CURRENCY EXCHANGE RATE VOLATILITY AS A MODERATING EFFECT OF THE GOLD AND COAL PRICE AGAINST FUND AGE AND MUTUAL FUND IN INDONESIA
DOI:
https://doi.org/10.2478/eoik-2024-0041Keywords:
coal price; gold price; fund age; exchange traded fundsAbstract
Shifts in gold and coal prices have a crucial impact on the macro
economy, especially investment growth. On a financial scale, there is
still little discussion of the relationship between gold and coal prices
and stock mutual funds. Also, the role of exchange rates and inter-
est rates in moderating this relationship has not been examined. This
research reviews the performance of exchange-traded funds (ETFs)
in the scope of fund age and Indonesian stock mutual funds which
are influenced by gold and coal prices with the moderating effect of
interest rates and exchange rates. Core data was obtained from 20
companies as mutual fund owners officially registered with the Finan-
cial Services Authority (OJK) throughout 2019–2022. By operating
Moderated Regression Analysis (MRA) into SmartPLS 4, there are
interactions between prices and exchange rates, prices and interest
rates, and prices and gold prices. As with the relationship between the
age of ETF mutual funds traded on the Indonesian Stock Exchange
(IDX) and the gold price, these two variables have a strong and pos-
itive correlation. This implies that relatively small changes in gold
prices over the monitoring period may impact the fund age ETF. This
positive association shows that an ETF investment can have its life
extended by a relatively small increase in gold prices. This research
indicates a strong causality, which improves the ETF’s performance
on the IDX as fund age rises. Furthermore, the second model exam-
ines how fund age, gold, and coal have a direct impact on ETF mutual
fund performance. It also looks closely at how indirectly coal, gold,
and fund age affect ETF performance. The age of the fund, gold, coal,
and exchange rates affect the performance of ETFs. While the effect
is not statistically significant, interest rates, gold, coal, and fund age
have a beneficial impact on ETF performance. Implications for policy
makers to monitor and re-evaluate commodity price fluctuations using
mining production regulation scenarios that are balanced with quality.
Weaknesses of the current study such as the observation period need
to be taken into consideration in future research.
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