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All Journal Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Jurnal Bisnis Darmajaya Reinforce: Journal of Sharia Management
Yudhistira Ardana
IAIN Metro
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Mengukur Determinasi Faktor-Faktor yang Memengaruhi Nilai Aktiva Bersih (NAB) Saham Syariah di Indonesia Yudhistira Ardana; Salma Khoirunnisa; Kurnia Fadilah
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 8 No 3 (2023)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v8i3.18802

Abstract

Sharia mutual funds in Indonesia continue to experience significant development. The number of mutual fund products is always increasing every year. There are several factors that influence the development of Islamic mutual funds in Indonesia. In addition to economic conditions, investment managers who manage sharia mutual funds are very important. This is because the investment manager plays an important role in circulating the funds managed by customers. This study aims to measure the factors that affect the Net Asset Value (NAV) of Islamic equity mutual funds in Indonesia by using a panel data model. The variables used are inflation (X1), interest rates (X2), exchange rates (X3), Jakarta Islamic Index (X4), mutual fund volume (X5), and age of mutual funds (X6) and Net Asset Value (NAV) of Islamic stock mutual funds. (Y). The best model used in this research is the random-effect panel data model. The estimation results show that simultaneously, all the variables used in this study have a significant effect on the Net Asset Value (NAV) of Islamic equity mutual funds in Indonesia with a percentage of 92.35%. Partially, inflation and exchange rate variables have a significant negative effect. Meanwhile, interest rates, the Jakarta Islamic Index, mutual fund volume, and the age of mutual funds have a significant positive effect on the NAV of Islamic stock mutual funds.
Mengukur Determinasi Variabel Makroekonomi dan Indeks Saham Syariah Indonesia: Analisis Error Correction Model Yudhistira Ardana; Dian Sugiarti
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 2 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i2.22243

Abstract

In the Indonesian economy, the capital market is very important because it functions as an intermediary between parties who need funds and parties who have excess funds. This institution exists not only as a source of funding but also as a means. This research aims to analyze the influence of macroeconomic variables proxied by inflation, money supply, world gold prices, and world oil prices on the Indonesian Sharia Stock Index using the Error Correction Model. The research results show that both short-term and long-term macroeconomic variables simultaneously influence the Indonesian Sharia Stock Index. Meanwhile, partially, in the short term and long term, the money supply variable has a significant negative effect. The world gold price variable, both short-term and long-term, has a positive and insignificant effect. The world oil price variable, both short- and long-term, has a significant positive effect. The short-term inflation variable has an insignificant negative effect, and the long-term variable has a significant positive effect.
Co-Authors Akhmad Faiz Dian Sugiarti Dudi Septiadi Kurnia Fadilah Northa Idaman Salma Khoirunnisa Wulandari Wulandari