The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia

Ardhani, Intan Aulia; Effendi, Jaenal; Irfany, Mohammad Iqbal

doi:10.20885/jeki.vol6.iss2.art5

Cited by 8 publications

(14 citation statements)

References 40 publications

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“…The secondary data used in this study are sourced from the Central Statistics Agency (BPS), the Financial Services Authority (OJK) of Indonesian and the International Monetary Fund (IMF). This study employs the VECM as its method as it is the most widely used method to analyse the short-term and long-term relationships between multi-variables data such as macroeconomic data and its associated fluctuations (Asad & Siddiqui, 2019;Intan et al, 2020). Furthermore, based on previous research, including Kassim (2016), Gani and Bahari (2020), Anwar et al (2020) and Santoso and Nurzaman (2020), several variables can be used in this type of study to explain the relationship between Islamic finance and Indonesia's economy.…”

Section: Methodsmentioning

confidence: 99%

Islamic Finance and Indonesia's Economy: An Empirical Analysis

2022

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Purpose – Islamic finance is becoming increasingly important both globally and in Indonesia. However, studies on the relationship between Islamic finance and Indonesia’s economy are scant. Therefore, this study aims to analyse the short-term and long-term relationship between Islamic finance and Indonesia’s economy. Methodology – This study uses monthly data for the period 2011–2020 which are estimated using the Vector Error Correction Model (VECM). The dependent variable is Indonesia’s Growth Domestic Product (GDP), while the independent variables are macroeconomic variables (gross fixed capital formation, trade openness and inflation), Islamic finance (Islamic banking, capital market and Sukuk) and a Covid-19 dummy variable.Findings – The study found a one-way causal relationship between Islamic finance and Indonesia’s economy. In the short term, Sukuk (Islamic bonds) has a significant effect on Indonesia’s GDP. While in the long term, Islamic banks and Islamic mutual funds are found to impact Indonesia’s GDP significantly. These results imply a positive relationship between Islamic finance and Indonesia’s GDP in both the short and long term. It is also notable that rates of investment, inflation and the occurrence of the Covid-19 pandemic have a significant impact on GDP.Originality – Most studies linking Islamic finance and economic size only use Islamic banking to proxy Islamic finance. However, while Islamic banking institutions dominate the Islamic finance landscape, non-bank Islamic financial institutions such as the capital market are becoming increasingly important in many countries, including Indonesia. This study fills the gap by incorporating Islamic capital market variables such as Islamic mutual funds and Sukuk to explain the relationship between Islamic finance and economic size in the world’s largest Muslim country.Research limitations – Due to data limitations, this study uses only Islamic mutual funds and Sukuk to represent non-bank financial institutions, which as a sector includes various other sub-sectors.Practical implications – Policymakers, industry and academics could use the research findings to accelerate the development of Islamic finance in Indonesia and strengthen its role in supporting and aiding the recovery of the Indonesian economy.

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Section: Methodsmentioning

confidence: 99%

Islamic Finance and Indonesia's Economy: An Empirical Analysis

2022

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“…Reksa dana menjadi dalah satu pintasan (alternative) investasi untuk masyarakat pemodal kecil khususnya yang kurang mampu memiliki waktu cukup dan kemampuan khusus dalam menganalisis dan menghitung risiko investasi (Ardhani et al, 2020). Reksa dana menjadi solusi untuk masyarakat menghimpun dananya, selain itu diharapkan para pemodal kecil yang memiliki keterbatasan waktu, namun berkeinginan besar untuk berinvestasi dapat beralih ke instrumen reksa dana dan meningkatkan investasi di pasar modal.…”

Section: Pendahuluanunclassified

“…Hal ini sejalan dengan hasil penelitian sebelumnya yang menyatakan bahwa tingkat inflasi, JUB dan PDB berpengaruh positif signifikan terhadap NAB reksa dana. Sebaliknya Ardhani et al (2020) membuktikan nilai tukar rupiah tidak berpengaruh tidak signifikan terhadap NAB reksa dana saham, meskipun hasil penelitian lain menyatakan variabel nilai tukar dan PDB secara signifikan dan positif berpengaruhi pada pertumbuhan reksa dana (Ita, 2020).…”

