Analisis Pengaruh Fund Longevity, Fund Cash Flow, dan Fund Size terhadap Kinerja Reksa Dana (Studi Kasus: Reksa Dana Saham yang Terdaftar di BAPEPAM Periode Tahun 2011-2014)
ABSTRAK
ANALISIS PENGARUH FUND LONGEVITY, FUND CASH FLOW,
DAN FUND SIZE TERHADAP KINERJA REKSA DANA
(Studi Kasus: Reksa Dana Saham yang Terdaftar di
BAPEPAM Periode Tahun 2011-2014)
Penelitian ini dilakukan untuk mengetahui dan menganalisis pengaruh fund
longevity, fund cash flow, dan fund size terhadap kinerja reksa dana di Indonesia
dengan menggunakan pengukuran Sharpe Ratio. Populasi yang digunakan dalam
penelitian ini adalah seluruh reksa dana saham yang aktif, diketahui tanggal
efektifnya dan terdaftar di Badan Pengawas Pasar Modal-Lembaga Keuangan
(Bapepam-LK) dimulai periode Desember 2010-Desember 2014, yaitu sebanyak
41 reksa dana saham. Data yang digunakan dalam penelitian ini adalah data
sekunder. Penelitian ini menggunakan data Nilai Aktiva Bersih (NAB) bulanan
reksa dana, tanggal efektif reksa dana, dan BI Rate 2011-2014. Teknik analisis
data yang digunakan dalam penelitian ini adalah Analisis Regresi Berganda
Model Data Panel. Hasil penelitian menunjukkan, secara simultan fund longevity,
fund cash flow, dan fund size berpengaruh signifikan terhadap kinerja reksa dana
saham. Secara parsial, diperoleh hasil bahwa fund longevity berpengaruh positif
signifikan terhadap kinerja reksa dana, sedangkan fund cash flow dan fund size
juga berpengaruh positif tetapi tidak signifikan terhadap kinerja reksa dana saham.
Kata kunci : fund longevity, fund cash flow, fund size, kinerja reksa dana
saham
Universitas Sumatera Utara
ABSTRACT
ANALYSIS FUND LONGEVITY, FUND CASH FLOW, AND
FUND SIZE ON THE PERFORMANCE OF FUND
(Case Study: Fund was Listed on the
BAPEPAM Period 2011-2014)
This study was conducted to determine and analyze fund longevity, fund
cash flow, dan fund size on the performance of mutual fund shares in Indonesia
by using Sharpe Ratio’s measure. The population and sample used in this study
are all active equity funds, known to the effective date and is listed on the Badan
Pengawas Pasar Modal-Lembaga Keuangan (Bapepam-LK) that began from the
period December 2010 to December 2014, as many as 41 mutual fund shares. The
data used in this research is secondary data. This study uses data monthly Net
Asset Value (NAV) of a mutual fund, the effective date of mutual funds, and BI
Rate 2011-2014. Data analysis techniques used in this research is Multiple
Regression Analysis Panel Data Model. The results showed, simultaneously fund
longevity, fund cash flow, and fund size significantly effecting the performance of
mutual fund shares. Partially, the result showed that fund longevity significantly
positive effecting the performance of mutual funds, while fund cash flow and fund
size also positively but not significantly effected the performance of mutual fund
shares.
Keywords: fund longevity, fund cash flow, fund size, performance of mutual
fund shares
Universitas Sumatera Utara
ANALISIS PENGARUH FUND LONGEVITY, FUND CASH FLOW,
DAN FUND SIZE TERHADAP KINERJA REKSA DANA
(Studi Kasus: Reksa Dana Saham yang Terdaftar di
BAPEPAM Periode Tahun 2011-2014)
Penelitian ini dilakukan untuk mengetahui dan menganalisis pengaruh fund
longevity, fund cash flow, dan fund size terhadap kinerja reksa dana di Indonesia
dengan menggunakan pengukuran Sharpe Ratio. Populasi yang digunakan dalam
penelitian ini adalah seluruh reksa dana saham yang aktif, diketahui tanggal
efektifnya dan terdaftar di Badan Pengawas Pasar Modal-Lembaga Keuangan
(Bapepam-LK) dimulai periode Desember 2010-Desember 2014, yaitu sebanyak
41 reksa dana saham. Data yang digunakan dalam penelitian ini adalah data
sekunder. Penelitian ini menggunakan data Nilai Aktiva Bersih (NAB) bulanan
reksa dana, tanggal efektif reksa dana, dan BI Rate 2011-2014. Teknik analisis
data yang digunakan dalam penelitian ini adalah Analisis Regresi Berganda
Model Data Panel. Hasil penelitian menunjukkan, secara simultan fund longevity,
fund cash flow, dan fund size berpengaruh signifikan terhadap kinerja reksa dana
saham. Secara parsial, diperoleh hasil bahwa fund longevity berpengaruh positif
signifikan terhadap kinerja reksa dana, sedangkan fund cash flow dan fund size
juga berpengaruh positif tetapi tidak signifikan terhadap kinerja reksa dana saham.
Kata kunci : fund longevity, fund cash flow, fund size, kinerja reksa dana
saham
Universitas Sumatera Utara
ABSTRACT
ANALYSIS FUND LONGEVITY, FUND CASH FLOW, AND
FUND SIZE ON THE PERFORMANCE OF FUND
(Case Study: Fund was Listed on the
BAPEPAM Period 2011-2014)
This study was conducted to determine and analyze fund longevity, fund
cash flow, dan fund size on the performance of mutual fund shares in Indonesia
by using Sharpe Ratio’s measure. The population and sample used in this study
are all active equity funds, known to the effective date and is listed on the Badan
Pengawas Pasar Modal-Lembaga Keuangan (Bapepam-LK) that began from the
period December 2010 to December 2014, as many as 41 mutual fund shares. The
data used in this research is secondary data. This study uses data monthly Net
Asset Value (NAV) of a mutual fund, the effective date of mutual funds, and BI
Rate 2011-2014. Data analysis techniques used in this research is Multiple
Regression Analysis Panel Data Model. The results showed, simultaneously fund
longevity, fund cash flow, and fund size significantly effecting the performance of
mutual fund shares. Partially, the result showed that fund longevity significantly
positive effecting the performance of mutual funds, while fund cash flow and fund
size also positively but not significantly effected the performance of mutual fund
shares.
Keywords: fund longevity, fund cash flow, fund size, performance of mutual
fund shares
Universitas Sumatera Utara