Article Sidebar

Download
PDF
Statistic
Read Counter : 123 Download : 98

Main Article Content

Abstract

Investors in Indonesia pay attention to the financial market's investment tools, including mutual funds. Some mutual funds even provide a higher return on investment than alternative stock investments, with a lower level of risk be-cause investment managers properly manage them. This research aims to determine how stock mutual fund success is affected by factors such as stock selection, market timing, mutual fund size, and Covid-19, with Covid-19 serving as a moderator. Purposive sampling was utilized to conduct research on Indonesian equity funds. This study's sample consists of equity funds administered by fourteen investment management firms authorized and regulated by the Financial Services Authority (OJK). Panel data regression analysis in Eviews is used to examine the information. It was discovered that neither mutual fund size nor Covid-19 played a statistically important role in determining the success of equity funds. However, equity fund returns are significantly influenced by company picking and market timing. As a supplementary benefit, Covid-19 can significantly reduce the beneficial effects of overly optimistic stock picking on the returns of equity funds. This research also demonstrates that the effects of mutual fund size and market timing on stock fund returns are not reduced by using Covid-19.

Keywords

Market Timing Size of Mutual Fund Stock Selection Covid-19

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

By exercising the Licensed Rights, You accept and agree to be bound by the terms and conditions of this Creative Commons Attribution-NonCommercial 4.0 International Public License.

How to Cite
Manurung, A. H., & Sihombing, P. (2023). The Impact of Stock Selection, Market Timing and Equity Fund Size on Equity Funds Performance during Covid-19. Kontigensi : Jurnal Ilmiah Manajemen, 11(1), 194-201. https://doi.org/10.56457/jimk.v11i1.341

References

  1. Agarwal, P. K., & Pradhan, H. K. (2019). Mutual fund performance in changing economic conditions: Evidence from an emerging economy. Cogent Economics \& Finance, 7(1), 1687072.
  2. Anugrah, A. P. (n.d.). Analisis Stock Selection, Market Timing Ability, Size Fund, Danlongevity Fundpada Kinerja Reksa Dana Saham Syariah Di Indonesia Periode 2014-2018. Fakultas ekonomi dan bisnis uin jakarta.
  3. Ariswati, L. D., Iskandar, R., & Azis, M. (2021). Performance Analysis of Mutual Funds Based On Market Timing Ability and Stock Selection Skill during Covid-19 Pandemic in Indonesia. Saudi J Bus Manag Stud, 6(7), 250–255.
  4. Asriwahyuni, I. G., & Prima, G. A. (2017). Pengaruh Ukuran dan Umur Pada Kinerja Reksa Dana Saham di Indonesia. E-Jurnal Akuntansi Universitas Udayana, 21(2), 1460–1487.
  5. Christiandi, S., & Colline, F. (2021). Pengaruh Inflasi, Ukuran, dan Umur Terhadap Kinerja Reksa Dana Saham Di Indonesia. Jurnal Administrasi Bisnis, 17(2), 194–205.
  6. Faisol, F., & Eko Sujianto, A. (2020). Aplikasi Penelitian Keuangan Dan Ekonomi Syariah Dengan Stata. Cahaya Abadi.
  7. Firdaus, M. (2020). Aplikasi Ekonometrika dengan E-Views, Stata dan R. PT Penerbit IPB Press.
  8. Gusni, G., Silviana, S., & Hamdani, F. (2018). Factors affecting equity mutual fund performance: evidence from Indonesia. Investment Management and Financial Innovations, 15, Iss. 1, 1–9.
  9. Infovesta. (2022). Grafik Imbal Hasil Saham dan Reksa Dana. https://www.infovesta.com
  10. Investor, D. (n.d.). Statistik Pasar Modal Indonesia. 2022. https://www.ksei.co.id/publications/demografi_investor
  11. Khan, S. N. (2020). Stock selection and market timing ability of fund managers: Evidence from Pakistan. City University Research Journal, 10(3).
  12. Low, S.-W., & others. (2012). Market timing and selectivity performance: A cross-sectional analysis of Malaysian unit trust funds. Prague Economic Papers, 2, 205–219.
  13. Rustendi, T. (2017). Analisis Kinerja Reksa Dana Pendapatan Tetap, Reksa Dana Saham, Dan Reksa Dana Campuran (Studi Di Bursa Efek Indonesia--BEI). Jurnal Ekonomi Manajemen, 3(2), 83–95.
  14. Sudarmanto, E., Khairad, F., Damanik, D., Purba, E., Peranginangin, A. M., Arfandi, S. N., Purba, B., Basmar, E., Sriwiyanti, E., & Astuti, A. (2021). Pasar Uang dan Pasar Modal. Yayasan Kita Menulis.
  15. Tandelilin, E. (2010). Dasar-dasar manajemen investasi. Manajemen Investasi, 34.
  16. Ulayya, S. D. (n.d.). Analisis Pengaruh Stock Selection Skill, Market Timing Ability, Fund Age, Fund SizeDan Fund Cash Flow Terhadap Kinerja Reksa Dana Saham Periode 2014-2018. Fakultas Ekonomi dan Bisnis Uin Jakarta.
  17. Yang, Y. (2018). Prediction and analysis of aero-material consumption based on multivariate linear regression model. 2018 IEEE 3rd International Conference on Cloud Computing and Big Data Analysis (Icccbda), 628–632.