Do Macroeconomic Factors and Mining Commodity Prices Affect the Mutual Fund Industry? Comparative Evidence of 3 Economic Periods
Abstract
This study aims to look at the effect of mining commodity prices and macroeconomic variables on the mutual fund industry in Indonesia with a comparison of 3 different economic periods. Background: Indonesia is known as one of the countries with the largest mining reserves in the world. This potential makes Indonesia one of the countries that is a strategic place to invest. However, in recent years there has been global economic turmoil that has a direct impact on investment, such as the US-China trade war, the COVID-19 pandemic, and the Russia-Ukraine war. Based on these events, the question arises whether mining price fluctuations and macroeconomic variables can affect mutual fund investment in Indonesia. Novelty: To the best of the researchers' knowledge, there has been no research linking nickel and copper commodity price variables to the mutual fund industry as well as research using a comparison of 3 economic periods. Research Methods: This research uses time series data analysis with the observation period 2013-2023 and the VECM (Vector Error Correction Model) method with three times of data analysis. This research is based on the utilization of secondary data types obtained from legitimate official Indonesian government institutions (Bank Indonesia, Financial Services Authority, and Central Statistics Agency) and investing.id website. Findings/Results: This study found that macroeconomic variables and mining commodity prices have different short-term and long-term effects on the mutual fund industry in Indonesia. Conclusion: The inconsistency of the variables affecting the mutual fund industry is caused by shocks that occur in different economic periods.
References
Adnan, M. (n.d.). Exploring the role of domestic and foreign factors in Indonesian Islamic mutual funds. Journal of Enterprise and Development, 5(3), 414–430. https://doi.org/10.20414/jed.v5i3.7224
Agustina, A., & Barus, A. C. (2023). Investasi Safe Haven: Dampak Perang Rusia - Ukraina. Owner, 7(3), 2330–2339. https://doi.org/10.33395/owner.v7i3.1523
Ardhani, I. A., Effendi, J., & Irfany, M. I. (2020). The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia. Jurnal Ekonomi & Keuangan Islam, 6(2), 134–148. https://doi.org/10.20885/jeki.vol6.iss2.art5
Bakrie, C. R., Delanova, M. O., & Mochamad Yani, Y. (2022). Pengaruh Perang Rusia Dan Ukraina Terhadap Perekonomian Negara Kawasan Asia Tenggara. Jurnal Caraka Prabu, 6(1), 65–86. https://doi.org/10.36859/jcp.v6i1.1019
Emelia, E., Suud, C. L., Tangga, F. H. . ., Rawis, C. I., & Maramis, J. B. (2022). Reaksi Pasar Modal Jepang Atas Perang Rusia Dan Ukraina Japanese Capital Market Reaction To the Russian and Ukraine Wars. Jurnal EMBA (Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi), 10(4), 1645–1653. https://kumparan.com/
Gunawan, D., & Arfah, Y. (2019). Dampak Perang Dagang Amerika-Tiongkok Terhadap Integrasi Pasar Modal Global. Proseding Seminar Nasional Kewirausahaan, 1(1), 76–85.
