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E-mail address: simanjorangasyiah@gmail.com (M. Ismail)
© 2021 by the authors; licensee Growing Science, Canada
doi: 10.5267/j.ac.2021.1.009
Accounting 7 (2021) 497–506
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The magnitude of the investment yield of sharia insurance in Indonesia
Mutia Ismaila*
aFaculty of Economics and Business, Accounting Department, Universitas Sumatera Utara, Medan, Indonesia
C H R O N I C L E A B S T R A C T
Article history:
Received: December 10, 2021
Received in revised format:
January 3 2021
Accepted: January 8, 2021
Available online:
January 8, 2021
The aim of this paper was to investigate the effect of the gross domestic product (GDP) and population
on the investment yield of sharia insurance in Indonesia. This research used a causal research design
with Indonesian sharia insurance as the focus. The secondary data were sourced from the Financial
Services Authority (OJK) of Indonesia in 2016–2017. The analysis was performed with Smart Partial
Least Square (PLS) software and indicated that the GDP did not influence the investment yield;
however, the population did influence the investment yield of sharia insurance in Indonesia. The
implications of this study are expected to recommend to the Indonesia Financial Services Authority
regarding the impact of the GDP and population on the investment yield in Indonesia. In addition, the
implication provides support for the Indonesian monetary policy authorities to anticipate the monetary
policy by the Fed, regarding dovish and hawkish sentiments, to encourage capital inflows to emerging
countries due to the impact on the development of Sharia/Takaful insurance in Indonesia. A social
implication is that the sharia insurance industry in Indonesia can develop if the public can enjoy
convenience in applying for premiums and ease in receiving sharia insurance claims. The majority of
Indonesia's population of Moslems requires an openness in the process. This study takes a sample of
different sharia industry characteristics to compare sharia and conventional types of industry.
© 2021 by the authors; licensee Growing Science, Canada
Keywords:
Dovish/hawkish sentiments
Investment yield
Gross Domestic Product
Population
1. Introduction
Economic growth is the development of activities in the economy that cause goods and services to be produced in society.
Economic growth can be viewed as a long-term macroeconomic problem (Tarmizi et al., 2017, Banerjee & Majumdar, 2018;
Rethel, 2018; Shah et al., 2018). The ability of a country to produce goods and services can increase over time. This ability is a
factor of production, which can experience an increase in output and quality (Abdulkader, 2005 & Ahmed, 2010). The business
world has continued to change and this has led the Islamic insurance business to also change with the times. Now is the time to
move in a modern direction. This paper will cover topics ranging from concepts, models, and even to the media and ways of
promotion that must be changed from conventional methods to new ways in the digital era of economists. Investment will increase
the amount of capital goods (Suryomurti, 2018. Lian et al., 2020 and Savitska et al., 2020). The technology used is growing and
the workforce increases as a result of population development. Experience and education also add to the skills of the workforce.
Each economy must use a proportion of its national income to replace damaged capital goods (buildings. equipment. and
materials). However, with the increase of the rate of the economy, new investments are also needed as additional capital stock.
The economic growth depends on its natural resources, human capital, business, technology and so forth (Clarke & Gholamshahi,
2018; Muda et al., 2018; Dong et al., 2020; Tejedo et al., 2020). However, economic growth is unlikely to occur as long as the
social institutions, political conditions, and moral values in a nation are not supportive. For economic growth, the social
institutions, cultural attitudes, moral values, and political and institutional conditions are non-economic factors. The political
498
stability, government economic policy, natural resources possessed, quantity and capability of labor, the availability of persistent
entrepreneurs, and the ability to develop and use modern technology are some of the important factors affecting economic growth.
The factors of economic growth are the talents, abilities, qualities, capacities and abilities, attitudes, customs, values, goals and
motivations, as well as political and institutional structures. The income increase is measured in real terms, meaning that it is
expressed in constant prices. This also simultaneously describes the remuneration operating in the area (land, capital, labor, and
technology) which means that it can roughly illustrate the prosperity of the area. The prosperity of an area other than determined
by added value created in the region is also determined by how much income flows out of the region or the flow of funds into the
region. Regional economic growth is increasing in the era of regional autonomy. This is quite logical because in the era of regional
autonomy, each region is vying to improve the prosperity of the community. Therefore, the discussion of the structure and factors
of regional growth will be very important for local governments in determining the efforts that can be done to encourage economic
growth in their regions. In general, for the global and domestic macroeconomic conditions, there are still various challenges and
turmoil. From the global side, world economic growth is estimated to still not strengthen (Alqahtani, 2018; Faisal, 2018;
Panagopoulos, 2018, Shaikh, 2018, Zafar et al., 2020; Erdogan et al., 2020). Economic improvement in the United States in quarter
II-2016, which is referenced to the global economy grew below estimates and investment is still slowing down. Meanwhile, the
European economy in 2016 was expected to grow moderately along with continued post-uncertainty Brexit and its impact on the
confidence of market participants. Next, the economy in China was estimated to have limited growth by 6.5% in 2016 due to
deceleration despite private sector investment and interest rates being maintained low.
