Analisis Pengaruh Fund Size, Expense Ratio, Turnover Ratio, Fund Age dan Cash Flow Terhadap Kinerja Reksa Dana Saham di Indonesia (Periode 2011-2015)

(1)

Daftar Sampel Reksa Dana

Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

1 REKSA DANA KHARISMA KAPITAL PRIMA 10-Des-14 √ √ - -

2 KHARISMA FLEXI TERBATAS 28-Jul-12 √ √ - -

3 PANIN DANA PRIMA 27-Des-07 √ √ √ -

5 PANIN DANA MAKSIMA 07-Apr-97 √ √ √ -

6 REKSA DANA PANIN DANA TELADAN 14-Apr-15 √ √ - -

7 REKSA DANA KHARISMA DANA EKUITAS √ - - -

8 REKSA DANA AAA ENHANCED STRATEGY FUND 19-Feb-13 √ √ - -

9 AAA BLUE CHIP VALUE FUND 2 03-Des-12 √ √ - -

10 AVRIST EQUITY - CROSS SECTORAL 15-Mei-13 √ √ - -

11 REKSA DANA AXA CITRADINAMIS

05-Agust-97 √ √ √ -

12 REKSA DANA AXA MAESTRODOLLAR

15-Agust-13 √ √ - -

13 REKSA DANA ABERDEEN INDONESIA EQUITY FUND 27-Des-07 √ √ √ -

14 REKSA DANA SENTRA DANA EKUITAS 08-Mei-15 √ √ - -

15 REKSA DANA ASHMORE DANA USD EQUITY NUSANTARA 18-Mei-15 √ √ - -

16 ASHMORE DANA PROGRESIF NUSANTARA 11-Feb-13 √ √ - -

17 ASHMORE DANA EKUITAS NUSANTARA 11-Feb-13 √ √ - -

18 REKSA DANA AAA Blue Chip Value Fund √ - - -

19 REKSA DANA AAA EQUITY FUND √ - - -

20 BNI REKSA DANA BERKEMBANG 01-Okt-96 √ √ √ -

21 RD BNI - AM DANA SAHAM BANDAKALA 03-Feb-15 √ √ - -

22 REKSA DANA BNI-AM DANA SAHAM INSPIRING EQUITY FUND 07-Apr-14 √ √ - -

23 BNP PARIBAS PESONA 10-Okt-97 √ √ √ -

24 BNP PARIBAS STAR 15-Jun-11 √ √ - -

25 BNP PARIBAS MAXI SAHAM 28-Jan-10 √ √ √ -

26 BNP PARIBAS INSPIRA 12-Jan-12 √ √ - -

27 BNP PARIBAS ASTRO 14-Apr-14 √ √ - -

28 BNP PARIBAS EKUITAS 16-Jan-01 √ √ √ √ 1

29 REKSA DANA BNP PARIBAS SOLARIS 15-Mei-08 √ √ √ -

30 REKSA DANA BNP PARIBAS INSFRASTRUKTUR PLUS

08-Mar-07 √ √ √ √ 2

31 REKSA DANA EKUITAS PRIMA 13-Feb-06 √ √ √ -

32 REKSA DANA EKUITAS ANDALAN 13-Mei-04 √ √ √ -

33 BAHANA DANA PRIMA

06-Agust-96 √ √ √ -

34 REKSA DANA BAHANA TRAILBLAZER FUND 04-Jun-13 √ √ - -

(2)

Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

36 BATAVIA DANA SAHAM 16-Des-96 √ √ √ -

37 REKSA DANA BATAVIA ENHANCED EQUITY STRATEGY 09-Feb-16 √ √ - -

38 BATAVIA DANA SAHAM OPTIMAL

19-Okt-06 √ √ √ √ 3

39 ABN AMRO Indonesia Equity Value Fund √ - - -

40 REKSA DANA CIMB-PRINCIPAL SMART EQUITY FUND 18-Des-14 √ √ - - 41 REKSA DANA CIMB-PRINCIPAL INDO DOMESTIC EQUITY FUND 11-Apr-13 √ √ - -

42 CIMB-PRINCIPAL EQUITY AGGRESSIVE 01-Jul-05 √ √ √ √ 4

43 REKSA DANA CIMB - PRICIPAL EQUITY FOCUS 29-Apr-13 √ √ - -

44 RENCANA CERDAS 09-Jul-99 √ √ √ -

45 REKSA DANA CIPTA PRIMA 25-Mei-15 √ √ - -

46 REKSA DANA CIPTA ALPHA EQUITY

03-Mar-15 √ √ - -

47 REKSA DANA CIPTA BETA EQUITY 11-Des-14 √ √ - -

48 REKSA DANA CIPTA GEMILANG EQUITY - √ √ - -

49 GROW-2-PROSPER

28-Mar-07 √ √ √ -

50 CORFINA GROW-2-PROSPER ROTASI STRATEGIS

14-Nop-13 √ √ - -

51 REKSA DANA DANAREKSA MAWAR EKUITAS PLUS 14-Apr-15 √ √ - -

52 Reksa Dana Danareksa Mawar Rotasi Sektor Strategis 27-Sep-12 √ √ - -

53 Danareksa Mawar 17-Jul-96 √ √ √ -

54 REKSA DANA DANAREKSA MAWAR KONSUMER 10 16-Feb-11 √ √ - -

55 REKSA DANA DANAREKSA MAWAR KOMODITAS 10 16-Feb-11 √ √ - -

56 REKSA DANA DANAREKSA MAWAR FOKUS 10

02-Mar-10 √ √ √ -

57 REKSA DANA EMCO GROWTH FUND

11-Mar-08 √ √ √ -

58 REKSA DANA MAKINTA MANTAP

11-Agust-05 √ √ - -

59 REKSA DANA ABERDEEN INDONESIA SECTOR LEADER √ - - -

60 REKSA DANA EURO PEREGRINE EQUITY √ √ - -

61 FIRST STATE INDOEQUITY VALUE SELECT FUND

11-Mar-08 √ √ √ -

62 FS INDOEQUITY DIVIDEND YIELD FUND

11-Agust-05 √ √ √ -

63 FIRST STATE INDOEQUITY OPPORTUNITIES FUND – USD 08-Jan-14 √ √ - - 64 FIRST STATE INDOEQUITY HIGH CONVICTION FUND 09-Jan-12 √ √ - -

65 FIRST STATE INDOEQUITY SECTORAL FUND 24-Des-04 √ √ √ √ 5 66 REKSA DANA FIRST STATE INDO EQUITY PEKA FUND 14-Jan-10 √ √ √ √ 6

