1. Home
  2. Vol 13, No 1 (2018)
  3. Basuki

Comparative Performance Islamic Shares Mutual Funds Between Indonesia And Malaysia

Novianto Basuki(1*), Moh Khoiruddin(2)
(*) Corresponding Author

DOI: 10.24269/ekuilibrium.v13i1.2018.pp26-44


Abstract


The objective of this study is to evaluate the performance of Islamic mutual funds in Indonesia and Malaysia. Research conducted on the types of shares mutual funds in the period 2014 until 2016. The technique sample used was purposive sampling method with 13 Islamic mutual funds in Indonesia and 72 Islamic mutual funds in Malaysia. Fund performance measured by Sharpe index, Treynor index, and Index of jenesen’s Alpha. The results of this study showed in 2014 and 2016 Islamic mutual fund performance be superior to Indonesia than Malaysia. While in 2015 Islamic mutual fund performance Malaysia be superior compared to Indonesia. Based on the results of this research, it is recommended for investment managers to increase the publication of and understanding of mutual funds so that more potential investors who are interested in investing in mutual funds in particular Islamic mutual funds.


Keywords


Performance of mutual funds, Sharpe, Treynor, Jensen.

Full Text:

References


  1. Agustina, Cahyati dan Anindya Ardiansari. 2015. Pengaruh Faktor Ekonomi Makro Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Management Analysis Journal 4 (1) (2015).
  2. Ang, Robert. 2001. Buku Pintar Pasar Modal Indonesia. Jakarta : Media Soft Indonesia.
  3. Ashraf, Dawood. 2013. Performance evaluation of Islamic mutual funds relative to conventional funds Empirical evidence from Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, Vol. 6 Iss 2 pp. 105 – 121.
  4. Atmaja, lukas setya. 2008. Teori dan Praktik Manajemen Keuangan. Yogyakarta : CV Andi Offset.
  5. Achsien, Iggi H. 2003. Investasi Syari’ah di Pasar Modal, Menggagas, Konsep dan Praktek Manajemen Syari’ah. Jakarta : Gramedia.
  6. Cahyaningdyah, Dwi dan Yustieana Dian Ressany. 2012. Pengaruh Kebijakan Manajemen Keuangan Terhadap Nilai Perusahaan. JDM, Vol. 3, No. 1, 2012, pp. 20 – 28.
  7. Indriani, Astiwi dan Endang Tri Widyarti. 2013. Penentu-Penentu Struktur Modal Perusahaan Yang Sahamnya Masuk Jakarta Islamic Index. JDM, Vol. 4, No. 1, 2013, pp. 59 – 68.
  8. Kartika, Dewi Miranti dan Ferdian Reza Ilham. 2009. Evaluating Performance Of Islamic Mutual Funds In Indonesia And Malaysia. Jurnal Ekonomi Keuangan dan Bisnis Islami.
  9. Kartini dan Febiyanto. 2011. Analisis Perbandingan Kinerja Reksa Dana Konvensional Dengan Kinerja Reksa Dana Syariah. EFEKTIF Jurnal Bisnis dan Ekonomi.
  10. Lupita, Sari Evrila dan Andhi Wijayanto. 2015. Pengaruh Keputusan Investasi, Pendanaan, Dan Dividen Terhadap Nilai Perusahaan Dengan Risiko Sebagai Variabel Mediasi. Management Analysis Journal 4 (4) (2015).
  11. Maftukhah, Ida. 2013. Kepemilikan Manajerial, Kepemilikan Institusional, Dan Kinerja Keuangan Sebagai Penentu Struktur Modal Perusahaan. JDM Vol. 4, No. 1, 2013, pp: 69-81.
  12. Mansor, Fadillah dan M. Ishaq Bhatti. 2011. Risk and Return Analysis on Performance of the Islamic mutual funds: Evidence from Malaysia. Global Economy and Finance Journal. Vol. 4, No. 1, Pp. 19-31.
  13. Otoritas Jasa Keuangan. 2016. Statistik Reksadana Syariah, Direktorat Pasar Modal Syariah http://www.ojk.go.id diakses pada tanggal 15 Maret 2017.
  14. Pratomo dan Nugraha. 2004. Reksadana Solusi Perencanaan Investasi di Era Modern. Jakarta: Gramedia.
  15. Rahardjo, Sapto. 2004. Panduan Investasi Reksadana. Jakarta: PT Elex Media Komputindo.
  16. Reza, Ferdian Reza dan Miranti kartika Dewi. 2007. The Performance Analysis of Islamic Mutual Funds – A Comparative Study between Indonesia and Malaysia. Jurnal Ekonomi Keuangan dan Bisnis Islami.
  17. Sahri, Seto, dan Syahyuni. 2015. Comparative Performance Analysis Of Sharia Mutual Funds In Indonesia Stock Exchange And Malaysia Exchange (Approach To Exchange, Inflation And Interest Rates). ISSN.
  18. Samsul, Mohamad. 2006. Pasar Modal dan Manajemen Portofolio. Jakarta: Erlangga.
  19. Setiawan, Aziz Budi. 2005. Reksadana Syariah Alternatif Investasi Islami. Hidayatullah.
  20. Sunariyah. 2004. Pengantar Pengetahuan Pasar Modal, Edisi Keempat, UPP STIM YKPN, Yogyakarta
  21. Tandelilin, Eduardus. 2010. Portofolio dan Investasi: Teori dan Aplikasi. Yogyakarta: Kanisius.
  22. Tiara, Sari Oktavina. 2013. Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Management Analysis Journal 2 (2) (2013).
  23. Zakariya, Mukhamad. 2017. Pertumbuhan Lembaga Reksadana Syariah di Indonesia. JES.

Refbacks

  • There are currently no refbacks.


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