ANALYSIS OF THE INFLUENCE OF INFLATION, INTEREST RATES, AND EXCHANGE RATES ON THE PERFORMANCE OF STOCK MUTUAL FUNDS MANAGED BY INVESTMENT MANAGEMENT COMPANIES IN INDONESIA FOR THE PERIOD 2024-2026
DOI:
https://doi.org/10.58174/ijimes.v1i6.113Keywords:
Inflation, Interest Rates, Exchange Rates, Mutual Fund Performance, Macroeconomic FactorsAbstract
This study aims to analyze the influence of inflation, benchmark interest rates, and rupiah exchange rates on the performance of equity mutual funds managed by investment management companies in Indonesia during the 2024-2026 period. Using a quantitative approach with secondary data from Bank Indonesia, the Financial Services Authority, and leading investment management firms, this study identifies the empirical relationship between macroeconomic variables and the performance of equity mutual funds through multiple linear regression analysis. The results of the analysis showed that inflation had a significant negative effect on the return of stock mutual funds (coefficient -0.487, t-statistic -3.24, p<0.01), while interest rates showed a negative impact with a coefficient of -0.234 (t-statistic -2.15, p<0.05). The rupiah exchange rate also had a significant negative effect with a coefficient of -0.000342 per basis point (t-statistic -2.87, p<0.01). The regression model has an R-squared of 0.568 indicating that macroeconomic variables explain the 56.8% variation in the return of stock mutual funds.
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