Tinjung Desy Nursanti, - and Nugraha, - and Ikaputera Waspada, - and Maya Sari, - (2025) EFEK MODERASI UMUR DAN UKURAN REKSA DANA ATAS PENGARUH TINGKAT BUNGA, NILAI TUKAR SERTA INFLASI TERHADAP KINERJA REKSA DANA TERPROTEKSI PERIODE 2018 – 2023. S3 thesis, Universitas Pendidikan Indonesia.
Abstract
Penelitian ini menganalisis efek moderasi umur dan ukuran reksa dana terhadap pengaruh tingkat bunga, nilai tukar, dan inflasi pada kinerja reksa dana terproteksi di Indonesia selama periode 2018–2023. Studi ini juga menemukan adanya research gap, di mana hubungan antara variabel ekonomi makro dan kinerja reksa dana belum menunjukkan hasil konsisten dalam literatur sebelumnya. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder dari perusahaan manajer investasi, Otoritas Jasa Keuangan (OJK), dimana data yang digunakan meliputi 32 reksa dana terproteksi aktif dengan kriteria yang ditetapkan sebelumnya. Untuk mengetahui bagaimana umur dan ukuran reksa dana berkorelasi dengan variabel ekonomi makro, digunakan model analisis regresi moderasi kondisional dengan pendekatan Hayes. Hasil penelitian menunjukkan bahwa umur dan ukuran reksa dana secara signifikan memoderasi pengaruh tingkat bunga, nilai tukar, dan inflasi terhadap kinerja reksa dana terproteksi. Umur reksa dana lebih dominan dalam menciptakan hubungan antara komponen ekonomi makro dan kinerja, sedangkan ukuran memberikan perlindungan terhadap volatilitas. Adapun implikasi penelitian ini adalah bahwa temuan yang ada dapat membantu pemahaman unvestor mengenai bagaimana faktor internal reksa dana dan variabel ekonomi makro berinteraksi satu sama lain, serta memiliki konsekuensi praktis bagi manajemen investasi dan pengelolaan risiko investasi di masa depan. This study examines the moderating effect of mutual fund age and size on the influence of interest rates, exchange rates, and inflation on the performance of protected mutual funds in Indonesia during 2018–2023. A research gap in the inconsistent relationships between macroeconomic factors and mutual fund performance in prior literature is also highlighted. The study uses secondary data from investment managers and the Financial Services Authority (OJK) in a quantitative manner, where the data used includes 32 active protected mutual funds with previously established criteria. To examine how mutual fund size and age interact with macroeconomic factors, moderate conditional regression analysis of Hayes process is applied. The results of the study show that the age and size of mutual funds significantly moderate the effect of interest rates, exchange rates, and inflation on the performance of protected mutual funds. While size offers resilience against volatility, fund age mostly reinforces the correlation between these parameters and performance. By adding moderating factors to the examination of mutual fund performance, this study advances the theory of investment management. Investors are advised to take size and age into account when making decisions, and regulators are urged to strengthen laws that promote market stability. This research implies that the existing findings can help investors understand how internal mutual fund factors and macroeconomic variables interact with each other, and have practical consequences for investment management and investment risk management in the future.
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| Item Type: | Thesis (S3) |
|---|---|
| Additional Information: | https://scholar.google.com/citations?user=1PX2MwgAAAAJ&hl=en ID SINTA Dosen Pembimbing: Nugraha: 5994754 Ikaputera Waspada: 5993422 Maya Sari: 5984857 |
| Uncontrolled Keywords: | efek moderasi, faktor ekonomi makro, kinerja reksa dana, reksa dana terproteksi, ukuran reksa dana, umur reksa dana fund age, fund size, macroeconomic factors, moderating effect, performance mutual fund, protected mutual fund |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management L Education > L Education (General) |
| Divisions: | Fakultas Pendidikan Ekonomi dan Bisnis > S3 Manajemen |
| Depositing User: | Tinjung Desy Nursanti |
| Date Deposited: | 09 Sep 2025 09:18 |
| Last Modified: | 09 Sep 2025 09:18 |
| URI: | http://repository.upi.edu/id/eprint/137670 |
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