Analisis Hubungan Kepemilikan insider Dengan Fund Return, Fund Turn Over, dan Fund Tax Cost Reksa Dana Saham periode 2010-2013

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NAB/NAV

Perio de

Batavia Dana Saham

BNI Reksa Dana Berkembang

Manulife Dana Saham

Panin Dana Prima

Reksa Dana Dana Ekuitas

Prima

Reksa Dana Simas Danamas

Saham

Batavia Dana Saham Optimal

BNP Paribas Pesona

Danareksa Mawar

Manulife Saham Andalan

2009 134,224,970,0 40.17

2010 134,803,019,5 01.10

2011 356,318,843,0 48.68

2012 292,661,968,7 78.17

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Jumlah Unit

Periode Batavia Dana Saham

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2009 4,594,581.82 27,778,977.97 311,228,756.25 186,017,696.07 79,132,809.02 85,688,031.67 66,032,790.23 102,947,266.29 62,269,225.77 1,834,585,425.65

2010 3,467,209.13 15,965,735.47 273,129,909.18 321,068,172.13 87,800,098.10 77,385,403.39 54,167,884.36 90,004,663.25 34,612,951.16 1,258,926,377.93

2011 9,386,840.04 18,146,329.94 338,615,500.76 456,185,498.51 161,448,014.17 128,855,259.78 63,998,721.13 116,771,467.01 37,918,906.43 1,056,286,689.91

2012 7,160,487.62 16,861,567.38 312,468,515.91 331,283,465.28 149,468,142.39 118,340,983.22 111,497,963.18 82,734,027.43 29,275,620.29 879,455,377.13

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NAB/UP

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2010 38,879.40 2,133.13 9,301.49 2,319.25 3,388.97 1,669.96 1,775.96 18,747.40 6,627.69 1,537.00

2011 37,959.40 2,060.87 9,104.04 2,487.27 3,334.09 1,487.94 1,753.43 19,154.28 6,964.95 1,497.91

2012 40,871.79 2,297.56 10,198.02 276.30 3,880.68 1,345.79 2,016.12 21,313.88 7,301.02 1,653.82

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Saham Manajemen Perusahaan

Perio de

Batavia Dana Saham

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Dana Pesona

Danareksa Mawar

2010 5,099,223,065, 599.41

2011 6,455,068,046, 115.04

2012 9,583,769,911, 008.22

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Fund Tax Cost (aftertax)

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

Danareksa Mawar

2010 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2011 804,943,300.6 5

2012 2,097,083,287.

20 671,608,947

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Rata-rata NAB

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

Danareksa Mawar

2010 120,943,516,6 04.16

2011 323,114,362,8 24.08

2012 335,950,658,7 18.36

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Fund Return

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2010 0.004306572 -0.265042331 0.174453814 1.81071594 0.485075285 0.14330992 0.129315151 0.206695594 -0.242069232 -0.990534158

2011 1.643255651 0.098074718 0.213442579 0.523766667 0.809034107 0.483618288 0.166496748 0.325551082 0.151258503 -0.18229901

2012 -0.17865144 0.035919582 0.033667438 -0.919329818 0.077573901 -0.169335683 1.003205272 -0.21160421 -0.190687959 -0.080749486

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Fund Turn Over

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2010 1.11459484 1.045766104 1.221412623 1.24373179 1.215167043 1.008278724 1.135314478 1.155048689 0.964156248 1.107791399

2011 1.102763863 1.057368171 1.081224514 1.241525875 1.23680607 1.053482235 1.004523955 1.164243122 0.990477646 0.799917603

2012 0.871145691 1.012809659 1.033549556 0.086478307 1.641591619 0.809073717 1.951601705 0.948221997 0.956108501 1.07643397

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Fund Tax Cost

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2010 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2011 0.002259053 0.050000003 0.050000000 0.050000000 0.001007050 0.050000000 0.002719729 0.003134677 0.050000001 0.050000000

2012 0.007165548 0.017336095 0.050000000 0.050000000 0.006126379 0.050000000 0.004537147 0.007823106 0.050000002 0.050000000

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Kepemilikan insider

Manulife Dana Saham

Panin Dana Prima

Prima

Saham

BNP Paribas Pesona

Danareksa Mawar

2010 37.82721696 57.86810159 3.74294712 5.773791892 34.75028446 29.13758352 53.00646297 12.19322246 24.6563011 4.914300743

2011 18.11598845 68.15789459 3.368525534 6.842523758 20.82045348 26.49271489 57.52307675 9.92887901 25.25430953 6.563153923

2012 32.74689209 110.5115782 4.097013139 85.18524329 22.62706029 33.4789385 42.63361966 15.65115582 36.15476023 8.976087072

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0 2 4 6 8 10 12 14

0 10 20 30 40 50 60 70 80 90 100 110 120 130

Series: Y Sample 1 40 Observations 40

Mean 29.73579 Median 21.72376 Maximum 122.9089 Minimum 3.368526 Std. Dev. 28.90056 Skewness 1.612232 Kurtosis 5.216091

Jarque-Bera 25.51371 Probability 0.000003

0 5 10 15 20 25 30

0 5 10 15 20

Series: X1 Sample 1 40 Observations 40

Mean 0.763233 Median 0.136313 Maximum 21.34143 Minimum -0.990534 Std. Dev. 3.397427 Skewness 5.756265 Kurtosis 35.40323

Jarque-Bera 1970.846 Probability 0.000000

0 4 8 12 16 20 24

0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00

Mean 1.083597 Median 1.066901 Maximum 1.951602 Minimum 0.086478 Std. Dev. 0.278096 Skewness -0.188397 Kurtosis 7.592539

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Dependent Variable: Y? Method: Pooled Least Squares Date: 07/17/14 Time: 10:51 Sample: 2010 2013

Included observations: 4 Cross-sections included: 10

Total pool (balanced) observations: 40

Variable Coefficient Std. Error t-Statistic Prob.

