Ukuran, Usia dan Kinerja Reksa Dana Saham di Indonesia
Abstract
This study aims to determine the effect of size and age on the performance of equity funds in Indonesia. The theory used in this research is the mutual fund theorem. The research was conducted on conventional and Sharia equity mutual funds registered with OJK for the 2015-2019 period. The data analysis technique used is multiple linear regression analysis. There were 59 equity funds that met the sampling criteria using a purposive sampling method consisting of 47 conventional equity funds and 12 Sharia-based equity funds. The results showed that the size and age of equity funds had no significant effect on their performance. The results of this study are consistent when using a sample of conventional and Islamic stock mutual funds.
Keywords: Equity Mutual Funds; Size; Age; Performance; Mutual Fund Theorem
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References
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Mulyawan, S. (2017). Kinerja Reksa Dana Syariah dan Beberapa Faktor yang Memengaruhinya: Studi di Pasar Modal Indonesia 2010-2013. IJTIHAD Jurnal Wacana Hukum Islam Dan Kemanusiaan, 16(2), 217-236. https://doi.org/10.18326/ijtihad.v16i2.217-236
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Petajisto, A. (2013). Active Share and Mutual Fund Performance. Financial Analysts Journal, 64(4), 73–93. https://doi.org/10.2469/faj.v69.n4.7
Pratama, I. P. B. S., dan Wirama, D. G. (2018). Pengaruh Inflasi, IHSG, Ukuran dan Umur pada Kinerja Reksa Dana Saham Periode 2012-2016. E-Jurnal Akuntansi Universitas Udayana, 23(2), 842-870. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i02.p02
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Rao, Z. R., Zubair, M., Iqbal, A., and Umanr, M. (2017). Emerging Market Mutual Fund Performance: Evidence for China. Journal Of Asia Business Studies, 11(2), 167–187. https://doi.org/10.1108/JABS-10-2015-0176
Saputri, R. N., dan Ismanto, D. (2020). Pengaruh Inflasi, Suku Bunga, Ukuran Reksa Dana Dan Umur Reksa Dana terhadap Kinerja Reksa Dana Tahun 2014-2018. Jurnal Sains Sosio Humaniora, 4(1), 39–46. https://doi.org/10.22437/JSSH.V4I1.9766
Satrio, Y., dan Mahfud, M. K. (2016). Analisis Pengaruh Total Asset, Fund Age, Expense Ratio, dan Pengaruh Portofolio Turnover terhadap Kinerja Reksa Dana Periode 2012-2014. Diponegoro Journal of Management, 5(2), hal. 1-9.
See, Y. P., and Jusoh, R. (2012). Fund Characteristics and Fund Performance: Evidence of Malaysian Mutual Funds. International Journal of Economics and Management Sciences, 1(9), 31–43.
Singh, G. (2016). Determinants of Mutual Fund Products’ Performance in India. Gavesana Journal of Management, 8(1), 1–9.
Sukmaningrum, G., dan Mahfud, M. K. (2016). Analisis Fund Cash Flow, Fund Size, Fund Longevity, Expense Ratio dan Turnover Ratio terhadap Kinerja Reksa Dana (Studi Kasus : Reksa Dana Pendapatan Tetap Periode Tahun 2011-2015). Diponegoro Journal of Management, 5(3), 1-11.
Syahid, N., dan Denny, E. (2015). Analisis Pengaruh Stock Selection Skill, Market Timing Ability, Fund Longevity, Fund Cash Flow dan Fund Size terhadap Kinerja Reksadana (Studi Kasus: Reksadana Saham Periode 2010-2014). Diponegoro Journal of Mana, 4(4), 1-11.
Utami, M. L., dan Christiana, F. D. (2014). Faktor Eksternal dan Internal yang Mempengaruhi Return Investasi Produk Reksadana Campuran di Indonesia. Jurnal Media Ekonomi Dan Manajemen, 29(2), 97–110. http://dx.doi.org/10.24856/mem.v29i2.222
Vijayakumar, N., Muruganandan, S., and Chandra, S. R. K. (2012). The Relationship Between Fund Performance and Fund Characteristics: Evidence from India. The IUP Journal of Applied Finance, 18(2), 5–18.
