Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia

Riwi Sumantyo, Dessy Anis Savitri

Abstract


Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1), Gross Domestic Product (GDP), and inflation.  The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1), GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia.

JEL Classification: D51, E43, F41, G15

DOI: https://doi.org/10.26905/jkdp.v23i2.2195


Keywords


Gross Domestic Product; Inflation; Money Supply; Net Asset Value; Sharia Mutual Funds

References


Ahmad, W., Roomi, M. S., Ramzan, M., Zia-ur-Rehman, M., & Baig, S.A. (2015). A comparative study on performance of open and close-ended mutual funds in Pakistan, International Journal of Accounting and Financial Reporting, 5(1), 300-314. https://doi.org/10.5296/ijafr.v5i1.7487

Bhatti, G. A., Mubashar, T., & Sial, M. H. (2015). Conditional Performance Evaluation of Equity Mutual Funds of Pakistan. Pakistan Journal of Social Sciences, 35(2), 681-689.

Dawe, M. S., Pokhariyal, G. P., & Mwaura, M. F. (2014).The financial performance persistence of equity and blended mutual funds in Kenya. International Journal of Economics and Finance, 6(8), 153-160. http://dx.doi.org/10.5539/ijef.v6n8p153

Huda, N. (2008). Ekonomi Makro Islam Pendekatan Teoritis. Edisi Pertama. Jakarta: Kencana.

Hussain, N. (2017). Mutual fund performance; funds and country-specific characteristics: A comparative study of Pakistan and India equity funds. Journal of Poverty, Investment, and Development, 37, 18-24.

Monjazeb, M., & Ramazanpour, E. (2013). The effect of economic factors on the efficiency of mutual funds in Iran. Technical Journal of Engineering and Applied Sciences, 3(15), 1707-1711.

Musembi, M. M. (2016). Effect of macroeconomic variables on financial performance of unit trusts in Kenya. Thesis. Kenyatta University.

Othman, A. H. A., Kameel, A., & Aziz, H. A. (2015). Causal relationship between macro-economic indicators and funds unit prices behaviour: Evidence from Malaysian Islamic equity unit trust funds industry. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 9(1), 192-200.

Qamruzzaman, M. (2014). Comparative study on performance evaluation of mutual fund schemes in Bangladesh: An analysis of monthly returns. Journal of Business Studies Quarterly, 5(4), 190-209.

Rachman, A., & Mawardi, I. (2015). Pengaruh inflasi, nilai tukar rupiah, BI rate terhadap net asset value reksadana saham sharia.Jurnal Ekonomi Sharia Teori dan Terapan, 2(12), 986-1001. http://dx.doi.org/10.20473/vol2iss201512pp%25p

Tandelilin, E. (2010). Teori Investasi dan Portofolio. Yogyakarta: Kanisius.


Full Text: PDF

Refbacks

  • There are currently no refbacks.





WhatsApp Image 2019-06-12 at 16.37.31WhatsApp Image 2019-06-12 at 15.50.42

Journal of Finance and Banking

Diploma Program of Banking and Finance
Faculty of Economics and Business University of Merdeka Malang

Mailing Address:

2nd-floor Banking and  Finance Building, Terusan Raya Dieng Street No.57 Malang, 65146, East Java, Indonesia
Phone/WhatsApp: +628123321664; Fax. +62 341 580511
Email: jkpunmermlg@yahoo.com


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.