67 REKSA DANA GAP EQUITY FOCUS FUND 17-Jun-15 √ √ - -

68 GAP VALUE FUND 12-Okt-12 √ √ - -

69 GAP EQUITY FUND 10-Mei-12 √ √ - -

(3)

Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

71 REKSA DANA HPAM SAHAM DINAMIS 01-Des-14 √ √ - -

72 REKSADANA HPAM ULTIMA EKUITAS 07-Des-09 √ √ √ -

73 I AM EQUITY FUND 02-Apr-14 √ √ - -

74 REKSA DANA INSIGHT WEALTH (I-WEALTH) 15-Okt-14 √ √ - -

75 JISAWI PROGRESIF

27-Mar-12 √ √ - -

76 REKSA DANA BNI-AM DANA SEKTORAL DINAMIS √ - - -

77 REKSA DANA LIPPO EQUITY PLUS 30-Apr-15 √ √ - -

78 REKSADANA LAUTANDHANA EQUITY

27-Mar-07 √ √ √ -

79 REKSA DANA LAUTANDHANA SAHAM MAHADI 18-Sep-15 √ √ - -

80 REKSA DANA LAUTANDHANA EQUITY PLUS

10-Agust-15 √ √ - -

81 REKSA DANA LAUTANDHANA VALUE FUND 07-Okt-15 √ √ - -

82 REKSA DANA LAUTANDHANA SAHAM LIKUID 02-Mei-14 √ √ - -

83 Reksa Dana Lautandhana Saham Prima 08-Mei-13 √ √ - -

84 REKSA DANA LAUTANDHANA EQUITY PROGRESIF 16-Jul-09 √ √ √ -

85 LAUTANDHANA EQUITY AGRESIF

09-Nop-14 √ √ - -

86 REKSA DANA LAUTANDHANA SAHAM INTI

20-Agust-13 √ √ - -

87 REKSA DANA LAUTANDHANA SAHAM LESTARI

27-Nop-15 √ √ - -

88 REKSA DANA LAUTANDHANA GROWTH FUND

12-Agust-14 √ √ - -

89 REKSA DANA BNP PARIBAS ORION √ - - -

90 MEGA ASSET MAXIMA

12-Mar-12 √ √ - -

91 MEGA ASSET GREATER INFRASTRUCTURE 06-Sep-12 √ √ - -

92 REKSA DANA MEGA DANA CAPITAL GROWTH 17-Des-13 √ √ - -

93 REKSA DANA MILLENIUM EQUITY

17-Mar-08 √ √ √ -

94 REKSA DANA MILLENIUM BERKEMBANG 12-Mei-04 √ √ √ -

95 REKSADANA MILLENIUM DYNAMIC EQUITY FUND

13-Agust-13 √ √ - -

96 MILLENIUM EQUITY GROWTH FUND 13-Jan-13 √ √ - -

97 MILLENIUM EQUITY PRIMA PLUS 12-Mei-14 √ √ - -

98 REKSA DANA MNC DANA SAHAM II - √ √ - -

99 REKSA DANA MNC DANA SAHAM - √ √ - -

100 REKSA DANA MNC DANA EKUITAS 19-Jun-08 √ √ √ -

101 Bahana Dana Prima √ - - -

102

REKSA DANA PENYERTAAN TERBATAS BAHANA PRIVATE

EQUITY PELABUHAN √ - - -

103 REKSA DANA BAHANA EQUITY SMART √ - - -

104 MANDIRI INVESTA UGM ENDOWMENT PLUS 15-Jul-08 √ √ √ -

(4)

Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

106 REKSA DANA MANDIRI INVESTA EQUITY ASEAN 5

22-Nop-13 √ √ - -

107 REKSA DANA MANDIRI INVESTA EQUITY DYNAMO FACTOR

19-Nop-13 √ √ - -

108 MANDIRI INVESTA EKUITAS DINAMIS

21-Mar-11 √ √ - -

109 REKSADANA MANDIRI SAHAM ATRAKTIF 26-Okt-11 √ √ - -

110 REKSA DANA MANDIRI SAHAM DINAMIS - √ √ - -

111 REKSA DANA MANDIRI INVESTA EQUITY MOVEMENT 03-Okt-12 √ √ - - 112 REKSA DANA MANDIRI DYNAMIC EQUITY

05-Nop-12 √ √ - -

113 REKSA DANA MANDIRI INVESTA ATRAKTIF

30-Agust-05 √ √ √ -

114 Manulife Dana Saham

01-Agust-03 √ √ √ √ 7 115 MANULIFE SAHAM ANDALAN

01-Nop-07 √ √ √ √ 8

116 REKSA DANA MANULIFE DANA SAHAM UTAMA

11-Nop-125 NIKKO INDONESIA EQUITY FUND

12-Nop-131 REKSA DANA OSO BORNEO EQUITY FUND

23-Nop-15 √ √ - -

132 REKSA DANA PACIFIC EQUITY FLEXI FUND 23-Des-15 √ √ - -

133 REKSA DANA PACIFIC EQUITY PROGRESIF FUND

02-Mar-15 √ √ - -

134 REKSA DANA PACIFIC EQUITY OPTIMUM FUND 20-Okt-15 √ √ - -

135 REKSA DANA PACIFIC EQUITY FUND 17-Des-13 √ √ - -

136 REKSA DANA PACIFIC EQUITY GROWTH FUND

(5)

