MODEL PENINGKATAN KINERJA REKSADANA SYARIAH BERBASIS STOCK SELECTION SKILL, EXPENSE RATIO DAN TINGKAT RISIKO
Abstract
Penelitian ini bertujuan untuk mengetahui bagaimana Model Peningkatan Kinerja Reksadana Syariah Berbasis Stock Selection Skill,,Expense Ratio,dan Tingkat Resiko.Populasi adalah manajer investasi reksadana syariah kurun waktu tahun 2010 hingga 2018 dan diambil sampel sebanyak 30 reksadana Syariah dengan metode purposive sampling.Teknik pengumpulan dengan metode dokumentasi dan studi kepustakaan.Teknik analisis data menggunakan analisis regresi dan Moderated Regression Analysis (MRA) untuk menguji hubungan antara variabel independen dengan variabel dependen.
Hasil perhitungan sebagai berikut, Stock Selection mempunyai nilai t sebesar 1,161 dan nilai signifikansi variabel kinerja reksadana syariah adalah sebesar 0,235 lebih besar dari 0,05 ( H1 diterima). Hasil Stock Selection mempunyai nilai t sebesar 1,161 dan nilai signifikansi variabel Expense Ratio sebesar 0,335 lebih besar dari 0,05, (H2) diterima. Expense Ratio mempunyai nilai t sebesar 0,835 dan nilai signifikansi variabel expense ratio sebesar 0,400 lebih besar dari 0,05( H3 diterima).Hasil uji MRA, tingkat signifikansi variabel moderasi StockSelection*ExpenseRatio menunjukkan hasil nilai 0,221 yang berarti signifikansinya > 0,05. Hasil uji Sobel nilai t hitung = 0,68603298 lebih kecil dari t table dengan signifikansi 0,05 yaitu sebesar 1,980 maka dapat disimpulkan koefesien mediasi 0,68603298 dan nilai probability 0,49269231 lebih besar dari 0,05(H4 ditolak). Tingkat Resiko mempunyai nilai t sebesar 0,571 dan nilai signifikansi variabel Tingkat Resiko sebesar 0,545 lebih kecil dari 0,05, ( H5 diterima) Hasil uji tingkat signifikansi variabel moderasi StockSelection*TingkatResiko menunjukkan hasil nilai 0,345 yang berarti signifikansinya > 0,05. . Hasil uji Sobel, berdasarkan hasil perhitungan di atas nilai t hitung = 0,52454261 lebih kecil dari t table dengan signifikansi 0,05 yaitu sebesar 1,980 maka dapat disimpulkan koefesien mediasi 0,52454261 dan nilai probability 0,59990119 lebih besar dari 0,05 ( H6 ditolak).
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