hedge fund management | en_US |
| dcterms.abstract | This study recognizes the research gap in linking the concept of critical success factors to organizational performance measures in the context of hedge fund management. Hedge funds have grown in extent, scope, and popularity; and they have an important role to play in the contemporary global financial system - primarily related to elimination of mispricing, financial stability, market liquidity, risk management, and efficiency of the financial markets. Thus, this study aims to develop and identify the critical success factors and organizational performance measures pertinent to hedge fund management. Furthermore, this study aims to examine the critical success factors that are positively and closely associated with organizational performance measures pertinent to hedge fund management. Concerning the research methodology, extensive literature review was carried out to develop and identify the initial constructs for the critical success factors and their corresponding measurement indicators of hedge fund management, as well as the key organizational performance measures and their corresponding measurement indicators applicable to this specific business sector from academic and pragmatic perspectives. Nine initial constructs containing 90 measurement indicators of the critical success factors and five initial constructs with 45 measurement indicators of the organizational performance measures pertinent to hedge fund management were first developed and identified for the study. Furthermore, a content validity test was performed to validate these initial constructs and their corresponding measurement indicators, and subsequently, a structured survey-based study was carried out with members of the Alternative Investment Management Association that represents 63% of the market (Assets Under Management) in over 61 countries (the group of respondents in this study dealt with a wide variety of stakeholders), and 110 valid and complete responses were returned from the 450 structured survey questionnaires administered online. | en_US |
| dcterms.abstract | Next, exploratory factor analysis was employed as the number of the critical success factors was not indicated. Varimax rotation was utilized alongside analysis of principal component extraction to compress each of the identified items into increasingly smaller datasets. Based on the outcomes of the exploratory factor analysis, a five-factor model containing the exogenous constructs of the potential critical success factors as the independent variables and four-factor model comprising the endogenous constructs of the organizational performance measures pertinent to hedge find management as the dependent variables were identified. The five re-labeled potential critical success factors, namely Measurement System, Regulatory Compliance, Corporate Infrastructure, Service Quality, and Risk Management; and the four re-labeled organizational performance measures, namely Operating Employee Performance, Financial Performance, Marketing Performance, and Risk Governance Performance were resulted. This study further conducted multiple regression analyses to examine the relationships between the five potential critical success factors and organizational performance measures in order to identify the critical success factors of hedge fund management. The results of the multiple regression analyses indicate that the five potential critical success factors are all statistically associated with the four organizational performance measures at different levels of significance. Regression-based estimation of different models was also carried out and the results indicated that Regulatory Compliance was the only potential critical success factor that is significantly associated with all of the organizational performance measures pertinent to hedge fund management. In addition, a case study of the Honghu Capital Management was conducted to validate the findings from exploratory factor analysis and multiple regression analyses of this study, and another listed company in the United States, the Man Group was also studied for benchmarking purposes. The findings of this study provide insights for academic research and practitioners by identifying and examining the critical success factors and their relationships with organizational performance measures, and also provide hedge fund managers with practical guidelines on how to manage their resources properly so they can outperform their competitors, attain sustainable performance, and cope with an ever-changing and competitive market environment. | en_US |
| dcterms.extent | xiv, 254 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2018 | en_US |
| dcterms.educationalLevel | D.B.A. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.LCSH | Hedge funds | en_US |
| dcterms.LCSH | Investment analysis | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 991022163353503411.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 3 MB | Adobe PDF | View/Open |
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