Asriwahyuni, I. G. A. P. (2017). Pengaruh Ukuran dan Umur pada Kinerja Reksa Dana Saham di Indonesia. E-Jurnal Akuntansi, 21(2), 1460-1487. https://doi.org/10.24843/EJA.2017.v21.i02.p22
Berk, J. B., and Binsbergen, J. H. van. (2013). Measuring Skill in the Mutual Fund Industry. Journal of Financial Economics, 118(1), 1–58. http://dx.doi.org/10.1016/j.jfineco.2015.05.002
Bihari, S. C., and Raj, A. (2013). Investment Behavior of the Customers towards Mutual Fund and Other Products: A Case Study of Axis Bank. IPE Journal of Management, 3(1), 129–156.
Bitomo, H., dan Muharam, H. (2016). Analisis Faktor-Faktor Yang Mempengaruhi Kinerja Reksa Dana di Indonesia (Studi Empiris pada Reksa Dana Konvensional di Indonesia Periode 2012-2014). Diponegoro Journal of Management, 5(2), 1-14.
Damayanti, S. M., and Cintyawati, C. (2015). Developing an Integrated Model of Equity Mutual Funds Performance: Evidence from the Indonesian Mutual Funds Market. GSTF Journal on Business Review (GBR), 4(1), 124–135.
Dewi, and Ferdian. (2012). Evaluating Performance of Islamic Mutual Funds in Indonesia and Malaysia. Journal of Applied Economics and Business Research JAEBR, 2(1), 11–33.
Dharmastuti, C. F., dan Dwiprakasa, B. (2017). Karakteristik Reksa Dana dan Kinerja Reksa Dana Saham di Indonesia. Jurnal Ekonomi, 22(1), 52-67.
Dokuchaev, N. (2014). Mutual Fund Theorem for Continuous Time Markets with Random Coefficients. Theory and Decision, 76(2), 179–199. https://doi.org/10.1007/s11238-013-9368-1
Faadilah, F., dan Sukmaningrum, P. S. (2019). Faktor Internal yang Berpengaruh terhadap Kinerja Reksadana Syariah di Indonesia Periode 2014-2017. Jurnal Ekonomi Syariah Teori Dan Terapan, 6(1), 114-124.
Fricke, E. (2013). Board Compensation, Holdings and Mutual Fund Expense Ratios. Managerial Finance, 39(3), 228–250.
Goel, S., Mani, M., and Sharma, R. (2012). A Review of Performance Indicators of Mutual Funds. International Refereed Research Journal, 4(1), 100–107.
Gujarati, D. N., Porter, D., and Pal, M. (2019). Basic Econometrics. India: McGraw-Hill.
Gusni, Silviana, and Hamdani, F. (2018). Factors Affecting Equity Mutual Fund Performance: Evidence from Indonesia. Investment Management and Financial Innovations, 15(1), 1–9. http://dx.doi.org/10.21511/imfi.15(1).2018.01
Hermawan, D., dan Wiagustini, N. (2016). Pengaruh Inflasi, Suku Bunga, Ukuran Reksa Dana dan Umur Reksa Dana terhadap Kinerja Reksa Dana. E-Jurnal Manajemen Universitas Udayana, 5(5), 252-342.
Kaur, I., and Kaushik, K. (2015). Determinants of Investment Behaviour of Investors Towards Mutual Funds. Journal of Indian Business Research, 8(1), 19–42. https://doi.org/10.1108/JIBR-04-2015-0051
Khanna, A., and Kulldorff, M. (1999). A Generalization of the Mutual Fund Theorem. Finance and Stochastics, 3(2), 167–185. https://doi.org/10.1007/s007800050056
Kurniasih, A., dan Johannes, L. D. Y. (2015). Analisis Variabel Makroekonomi terhadap Kinerja Reksadana Campuran. Jurnal Manajemen, 19(1), 136-151. https://doi.org/10.24912/jm.v19i1.110
Lee, J. M. (2013). Evidence from Business Strategy of Mutual Fund Managers After The Financial Crisis-Panel Smooth Transition Regression Model. Asian Economic and Social Society, 3(3), 48–58.
