The Influence of Macroeconomic Variables on Net Asset Value Growth Islamic Mutual Funds In Indonesia During The Covid-19 Pandemic

Authors

  • Ivana Pangestuti State Islamic University of Sayyid Ali Rahmatullah Tulungagung
  • M. Aswad State Islamic University of Sayyid Ali Rahmatullah Tulungagung
  • Binti Nur Asiyah State Islamic University of Sayyid Ali Rahmatullah Tulungagung
  • Khusnul Mufidati State Islamic University of Sayyid Ali Rahmatullah Tulungagung

Keywords:

inflation, money supply, , exchange rates

Abstract

This study was conducted in response to the economic turmoil that hit Indonesia during the Covid-19 pandemic. During the period from March 2020 to December 2022, the Islamic capital market in Indonesia showed an impressive increase in performance, despite the overall macroeconomic conditions being disrupted by the economic crisis. This prompted research to investigate the relationship between macroeconomic variables and the performance of Islamic mutual funds during the pandemic. This study aims to analyze the relationship between the Net Asset Value (NAV) of Islamic Mutual Funds in Indonesia and macroeconomic variables, including inflation, money supply, rupiah exchange rate, central bank interest rate, and Islamic stock index during the Covid-19 pandemic. The method used is a quantitative approach with multiple linear regression models. This type of research is associative research, and the sample was selected using saturated sampling technique. The data used is secondary data collected through online observation. The results showed that simultaneously, inflation, money supply, rupiah exchange rate, central bank interest rate, and Islamic stock index significantly affect the NAV of Islamic Mutual Funds. However, partially, inflation, exchange rate, central bank interest rate, and Islamic stock index have no significant influence on the NAV of Islamic Mutual Funds, while the money supply has a negative influence on the NAV of Islamic Mutual Funds. This study provides valuable insights into how macroeconomic factors contribute to investment performance in Islamic mutual funds during times of economic crisis caused by the Covid-19 pandemic.

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Published

2024-01-08