Analysis Of The Effect Of Macroeconomic Variables On Returns Of Mutual Fund Shares Traded At State Owned Bank
DOI:
https://doi.org/10.35870/jemsi.v10i1.1898Abstract
The purpose of this study is to determine whether IHSG, inflation, exchange rates, and BI rates have a meaningful impact on stock mutual fund returns. Panel data is the secondary data used in this quantitative research design. The population under investigation consists of stock mutual funds that are published and registered with OJK. Purposive sampling was the method of sampling that was employed. Secondary data (found online) and library research were the methods of data collection used in this study. A panel data regression test is the research methodology employed in this study. The analysis that was conducted yielded the following conclusions, which can be drawn: The panel data regression test results indicate that returns on stock mutual funds are significantly impacted by the IHSG, inflation, exchange rate, and BI rate all at the same time. IHSG has a demonstrably positive impact on stock mutual fund returns, according to the findings of the partial panel data regression test. It has been established that returns on equity mutual funds are significantly impacted negatively by inflation. It has been demonstrated that returns on stock mutual funds are significantly positively impacted by exchange rates. It has been demonstrated that stock mutual fund returns are significantly impacted negatively by the BI rate.
Downloads
References
Abi, H., & Ramelan, H. (2022). Smart Gateway to the Capital Market, a book by Investors and Indonesian Capital Market Professionals. Jakarta: PT. Jembatan Kapital Media.
Alfiana, A., Lubis, R. F., Suharyadi, M. R., Utami, E. Y., & Sipayung, B. (2023). Manajemen Risiko dalam Ketidakpastian Global: Strategi dan Praktik Terbaik. Jurnal Bisnis dan Manajemen West Science, 2(03), 260-271.
Tannady, H., Pahlawi, N., Hernawan, M. A., Arta, D. N. C., & Yusuf, S. D. (2023). Role of Stock Performance as an Intervening Variable in a Relationship Between Profitability, Leverage, Growth and Company Value. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 9(2), 220-225.
Lestari, Siska Reski. (2022). Analysis of the Relationship Between Macroeconomic Variables and NAV with Cointegrity and VECM (Empirical Study of Equity Mutual Funds in 2004-2010). Jurnal Ekonomi dan Bisnis, 4(2).
Parulian, N. A., & Tannady, H. (2023). The Role of Electronic Word of Mouth on Customer Purchase Intention in Social Media Instagram. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 9(2), 226-231.
Handayani, L., Anantajaya, S. P., Hendrawan, H., & Tannady, H. (2023). Analysis of the Influence of Fiscal Decentralization, Dependency Ratio, and Ratio of Independence on the Human Development Index in East Region of Indonesia. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 9(1), 140-147.
Hamzah, A. H. P., Kaligis, J. N., Yahya, S. R., Waoma, S., Samosir, H. E., Alfiana, A., & Nurhasanah, N. (2023). Pendampingan Pengembangan UMKM melalui Implementasi Financial Technology Era Society 5.0. Amalee: Indonesian Journal of Community Research and Engagement, 4(2), 377-388.
Trivanto, A. et al. (2015). Analysis of the Influence of Bank Indonesia Certificate Interest Rates, Inflation Rates, Composite Stock Price Index, Foreign Exchange Index, and Rupiah Exchange Rate on Returns on Stock Mutual Funds in Indonesia. E-Journal Universitas Jendral Soedirman.
Haekal, R. D., & Tannady, H. (2023). The Impact of Capital Structure on Profitability of Mining Companies. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 9(4), 1611-1615.
Alfiana, Sule, E. T., Sutisna, & Masyita, D. (2017). Contagion and systemic risks: the case of Indonesian banking. International Journal of Business and Globalisation, 19(3), 396-413.
Widarjono, A. (2019). Introductory Econometrics and Its Applications, Third Edition. Yogyakarta: EKONISIA.
Downloads
Published
Issue
Section
License
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
