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
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
