Factors Affecting Net Asset Value per unit of Equity Funds with the Investment Policy in Foreign Countries

Abstract

         This research aimed to study factors that affect net asset value per unit of foreign investment equity funds. Which were Ages, Fees, Cash Flow, Exchange Rates and Indexes of the invested countries.The research adopted secondary data. The sample group in this study consisted of 45 equity funds invested in 3 overseas countries with the largest economic values in the world in 2019, including USA, China and Japan (source: International Monetary Fund (IMF)). The data were collected monthly from January 2016 to December 2020.

          The research results showed that factors affecting net asset value of 9 mutual funds invested in the United States with statistical significance level of 0.05 in the same direction were Ages and Indexes. Meanwhile, Fees, Cash Flow and Exchange Rates have no correlation with the factors affecting the net asset value of the mutual funds invested in the US at confidence level of 0.05. Factors affecting net asset value of 22 mutual funds invested in China with statistical significance level of 0.05 in the same direction were Ages, Fees, Exchange Rates and Indexes. Meanwhile, Cash Flow has no correlation with the factors affecting the net asset value of the mutual funds invested in China at confidence level of 0.05. Factors affecting net asset value of 14 mutual funds invested in Japan with statistical significance level of 0.05 in the same direction were Ages, Cash Flow and Indexes. On the other hand, Exchange Rates have negative correlation. Meanwhile, Fees have no correlation with the factors affecting the net asset value of the mutual funds invested in Japan at confidence level of 0.05.