ANALISIS PENGARUH FUND AGE, MARKET TIMING ABILITY, STOCK SELECTION SKILL, PORTFOLIO TURNOVER DAN FUND SIZE TERHADAP KINERJA REKSA DANA SYARIAH PERIODE 2013 - 2015
Abstract: Mutual funds is one
means of investment consisting of a collection of funds obtained from various
investors to be invested in securities portfolio by the investment manager.
Sharia mutual funds are mutual funds whose operations are based on Islamic
sharia principles. This study aims to analyze the influence of fund age, market
timing ability, stock selection skill, portfolio turnover and fund size to the performance
of Islamic mutual funds in Indonesia. The method used is multiple regression
analysis with classical assumption test as statistical requirement. The data
used in this study consist of monthly NAV data, effective date of mutual fund,
mutual fund financial report, SBIS and JCI in the period 2013-2015. The sample
is divided according to the purpose of investment consisting of 8 sharia equity
funds, 7 sharia balanced funds and 3 sharia fixed income funds. The results
showed that simultaneously fund age character, market timing ability, stock
selection skill, portfolio turnover and fund size influence sharia mutual fund
performance by 19%. In partial test, it is found that fund age has negative and
insignificant effect on sharia mutual fund performance. Market timing ability
and portfolio turnover have positive and insignificant effect on sharia mutual
fund performance. Stock selection skill and fund size have a positive and
significant effect on sharia mutual fund performance.
Keywords: performance of
sharia mutual fund, fund characteristics, sharpe ratio, treynor-mazuy model
Penulis: Muhammad Pambudi
Wicaksono, R. Djoko Sampurno
Kode Jurnal: jpmanajemendd170787