Mulyawan, S. (2017). Kinerja Reksa Dana Syariah dan Beberapa Faktor yang Memengaruhinya: Studi di Pasar Modal Indonesia 2010-2013. IJTIHAD Jurnal Wacana Hukum Islam Dan Kemanusiaan, 16(2), 217-236. https://doi.org/10.18326/ijtihad.v16i2.217-236
Nguyen, A. N., Shahid, M., and Kernohan, D. (2018). Investor Confidence and Mutual Fund Performance in Emerging Markets Insights from India and Pakistan. Journal Of Economic Studies, 45(6), 1288–1310.
Petajisto, A. (2013). Active Share and Mutual Fund Performance. Financial Analysts Journal, 64(4), 73–93. https://doi.org/10.2469/faj.v69.n4.7
Pratama, I. P. B. S., dan Wirama, D. G. (2018). Pengaruh Inflasi, IHSG, Ukuran dan Umur pada Kinerja Reksa Dana Saham Periode 2012-2016. E-Jurnal Akuntansi Universitas Udayana, 23(2), 842-870. https://doi.org/https://doi.org/10.24843/EJA.2018.v23.i02.p02
Putri, K. A. (2017). Pengaruh Market Timing, Ukuran Reksa Dana dan Tingkat Risiko terhadap Kinerja Reksa Dana Saham Syariah. Management and Business Review, 1(2), 65-78. https://doi.org/10.21067/mbr.v1i2.4726
Rao, Z. R., Zubair, M., Iqbal, A., and Umanr, M. (2017). Emerging Market Mutual Fund Performance: Evidence for China. Journal Of Asia Business Studies, 11(2), 167–187. https://doi.org/10.1108/JABS-10-2015-0176
Saputri, R. N., dan Ismanto, D. (2020). Pengaruh Inflasi, Suku Bunga, Ukuran Reksa Dana Dan Umur Reksa Dana terhadap Kinerja Reksa Dana Tahun 2014-2018. Jurnal Sains Sosio Humaniora, 4(1), 39–46. https://doi.org/10.22437/JSSH.V4I1.9766
Satrio, Y., dan Mahfud, M. K. (2016). Analisis Pengaruh Total Asset, Fund Age, Expense Ratio, dan Pengaruh Portofolio Turnover terhadap Kinerja Reksa Dana Periode 2012-2014. Diponegoro Journal of Management, 5(2), hal. 1-9.
See, Y. P., and Jusoh, R. (2012). Fund Characteristics and Fund Performance: Evidence of Malaysian Mutual Funds. International Journal of Economics and Management Sciences, 1(9), 31–43.
Singh, G. (2016). Determinants of Mutual Fund Products’ Performance in India. Gavesana Journal of Management, 8(1), 1–9.
Sukmaningrum, G., dan Mahfud, M. K. (2016). Analisis Fund Cash Flow, Fund Size, Fund Longevity, Expense Ratio dan Turnover Ratio terhadap Kinerja Reksa Dana (Studi Kasus : Reksa Dana Pendapatan Tetap Periode Tahun 2011-2015). Diponegoro Journal of Management, 5(3), 1-11.
Syahid, N., dan Denny, E. (2015). Analisis Pengaruh Stock Selection Skill, Market Timing Ability, Fund Longevity, Fund Cash Flow dan Fund Size terhadap Kinerja Reksadana (Studi Kasus: Reksadana Saham Periode 2010-2014). Diponegoro Journal of Mana, 4(4), 1-11.
Utami, M. L., dan Christiana, F. D. (2014). Faktor Eksternal dan Internal yang Mempengaruhi Return Investasi Produk Reksadana Campuran di Indonesia. Jurnal Media Ekonomi Dan Manajemen, 29(2), 97–110. http://dx.doi.org/10.24856/mem.v29i2.222
Vijayakumar, N., Muruganandan, S., and Chandra, S. R. K. (2012). The Relationship Between Fund Performance and Fund Characteristics: Evidence from India. The IUP Journal of Applied Finance, 18(2), 5–18.
Published
2023-04-30
How to Cite
FEBRIANTI, Ni Putu Nadia Putri; ARDIANA, Putu Agus.
Ukuran, Usia dan Kinerja Reksa Dana Saham di Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 4, p. 1101-1115, apr. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85563>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i04.p16.
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