21-Mar-Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

141 REKSA DANA EURO PEREGRINE EQUITY √ - - -

142 PNM SAHAM AGRESIF

03-Agust-11 √ √ - -

143 REKSA DANA PHILLIP EQUITY

10-Agust-15 √ √ - -

144 PHILLIP PRIME EQUITY 20-Apr-15 √ √ - -

145 PRATAMA SAHAM 01-Mei-06 √ √ √ -

146 PRATAMA INVESTA MANDIRI SAHAM

23-Mar-15 √ √ - -

147 REKSADANA PRATAMA DANA PRIMA SAHAM 17-Sep-14 √ √ - -

148 PRATAMA DANA DINAMIS SAHAM 12-Okt-15 √ √ - -

149 PRATAMA DANA OPTIMUM SAHAM

06-Mar-15 √ √ - -

150 REKSADANA DANA PRATAMA EKUITAS 12-Feb-14 √ √ - -

151 REKSA DANA PRATAMA EQUITY 12-Feb-10 √ √ √ -

152 PRATAMA DANA MAKSIMUM SAHAM 13-Jul-15 √ √ - -

153 REKSA DANA PRATAMA DANA GEMILANG SAHAM

23-Nop-15 √ √ - -

154 REKSADANA PRATAMA DANA INVESTASI SAHAM

15-Agust-14 √ √ - -

155 PRATAMA DANA ULTIMA SAHAM 20-Apr-15 √ √ - -

156 RD PRATAMA DANA PRESTASI SAHAM 01-Des-15 √ √ - -

157 REKSA DANA PRATAMA DANA ATRAKTIF SAHAM - √ √ - -

158 REKSA DANA JAKARTA BLUE CHIP √ - - -

159 RD SAHAM BUMN √ - - -

160 REKSA DANA JISAWI SAHAM √ - - -

161 LAUTANDHANA SAHAM PRIMA √ - - -

162 LAUTANDHANA SAHAM INTI √ - - -

163 REKSA DANA PROSPERA DANA BERKEMBANG 17-Jun-15 √ √ - -

164 PROSPERA BIJAK 01-Jul-11 √ √ - -

165 PROSPERA BUMN GROWTH FUND 08-Mei-15 √ √ - -

166 REKSA DANA QUANT INVESTA SAHAM 10-Des-14 √ √ - -

167 REKSA DANA RHB EQUITY OPPORTUNITY FUND - √ √ - -

168 RHB OSK ALPHA SECTOR ROTATION

18-Agust-10 √ √ - -

169 RHB PRIME EQUITY FUND 23-Apr-13 √ √ - -

170 REKSA DANA MEGA DANA EKUITAS √ - - -

171 REKSA DANA MEGA DANA SAHAM √ - - -

172 RDPT MEGA SAHAM MAXIMA √ - - -

173 Reksadana Big Nusantara √ - - -

174 Reksadana Big Palapa √ - - -

(6)

Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

176 REKSA DANA SUCORINVEST MAXI FUND 01-Okt-14 √ √ - -

177 REKSA DANA SUCORINVEST SAHAM DINAMIS 19-Okt-15 √ √ - -

178 SUCORINVEST EQUITY FUND 08-Mei-12 √ √ - -

179 Reksa Dana SAM Dana Cerdas

17-Mar-15 √ √ - -

180 SAM INDONESIAN EQUITY FUND 18-Okt-11 √ √ - -

181 MANDIRI SAHAM PRIMA √ - - -

182 Phinisi Dana Saham √ - - -

183 Reksa Dana MNCAPITAL NUSANTARA SAHAM √ - - -

184 Schroder Dana Prestasi Plus 12-Sep-00 √ √ √ √ 9

185 SCHRODER DANA PRESTASI DINAMIS 10-Okt-11 √ √ - -

186 REKSA DANA SCHRODER DANA ISTIMEWA 27-Des-04 √ √ √ -

187 REKSA DANA SCHRODER INDO EQUITY FUND

31-Agust-09 √ √ √ -

188 REKSA DANA SCHRODER 90 PLUS EQUITY FUND 21-Apr-10 √ √ √ -

189 REKSA DANA SCHRODER DANA PRESTASI PRIMA 18-Des-15 √ √ - -

190 REKSA DANA SCHRODER DANA PRESTASI 29-Mei-97 √ √ √ -

191 REKSA DANA NIKKO SAHAM NUSANTARA √ - - -

192

REKSA DANA PENYERTAAN TERBATAS NIKKO INDONESIA

INFRASTRUCTURE √ - - -

193

REKSA DANA PENYERTAAN TERBATAS NIKKO INDONESIA

HOSPITALITY √ - - -

194 SEMESTA DANA SAHAM - √ √ - -

195 REKSA DANA SIMAS DANAMAS SAHAM 05-Okt-07 √ √ √ -

196 REKSA DANA SIMAS SAHAM UNGGULAN 18-Des-12 √ √ - -

197 REKSA DANA SIMAS SAHAM BERTUMBUH

25-Agust-15 √ √ - -

198 REKSA DANA SIMAS SYARIAH UNGGULAN

08-Agust-14 √ √ - -

199 OSO DEFENSIVE FUND √ - - -

200 REKSA DANA PARAMITRA PREMIUM √ - - -

201 Bima √ - - -

202 Arjuna √ - - -

203 PRATAMA EQUITY √ - - -

204 SYAILENDRA EQUITY FUND 07-Jun-07 √ √ √ -

205 SYAILENDRA EQUITY OPPORTUNITY FUND - √ √ - -

206 SYAILENDRA EQUITY ALPHA FUND 31-Okt-12 √ √ - -

207 SYAILENDRA DANA EKUITAS PLUS

12-Mar-15 √ √ - -

208 REKSA DANA SYAILENDRA MARKET LEADER FUND 16-Sep-15 √ √ - - 209 REKSA DANA SYAILENDRA DANA EKUITAS SEJAHTERA 08-Jan-15 √ √ - - 210 TF SUPER MAXXI

(7)

Lanjutan Lampiran 1

No

Produk Reksa Dana

Tanggal

Kriteria

Sampel

1

2

3

4

211 REKSA DANA TRIM KAPITAL PLUS 26-Mei-08 √ √ √ -

212 TRAM ASA EQUITY - √ √ - -

213 TRAM CONSUMPTION PLUS 05-Mei-11 √ √ - -

214 REKSA DANA TRIMEGAH BHAKTI BANGSA - √ √ - -

215 REKSA DANA TRIMEGAH GTWS FUJI EQUITY - √ √ - -

216 TRIM Kapital

20-Mar-97 √ √ √ -

217 TRAM INFRASTRUCTURE PLUS

28-Mar-12 √ √ - -

218 REKSA DANA CAPITAL EQUITY FUND √ - - -

219 Rifan Syariah √ - - -

220 RHB OSK INDONESIA DYNAMIC RESOURCES PLUS √ - - -

221 OSK NUSADANA EQUITY FOCUS √ - - -

222 REKSADANA VALBURY EQUITY I

20-Agust-14 √ √ - -

223 ARCHIPELAGO EQUITY GROWTH

01-Agust-12 √ √ - -

224

REKSA DANA SAHAM EASTSPRING INVESTMENTS ALPHA NAVIGATOR

19-Agust-12 √ √ - -

225

REKSA DANA SAHAM EASTSPRING INVESTMENTS VALUE

DISCOVERY 29-Mei-13 √ √ - -

226 REKSA DANA PREMIER EKUITAS 03-Des-15 √ √ - -

227 PREMIER EKUITAS MAKRO PLUS 05-Sep-13 √ √ - -

228 REKSA DANA RELIANCE EQUITY FUND √ - - -

229 SYAILENDRA EQUITY DYNAMIC FUND √ - - -

230 TF-PANDAWA √ - - -

231 TRAM EQUITY FOCUS √ - - -

232 REKSADANA INDOSURYA EQUITY FUND - √ √ - -

233 MAJORIS SAHAM ALOKASI DINAMIK INDONESIA

30-Nop-15 √ √ - -

234 PINNACLE STRATEGIC EQUITY FUND 15-Okt-15 √ √ - -

235 RD INDOSURYA EQUITY FUND √ - - -

236 REKSADANA INDOSURYA EQUITY FUND √ - - -

(8)

