The Influence of Macroeconomic Variables on Net Asset Value Growth Islamic Mutual Funds In Indonesia During The Covid-19 Pandemic
Keywords:
inflation, money supply, , exchange ratesAbstract
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.
References
Ahmed, I, dan D A Siddiqui. “Factors Affecting Islamic and Conventional Mutual Funds’ Returns. A Comparative Analysis of Different Classes of Funds in Pakistan.” Global Disclosure of Economics and Business, 2019. https://i-proclaim.my/journals/index.php/gdeb/article/view/96.
Alaika, R, B Herlambang, C W Untoro, dan ... “Changes In Macroeconomic Factors And Their Implications On Islamic Banking Profitability In Indonesia (A Case Study Of Pt. Bank Muamalat): English.” Tamansiswa …, 2022. https://jurnal.stiekn.ac.id/index.php/tmji/article/view/190.
Ardhani, I A, J Effendi, dan M I Irfany. “The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia.” Jurnal Ekonomi dan Keuangan …, 2020. https://journal.uii.ac.id/JEKI/article/view/15345.
Fakhrunnas, F, M A M Chowdhury, dan ... “The asymmetric impact of macroeconomic variables on Islamic bank home financing in Indonesia.” … & Keuangan Islam. journal.uii.ac.id, 2023. https://journal.uii.ac.id/JEKI/article/download/28299/15506.
Gyimah, A Gyamfi, B Addai, dan ... “Macroeconomic determinants of mutual funds performance in Ghana.” Cogent Economics & …, 2021. https://doi.org/10.1080/23322039.2021.1913876.
Hasanah, S F N, R Hadiantini, dan ... “… of Macroeconomic Factors and Fundamental Factors to Sharia Stock Return on Trade, Services and Investment Sector Companies in Jakarta Islamic Index (JII) Period ….” First International …, 2021. https://www.atlantis-press.com/proceedings/icsteir-20/125954064.
Ikramina, C, dan P S Sukmaningrum. “Macroeconomic Factors on Non-Performing Financing in Indonesian Islamic Bank: Error Correction Model Approach.” … Ekonomi Dan Bisnis Islam …, 2021. https://repository.unair.ac.id/118797/.
Irhamni, S I P Firly, dan MMVS SM. “Macroeconomic Determinants of NAV (Composite Stock Price Index as Variable Z).” ieomsociety.org, n.d. http://ieomsociety.org/proceedings/2021monterrey/558.pdf.
Istan, M, dan M Fahlevi. “The effect of external and internal factors on financial performance of Islamic banking.” Jurnal Ekonomi &Studi Pembangunan, 2020. https://journal.umy.ac.id/index.php/esp/article/view/8047.
Istiqomaha, S N, P S Sukmaningrumb, A Hendratmic, dan ... “Macroeconomic Factors and Bank-Specific on Profitability: The Case of Islamic Rural Bank in Indonesia.” ijicc.net, n.d. https://www.ijicc.net/images/vol_13/Iss_10/131023_Istiqomah_2020_E_R.pdf.
Ledhem, M A, dan M Mekidiche. “Economic growth and financial performance of Islamic banks: a CAMELS approach.” Islamic Economic Studies. emerald.com, 2020. https://doi.org/10.1108/IES-05-2020-0016.
Nofrianto, N, dan A Yutegi. “COVID-19 and Its Impact on Islamic Equity Mutual Funds in Indonesia.” Muqtasid: Jurnal Ekonomi dan …, 2022. https://muqtasid.iainsalatiga.ac.id/index.php/muqtasid/article/view/7301.
Nugraha, H, S Putriani, dan ... “Pengaruh harga komoditas global terhadap industri reksa dana Indonesia.” Journal of …, 2023. https://journal.nurscienceinstitute.id/index.php/jerps/article/view/602.
Purnamasari, K, dan T P Ramayanti. “The effects of macroeconomic and bank specific factors on nonperforming financing in sharia commercial bank in Indonesia.” Global Review of Islamic …, 2020. https://ejournal.uin-suka.ac.id/febi/grieb/article/view/1112.
Ramli, M R, R Masbar, M S A Majid, dan ... “The Analysis Effect of Macroeconomic Variables on Shariah and Conventional Market Share at Indonesia.” PalArch’s Journal of …, 2021. https://archives.palarch.nl/index.php/jae/article/view/5366.
Ridlo, M, dan L D Wardani. “The effects of investment, monetary policy, and ZIS on economic growth in Indonesia.” Indonesian Journal of Islamic …, 2020. https://www.e-journal.iainsalatiga.ac.id/index.php/ijier/article/view/3776.
Ridlo, M, T Yunianto, dan I A Rohmah. “… of Exchange Rate, Jakarta Islamic Index (JII) and Indonesian Sharia Bank Certificate (SBIS) on Islamic Mutual Funds Growth with Inflation as a Moderate Variable.” Al-Amwal: Jurnal Ekonomi dan …, 2021. https://www.syekhnurjati.ac.id/jurnal/index.php/amwal/article/view/7663.
Sanjaya, S. “MACROECONOMIC FACTORS THAT AFFECT DEPOSITOR FUNDS OF SHARIA BANK IN INDONESIA.” e-journal.unair.ac.id, n.d. https://e-journal.unair.ac.id/JDE/article/download/22279/14353.
Sanusi, M, dan S Zulaikha. “The impact of bank-specific and macroeconomic variables on profitability of Islamic rural bank in Indonesia.” Jurnal Ilmiah Ekonomi Islam. core.ac.uk, 2019. https://core.ac.uk/download/pdf/270263034.pdf.
Suciningtias, S A. “Macroeconomic impacts on sukuk performance in indonesia: co-integration and Vector Error Correction Model approach.” Journal of Islamic Finance, 2019. https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/351.
Sukmana, R, M U Al Mustofa, dan ... “Can country risks predict Islamic stock index? Evidence from Indonesia.” Journal of Islamic …, 2021. https://doi.org/10.1108/JIABR-04-2020-0127.
Sumantyo, R, dan D A Savitri. “Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia.” Jurnal Keuangan dan Perbankan. academia.edu, 2019. https://www.academia.edu/download/73541126/pdf.pdf.
Trisnowati, Y, N A Achsani, R Sembel, dan T Andati. “The effect of ESG score, financial performance, and macroeconomics on stock returns during the pandemic era in Indonesia.” International Journal of …. zbw.eu, 2022. http://www.zbw.eu/econis-archiv/bitstream/11159/12279/1/181690466X_0.pdf.
