PENGARUH STOCK SELESCTION SKIIL, MARKET TIMING ABILITY, TURNOVER RATIO DAN CASH FLOW TERHADAP KINERJA REKSA DANA SYARIAH

(Studi Kasus Pada Perusahaan Reksa Dana Syariah yang Terdaftar di OJK Periode Tahun 2011-2014)

  • Mega Mustika Sari STIE Sutaatmadja
  • Sri Mulyati STIE Sutaatmadja
  • Estu Widarwati STIE Sutaatmadja
Keywords: Stock Selection Skill, Market Timing Ability, Turnover Ratio and Cashflow, Mutual Fund’s Syariah Performance

Abstract

Mutual funds syariah are other investment opportunities with measurable risk and return is high enough with enough capital affordable to the community. Mutual funds syariah have an Investment Manager with the ability and knowledge of the market it is or will happen. Therefore, mutual funds syariah selected by investors because it is cheap, easy and "managed by the experts".

This research analysted do stock selection skill, market timing ability, Turnover ratio and Cashflow can influence the performance of equity mutual funds syariah in Indonesia. The data used in this research are data on financial statements , Net Asset Value (NAV), SBI, IHSG, yearly data and prospectus of 10 equity mutual fund syariah that were sampled during this research report from 2011-2014.

As a research methodology, we used F test and t test to examine research’s hypothesis, also used assumption classic test there are normality test, autocorrelation test, heteroscedasticity test and multicolinearity test.  These results can be viewed on multiple regression analysis and the coefficient of determination, the R value of 0.513 means the relation between the stock selection skill, market timing ability, Turnover ratio and Cashflow to profitability by 51.3%, meaning that the relationship between variables was most closely. Adjusted R Square value of 0.545 which means 54,5% achievement of profitability can be explained by the stock selection skill, market timing ability, Turnover ratio and Cashflow. The remaining 45,5% can be explained by other factors not examined in this research..

References

BUKU
Dahlquist R. M., T. S. Prather and J. J. Stapleton, 2010. Time and Temperature Requirements for Weed Seed Thermal Death. Weed Science, 55: 619-625.
Darsono dan Ashari, 2005, Pedoman Praktis Memahami laporan Keuangan, Andi, Yogyakarta
Bodie et all, 2006. Investasi, Alih Bahasa oleh Zuliani Dalimunthe dan Budi Wibowo, Salemba Empat, Jakarta.
Copeland, Thomas E., J Fred Weston, (2010), Financial Theory And Corporate Policy, 5thEd, Addison-Wesley Publishing Company, Inc, USA.
Elton dan Gruber. 2011. Modern Portofolio : Theory and Investment Analysis, 5th edition. New York : Wiley.
Ferdinand. 2006. Metode Penelitian Manajemen . Semarang: Badan Penerbit Universitas Diponegoro.
Hamid, Abdul. “Pasar Modal Syariah”. Lembaga Penelitian UIN Jakarta, Jakarta, 2009.
Hamid, Ibid,” Lembaga Kauangan Syariah”, Jakarta: Penerbit Zikrul Hakim,2008.
Huda Nurul, Investasi Pada Pasar Modal Syariah. Prenada Media Grop: Jakarta, 2007.
Ghozali, Imam. 2006. “Aplikasi Analisis Multivariate Dengan Program SPSS ”.Semarang : Badan Penerbit Undip.
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate dengan Program SPSS . Edisi Ketujuh. Semarang: Badan Penerbit Universitas Diponegoro
Jones, Charles P., 2007, Investment, New York : Prentice-Hall.
Kon, Teori Portofolio Dan Analisis Sekuritas, Unit Penerbit Dan Percetakan AMP YKPN Yogyakarta, 2007.
Markowitz, N. Gregory. “Principle of Economics Pengantar Ekonomi Makro”. Edisi Tiga, Salemba Empat, Jakarta, 2008.
Nofie Iman. 2008. Panduan Singkat dan Praktis: Memulai Investasi Reksadana, PT Elex Media Komputindo, Jakarta
Pratomo, Eko Priyo dan Ubaidillah Nugraha. “Reksa Dana Solusi Perencanaan Investasi di Era Modern”. PT Gramedia Pustaka Utama, Jakarta, 2009.
Pratomo, Eko P. “Berwisata ke Dunia Reksa Dana”. PT Gramedia Pustaka Utama, Jakarta, 2008.
Sharpe, William F, et.al.(2008), Investment, 5th edition, Prentice Hall, New Jersey.
Sudarsono, Heri. “Bank dan Lembaga Keuangan Syariah Edisi 3”. Ekonisia, Yogyakarta, 2008.
Sugiyono. (2008). MetodePenelitian Kuantitatif Kualitatif & RND. Bandung : Alfabeta
Wiksuana I.G.B., Purnawati N.K., 2008, Konsistensi Risk-Adjusted Performance Sebagai Pengukur Kinerja Portofolio Saham Di Pasar Modal Indonesia, Buletin Studi Ekonomi No 13 Volume 2 Tahun 2008, Universitas Udayana.

JURNAL
Hutagalung, Rina, 2009. “Analisis Perbedaan Kinerja Reksadana Saham Terhadap Indeks Harga Saham Gabungan Dengan Metode Sharpe Dan Treynor Di Bursa Efek Indonesia”, Jurnal Ekonomi, Universitas Sumatera Utara, Medan.
Pratiwi, Widya, 2010. “Pengaruh Expense Ratio, Turnover Ratio, Ukuran Reksa dana, Cash Flow Terhadap Kinerja Reksadana (Periode Tahun 2005-2007)”, Skripsi, Universitas Diponegoro, Semarang.
Sehgal,Sanjay dan Manoj Jhanwar. 2008. “ On Stock Selection Skill and Market Timing Abilities of Mutual Fund Managers in India”. Innternational Research Journal of Finance and Economics – Issue.
Utami, Ria Wahyu. 2014.Analisis Pengaruh Past Perfomance, Fund Cash Flow, Fund Size, Fund Longevity, dan Family Fund Size Terhadap Kinerja. Jurnal Riset Akuntansi Indonesia.
Waelan. 2008. Kemampuan Memilih Saham dan Market Timing Manajer Investasi Reksa Dana Saham di Bursa Efek Indonesia. Jurnal Akuntansi Vol:12 No.2 : 13.

ARTIKEL
Dewan Syariah Nasional MUI. “Himpunan Fatwa Dewan Syariah Nasional”. MUI, Jakarta, 2003.
Manurung, Adler Haymans. “Reksa Dana Investasiku”. Kompas, Jakarta, 2008.

SITUS WEB
www.ojk.go.id
www.portalreksadana.com
Published
2019-07-12
Section
Table of Contents