The effect of macroeconomic variables on the performance of islamic and conventional mutual funds in Indonesia
Abstract
This study intends to determine the effect of Inflation, interest rates, and Gross Domestic Product (GDP) on the performance of conventional and Islamic mutual funds in Indonesia. This is an example of associative research, which seeks to determine the relationship between macroeconomic indicators, such as Inflation, interest rates, and GDP, and the performance of mutual funds in Indonesia. This study employs quantitative data. The population consisted of all registered Islamic and conventional mutual funds with the OJK. The sample size was 1,920 conventional mutual funds and 272 Islamic mutual funds. The data source is secondary data from the ojk.go.id and bi.go.id websites, including inflation data, interest rates, GDP, and Net Asset Value (NAV) of mutual funds. The research was conducted between 2017 and 2021. Documentation in the form of quarterly inflation statistics, interest rates, GDP, and NAV of Islamic and conventional mutual funds in Indonesia will be employed as data gathering methodologies. The study’s findings indicated that that macroeconomic variables such as Inflation, interest rates, and GDP did not significant effect on the partial and simultaneous performance of Islamic and conventional mutual funds in Indonesia. The absence of effect of macroeconomic indicators could be attributed to several factors, including low Inflation, limited investor information that prevents GDP from affecting performance directly, and interest rates which were not the primary reference for investors when investing in mutual funds.
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References
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