Indonesia has great potential in the Islamic insurance industry in Asia and the world. This is because Indonesia is one of the
countries in Asia that has high growth in developing the sharia insurance industry (Amron et al., 2018; Widodo, 2018; Panorama,
2018; Qoyum et al., 2018). In addition, the population is high and the accelerated high market expansion of the middle class
provides more value for Indonesia to become an industrial source of Islamic insurance in Asia (Jiang, 2018). According to Business
Monitor International (BMI), a world research institution headquartered in London, England, predicted that the industrial
development of Islamic insurance in Indonesia will increase. Likewise, the Global Business Guide, an institution engaged in
business promoters and this investment explained the insurance industry projections for Indonesia. This institution, based in Paris
France, explained that insurance requires proper and accurate regulation so that it is capable of creating healthy competitiveness
between the insurance industries. There are a number of things worries in the insurance industry and insurance market players in
Indonesia. Among them is the growth of the market for some parties as regulations are less supportive and regulators in the
financial sector are seen as minimal and require a great deal of changes. The amount of sharia insurance in Indonesia is increasing
and the development of sharia law also continues to increase. With regulations from the government regarding the minimum
insurance capital as well as plans for several sharia insurance companies to provide spin-off services according to the insurance
law, we predict that for the coming years, the number of sharia insurance providers will continue to grow and ultimately have an
impact on economic growth. In 2017, the growth of sharia insurance assets was 17% and the premium retreated by 20%. In 2018.
The figure was lower than the 15% asset growth projection and 17%–18%. The overview of sharia non-bank financial industry
statistics from 2017 are as follows in Table 1.
Table 1
Indonesian sharia non-nank financial institutions statistics overview 2017
Notes
Number of
Sharia
Industries
(Units)
Number of
Sharia
Business
Units
(Units)
Assets
(Billion
IDR)
Liabilitie
s (Billion
IDR)
Temporary
Syirkah
Funds
(Billion
IDR)
Equities
(Billion
IDR)
Productiv
e Assets
(Billion
IDR)
1. Sharia Insurance 12 47 35.249 7.047 - 28.203 30.631
a. Sharia Life Insurance 7 21 28.927 3.913 - 25.014 26.278
b
. Sharia Non-Life Insurance 4 24 4.906 2.663 - 2.244 3.232
c. Sharia Reinsurance 1 2 1.416 471 - 945 1.120
2. Sharia Finance Institutions 7 41 37.637 24.202 - 13.435 34.550
a. Sharia Finance Company 3 37 36.490 23.291 - 13.199 33.746
b
. Sharia Venture Capital Company 4 3 1.042 811 - 230 804
c. Sharia Infrastructure Finance Company - 1 106 100 - 6 -
3. Sharia Specialized Financial Institution 2 4 19.612 13.747 - 1.166 533
4. Sharia Micro Finance Institution 17 - 70 39 21 10 32
Total 38 92 92.57 45.035 21 42.815 65.746
Sources: Financial Services Authority (OJK) Indonesia (2017).