Data Bulanan SBI Tahun 2011-2015

Lampiran 2

2011

2012

2013

2014

2015

Januari

0,0608

0,0600

0,0650

0,0750

0,0693

Februari

0,0671

0,0575

0,0650

0,0750

0,0667

Maret

0,0672

0,0575

0,0600

0,0750

0,0665

April

0,0718

0,0575

0,0750

0,0666

Mei

0,0736

0,0575

0,0750

0,0666

Juni

0,0736

0,0575

0,0750

0,0667

Juli

0,0728

0,0575

0,0750

0,0669

Agustus

0,0678

0,0575

0,0700

0,0750

0,0675

September

0,0628

0,0575

0,0725

0,0750

0,0710

Oktober

0,0577

0,0575

0,0750

0,0710

November

0,0522

0,0575

0,0750

0,0775

0,0710

Desember

0,0504

0,0575

0,0725

0,0775

0,0710

Data Kinerja Reksa Dana Saham Tahun 2011-2015

Lampiran 3

Reksa Dana

2011

2012

2013

2014

2015

Batavia Dana Saham

Optimal

-1,028440

-0,698783

-0,897680

-1,686537

-1,693620

BNP Paribas

Ekuitas

-0,976636

-0,863586

-1,150192

-2,388515

-1,471371

BNP Paribas

Infrastruktur Plus

-1,073074

-0,754347

-1,106477

-2,035985

-1,544094

Cimb-Principal

Equity Aggressive

-1,145578

-1,037432

-0,960764

-1,494915

-1,484285

First State

IndoEquity Dividend

Yield Fund

-1,047988

-0,876848

-1,216814

-2,097841

-1,519096

First State

IndoEquity Sectoral

Fund

-1,019270

-0,906524

-1,247039

-2,150096

-1,452041

Manulife Dana

Saham

-1,148263

-0,939836

-1,274399

-2,413776

-1,533676

Manulife Saham

Andalan

-1,061198

-0,818303

-1,030801

-2,186580

-1,508572

Schroder Dana

(9)

Data Nilai Aktiva bersih Reksa Dana Saham Tahun 2011-2015

Jan 107.788.313.803,30 119.362.641.298,01 226.784.837.211,95 431.765.325.931,10 1.009.412.322.954,16 Feb _{110.594.865.071,95} _{119.942.012.829,08} _{247.604.038.792,51} _{426.651.682.234,87} _{1.077.754.341.689,29} Mar _{118.532.057.256,02} _{117.333.565.849,29} _{275.230.349.020,56} _{482.655.940.996,71} _{1.184.499.653.477,52} Apr _{121.659.278.885,79} _{105.602.611.024,64} _{363.910.449.091,78} _{520.090.218.744,98} _{1.067.658.766.811,03} Mei _{119.704.072.401,69} _{103.623.139.306,35} _{350.215.854.699,11} _{494.037.773.791,89} _{1.077.651.059.990,26} Jun _{120.951.501.318,33} _{108.103.534.950,29} _{394.205.096.032,66} _{505.815.121.988,17} _{998.166.951.699,19} Jul _{104.666.772.413,37} _{52.741.270.070,34} _{390.222.442.768,60} _{509.305.871.920,05} _{962.050.076.741,24} Agu _{107.788.325.699,74} _{49.887.241.697,29} _{352.799.595.868,17} _{583.815.159.349,37} _{887.511.045.695,98} Sept _{99.046.755.134,87} _{63.041.086.138,50} _{362.244.099.054,07} _{600.947.704.441,21} _{832.892.953.492,99} Okt _{107.637.317.703,43} _{125.234.204.288,14} _{384.125.561.307,96} _{655.321.326.228,38} _{998.580.670.101,07} Nov _{109.953.379.240,92} _{192.545.605.500,02} _{365.666.440.917,61} _{928.885.948.366,01} _{901.695.851.305,35} Des _{112.217.016.384,87} _{224.793.718.823,01} _{415.598.998.127,07} _{995.033.965.973,35} _{923.231.649.026,58} BNP

Paribas Ekuitas

Jan _{6.725.148.242.931,12} _{6.017.546.504.656,22} _{5.757.035.435.904,56} _{5.554.002.121.711,57} _{4.547.132.190.025,57} Feb _{7.065.419.850.473,96} _{5.132.338.695.531,34} _{6.062.811.488.039,43} _{5.774.512.062.646,13} _{4.618.751.239.389,22} Mar _{7.539.217.915.252,13} _{4.910.463.691.285,68} _{6.450.732.446.821,06} _{5.938.203.260.262,36} _{5.553.914.416.076,15} Apr _{7.576.804.095.481,90} _{4.875.609.523.670,87} _{6.250.926.663.020,01} _{5.791.054.873.194,55} _{5.157.834.620.057,92} Mei _{7.585.508.573.351,10} _{5.434.638.412.976,31} _{6.198.462.481.327,78} _{5.586.215.854.718,80} _{5.686.023.430.223,47} Jun _{7.528.932.964.225,52} _{5.923.978.233.173,19} _{6.020.412.661.313,74} _{5.780.219.709.935,24} _{5.290.744.491.513,43} Jul _{7.052.561.549.714,59} _{5.832.854.033.789,24} _{5.823.823.899.933,71} _{4.608.120.239.979,22} _{4.526.595.073.388,78} Agu _{6.889.935.360.539,82} _{5.493.997.308.334,05} _{5.219.785.386.868,61} _{4.242.586.669.370,97} _{4.292.360.818.604,42} Sept _{6.367.806.311.063,71} _{6.064.465.581.926,02} _{5.368.504.068.833,40} _{4.224.745.833.784,02} _{4.124.053.486.151,19} Okt _{6.785.803.262.043,30} _{5.706.699.719.739,75} _{5.439.143.541.785,90} _{4.373.165.817.490,08} _{4.258.584.354.653,53} Nov _{6.633.234.041.112,13} _{5.548.512.513.617,93} _{5.161.602.451.063,94} _{4.373.583.858.976,11} _{4.117.453.373.505,90} Des _{6.667.926.602.736,11} _{5.836.795.366.294,75} _{5.327.842.897.823,23} _{4.487.608.600.961,56} _{4.290.701.125.662,25} BNP

