INFLUENCE OF STOCK SELECTION SKILL, MARKET TIMING ABILITY, FUND AGE, FUND SIZE AND FUND CASH FLOW ON THE PERFORMANCE OF EQUITY MUTUAL FUNDS IN INDONESIA
Siti Nuraidawati (a*), Dyah Cahyasari (b), I Gusti Ketut Agung Ulupui (c)

Postgraduate Doctoral, Jakarta State University, Jakarta, Indonesia

Abstract

This study aims to determine the effect of Stock Selection Skill, Market Timing Ability, Fund Age, Fund Size and Fund Cash Flo partially and simultaneously on the performance of equity mutual funds for the 2017-2021 period. The method used in this research is descriptive quantitative method. The population in this study were all stock mutual funds available on the Bareksa website as of December 31, 2021, which were 82 stock mutual funds. The sampling technique used was purposive sampling technique. Based on predetermined criteria, a sample of 13 mutual funds was obtained. Equity mutual fund performance measurement uses the Sharpe method. This research data uses panel data analysis test, namely Chow test and Lagrange Multiflier (LM) test, classical assumption test, and hypothesis testing using F test and t test. The results of the panel data model analysis show that the model chosen is the Common Effect Model (CEM) using eviews 12. The F test results show that all X variables have a significant effect on the performance of equity funds where the F-count > F-table (8.518593 > 1.943617) and it is known that the probability value is 0.000004. While the results of the t-test indicate that Stock Selection Skill has a negative but significant effect on the performance of stock mutual funds where, the t-count value of X1 is | -4.472796 | > t-table 2.006647, with a significance value of 0.00 < 0.05, while Market Timing Ability does not affect the performance of equity funds where t-count X2 -0.620388 < t-table 2.006647, with a significance value 0.5374 > 0.05, then Fund Age has a significant negative effect on the performance of equity mutual funds where, the t-count value X3 | -3.4507 | > t-table 2.006647, with a significance value of 0.0010 <0.05, then Fund Size has a significant positive effect on the performance of equity funds, where the t-count value of X4 is 3.138186 > t-table 2, 006647, with a significance value of 0.0027 < 0.05, and Fund Cash Flow has no effect on the performance of equity funds where t-count X5 is -1.446710 < t-table 2.006647, with a probability value of 0.1533 > 0.05.

Keywords: Stock Selection Skill, MarketTiming Ability, Fund Age, Fund Size, Fund Cash Flow, Equity Mutual Fund Performance

Topic: Financial