Determinants of Net Asset Value of Sharia Equity Mutual Funds in Indonesia (2020–2024)

Sulis Hidayatul Iska, Pipit Rismayani Ulfa

Abstract


Abstract: This study aims to analyze the influence of the Indonesia Sharia Stock Index (ISSI), the Composite Stock Price Index (IHSG), and inflation on the Net Asset Value (NAV) performance of Sharia Equity Mutual Funds in Indonesia during the 2020–2024 period. The research employs a quantitative approach using secondary data obtained from the Financial Services Authority (OJK), Indonesia Stock Exchange (IDX), and Statistics Indonesia (BPS). The data were analyzed using multiple linear regression with classical assumption testing and hypothesis testing. The results show that ISSI has a positive effect on NAV, IHSG has a negative but insignificant effect, and inflation also has a negative effect. Although the partial effects were not statistically significant, the simultaneous F-test reveals that all three variables collectively have a significant effect on the NAV. With an R-squared value of 0.999, the model demonstrates a very strong ability to explain NAV variations. These findings indicate that market index movements and inflation remain critical considerations in managing sharia-compliant investment portfolios, especially during periods of economic uncertainty.

 

 


Keywords


Sharia Mutual Funds, NAV, ISSI, IHSG, Inflation, Regression.

Full Text:

PDF

References


Anggraeni, D., & Fadillah, R. (2020). Pengaruh IHSG dan Inflasi terhadap Reksa Dana di BEI. Jurnal Ekonomi dan Bisnis, 5(2), 67–74.

Anggraini, R., & Kurniawan, R. (2021). Pengaruh Indeks Saham Syariah Indonesia terhadap Nilai Aktiva Bersih Reksa Dana Syariah. Jurnal Ekonomi Syariah, 9(2), 134-144.

Anggraeni, R., & Pramesti, D. (2022). The Effect of Macroeconomic Variables on Mutual Fund Performance. Jurnal Keuangan dan Perbankan, 26(1), 95–103.

Fitriani, L., & Prasetyo, W. (2022). Inflasi dan Dampaknya terhadap Investasi Reksa Dana. Jurnal Manajemen Keuangan, 10(1), 33–40.

Hidayat, W., & Firmansyah, I. (2022). Analisis Pengaruh IHSG terhadap NAB Reksa Dana Syariah. Jurnal Keuangan dan Perbankan Syariah, 10(1), 75-89.

Nurhaliza, D., & Ramadhan, A. (2020). Pengaruh Inflasi terhadap Kinerja Reksa Dana Syariah di Indonesia. Jurnal Ilmu Ekonomi Islam, 8(3), 201-210.

Putri, A. D., & Wahyuni, N. (2021). Pengaruh Faktor Makroekonomi terhadap NAB Reksa Dana Syariah di Indonesia. Jurnal Ekonomi Islam, 6(3), 145–156.

Putri, D. A., & Santoso, B. (2021). Analisis pengaruh IHSG dan inflasi terhadap NAB Reksa Dana. Jurnal Ilmu Ekonomi dan Bisnis Islam, 9(2), 220–230.

Putri, M. A., & Setyawan, H. (2021). Analisis Faktor-Faktor Makroekonomi terhadap Reksa Dana Syariah. Jurnal Ekonomi dan Keuangan Islam, 7(4), 293-302.

Rahman, A., & Maulana, M. (2020). Dampak ISSI dan IHSG terhadap Reksa Dana Syariah. Jurnal Riset Keuangan dan Ekonomi Islam, 6(1), 112-123.

Rohmah, F. N., & Nofrisel, S. (2020). Pengaruh Risiko dan Kinerja Manajer Investasi terhadap Kepercayaan Investor Reksa Dana Syariah. Jurnal Keuangan dan Perbankan Syariah, 8(3), 110–120.

Sari, F. N., & Wahyuni, S. (2020). Determinants of Islamic Mutual Funds’ Performance in Indonesia. International Journal of Islamic Economics, 5(3), 205–218.

Sari, L. P., & Hakim, A. (2021). Pengaruh Variabel Makroekonomi terhadap Investasi Reksa Dana. Jurnal Investasi Syariah, 5(2), 145-156.

Sari, M. K., & Rahmawati, D. (2022). ISSI dan Pengaruhnya terhadap Kinerja Reksa Dana Saham Syariah. Jurnal Pasar Modal Syariah, 4(1), 13–21.

Susanti, A., & Hidayah, N. (2021). Peran Pasar Modal dalam Perekonomian Indonesia. Jurnal Ilmu Ekonomi, 9(1), 45–52.

Syafitri, E., & Nugroho, D. (2020). Analisis Pengaruh IHSG terhadap NAB Reksa Dana Syariah. Jurnal Akuntansi dan Keuangan Islam, 4(3), 89-98.

Syahputra, H., Maulida, R., & Dewi, K. (2021). Analisis Perkembangan Reksa Dana Syariah di Indonesia. Jurnal Ekonomi Syariah Indonesia, 11(2), 99–108.

Taufiq, M., Soemitra, A., & Harahap, M. I. (2023). Pengaruh ISSI, IHSG dan Inflasi Terhadap NAB Reksa Dana Syariah. JUREKSI: Jurnal Riset Ekonomi Syariah Indonesia, 1(4), 335–347.

Utami, S. R., & Widodo, T. (2023). Pengaruh ISSI terhadap NAB Reksa Dana Syariah di Indonesia. Jurnal Manajemen dan Keuangan, 11(2), 215-226.

Wahyuni, H., & Kusuma, D. (2022). Peran Inflasi dan IHSG terhadap Perkembangan Reksa Dana Syariah. Jurnal Ekonomi Syariah Indonesia, 9(1), 55-66.

Wicaksono, A., & Nurkholis, M. (2019). Determinasi NAB Reksa Dana Syariah di Indonesia. Jurnal Investasi dan Keuangan, 7(4), 211–219.

Wijaya, H., & Rahmawati, E. (2023). Relationship Between Capital Market Indicators and Mutual Fund NAV. Asian Journal of Islamic Finance, 11(1), 77–89.


Refbacks

  • There are currently no refbacks.