Pengaruh Nilai Tukar,Inflasi,Dan Suku Bunga Terhadap Kinerja Reksa Dana Di Indonesia
DOI:
https://doi.org/10.61104/alz.v4i3.5527Keywords:
Nilai Tukar, Inflasi, Suku Bunga, Kinerja Reksa Dana, Sharpe IndexAbstract
Penelitian ini bertujuan untuk menginvestigasi determinasi indikator makroekonomi yang mencakup fluktuasi kurs mata uang, laju inflasi, serta tingkat suku bunga terhadap capaian kinerja portofolio reksa dana syariah di Indonesia sepanjang rentang pengamatan 2016–2024. Pemilihan objek studi didasarkan pada karakteristik unik instrumen syariah yang dikelola tanpa unsur riba, namun secara empiris tetap terekspos oleh risiko sistematis akibat instabilitas pasar. Melalui kerangka metode kuantitatif berdesain kausalitas-asosiatif, riset ini mengekstraksi 1.080 sampel observasi bulanan secara purposive dari basis data publikasi Bank Indonesia dan Otoritas Jasa Keuangan (OJK). Prosedur pengujian hipotesis dieksekusi memanfaatkan model regresi linear berganda via piranti lunak SPSS, pasca-terverifikasinya seluruh postulat asumsi klasik. Pembuktian statistik memaparkan adanya pengaruh simultan yang solid dari ketiga parameter moneter tersebut terhadap kinerja reksa dana. Namun pada telaah parsial, depresiasi nilai tukar dan eskalasi inflasi terkonfirmasi menggerus tingkat imbal hasil secara signifikan (berpengaruh negatif), berbanding terbalik dengan instrumen suku bunga yang terbukti nir-dampak. Fenomena ini secara fundamental mengukuhkan resiliensi aset syariah terhadap kebijakan bunga acuan, sekaligus menawarkan rujukan taktis bagi para manajer investasi maupun investor dalam merumuskan skema mitigasi risiko portofolio.
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