ANALISIS PENGARUH MARKET TIMING ABILITY, STOCK SELECTION SKILL, EXPENSE RATIO DAN TINGKAT RISIKO TERHADAP KINERJA REKSA DANA SAHAM (STUDI PADA REKSA DANA SAHAM JENIS KIK PERIODE 2009 - 2013)

Abstract

Mutual funds are other investment opportunities with measurable risk and return is high enough with enough capital affordable to the community. Mutual funds have an Investment Manager with the ability and knowledge of the market it is or will happen. Therefore, mutual funds selected by investors because it is cheap, easy and "managed by the experts". This research analyst do market timing ability, stock selection skill, expense ratio and the risk level can influence the performance of equity mutual funds in Indonesia. The data used in this research are monthly data on Net Asset Value (NAV), SBI, IHSG, yearly data of expense ratio and prospectus of 12 equity mutual fund that were sampled during this research report from 2009-2013. As a research methodology, we used F test and t test to examine research’s hypothesis, also used assumption classic test there are normality test, autocorrelation test, heteroscedasticity test and multicolinearity test. The result of the F test shows that the market timing ability, stock selection skill, expense ratio and the risk level have influence in the amount of 25,7%. The t-test result is that stock selection skill and market timing ability positively significant influence toward equity mutual fund’s performance, expense ratio negatively significant influence toward equity mutual fund’s performance while the risk level positively not significant influence toward equity mutual fund’s performance