The Influence of Online Attention & Macroeconomic Factors on the Performance of Sharia and Conventional Mutual Funds 2015 - 2024
DOI:
https://doi.org/10.37812/aliqtishod.v13i2.1832Keywords:
Mutual funds, Net asset value, online attention, macroeconomicsAbstract
The objective of this study is to examine the influence of online attention and macroeconomic factors on the performance of sharia and conventional mutual funds in Indonesia during the period 2015–2024. While several previous studies have analyzed the effects of macroeconomic variables on mutual funds, few have differentiated the impacts between sharia and conventional funds, particularly in the context of digital investor behavior. This study addresses this gap by comparing the influence of online attention, BI rate, exchange rate, money supply, and inflation on the Net Asset Value (NAV) of both fund types. A quantitative approach is applied using quarterly time series data, analyzed through multiple linear regression within the framework of the Error Correction Model (ECM). The results show that sharia mutual funds are positively influenced by online attention and exchange rate, but negatively affected by the BI rate and inflation. Conversely, conventional mutual funds benefit from online attention and money supply, but are negatively affected by the BI rate. These findings highlight the distinct sensitivities of each fund type to economic fluctuations and digital trends. The study offers important implications for fund managers in designing asset allocation strategies, as well as for policymakers in formulating regulations that are responsive to macroeconomic dynamics and digital investor behavior.
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