X1? -2.096819 1.497949 -1.399794 0.1699

X2? 18.62039 5.883682 3.164751 0.0031

X3? 328.0207 189.2946 1.732858 0.0914

R-squared -0.103526 Mean dependent var 29.73579 Adjusted R-squared -0.163176 S.D. dependent var 28.90056 S.E. of regression 31.16943 Akaike info criterion 9.788791 Sum squared resid 35946.73 Schwarz criterion 9.915457 Log likelihood -192.7758 Hannan-Quinn criter. 9.834590 Durbin-Watson stat 0.757365

Correlated Random Effects - Hausman Test Pool: POOL1

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic Chi-Sq. d.f. Prob.

0 4 8 12 16 20

0.00 0.01 0.02 0.03 0.04 0.05

Mean 0.025082 Median 0.012891 Maximum 0.050000 Minimum -0.001329 Std. Dev. 0.024209 Skewness 0.056589 Kurtosis 1.045059

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Cross-section random 0.494788 3 0.9200

Cross-section random effects test comparisons:

Variable Fixed Random Var(Diff.) Prob.

X1? -0.848362 -0.863613 0.019802 0.9137

X2? -38.213607 -37.757620 2.158424 0.7563

X3? 155.925591 141.378488 441.119501 0.4885

Cross-section random effects test equation: Dependent Variable: Y?

Method: Panel Least Squares Date: 08/21/14 Time: 14:12 Sample: 2010 2013

C 67.88045 12.25556 5.538746 0.0000

X1? -0.848362 0.874019 -0.970646 0.3403

X2? -38.21361 10.45162 -3.656237 0.0011

X3? 155.9256 124.9439 1.247965 0.2228

Effects Specification Cross-section fixed (dummy variables)

R-squared 0.819414 Mean dependent var 29.73579

Adjusted R-squared 0.739153 S.D. dependent var 28.90056

S.E. of regression 14.76043 Akaike info criterion 8.478735

Sum squared resid 5882.500 Schwarz criterion 9.027621

Log likelihood -156.5747 Hannan-Quinn criter. 8.677195

F-statistic 10.20941 Durbin-Watson stat 2.040413

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Dependent Variable: Y? Method: Pooled Least Squares Date: 08/21/14 Time: 15:29 Sample: 2010 2013

White cross-section standard errors & covariance (d.f. WARNING: estimated coefficient covariance matrix is

Variable Coefficient Std. Erro

C 67.88045 6.974502

X1? -0.848362 0.738102

X2? -38.21361 7.423893

X3? 155.9256 70.70621

Fixed Effects (Cross)

_RDBDS--C -0.641175

_RDBNIRDB--C 54.29344

_RDMDS--C -29.59147

_RDPDP--C -6.279442

_RDDEP--C 3.485611

_RDSDS--C -6.978395

_RDBDSO--C 27.07073

_RDBNPPP--C -14.37065

_RDDM--C 1.659009

_RDMSA--C -28.64766

Effects Specification Cross-section fixed (dummy variables)

R-squared 0.819414 Mean depen

Adjusted R-squared 0.739153 S.D. depend

S.E. of regression 14.76043 Akaike info c

Sum squared resid 5882.500 Schwarz crit

Log likelihood -156.5747 Hannan-Qu

F-statistic 10.20941 Durbin-Wats

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Method: Pooled EGLS (Cross-section random effects) Date: 07/17/14 Time: 10:52

Sample: 2010 2013 Included observations: 4 Cross-sections included: 10

Swamy and Arora estimator of component variances

C 67.76286 15.16891 4.467220 0.0001

X1? -0.863613 0.862616 -1.001156 0.3234

X2? -37.75762 10.34785 -3.648838 0.0008

X3? 141.3785 123.1660 1.147869 0.2586

Random Effects (Cross)

_RDBDS--C -0.765278 _RDBNIRDB--C 51.00484 _RDMDS--C -27.57113 _RDPDP--C -5.597115

_RDDEP--C 3.020624

_RDSDS--C -6.371747

_RDBDSO--C 24.96460

_RDBNPPP--C -13.77952

_RDDM--C 1.767788

_RDMSA--C -26.67306

Effects Specification

S.D. Rho

Cross-section random 28.61113 0.7898

Idiosyncratic random 14.76043 0.2102

Weighted Statistics

R-squared 0.397457 Mean dependent var 7.427206 Adjusted R-squared 0.347245 S.D. dependent var 17.62225 S.E. of regression 14.23759 Sum squared resid 7297.522 F-statistic 7.915597 Durbin-Watson stat 1.623947 Prob(F-statistic) 0.000351

Unweighted Statistics

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