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Ningrum, L. H., Marwa, T., Asngari, I., & Andaiyani, S. (2024). Evaluating the Impact of Inflation and Exchange Rates on the Net Active Value (NAV) of Conventional Mutual Funds in Indonesia. KnE Social Sciences, 9(14), 33–42. https://doi.org/10.18502/kss.v9i14.16091

https://doi.org/10.18502/kss.v9i14.16091

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authors

  • Liza Hertias Ningrum

    Liza Hertias Ningrum

    Sriwijaya University
  • Taufiq Marwa

    Taufiq Marwa

    Sriwijaya University
  • Imam Asngari

    Imam Asngari

    Sriwijaya University
  • Sri Andaiyani

    Sri Andaiyani

    Sriwijaya University

Published Date

  • May 3, 2024

Evaluating the Impact of Inflation and Exchange Rates on the Net Active Value (NAV) of Conventional Mutual Funds in Indonesia

KnE Social Sciences / 8th Sriwijaya Economics, Accounting, and Business Conference (8th SEABC 2023) / Pages 33–42

Abstract

The growing development in the financial industry and the current high inflation rate are a great worry for investment prospects, especially mutual funds. Conventional mutual funds in Indonesia have experienced significant growth in the capital market. In the last 10 years, the number of domestic mutual funds has continued to increase. One measure of investment performance in mutual funds is proxied by the Net Asset Value (NAV) of mutual funds. Therefore, the objective of this study is to evaluate the influence of macroeconomics variables on the NAV of conventional mutual funds in Indonesia. In this study, using commercial bank data in Indonesia, we estimate an empirical model of the effect of inflation and exchange rates on the NAV of conventional mutual funds in Indonesia during the period 2012–2022. We employ a time series model using the Ordinary Least Square (OLS). The main findings show that while inflation has no effect on the NAV of conventional mutual funds, the exchange rate has a significant effect on it because there are many instruments in conventional mutual funds that have invested abroad due to changes in exchange rates that appear with dominant results that do not affect the growth of the NAV of conventional mutual funds.


Keywords: macroeconomics, net active value (NAV), mutual funds

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