Pengaruh asset under management, fund age, dan past performance terhadap kinerja reksadana pendapatan tetap di Indonesia

Young, Erren Christianto (2016) Pengaruh asset under management, fund age, dan past performance terhadap kinerja reksadana pendapatan tetap di Indonesia. Bachelor thesis, Universtitas Pelita Harapan.

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Abstract

Pada era globalisasi saat ini, tingkat pertumbuhan ekonomi suatu negara telah menjadi acuan umum untuk menentukan kemajuan suatu negara. Masyarakat membutuhkan investasi sebagai salah satu cara untuk mendayagunakan dana yang dimiliki untuk masa depan. Salah satu bentuk investasi yang cukup banyak diminati oleh masyarakat adalah reksadana. Reksadana muncul sebagai salah satu instrument investasi yang dirancang sebagai salah satu sarana untuk menghimpun dana dari masyarakat yang memiliki modal, mempunyai keinginan untuk melakukan investasi, namun hanya memiliki waktu dan pengetahuan yang terbatas. Salah satu jenis reksadana yang ada yaitu reksadana pendapatan tetap atau reksadana yang berinvestasi pada surat-surat berharga atau obligasi. Penelitian ini dilakukan dengan tujuan untuk mengetahui pengaruh Asset Under Management (AUM), Fund Age (FA), dan Past Performance (PP) terhadap kinerja reksadana pendapatan tetap di Indonesia periode 2008-2015 berdasarkan Return dan Sharpe Ratio sebagai metode alat ukur menghitung. Populasi dari penelitian ini adalah 220 produk reksadana pendapatan tetap di Indonesia. Pengambilan sampel menggunakan metode Purposive sampling sehingga diperoleh 31 reksadana pedapatan tetap yang telah beroperasi dari tahun 2008-2015. Jenis data yang dipakai merupakan data panel yang terdiri atas data time series dan data cross sectional yang berupa data laporan investasi tahun 2008-2015 dalam bentuk data tahunan. Berdasarkan hasil penelitian, diperoleh hasil bahwa terdapat perbedaan hasil antara pengaruh variabel Asset Under Management (AUM), Fund Age (FA), dan Past Performance (PP) terhadap kinerja reksadana dengan menggunakan metode Return dan Sharpe Ratio. Dimana pada metode Return, ditemukan bahwa Asset Under Management (AUM) memiliki pengaruh yang positif dan tidak signifikan terhadap kinerja reksadana pendapatan tetap, Fund Age (FA) memiliki pengaruh yang negatif dan signifikan terhadap kinerja reksadana pendapatan tetap, dan Past Performance (PP) memiliki pengaruh yang positif dan tidak signifikan terhadap kinerja reksadana pendapatan tetap di Indoensia. Sedangkan berdasarkan metode Sharpe Ratio, ditemukan bahwa Asset Under Management (AUM) memiliki pengaruh yang negatif dan tidak signifikan terhadap kinerja reksadana pendapatan tetap, Fund Age (FA) memiliki pengaruh yang positif dan tidak signifikan terhadap kinerja reksadana pendapatan tetap, dan Past Performance (PP) memiliki pengaruh yang positif dan signifikan terhadap kinerja reksadana pendapatan tetap di Indoensia / In the era of globalization, the economic growth rate of a country has become a common reference to determine the progress of a country. Society requires investment as a way to utilize the funds held for the future. One form of investment that is pretty much in demand by the public is mutual fund. Mutual Fund emerged as one of the investment instruments is designed as a means to raise funds from the community who have the capital, have a desire to make investments, but only have a limited time and knowledge. One type of existing mutual funds are fixed income funds or mutual funds that invest in securities or bonds. This research was did in order to knows the effect of Assets Under Management (AUM), Fund Age (FA), and Past Performance (PP) to the performance of fixed-income mutual in Indonesia in period 2008 to 2015 based of Return and Sharpe Ratio as a method of calculating. Population for this research is 220 fixed income mutual fund products in Indonesia. For the sampling is using purposive sampling method to get 31 fixed income mutual funds that had operated from in 2008-2015. The type of data used is the panel data of time series data and data cross sectional report data in the form of investment in 2008-2015 in the form of annual data. From this research, it was found that there are different result between the effect of variables Asset Under Management (AUM), Fund Age (FA), and Past Performance (PP) on the performance of fixed mutual fund using Return and Sharpe Ratio methods. In Return method, it was found that Asset Under Management (AUM) have positive but does not have significant effect on fixed mutual fund performance, Fund Age (FA) have negative and significant effect on fixed mutual fund performance, and Past Performance (PP) have positive but does not have significant effect on fixed mutual fund performance. Whereas, in Sharpe Ratio method, it was found that Asset Under Management (AUM) has negative but does not have significant effect on fixed mutual funds performance, Fund Age (FA) has positive effect but does not have significant on fixed mutual fund performance, and past performance has positive and significant effect on fixed mutual fund performance in Indonesia

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