Hakim, A. B., & Sadiyin, M. (2022). Pengaruh Perang Rusia-Ukraina Terhadap Stabilitas Hubungan Politik Indonesia Dan Rusia. Journal of International Relations, 2(1), 14–21. https://unimuda.e-journal.id/jurnalhubunganinternasional/article/view/3449%0Ahttps://unimuda.e-journal.id/jurnalhubunganinternasional/article/download/3449/1240
Hartati, Y. E., Kismawadi, E. R., Hamid, A., & Mardhiah, A. (2021). Pengaruh Nilai Tukar dan Inflasi pada Reksadana Syariah di Indonesia. BISNIS : Jurnal Bisnis Dan Manajemen Islam, 9(1), 165. https://doi.org/10.21043/bisnis.v9i1.9791
Karina, D., Alfiyatus Sa’diyah, S., Nabilah, H., & Panorama, M. (2021). Pengaruh Perusahaan Startup Terhadap Pertumbuhan Ekonomi Indonesia Selama Pandemi Covid-19. Berajah Journal, 2(1), 156–166. https://doi.org/10.47353/bj.v2i1.69
Kurniasih, A., & Johannes, L. D. Y. (2017). Analisis Variabel Makroekonomi Terhadap Kinerja Reksadana Campuran. Jurnal Manajemen, 19(1), 136. https://doi.org/10.24912/jm.v19i1.110
Marino, W. S., & Rohanah, A. S. (2021). Pengaruh Covid-19 Terhadap Pasar Modal Di Indonesia. BanKu: Jurnal Perbankan Dan Keuangan, 2(2), 98–104. https://doi.org/10.37058/banku.v2i2.3575
Maulana, A. S., Bukifan, M., Mambur, Y. P. V., & Sipayung, B. P. (2023). Pengaruh Krisis terhadap Nilai Ekspor Kakao Indonesia di Pasar Internasional. Agrimor, 8(2), 61–67. https://doi.org/10.32938/ag.v8i2.1953
Nordin, N., Nordin, S., & Ismail, R. (2020). The Impact of Commodity Prices, Interest Rate and Exchange Rate on Stock Market Performance: An Empirical Analysis From Malaysia. Malaysian Management Journal, 18, 39–52. https://doi.org/10.32890/mmj.18.2014.9015
Nugraha, D. P., & Putera, A. K. (2021). Analisa Harga Komoditas Dunia pada Indeks Harga Saham Sektor Pertambangan di Indonesia. Focus, 2(1), 48–60. https://doi.org/10.37010/fcs.v2i1.297
Nugraha, H., Putriani, S., Gustinanda, M. M., & Makarim, Z. A. (2023). Pengaruh harga komoditas global terhadap industri reksa dana Indonesia. 3(1), 1–15.
Nurjannah, A., Hartini, T., & Azwari, P. C. (2022). Pengaruh Bi Rate, IHK, Dan JUB (M2) Terhadap NAB Reksadana Pada Masa Pandemi Covid-19 di Indonesia. Mbia, 21(2), 174–183. https://doi.org/10.33557/mbia.v21i2.1868
Nurrahmawati, H., Mauluddi, H. A., & Juniwati, E. H. (2021). Analisis Pengaruh Variabel Makro Ekonomi terhadap Nilai Aktiva Bersih Reksadana Saham Syariah Periode 2015-2019. Journal of Applied Islamic Economics and Finance, 1(2), 332–348. https://doi.org/10.35313/jaief.v1i2.2468
Oktavinela, L., Habriyanto, H., & Putriana, M. (2023). Pengaruh Inflasi, Nilai Tukar Rupiah, dan Tingkat Suku Bunga Terhadap Nilai Aktiva Bersih Reksa Dana Campuran Syariah Tahun 2019-2021. ECo-Buss, 6(1), 345–356. https://doi.org/10.32877/eb.v6i1.817
Prasetyo, D., & Widiyanto. (2019). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga Bank Indonesia, dan Harga Emas Terhadap Nilai Aktiva Bersih Reksadana Syariah. Konferensi Ilmiah Mahasiswa Unissula (Kimu) 2, 2, 133–153.
Purnama, M. purnama, Hanitha, V., & Hendra, H. (2021). Effect of Gold Price, Nickel Price, Used Exchange, Dow Jones Industrial Average, and FTSE Malaysia KLCI on Sharia Share Price Index (Sharia Ida) on The Indonesia Stock Exchange in the Period of January 2020 - December 2020. ECo-Buss, 4(1), 29–45. https://doi.org/10.32877/eb.v4i1.211
Puspitasari, I. F., Andriyani, N., & Hidayah, N. (2022). Emas Sebagai Safe Haven Dan Inflation Hedging Di Tengah Ketidakpastian Perekonomian Global Selama Pandemi Covid-19. JURNAL PENDIDIKAN EKONOMI: Jurnal Ilmiah Ilmu Pendidikan, Ilmu Ekonomi Dan Ilmu Sosial, 16(2), 250–258. https://doi.org/10.19184/jpe.v16i2.33694
Putri & Rizal. (2019). Pengaruh Inflasi, Nilai Tukar, Harga Emas, Dan Harga Minyak Terhadap Indeks Harga Saham Jakarta Islamic Index Periode 2012-2016. Jurnal ISEI Accounting Review, I(1), 22–31.