Paribas Infrastruktur Plus

Jan _{1.892.619.557.884,23} _{1.254.229.873.478,79} _{1.382.237.486.882,51} _{2.475.580.701.980,38} _{6.348.824.450.525,18} Feb _{1.967.498.896.499,62} _{1.235.855.693.488,45} _{1.682.230.599.802,39} _{2.632.369.609.765,84} _{5.069.846.611.867,22} Mar _{2.007.537.953.424,74} _{1.233.901.675.903,21} _{1.953.317.845.090,05} _{2.704.640.093.088,14} _{4.669.562.889.620,62} Apr _{1.926.872.154.300,12} _{1.222.114.856.789,50} _{2.157.107.762.968,70} _{2.973.547.709.254,43} _{3.980.850.451.743,00} Mei _{1.812.545.612.090,67} _{997.071.964.092,90} _{2.452.731.389.972,51} _{3.075.187.830.688,31} _{3.953.793.143.811,48} Jun _{1.806.744.465.964,36} _{1.013.226.608.594,03} _{2.456.652.460.458,68} _{3.698.044.337.958,61} _{3.594.814.808.697,11} Jul _{1.753.889.504.597,35} _{1.000.037.169.357,06} _{2.313.671.694.106,65} _{4.124.971.900.741,86} _{3.376.643.214.337,05} Agu _{1.505.748.048.116,41} _{882.028.385.460,88} _{2.128.881.231.039,15} _{4.879.276.999.136,02} _{3.038.314.967.847,12} Sept _{1.338.991.788.692,97} _{936.266.752.656,34} _{2.246.461.279.928,53} _{5.852.575.015.138,14} _{2.969.590.401.344,66} Okt _{1.427.027.122.392,88} _{972.541.110.609,69} _{2.424.198.039.248,62} _{6.491.970.236.861,81} _{3.356.125.905.515,33} Nov _{1.322.487.651.238,14} _{1.088.049.190.328,14} _{2.348.463.811.307,34} _{7.041.096.294.278,45} _{3.167.016.155.641,44} Des _{1.305.732.126.731,82} _{1.428.484.007.753,49} _{2.374.883.709.809,16} _{7.592.734.656.737,17} _{3.240.076.698.306,66}

Cimb-Principal Equity Aggressive

Jan 31.809.599.073,03 28.756.410.075,52 43.371.463.963,98 45.719.986.636,56 129.969.878.196,79 Feb _{31.701.100.406,91} _{31.248.616.570,58} _{48.300.917.403,02} _{51.629.831.609,28} _{113.019.515.912,44} Mar _{32.775.933.493,22} _{27.035.577.046,31} _{49.262.473.831,44} _{69.174.576.930,53} _{133.417.401.369,39} Apr _{31.096.087.793,29} _{36.770.155.263,34} _{54.130.075.336,24} _{105.776.276.977,85} _{120.840.741.019,52} Mei _{30.152.657.259,04} _{38.081.691.263,38} _{59.476.073.310,28} _{133.193.627.122,07} _{112.468.141.890,81} Jun _{30.536.710.810,75} _{43.447.988.756,54} _{56.261.622.165,81} _{131.053.120.189,16} _{102.540.795.822,70} Jul _{29.764.957.993,68} _{41.999.562.460,42} _{47.946.046.491,41} _{127.019.359.760,27} _{98.110.151.449,71} Agu _{27.186.084.089,55} _{37.494.677.132,18} _{41.899.409.470,17} _{125.462.115.418,69} _{90.766.033.667,70} Sept _{24.703.773.581,41} _{38.188.249.640,70} _{43.097.663.000,76} _{94.667.648.601,55} _{84.004.819.690,79} Okt _{26.493.546.036,34} _{39.178.925.422,01} _{45.018.752.930,71} _{89.509.071.600,57} _{91.942.430.635,50} Nov _{25.421.578.048,84} _{43.380.333.236,26} _{41.190.217.664,57} _{78.704.463.563,76} _{94.401.955.921,51} Des _{28.400.917.731,71} _{43.135.487.417,13} _{43.484.967.076,79} _{101.557.806.196,54} _{103.061.916.916,90} First State

IndoEquity Dividend Yield Fund

(10)

Lanjutan lampiran

4

1,389,274,633,591.89 1,695,733,020,232.42 2,250,933,927,501.41 1,773,370,551,308.57 1,418,794,327,847.43 Feb

1,449,859,154,923.32 1,748,290,570,471.12 2,301,398,578,791.81 2,068,013,791,948.91 1,408,509,670,200.61 Mar

1,531,772,258,948.07 1,831,269,760,942.75 2,482,473,487,866.33 1,977,777,592,744.62 1,303,147,695,491.51 Apr

1,572,551,755,486.54 1,849,510,866,700.14 2,474,370,379,815.83 1,625,730,839,873.49 1,180,456,174,995.68 Mei

1,576,873,080,088.54 1,785,253,265,365.68 2,417,417,140,559.04 1,549,923,193,559.16 1,191,666,274,456.07 Jun

1,599,160,432,205.45 1,907,076,070,170.35 1,994,712,910,115.02 1,536,925,198,679.99 1,158,179,519,538.40 Jul

1,665,949,191,616.16 2,039,682,988,664.33 1,851,534,842,165.82 1,542,842,530,526.79 1,135,208,611,491.76 Agu

1,649,823,832,719.62 1,914,546,791,846.24 1,663,170,241,586.81 1,518,269,940,362.84 936,621,120,713.19 Sept

1,544,974,811,958.53 2,120,700,928,737.32 1,780,954,404,488.28 1,491,546,029,863.96 853,797,003,100.54 Okt

1,696,639,343,551.81 2,612,390,005,131.30 1,817,133,677,318.93 1,553,050,517,307.23 868,134,998,769.14 Nov

1,766,685,251,570.15 2,333,138,880,917.04 1,752,919,035,636.20 1,522,580,922,449.69 840,461,218,973.38 Des

1,675,310,591,031.29 2,308,775,412,524.76 1,758,239,780,879.83 1,475,821,597,835.04 867,831,436,841.85

Manulife Dana Saham

Jan

2.720.755.177.936,74 3.071.828.863.458,37 3.125.059.474.590,15 2.508.045.552.036,64 2.322.869.753.330,29 Feb

