Published date: May 03 2024

Journal Title: KnE Social Sciences

Issue title: 8th Sriwijaya Economics, Accounting, and Business Conference (8th SEABC 2023)

Pages: 33–42

DOI: 10.18502/kss.v9i14.16091

Liza Hertias NingrumSriwijaya University

Taufiq MarwaSriwijaya University

Imam AsngariSriwijaya University

Sri Andaiyanisriandaiyani@fe.unsri.ac.idSriwijaya University

The growing development in the financial industry and the current high inflation rate are a great worry for investment prospects, especially mutual funds. Conventional mutual funds in Indonesia have experienced significant growth in the capital market. In the last 10 years, the number of domestic mutual funds has continued to increase. One measure of investment performance in mutual funds is proxied by the Net Asset Value (NAV) of mutual funds. Therefore, the objective of this study is to evaluate the influence of macroeconomics variables on the NAV of conventional mutual funds in Indonesia. In this study, using commercial bank data in Indonesia, we estimate an empirical model of the effect of inflation and exchange rates on the NAV of conventional mutual funds in Indonesia during the period 2012–2022. We employ a time series model using the Ordinary Least Square (OLS). The main findings show that while inflation has no effect on the NAV of conventional mutual funds, the exchange rate has a significant effect on it because there are many instruments in conventional mutual funds that have invested abroad due to changes in exchange rates that appear with dominant results that do not affect the growth of the NAV of conventional mutual funds.

Keywords: macroeconomics, net active value (NAV), mutual funds

[1] R R, D D, Shabri H, et al. Pengaruh Inflasi, BI Rate, Nilai Tukar, dan Jumlah Reksadana Terhadap Nilai Aktiva Bersih (NAB) Reksadana Syariah dan Konvensional di Indonesia. Al-Mashrafiyah: Jurnal Ekonomi, Keuangan, dan Perbankan Syariah. 2021;5:15–27.

[2] Suriyani NK, Sudiarta G. The effect of interest rates. inflation and exchange rates on stock returns on the Indonesian Stock Exchange; 2018.

[3] Alim FA, Mai MU, Setiawan S. Analisis Pengaruh Faktor Internal dan Faktor Ekternal terhadap Kinerja Reksa Dana Syariah Saham. Journal of Applied Islamic Economics and Finance. 2021;1:435–445.

[4] Fatimah. Pengaruh Jumlah Uang Beredar, Inflasi, Suku Bunga Bi, Kurs, Pajak, Dan Outstanding Sukuk Terhadap Perkembangan Sukuk Negara Dan Sukuk Korporasi Di Indonesia Tahun 2015-2019. 2021.

[5] Ilyas M, Shofawati A. Pengaruh Inflasi, Nilai Tukar Rupiah, BI Rate Terhadap Nilai Aktiva Bersih Reksa Dana Tetproteksi Syariah Periode 2014-2018. Ekonomi Syariah Teori dan Terapan. 2019; 6: 1830–1839.

[6] Cianjur US. Masuk: September 2022 Penerimaan: September 2022 Publikasi: September 2022.

[7] Khairina Shofia G, Andri Ibrahim M. Prosiding Hukum Ekonomi Syariah Analisis Pengaruh Jakarta Islamic Index ( JII), Nilai Tukar Rupiah (KURS) dan Inflasi Terhadap Nilai Aktiva Bersih (NAB) Reksadana Syariah Campuran (Periode 2014-2016). Prosiding Hukum Ekonomi Syariah; 4, http://www.bareksa.com/id/data/reksadana/marketshare. (2018).

[8] Bank Indonesia. Statistik Inflasi, BI rate, Nilai Tukar Rupiah, dan Jumlah Uang Beredar, www.bi.go.id (2022, accessed 5 January 2024).

[9] Sukirno S. Makro Ekonomi Teori Pengantar. Edisi Ketiga. Jakarta: PT Raja Grafindo Persada; 2006.

[10] Syahrizal A. Perbandingan Return dan Resiko Reksadana Syari’ah dengan Reksadana Konvensional Serta Pengaruhnya Terhadap Dana Kelolaan. 30 | ILTIZAM. Journal of Shariah Economic Research. 2019;3(2).

[11] Muflihin, M. Dliyaul. “Jurnal Ekonomi Syariah.” Jurnal Ekonomi Syariah. 2019;4(1):67– 76.

[12] Priyandini, Syntia, Wirman. Pengaruh Nilai Tukar (Kurs) Dan Inflasi Terhadap Nilai Aktiva Bersih Reksa Dana Syariah Di Indonesia Tahun 2015-2019. JIMEA: Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi); 5.

[13] Hartati YE, Kismawadi ER, Hamid A, et al. Pengaruh Nilai Tukar dan Inflasi pada Reksadana Syariah di Indonesia. BISNIS : Jurnal Bisnis dan Manajemen Islam. 2021;9:165. https://doi.org/10.21043/bisnis.v9i1.9791.

[14] Nurrahmawati H, Mauluddi HA, Akuntansi J, et al. Analisis Pengaruh Variabel Makro Ekonomi terhadap Nilai Aktiva Bersih Reksadana Saham Syariah Periode Endang Hatma Juniwati. Journal of Applied Islamic Economics and Finance. 2021;1:332– 348.

[15] OJK. Statistik Reksa Dana Syariah – Oktober 2019, https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/reksadanasyariah/Pages/- Statistik-Reksa-Dana-Syariah—Oktober-2019.aspx (2019, accessed 5 January 2024).

[16] Badan Pusat Statistik. Uang Beredar (Milyar Rupiah), www.bps.go.id/indicator/13/123/1/uang-beredar.html (2022, accessed 9 April 2023).

[17] OJK. Statistik Reksa dana Syariah – Desember 2021. Jakarta, https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/reksadanasyariah/ Pages/Statistik-Reksa-Dana-Syariah—Desember-2021.aspx (December 2021, accessed 22 January 2022).

[18] Adrian M, Rachmawati L, Nilai Aktiva Bersih Reksadana Syariah Jurnal Ekonomi Islam T. Pengaruh Inflasi Dan Nilai Tukar Rupiah Terhadap Nilai Aktiva Bersih Reksadana Syariah, http://jurnalmahasiswa.unesa.ac.id/index.php/jei/ (2019)