Rahmayani, D., Oktavilia, S., & Putri, P. I. (2021). The Impact of Covid-19 Pandemic on Inflation in Indonesia. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 22(2), 117–128. https://doi.org/10.23917/jep.v22i2.13861
Ramadhan, A. R., Sudarto, S., & Yunanto, A. (2021). The Effect of Changes in Gold and Nickel Prices on Stock Return of Mining Sector Company. 3, 225–234.
Ramyakim, R. M., & Widyasari, A. (2022). Investor Pasar Modal Tembus 10 Juta. Kustodian Sentral Efek Indonesia (KSEI), November, 1–3. https://www.ksei.co.id/files/uploads/press_releases/press_file/id-id/212_berita_pers_investor_pasar_modal_tembus_10_juta_20221202065619.pdf
Renea Shinta Aminda, R. T. R. (2019). ANALISIS PENANAMAN MODAL ASING DAN PENANAMAN MODAL DALAM NEGERI DAN PENGARUHNYA TERHADAP PERTUMBUHAN EKONOMI (TAHUN 2010-2018). Madic, 1, 103–109.
Retnasih, N. R., & Herdianti, Y. M. (2023). Pandemic Shock and Economic Variables Responses in ASEAN Countries Using Panel Vector Autoregressive Model. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 24(1), 95–111. https://doi.org/10.23917/jep.v24i1.19850
Siregar, I. M., Pratiwi, I., Nurhasanah, & Sinaga, S. (2019). Pengaruh Ekspor Terhadap Pertumbuhan Ekonomi Di Indonesia Periode Tahun 2013-2017. Jurnal Ekonomi Pendidikan, 7(2), 46–54. https://jurnal.unimed.ac.id/2012/index.php/ekodik/article/view/16533
Sulsitiyowati, I., Tamara, D. A. D., & Barnas, B. (2022). Pengaruh Faktor Makroekonomi Terhadap Nilai Aktiva Bersih pada Reksa Dana Saham Syariah. Journal of Applied Islamic Economics and Finance, 2(2), 342–350. https://doi.org/10.35313/jaief.v2i2.2973
Umar, Z., Mj, E., Hermansyah, ;, Yulianingsih, Y., & Ulfa, N. (2023). Perbandingan Harga Saham Perusahaan Sektor Pertambangan di Indonesia Sebelum dan Sesudah Covid-19 Periode 2019-2020. Konferensi Ilmiah Akuntansi X , 1–18. www.idx.co.id.
Yunus, M., Purnomo, A., & Zakiyah. (2019). Pengaruh Indeks Harga Konsumen Dan Jumlah Aktiva Bersih Reksa Dana Syariah. 1–13. http://www.ojk.go.id/Statistik-Reksa-Dana-Syariah-Desember-2019,
KSEI. (2023). Capital Market Investor. https://www.ksei.co.id/files/uploads/press_releases/press_file/id-id/212_berita_pers_investor_pasar_modal_tembus_10_juta_20221202065619.pdf
Otoritas Jasa Keuangan. (2023). Nett Asset Value Mutual Fund (As of September 2023). https://reksadana.ojk.go.id/Public/StatistikNABReksadanaPublic.aspx
Basuki, A. T., & Prawoto, N. (2020). Aplikasi Model VAR dan VECM dalam Ekonomi. Fakultas Ekonomi Universitas Muhammadiyah Yogyakarta
Copyright (c) 2025 International Journal of Science and Society
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
.png)
.jpg)
.png)
.png)
.png)
.png)
1.png)
.jpg)
-modified.png)
-modified.png)
-modified.png)