2.825.170.747.425,95 3.085.455.658.259,78 3.181.439.317.098,39 2.571.296.138.817,14 2.262.886.562.806,67 Mar

3.081.123.224.409,90 3.134.184.197.133,03 3.234.638.632.259,46 2.626.772.428.042,03 2.519.588.626.994,09 Apr

3.355.796.461.939,93 3.122.536.566.715,11 3.206.979.377.955,07 2.668.328.627.824,08 2.474.317.229.089,72 Mei

3.453.915.619.656,84 2.882.344.340.798,64 3.122.249.166.714,42 2.636.990.625.124,83 2.486.681.204.082,48 Jun

3.383.059.974.750,10 2.972.351.702.236,34 2.977.678.235.632,13 2.636.737.324.059,20 2.316.352.776.567,82 Jul

3.466.069.323.079,35 3.090.290.547.424,76 2.806.584.840.267,80 2.622.907.676.856,79 2.200.099.822.960,40 Agu

3.177.444.923.448,56 2.986.885.547.570,85 2.593.400.085.042,90 2.543.882.133.508,92 1.984.665.532.053,43 Sept

2.897.778.330.368,47 3.102.216.897.702,91 2.566.711.692.288,22 2.501.734.845.274,05 1.865.174.701.241,69 Okt

3.129.821.512.591,07 3.174.337.259.517,09 2.690.664.990.914,30 2.489.564.235.581,48 1.206.547.185.652,28 Nov

3.023.560.035.429,30 3.188.466.285.545,80 2.525.279.286.063,69 2.479.313.061.667,97 1.185.027.227.869,30 Des

3.082.769.775.945,61 3.186.558.735.610,71 2.464.039.731.881,05 2.460.487.746.382,48 1.324.562.689.399,11 Manulife

Saham Andalan

Jan

1.833.083.280.090,00 1.488.448.463.660,00 1.377.764.651.622,00 1.849.061.854.146,00 2.272.680.756.652,51 Feb

1.929.016.719.139,00 1.484.887.750.361,00 1.348.008.423.172,00 1.898.350.770.322,00 1.949.187.509.218,47 Mar

2.109.669.966.364,00 1.447.274.575.274,00 1.580.533.877.360,00 1.923.436.520.982,50 1.955.278.208.317,47 Apr

2.228.076.574.546,00 1.409.268.732.117,00 1.479.775.436.391,00 1.920.913.044.906,51 1.758.954.298.851,47 Mei

2.257.937.007.838,00 1.283.253.575.330,00 1.745.618.027.215,00 1.839.832.033.322,75 1.801.344.632.093,47 Jun

2.304.842.903.628,00 1.323.934.288.158,00 2.009.272.337.152,00 1.865.682.684.114,00 1.647.721.921.781,47 Jul

2.135.830.124.923,00 1.346.047.462.801,95 1.946.312.953.995,91 1.818.398.285.455,10 1.588.662.271.293,47 Agu

1.930.613.369.532,00 1.162.946.404.877,55 1.824.904.536.897,91 1.718.295.199.661,00 1.429.078.017.196,47 Sept

1.748.943.614.391,00 1.168.451.001.563,90 1.844.863.896.508,91 1.879.726.294.057,14 1.318.060.257.907,47 Okt

1.881.502.809.286,00 1.313.954.096.729,80 1.934.510.906.171,91 2.263.691.600.508,32 1.431.324.433.920,47 Nov

1.794.083.647.654,00 1.331.292.821.226,15 1.816.464.217.561,91 2.226.595.984.356,86 1.403.684.078.647,47 Des

1.582.225.379.259,00 1.454.461.493.368,85 1.805.460.489.944,00 2.467.056.382.064,00 1.451.151.082.271,47 Schroder

Dana Prestasi

Plus Jan

13.741.576.120.290,90 10.647.593.707.917,60 8.807.604.831.380,27 8.313.293.380.552,66 9.595.305.213.406,11 Feb

14.375.100.860.309,60 10.816.739.350.892,40 9.039.770.432.504,44 8.308.882.465.971,89 9.928.844.561.997,83 Mar

15.473.349.366.049,30 10.601.912.619.289,70 9.001.252.706.216,63 8.598.482.596.290,06 10.608.201.921.871,90 Apr

15.922.308.326.436,40 10.212.240.926.477,30 9.119.454.416.049,13 8.524.344.009.246,13 11.422.480.684.135,60 Mei

16.088.775.913.376,50 9.543.914.624.814,65 9.214.203.398.516,63 8.483.471.550.750,34 12.271.611.971.826,40 Jun

16.167.245.716.147,30 10.162.173.589.645,40 8.894.415.952.932,21 8.610.080.483.695,89 11.912.153.940.857,50 Jul

16.742.317.749.341,70 10.418.579.962.840,10 8.742.348.321.719,77 8.413.599.690.537,27 11.984.138.558.914,30 Agu

16.224.450.307.617,20 9.609.129.848.698,55 8.062.054.039.048,25 8.448.013.990.424,13 11.764.332.413.205,60 Sept

15.334.977.119.510,90 9.301.157.922.694,27 8.318.120.191.890,29 8.341.295.814.181,75 11.245.139.799.866,30 Okt

13.128.253.798.177,40 9.137.154.393.928,01 8.748.938.855.643,50 8.523.002.005.951,70 12.121.898.640.846,60 Nov

11.132.620.789.487,80 8.753.686.772.701,89 8.362.667.557.026,69 8.755.543.622.729,13 12.164.331.150.159,00 Des

(11)

