PENGARUH STOCK SELECTION SKILL, MARKET TIMING ABILITY, INFLASI DAN JAKARTA ISLAMIC INDEX TERHADAP KINERJA REKSA DANA SAHAM SYARIAH DI INDONESIA PERIODE TAHUN 2018-2020

Terjadi penurunan Nilai Aktiva Bersih (NAB) reksa dana saham syariah dua tahun berturut-turut. Jika penurunan NAB terjadi terus menerus akan menyebabkan investor menginvestasikan dananya kepada instrumen lain, hal ini akan menyebabkan menurunnya kinerja reksa dana saham syariah. Adapun tujuan dari penelitian ini secara umum untuk menganalisis pengaruh dari tingkat stock selection skill, tingkat market timing ability, tingkat inflasi dan tingkat Jakarta Islamic Index terhadap kinerja reksa dana saham syariah di Indonesia periode tahun 2018-2020. Metode yang digunakan dalam penelitian ini adalah metode kuantitatif dengan desain kausalitas. Subjek dalam penelitian ini adalah produk reksa dana saham syariah yang terdaftar di Otoritas Jasa Keuangan (OJK) tahun 2018-2020. Dalam penelitian ini menggunakan teknik purposive sampling dengan jumlah sampel sebanyak 22 produk saham syariah. Teknik analisis data menggunakan analisis regresi data panel. Hasil penelitian secara parsial menunjukkan bahwa tingkat stock selection skill berpengaruh positif terhadap kinerja reksa dana saham syariah, tingkat market timing ability berpengaruh positif terhadap kinerja reksa dana saham syariah, tingkat inflasi berpengaruh negatif terhadap kinerja reksa dana saham syariah, dan tingkat Jakarta Islamic Index berpengaruh positif terhadap kinerja reksa dana saham syariah. Penelitian ini diharapkan dapat memberikan manfaat bagi manajer investasi dalam menganalisis faktor-faktor yang mempengaruhi kinerja reksa dana saham syariah dan memberikan informasi kepada investor mengenai reksa dana saham syariah yang memiliki kinerja yang baik. Kata Kunci: Kinerja saham syariah, Stock selection skill, Market timing ability, Inflasi dan Jakarta Islamic Index. ii Setya Anissa, 2021 PENGARUH STOCK SELECTION SKILL, MARKET TIMING ABILITY, INFLASI DAN JAKARTA ISLAMIC INDEX TERHADAP KINERJA REKSA DANA SAHAM SYARIAH DI INDONESIA PERIODE TAHUN 2018- 2020 Universitas Pendidikan Indonesia repository.upi.edu perpustakaan.upi.edu Setya Anissa (1700142) "The Influence of Stock Selection Skill, Market Timing Ability, Inflation and the Jakarta Islamic Index on the Performance of Sharia Equity Mutual Funds in Indonesia for the Period 2018-2020", under the guidance of Dr. Kusnendi, M.S and Suci Aprilliani Utami, S.Pd., M.E.Sy. ABSTRACT Occuring the reduction of Net Asset Value (NAV) sharia mutual fund stock 2 years in a row. If the reduction of NAV happened continuously it will cause the investors invest their fund to the other instrument, this will decrease the performance of sharia mutual fund stock. The purpose of this research in general is to analyze the effect of the level of stock selection skill, the level of market timing ability, the level of inflation and the level of the Jakarta Islamic Index on the performance of Islamic equity mutual funds in Indonesia for 2018-2020 period. The method that is used in this research is a quantitative method research with a causality design. The subjects in this research is sharia equity mutual fund products which is registered in the Financial Services Authority (OJK) in 2018- 2020. In this research uses purposive sampling technique with a total sample of 22 sharia stock products. The data analysis technique uses panel data regression analysis. The results of the research partially show that the level of stock selection skill has a positive effect on the performance of Islamic stock mutual funds, the level of market timing ability has a positive effect on the performance of Islamic equity mutual funds, the level of inflation has a negative effect on the performance of Islamic equity mutual funds, and the level of the Jakarta Islamic Index has a positive effect on the performance of Islamic stock mutual funds. This research is expected to provide benefits for investment managers in analyzing the factors that affect the performance of Islamic stock mutual funds and provide information to investors about Islamic stock mutual funds that has good performance. Keywords: Sharia stock performance, Stock selection skill, Market timing ability, Inflation and Jakarta Islamic Index