DETERMINAN ALIRAN DANA (FUND FLOW) PADA REKSA DANA (Studi Pada Reksa Dana Pendapatan Tetap dan Reksa Dana Saham Periode 2011-2014)

Abstract

Mutual Fund is an investment alternative that provides many benefits to investors such as managed by professional management, diversification of investment, information transparency, high liquidity, and low cost. The flow of funds (fund flow) in mutual funds illustrates allocation decisions made by investors. Rise and fall of the flow of funds (fund flow) can be affected by various factors both internal factors and external factors. This research aim to test the influence of past mutual fund past performance, size, unrealized gain/loss, management expense ratio, rating and age toward fund flow of fixed income fund and equity fund. The number of sample for this research is 14 fixed income fund and 22 equity fund that active in 2011-2014, and also have complete prospectus / financial report. The analytical method used in this research is multiple linear regression analysis with the classical assumption. The results of fixed income fund show that past performance, size, MER have a significant effect on fund flow of fixed income fund, while UGL, rating, and age have insignificant effect on fund flow of fixed income fund. The result of equity fund show that UGL and MER have a significant effect on fund flow of equity fund, while past performance, size, rating, and age have insignificant effect on fund flow of equity fund.