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All Journal Jurnal Ilmiah Akuntansi Kesatuan
Awini, Isra Nur
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Economics, Econometrics & Finance

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Macroeconomic Determinants of Sharia Equity Mutual Fund Performance in Indonesia Widuhung, Sisca Debyola; Awini, Isra Nur
Jurnal Ilmiah Akuntansi Kesatuan Vol. 14 No. 1 (2026): JIAKES Edisi Februari 2026
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v14i1.5036

Abstract

This study aims to analyze the effect of inflation, IDR exchange rate, and money supply on the performance of sharia equity mutual funds in Indonesia during the period of 2019–2023. Mutual fund performance is measured using Net Asset Value (NAV) as the main indicator. This study uses a quantitative approach with panel data regression methods. The data used is monthly secondary data obtained from the Financial Services Authority, Bank Indonesia, and the Central Statistics Agency, with a sample of 40 sharia equity mutual funds that were consistently active during the research period. The estimation model was selected through Chow tests, Hausman tests, and Lagrange Multiplier tests, which showed that the Random Effect Model was the best model. The results showed that inflation had a positive and significant partial effect on the NAV of sharia equity mutual funds, while money supply had a negative and significant effect, and the IDR exchange rate had no significant effect. Simultaneously, inflation, the IDR exchange rate, and the money supply have a significant effect on the NAV of sharia equity mutual funds. These findings emphasize the importance of macroeconomic stability in supporting the performance of the sharia equity mutual fund industry in Indonesia.
Co-Authors Sisca Debyola Widuhung