Dampak Variabel Makroekonomi Terhadap Nilai Aktiva Bersih (NAB) Reksadana Syariah Menggunakan Metode Regresi Data Panel
(Studi Pada Perusahaan Reksadana Syariah Go Public Tahun 2013-2020)
Abstract
This study aims to examine the relationship between macroeconomic variables, namely inflation, rupiah exchange rate, gross domestic product, money supply, and interest rates on the Net Asset Value (NAV) of Islamic Mutual Funds. The sampling method used purposive sampling with 9 mutual fund companies from 2013 to 2020. This study used a panel data regression method with a random effect model. The results showed that inflation and interest rates did not show any effect on the NAV of Islamic Mutual Funds. There is no effect on inflation because the inflation rate in Indonesia is still at a low level. The interest rate has no effect because the character of mutual funds is a long-term investment instrument. The money supply and the exchange rate have a significant positive effect on the NAV of Sharia Mutual Funds. This is due to the increase in the money supply and the rupiah exchange rate from year to year. Meanwhile, gross domestic product has a significant negative effect on the NAV of Sharia Mutual Funds. This is because the NAV of mutual fund companies from year to year depreciates, while gross domestic product from year to year appreciates.
References
Ansari, Wasfa., Dr Sohaib Uz Zaman. (2021). Macroeconomic Factors Influencing The Growth of Mutual Fund Industry in Pakistan: A Regression Analysis of Ten Years. International Review of Management and Business Research, Vol. 10 Issue 3 September 2021.
Ardhana, Yudhistira, Etty Puji Lestari & Suhartono. (2020). Mengukur Tingkat Determinasi Variabel Makroekonomi Terhadap Kinerja Reksadana Syariah Menggunakan ECM. Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah, Vol. 5 No. 2, 127-140.
Ardhani, Intan Aulia., Jaenal Effendi., & Mohammad Iqbal Irfany. (2020). The Effect of macroeconomics variables to net asset value (NAV) growth of sharia mutual funds in Indonesia. Jurnal Ekonomi & Keuangan islam, 6 (2), 134-148.
Ariyanti, Ovi. (2020). The Effect of SBSN, ISSI, Inflation and BI 7 DAY REPO Rate Toward Net Asset Value of Islamic Mutual Funds in 2016-2019. Journal of Islamic Business and Economic Review, 3 (1), 23-30.
Chu, Patrick Kuck-Kun. (2011). Relationship between macroeconomic variables and net asset values (NAV) of equity funds: Cointegration evidence and vector error correction model of the hong kong mandatory provident funds (MPFs). Journal of international financial markets, institutions & money. Elsevier, 21, 792-810.
Dalimunthe, Ibram Pinondong., & Ajeng Desni Lestari. (2019). Effect of Inflation and Price Index on Equity Assets. Economic and Accounting Journal, 2 (1), 42-51.
Evinovita., Anwar Rahim., & Handono Ishardyatmo. (2015). Pengaruh tingkat suku bungan dan inflasi terhadap peningkatakn nilai aktiva bersih reksadana saham. Jurnal Manajemen, 6 (2), 101-108.
Garg, Mandakini.. Dr. Shobhit., & Dr. Shishir Srivastava. (2020). Appraising relationship of selected macro-economic variables on mutual funds.International journal of scientific & technology research, 9 (2), 4676-4682.
Ghauri, Shahid Mohammad Khan., Abdul Rashid., & Omar Masood. (2015). Relationship between Macroeconomic variables and Net Asset Value (NAV) of islamic equity funds: Evidence from Pakistan. Journal of islamic financial studies, 1 (1), 23-27.
Ibrahim, Mohamad Andri., Popon Srisusilawati & Nanik Eprianti. (2018). Impact of Macroeconomy and Jakarta Islamic Index on Net Assets Value of Islamic Mixed Mutual Funds. Advance in Economic, Business and Management Research, Vol. 168.
Jwaad, Sonali Agarwali., & Akhtar Khan. (2019). Investigation of Dynamics of Macroeconomy and Commodity Mutual Funds: empirical Evidence from India. Scientific Research Publishing, Theoretical Economics Letters, 9, 872-894.
Li, C., He, C., & Lin, C. (2018). Economic Impacts of the Possible China-US Trade War. Emerging Markets Finance and Trade, 54 (7), 1557-1577.
Nafisah, Hilyatun., & Supriyono. (2020). Analysis of the effect of macroeconomics on net assets value (NAV) of sharia mutual funds in Indonesia. International journal of Islamic business and economics, 4 (1), 11-20.
Othman, Anwar Hasan Abdullah., Hasanuddeen Abdul Aziz., & Salina Kassim. (2018). Identification of macroeconomic determinants for diversification and investment strategy for Islamic unit trust funds in Malaysia. Emerald insight, International Journal of Emerging Markets, 1-23.
Rahmawati, Setya Ayu & Dudung Ma’ruf Nurs. (2018). Pengaruh Faktor-faktor Perekonomian Makro Terhadap Kinerja Reksadana Pendapatan Tetap. Jurnal Nominal, Vol. 7 No. 2.
Sumantyo, Riwi., & Dessy Anis Savitri. (2019). Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia. Jurnal keuangan dan perbankan, 23 (2), 300-307.
Panigrahi, Ashok., Pradhum Karwa., & Punkin Joshi. (2020). Impact of Marcoeconomic variables on the Performance of mutual funds: A Selective Study. Journal of Economic Policy & Research, 15 (1), 29-43.
This work is licensed under a Creative Commons Attribution 4.0 International License.
