Results obtained from fixed effect and ordinary least squares are indifferent. However, results based on fixed effect model yield more insightful interpretation. The outcomes from fixed effect model help indicating that three determinants affecting mutual fund growth are types of AMCs, Administrative expense ratio, and size of AMCs. Types of AMCs or dummy variables are used to represent distribution channel and parent reputation. Two dummy variables, D1 and D3, representing AMCs with and without association with Thai commercial banks or Thai-owned AMCs attracts new flow leading to net mutual fund growth whereas foreign-owned AMCs have negative growth or lost their.