Section: Pendahuluanunclassified

“…Hasil studi lainnya menyatakan bahwa perkembangan reksa dana dipengaruhi secara negatif oleh suku bunga (Febriyani et al, 2021). Ketika suku bunga SBI meningkat akan menyebabkan investor dari pasar modal cenderung beralih melakukan investasi ke instrumen reksa dana saham pasar uang atau investasi di perbankan, karena para investor masih mempercayakan dananya pada manajer investasinya dengan return maksimal dan risk rendah (Ardhani et al, 2020). Berbeda dengan PDB dan jumlah uang beredar yang memiliki pengaruh signifikan dan positif pada perkembangan reksa dana, keputusan investor untuk menginvestasikan dananya ke instrumen reksa dana juga dipengaruhi oleh jumlah uang beredar.…”

Section: Pendahuluanunclassified

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Pengaruh Variabel Makro Ekonomi Terhadap Perkembangan Reksa Dana Saham Di Indonesia Tahun 2013-2020

Fajarwati

Abbas

2022

akurasi

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Penelitian ini menguji pengaruh suku bunga SBI, total nilai domestic (PDB), nilai tukar, inflasi dan JUB terhadap reksadana saham selama bulan Januari 2013 sampai Desember 2020. Penelitian ini menggunakan pendekatan kuantitatif dan metode purposive sampling. Jumlah total semua reksa dana adalah 2.422 dan terdaftar di Otoritas Jasa Keuangan (OJK) , diperoleh dari data bulanan selama delapan tahun terakhir (2013-2020) ditunjukkan dari nilai aktiva bersih sebagai sampel. Metode analisis data menggunakan analisis regresi linear berganda dengan Eviews 10. Hasil penelitian yang dilakukan menunjukkan tingkat suku bunga SBI, PDB dan jumlah uang beredar yang berpengaruh positif dan signifikan terhadap reksa dana saham di Indonesia, namun secara parsial (uji t) nilai tukar dan inflasi secara signifikan berpengaruh dan negative terhadap reksa dana saham Indonesia. Semua variabel yang digunakan secara bersamaan memiliki pengaruh signifikan sebesar 64,7% terhadap perkembangan reksa dana saham.

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“…Analysis of Variance Decomposition (VD) is the last analysis in the VECM test phase which aims to analyze how an endogenous variable would change due to the influence of other variables indicated by changes in the error variance of these variables (Ardhani et al, 2020). In this study, the author only explains the results of the VD variable of foreign exchange reserves as shown in Table 11 below.…”

Section: Forecast Error Variance Decomposition (Fevd)mentioning

confidence: 99%

The Impact of Macroeconomic Indicators on Indonesia’s Foreign Exchange Reserve Position

Rahmawati

Suriani²

2022

JEP

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A country’s foreign exchange reserves are its foreign currency savings that can be utilized to finance international transactions. The purpose of this study is to determine how macroeconomic indicators (exports, imports, exchange rates, inflation rates, and foreign debt) influence Indonesia’s foreign currency reserves. The researchers used secondary data in the form of monthly time series, as well as quantitative analysis using multiple linear regression. The model that was used was the Vector Error Correction Model (VECM). According to the research, future exports and external debt have a positive impact on Indonesia’s foreign exchange reserves. Indonesia’s foreign exchange reserves are negatively impacted by imports and predicted inflation rates, whereas the rupiah exchange rate has no effect. In the model, there is a short-run to long-run equilibrium relationship. The IRF results show that shocks from other independent variables have little effect on foreign exchange reserves and that the foreign exchange reserves variable contributes the most to the shocks that occur

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The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia

Cited by 8 publications

References 40 publications

Islamic Finance and Indonesia's Economy: An Empirical Analysis

Islamic Finance and Indonesia's Economy: An Empirical Analysis

Pengaruh Variabel Makro Ekonomi Terhadap Perkembangan Reksa Dana Saham Di Indonesia Tahun 2013-2020

The Impact of Macroeconomic Indicators on Indonesia’s Foreign Exchange Reserve Position

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