چکیده:
By the end of 2018, the net asset value in total and the number of Sharia mutual funds in Indonesia is dominated by the Sharia equity fund. Therefore, this study sought to address the factors of internal and external factors affecting the Sharia equity funds’ performance in Indonesia in the period 2010-2018. The fund performance is measured with the Sharpe ratio. The determinants of fund performance are investment manager’s Stock selection skill, Market timing ability, and Percentage change in asset under management as internal factors. In addition, the selected external factors are Inflation rate and Percentage change in exchange rate. This study adopted panel data analysis using secondary data of 8 selected samples of Sharia equity funds. The results revealed that investment manager’s Stock selection skill, Percentage change in asset under management, and Inflation rate positively and significantly affect performance of Sharia equity funds. On the other hand, investment manager’s Market timing ability insignificantly affects Sharia equity fund performance. While, Percentage change in exchange rate negatively and significantly affects Sharia Equity Funds Performance.
By the end of 2018, the net asset value in total and the number of Sharia mutual funds in Indonesia is dominated by the Sharia equity fund. Therefore, this study sought to address the factors of internal and external factors affecting the Sharia equity funds’ performance in Indonesia in the period 2010-2018. The fund performance is measured with the Sharpe ratio. The determinants of fund performance are investment manager’s Stock selection skill, Market timing ability, and Percentage change in asset under management as internal factors. In addition, the selected external factors are Inflation rate and Percentage change in exchange rate. This study adopted panel data analysis using secondary data of 8 selected samples of Sharia equity funds. The results revealed that investment manager’s Stock selection skill, Percentage change in asset under management, and Inflation rate positively and significantly affect performance of Sharia equity funds. On the other hand, investment manager’s Market timing ability insignificantly affects Sharia equity fund performance. While, Percentage change in exchange rate negatively and significantly affects Sharia Equity Funds Performance.
خلاصه ماشینی:
The results revealed that investment manager’s Stock selection skill, Percentage change in asset under management, and Inflation rate positively and significantly affect performance of Sharia equity funds.
By the end of 2018, the net asset value in total and the number of Sharia mutual Keywords Sharpe ratio, Stock selection skill, Market timing ability, Inflation rate, Exchange .
(View the image of this page) Source: (Otoritas Jasa Keuangan, 2017) Several strategies being mentioned are strengthening regulation, increasing supply and demand, developing human resources and information technology, promotion and education, and synergy with related parties in order to develop the Sharia capital market industry in general, including Sharia mutual fund industry (Direktorat Pasar Modal Syariah, 2015).
They found only Stock selection skill and Inflation rate have significant positive effects towards the equity fund performance, while Market timing ability and Asset under management do not have a significant influence.
A different result occurs in another study by Muriazi (2016) that explained both of the Stock Selection Skill and Market Timing Ability have a significant positive influence towards Equity Fund Performance.
H06: β1=β2=β3=β4=β5=0; There is no simultaneous significant effect of stock selection skill, market timing ability, percentage change in AUM, inflation rate, and percentage change in exchange rate on Sharia Equity Fund performance in Indonesia during 2010 to 2018.
All of the independent variables in this study which are stock selection skill, market timing ability, percentage change in AUM, inflation rate, and percentage change in exchange rate have simultaneous significant effects on the Sharia equity funds performance in Indonesia, represented by the Sharpe ratio during 2010-2018.