Data Expense Ratio Reksa Dana Saham Tahun 2011-2015

Lampiran 5

Reksa Dana

2011

2012

2013

2014

2015

Batavia Dana Saham Optimal

_3,51

_4,54

_4,52

_4,39

_4,92

BNP Paribas Ekuitas

2,83

2,85

2,82

3,06

3,25

BNP Paribas Infrastruktur Plus

2,72

2,77

2,95

2,99

2,96

Cimb-Principal Equity Aggressive

3,51

4,67

4,95

6,81

7,01

First State IndoEquity Dividend Yield Fund

2,98

2,53

2,94

2,56

3,02

First State IndoEquity Sectoral Fund

2,66

3,11

3,26

3,24

3,33

Manulife Dana Saham

3,47

3,74

3,84

3,37

3,53

Manulife Saham Andalan

3,87

4,06

4,23

3,69

3,39

Schroder Dana Prestasi Plus

2,08

2,02

2,1

2,08

2,06

Data Turnover Ratio Reksa Dana Saham Tahun 2011-2015

Lampiran 6

Reksa Dana

2011

2012

2013

2014

2015

Batavia Dana Saham Optimal

1,67

2,49

1,92

1,47

1,36

BNP Paribas Ekuitas

0,47

0,51

0,46

0,63

0,76

BNP Paribas Infrastruktur Plus

0,41

0,91

0,83

0,7

0,49

Cimb-Principal Equity Aggressive

0,42

2,47

3,33

3,65

3,72

First State IndoEquity Dividend Yield Fund

0,13

0,15

0,16

0,30

0,68

First State IndoEquity Sectoral Fund

0,23

0,22

0,19

0,09

Manulife Dana Saham

0,71

1,01

0,93

0,6

0,79

Manulife Saham Andalan

0,75

1,42

1,48

1,09

0,56

Schroder Dana Prestasi Plus

0,52

0,33

0,47

0,26

Data Fund Age Reksa Dana Saham Tahun 2011-2015

Lampiran 7

Reksa Dana

2011

2012

2013

2014

2015

Batavia Dana Saham Optimal

₆₃

₇₅

₈₇

₉₉

₁₁₁

BNP Paribas Ekuitas

₁₃₀

₁₄₂

₁₅₄

₁₆₆

₁₇₈

BNP Paribas Infrastruktur Plus

₅₇

₆₉

₈₁

₉₃

₁₀₅

Cimb-Principal Equity Aggressive

77

89

101

113

125 First State IndoEquity Dividend Yield Fund

₇₆

₈₈

₁₀₀

₁₁₂

₁₂₄

First State IndoEquity Sectoral Fund

₈₄

₉₆

₁₀₈

₁₂₀

₁₃₂

Manulife Dana Saham

₁₀₀

₁₁₂

₁₂₄

₁₃₆

₁₄₈

Manulife Saham Andalan

₄₉

₆₁

₇₃

₈₅

₉₇

Schroder Dana Prestasi Plus

(12)

Data Cash Flow Reksa Dana Saham Tahun 2011-2015

Lampiran 8

Reksa Dana

2011

2012

2013

2014

2015

Batavia

Dana

Saham

Optimal

3,205,787,852.03

22,800,661,379.23

38,415,974,925.30

118,319,201,924.06

-14,176,063,130.72

BNP

Paribas

Ekuitas

-93,256,256,836.90

-159,912,575,398.31

-109,629,914,210.37

-193,426,870,041.47

-42,839,514,793.80

BNP

Paribas

Infrastruktur

Plus

-194,028,758,575.16

19,252,505,858.47

171,997,464,312.79

628,414,701,667.59

-1,027,137,622,424.01

Cimb-Principal

Equity

Aggressive

-1,413,062,668.87

2,480,889,148.29

76,309,491.29

10,709,030,498.99

304,354,437.80

First State

IndoEquity

Dividend

Yield Fund

-273,296,561.93

10,096,696,785.85

54,504,763,995.95

35,472,568,976.74

53,206,910,332.59

First State

IndoEquity

Sectoral

Fund

30,257,943,368.77

127,708,963,695.16

-109,778,963,723.05

-57,566,485,357.97

-120,342,295,984.82

Manulife

Dana

Saham

110,189,661,575.86

20,287,156,057.31

-168,102,338,963.11

-753,379,752.04

-341,088,742,925.04

Manulife

Saham

Andalan

-88,161,012,247.32

-23,955,566,357.68

66,913,447,392.77

107,890,228,785.43

-230,056,377,738.23

Schroder

Dana

Prestasi

Plus

(13)

Common Effect Model (CEM)

Lampiran 9

Dependent Variable: KINERJA?

Method: Pooled Least Squares

Date: 09/07/16 Time: 14:40

Sample: 2011 2015

Included observations: 5

Cross-sections included: 9

Total pool (balanced) observations: 45

Variable

Coefficient

Std. Error

t-Statistic

Prob.

FUNDSIZE?

0.047534

0.037874

1.255067

0.2167

EXPENSERATIO?

-0.144815

0.121222

-1.194629

0.2393

TURNOVER?

0.244098

0.156629

1.558447

0.1270

FUNDAGE?

-0.513221

0.228412

-2.246905

0.0302

CASHFLOW?

-0.234860

0.836204

-0.280865

0.7803

R-squared

0.192493 Mean dependent var

-1.330176

Adjusted R-squared

0.111743 S.D. dependent var

0.463892

S.E. of regression

0.437206 Akaike info criterion

1.287617

Sum squared resid

7.645978 Schwarz criterion

1.488357

Log likelihood

-23.97137 Hannan-Quinn criter.

1.362451

(14)

Fixed Effect Model (FEM)

Lampiran 10

Dependent Variable: KINERJA?

Method: Pooled Least Squares

Date: 09/07/16 Time: 14:41

Sample: 2011 2015

Included observations: 5

Cross-sections included: 9

Total pool (balanced) observations: 45

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C

6.985304

3.386674

2.062585

0.0476

FUNDSIZE?

-0.003193

0.147798

-0.021601

0.9829

EXPENSERATIO?

-0.043050

0.205608

-0.209377

0.8355

TURNOVER?

0.289981

0.210602

1.376914

0.1784

FUNDAGE?

-1.795652

0.440034

-4.080714

0.0003

CASHFLOW?

-1.038161

0.940588

-1.103736

0.2782

Effects Specification

Cross-section fixed (dummy variables)

R-squared

0.477721 Mean dependent var

-1.330176

Adjusted R-squared

0.258701 S.D. dependent var

0.463892

S.E. of regression

0.399405 Akaike info criterion

1.251867

Sum squared resid

4.945264 Schwarz criterion

1.813940

Log likelihood

-14.16701 Hannan-Quinn criter.

1.461402

F-statistic

2.181174 Durbin-Watson stat

3.000705

(15)

Uji Chow

Lampiran 11

Redundant Fixed Effects Tests

Pool: FREDI

Test cross-section fixed effects

Effects Test

Statistic

d.f.

Prob.

Cross-section F

1.654230

(8,31)

0.1499

Cross-section Chi-square

15.997631

8 0.0424

Cross-section fixed effects test equation:

Dependent Variable: KINERJA?

Method: Panel Least Squares

Date: 09/07/16 Time: 14:42

Sample: 2011 2015

Included observations: 5

Cross-sections included: 9

Total pool (balanced) observations: 45

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C

2.854792

1.581459

1.805163

0.0788

FUNDSIZE?

-0.023176

0.053779

-0.430948

0.6689

EXPENSERATIO?

