How do The Macroeconomics Variables Influence the Net Asset Value (NAV) Growth of Sharia Mutual Funds in Indonesia?
Abstract
The macroeconomic indicators play an essential role in expanding the Islamic capital market sector in Indonesia, particularly Islamic mutual funds, furthermore monetary stability in the domestic economy will affect the increase in people who invest their funds in Islamic mutual funds instruments. Net asset value (NAV) is one of the indicators used in measuring the performance of a mutual fund, based on data on the net asset value of Sharia mutual funds in Indonesia in the last two years, it has decreased until the new normal era. This research aims to determine how macroeconomic indicators affect the net asset value of Sharia mutual funds partially and simultaneously in Indonesia from January 2017 to October 2022. Monthly data over the 2017-2022 period were analyzed using the Linear Ordinary Least Squares (OLS) regression method, with inflation, BI Rate 7 days repo, money supply, exchange rate, and index of ISSI (Indonesia Sharia Stock Index) as independent variables, and net asset value of Sharia mutual funds as the dependent variable. According to the study's findings, this research shows that partially, money supply, exchange rate, and index of ISSI significantly influence the net asset value of Islamic mutual funds in Indonesia, on the other hand, the inflation and BI rate had an insignificant effect on the net asset value of Islamic mutual funds. Simultaneously, all exogenous variables affect the net asset value of Islamic Mutual Funds in Indonesia.
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