The Impact of Macroeconomic Variables Consisting of Inflation, Foreign Exchange Rate, Interest Rate, Foreign Direct Investment and Composite Risk on Islamic Mutual Fund in Indonesia Mauizhotul Hasanah, Muhammad Ubaidillah Al Mustofa, Sulistya Rusgianto, Tika Widiastuti
Airlangga University
Abstract
The purpose of this study is to analyze the influence of macroeconomic variables consisting of Inflation, Exchange Rate, Interest Rate, Foreign Direct Investment and Risk on investment in Indonesian Islamic Mutual Fund. This study used a quantitative approach with regression analysis in E-views. The sample used for the study is the annual data of net asset value of Islamic Mutual Funds from 2005-2015. Empirical results showed that partially, Inflation, Exchange Rate, and Foreign Direct Investment have positive and significant influences on the performance of sharia mutual funds. While the Interest Rate and Risk show negative and significant influences on net asset value of sharia mutual funds. On other hand, simultaneously, all independent variables affect significant the dependent variable.
Keywords: Macroeconomic, Islamic Mutual Funds, Inflation, Foreign Exchange Rate, Interest Rate, Foreign Direct Investment and Risk