-0.258740

0.133762

-1.934331

0.0604

TURNOVER?

0.289675

0.154463

1.875361

0.0682

FUNDAGE?

-0.627864

0.231121

-2.716598

0.0098

CASHFLOW?

-0.545288

0.831527

-0.655767

0.5158

R-squared

0.254761 Mean dependent var

-1.330176

Adjusted R-squared

0.159218 S.D. dependent var

0.463892

S.E. of regression

0.425362 Akaike info criterion

1.251814

Sum squared resid

7.056388 Schwarz criterion

1.492703

Log likelihood

-22.16583 Hannan-Quinn criter.

1.341615

F-statistic

2.666444 Durbin-Watson stat

2.239254

(16)

Random Effect Model (REM)

Lampiran 12

Dependent Variable: KINERJA?

Method: Pooled EGLS (Cross-section random effects)

Date: 09/07/16 Time: 14:45

Sample: 2011 2015

Included observations: 5

Cross-sections included: 9

Total pool (balanced) observations: 45

Swamy and Arora estimator of component variances

Variable

Coeff icient

Std. Error

t-Statistic

Prob.

C

2.854792

1.484954

1.922478

0.0619

FUNDSIZE?

-0.023176

0.050497

-0.458955

0.6488

EXPENSERATIO?

-0.258740

0.125599

-2.060041

0.0461

TURNOVER?

0.289675

0.145038

1.997239

0.0528

FUNDAGE?

-0.627864

0.217018

-2.893146

0.0062

CASHFLOW?

-0.545288

0.780784

-0.698385

0.4891

Effects Specification

S.D.

Rho

Cross-section random

0.182300

0.02360

Idiosyncratic random

0.399405

1.0000

Weighted Statistics

R-squared

0.254761 Mean dependent var

-1.330176

Adjusted R-squared

0.159218 S.D. dependent var

0.463892

S.E. of regression

0.425362 Sum squared resid

7.056388

F-statistic

2.666444 Durbin-Watson stat

2.239254

Prob(F-statistic)

0.036299

Unweighted Statistics

R-squared

0.254761 Mean dependent var

-1.330176

(17)

Uji Hausman

Lampiran 13

Correlated Random Effects - Hausman Test

Pool: FREDI

Test cross-section random effects

Test Summary

Chi-Sq.

Statistic

Chi-Sq. d.f.

Prob.

Cross-section random

12.855343

5 0.0248

Cross-section random effects test comparisons:

Variable

Fixed

Random

Var(Diff.)

Prob.

FUNDSIZE?

-0.003193

-0.023176

0.019294

0.8856

EXPENSERATIO?

-0.043050

-0.258740

0.026500

0.1852

TURNOVER?

0.289981

0.289675

0.023317

0.9984

FUNDAGE?

-1.795652

-0.627864

0.146533

0.0023

CASHFLOW?

-1.038161

-0.545288

0.275081

0.3474

Cross-section random effects test equation:

Dependent Variable: KINERJA?

Method: Panel Least Squares

Date: 09/07/16 Time: 14:46

Sample: 2011 2015

Included observations: 5

Cross-sections included: 9

Total pool (balanced) observations: 45

Variable

Coefficient

Std. Error

t-Statistic

Prob.

C

6.985304

3.386674

2.062585

0.0476

FUNDSIZE?

-0.003193

0.147798

-0.021601

0.9829

EXPENSERATIO?

-0.043050

0.205608

-0.209377

0.8355

TURNOVER?

0.289981

0.210602

1.376914

0.1784

FUNDAGE?

-1.795652

0.440034

-4.080714

0.0003

CASHFLOW?

-1.038161

0.940588

-1.103736

0.2782

Effects Specification

Cross-section fixed (dummy variables)

R-squared

0.477721 Mean dependent var

-1.330176

Adjusted R-squared

0.258701 S.D. dependent var

0.463892

S.E. of regression

0.399405 Akaike info criterion

1.251867

Sum squared resid

4.945264 Schwarz criterion

1.813940

Log likelihood

-14.16701 Hannan-Quinn criter.

1.461402

F-statistic

2.181174 Durbin-Watson stat

3.000705

(18)

Uji Normalitas

Lampiaran 14

Uji

Multikoloniaritas

Lampiran 15

FUND_SIZE EXPENSE_RATIO TURN_OVER FUND_AGE CASH_FLOW

FUND_SIZE

1.000000

-0.574501

-0.533925

0.475422

-0.270168

EXPENSE_RATIO -0.574501

1.000000

0.880857

-0.218073

0.190044

TURN_OVER

-0.533925

0.880857

1.000000

-0.167720

0.291392

FUND_AGE

0.475422

-0.218073

-0.167720

1.000000

-0.142693

CASH_FLOW

-0.270168

0.190044

0.291392

-0.142693

1.000000

0

2

4

6

8

10 -1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6 Series: Residuals

Sample 1 45

Observations 45

Mean

1.10e-15

Median

0.119092

Maximum

0.647364

Minimum

-0.927047

Std. Dev.

0.400465

Skewness

-0.881476

Kurtosis

2.988436

Jarque-Bera

5.827749

(19)

Uji Autokolerasi

Lampiran 16

Breusch-Godfrey Serial Correlation LM Test:

F-statistic

0.000460 Prob. F(1,38)

0.9830

Obs*R-squared

0.000545 Prob. Chi-Square(1)

0.9814

Test Equation:

Dependent Variable: RESID

Method: Least Squares

Date: 09/07/16 Time: 14:55

Sample: 1 45

Included observations: 45

Presample missing value lagged residuals set to zero.

Variable

Coefficient

Std. Error

t-Statistic

Prob.

FUND_SIZE

-0.000182

0.055140

-0.003307

0.9974

EXPENSE_RATIO

-0.000214

0.135877

-0.001577

0.9988

TURN_OVER

0.000262

0.156957

0.001669

0.9987

FUND_AGE

0.000450

0.235079

0.001914

0.9985

CASH_FLOW

-0.007004

0.903426

-0.007753

0.9939

C

0.003504

1.610422

0.002176

0.9983

RESID(-1)

0.003772

0.175799

0.021457

0.9830

R-squared

0.000012 Mean dependent var

1.10E-15

Adjusted R-squared

-0.157881 S.D. dependent var

0.400465

S.E. of regression

0.430920 Akaike info criterion

1.296247

Sum squared resid

7.056302 Schwarz criterion

1.577283

Log likelihood

-22.16555 Hannan-Quinn criter.

1.401014

F-statistic

7.67E-05 Durbin-Watson stat

1.981239

(20)