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All Journal International Journal of Science and Society (IJSOC) Journal of Economics Research and Policy Studies
Makarim, Zaki Anwar
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Economics, Econometrics & Finance Materials Science & Nanotechnology Social Sciences

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Do Macroeconomic Factors and Mining Commodity Prices Affect the Mutual Fund Industry? Comparative Evidence of 3 Economic Periods Lukita, Austin Ratna; Makarim, Zaki Anwar; Amalia, Adinda Maulida; Nugraha, Handy
International Journal of Science and Society Vol 7 No 3 (2025): International Journal of Science and Society (IJSOC)
Publisher : GoAcademica Research & Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/ijsoc.v7i3.1498

Abstract

This study aims to look at the effect of mining commodity prices and macroeconomic variables on the mutual fund industry in Indonesia with a comparison of 3 different economic periods. Background: Indonesia is known as one of the countries with the largest mining reserves in the world. This potential makes Indonesia one of the countries that is a strategic place to invest. However, in recent years there has been global economic turmoil that has a direct impact on investment, such as the US-China trade war, the COVID-19 pandemic, and the Russia-Ukraine war. Based on these events, the question arises whether mining price fluctuations and macroeconomic variables can affect mutual fund investment in Indonesia. Novelty: To the best of the researchers' knowledge, there has been no research linking nickel and copper commodity price variables to the mutual fund industry as well as research using a comparison of 3 economic periods. Research Methods: This research uses time series data analysis with the observation period 2013-2023 and the VECM (Vector Error Correction Model) method with three times of data analysis. This research is based on the utilization of secondary data types obtained from legitimate official Indonesian government institutions (Bank Indonesia, Financial Services Authority, and Central Statistics Agency) and investing.id website. Findings/Results: This study found that macroeconomic variables and mining commodity prices have different short-term and long-term effects on the mutual fund industry in Indonesia. Conclusion: The inconsistency of the variables affecting the mutual fund industry is caused by shocks that occur in different economic periods.
Pengaruh harga komoditas global terhadap industri reksa dana Indonesia Nugraha, Handy; Putriani, Santi; Gustinanda, Mega Mustika; Makarim, Zaki Anwar
Journal of Economics Research and Policy Studies Vol. 3 No. 1 (2023): Journal of Economics Research and Policy Studies
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jerps.v3i1.602

Abstract

The mutual fund industry continues to show an upward trend, in contrast to the fluctuating macroeconomic and stock market conditions due to various negative sentiments and economic turmoil, such as the COVID-19 pandemic. This condition is presumably due to investment managers' success in diversifying investment portfolios in various assets. Diversifying and strategically allocating funds to various assets in the mutual fund industry are related to many variables, not just determinants. This study aimed to analyze the effect of global commodity prices such as gold, world crude oil, nickel, and palm oil on the net asset value of Indonesian mutual funds. The composite stock price index and interest rates are used as control variables. This study uses a quantitative approach using the VECM (Vector Error Correction Model) method. The data used is secondary data for 2013–2022, with a monthly frequency. The analysis results show that, in the long term, global commodity price variables significantly affect the net asset value of Indonesian mutual funds. In contrast, global commodity price variables do not significantly affect the short term.
Co-Authors Amalia, Adinda Maulida Gustinanda, Mega Mustika Lukita, Austin Ratna Nugraha, Handy Santi Putriani