Analysis Of Macroeconomic Conditions On The Performance Of Protected Mutual Funds In Indonesia In Moderated Age And Size Of Mutual Funds For The Period January 2018 – August 2023

Abstract

This study aims to find evidence whether Macroeconomic Conditions can affect the Performance
of Protected Mutual Funds in Indonesia which is Moderated Age and Size of Mutual Funds for
the period January 2018 – August 2023. The motivation for this study comes from identifying the
relationship between macroeconomic conditions and mutual fund performance simultaneously is
very important because it has significant implications in efforts to improve mutual fund
performance against macroeconomic conditions. However, there are limitations to empirical
studies on the impact of these mutual funds because the data year series is limited to only a few
years. Using the Random Effect Model (REM) panel regression method approach, the analysis
period from January 2018 to August 2023 panel data on macroeconomics and mutual funds, it
was found that macroeconomic variables of the rupiah exchange rate against the US dollar (NT)
had a significant influence on the performance of the highest mutual funds measured by the sharpe
ratio. Meanwhile, macroeconomic variables that do not have a significant influence on the
performance of protected mutual funds are interest rate (SBI) and inflation (INF) variables. The
variable age and size of mutual funds have a significant influence on the performance of protected
mutual funds. In addition to these independent variables, this study also used moderator /
moderating variables. Moderator variables to see the interaction relationship between moderator
variables and predictor variables (independent). Moderator variables are variables that can
strengthen or weaken the relationship between independent and dependent variables. The
moderator variables of this study are age and size of mutual funds