Based on Table 1, the growth of sharia insurance assets in 2011–2015 fluctuated. This resulted in the market share for Islamic
insurance assets fluctuating since 2011. From the data per July 2016, insurance growth assets sharia was decreased by 8%. From
the data we predicted that at the end of the year sharia insurance assets would only decrease or raise slightly. Investments are one
component of growth supporting sharia insurance. The growth of sharia insurance investments fluctuated from 2011 until July
2016. The amount of sharia insurance investment in Indonesia at the end of 2015 was Rp, 23.1 trillion and, as of July 2016, was
M. Ismail /Accounting 7 (2021) 499
predicted to be IDR 27.5 trillion. Researchers concluded that Islamic insurance investments experiencing average growth
amounted to 31.6% (Karim Consulting Indonesia, 2017). Sharia insurance in Indonesia has grown rapidly. Sharia insurance
business competition in Indonesia is increasingly crowded with the emergence of new players both from life insurance and loss
insurance/general with the sharia principle. While Islamic insurance also experienced changes in composition, i.e., from the overall
company in the form of a sharia business unit, there is one company that is fully focused on sharia insurance. We concluded that
the amount of insurance sharia in Indonesia is relatively increasing and the development of sharia law continues to increase. With
regulations from the government regarding the minimum insurance capital, as well as plans for several sharia insurance companies
to do spin-offs according to the insurance law, we predict that, for the coming years, the number of sharia insurance companies
will continue to grow. Domestic economic growth is not evenly distributed. From a sectoral perspective, economic recovery is
supported by the financial sector and by agricultural services. Increased financial services are encouraged widening of the net
interest margin (NIM) spread on credit interest rates and rates of deposit interest while improving the agricultural sector. The
uncertainty of the economic recovery has an impact on the direction the monetary policies of the world's central banks and the
increase in volatility in the financial market (Baber & Zaruova, 2018; Barbu & Boitan, 2018; El Ouadghiri & Peillex, 2018; Elsner
et al., 2018; Kail et al., 2018; Kesa, 2018; Samad, 2018; Corbet et al., 219; Arellano et al., 2020). The release of the developed
country macroeconomic data, such as from the USA, becomes a sensitive issue and becomes a driving sentiment in market finance.
The Fed's monetary policy is also an indicator of Indonesia's economic development, including the development of sharia
insurance in Indonesia. When the expectations and sentiments are more “Hawkish”, there is a flow of funds into the advanced
economy (Mishra et al., 2018). As a result. the exchange rate and price of financial assets in emerging countries is depressed. This
also happens in reverse, “Dovish” expectations and sentiments, followed by risk-on-market behavior, eventually push the flow of
funds back to emerging countries (Bennani et al., 2018, Bonam, & Goy, 2019; Baranowski et al., 2020). The dovish and hawkish
sentiments of the Fed's monetary policy change the dynamics of the global financial markets. The result increases the risk in global
financial markets due to the increased volatility, which directly impacts Indonesia. Related studies have examined the role of
developing Islamic insurance, among others, including Ahmed et al., (2018); Albetairi et al. (2018); Alshammari et al., (2018);
Benlagha & Hemrit. (2018); Boakye. (2018); Effendi. (2018); Hasyim. (2018); Motsepe. (2018); Purwaningrat. (2018); Syed et
al., (2018); Yas et al., (2018); Alam et al., (2019) and Siddiqui & Yousaf (2020).
2. Literature Review
2.1. Establishment of an Investment Portfolio
The insurance industry as one of the financial institutions managing public funds in large especially life insurance is very
dependent on the success of managing investments in an effort to realize the company's goals (Alhomaidi et al., 2018; Fuentes,
2018; Shetty & Basri, 2018; Reyna & Yu et al., 2018; Keenan et al., 2019; Buckle & Thompson, 2020; Park & Kim, 2020; Ismanto,
2018). Realizing this, financial management and investment experts attempt to develop measures that can be used to determine
the risks. For example. whether or not an investment proposal is feasible or how successful an investment is in meeting the
expected level of take. A portfolio is a collection of integrated forms of investment for the purpose of obtaining investment returns.
The main purpose of establishing an investment portfolio is to obtain optimal results with minimal risk. If the investor is an
institution as well as a life insurance company. Thus, the main objective of the investment portfolio is to obtain a high rate of
return with a small level of risk to fulfill obligations to policyholders or for company growth.
2.2. Diversifiable Risk
The basic function of insurance is an effort to overcome uncertainty regarding specific losses for pure losses and not speculative
losses so that the definition of risk can be given as an uncertainty regarding the occurrence or non-occurrence of an event (Darwish,
2018; Fonta et al., 2018; Sinha, 2018). Diversifiable risk (unsystematic risk) is a unique risk from a form of investment, namely
business risk and financial risk (Abdi & Cheluget, 2018; Suryawati & Unsun, 2018; Eklund, 2019; Shileche et al., 2020). The
stock price of a company will decrease if the performance of a company is not good enough to decrease the estimated profit which
is a diversifiable risk.
2.3. Non-diversifiable risk
Non-diversifiable risk (systematic risk) is the risk of each form of investment. That is the risk that occurs due to war, inflation,
international events, or due to politics (Sundh & Juslin, 2018). The risk of market shifts in general will change the return of each
security as a non-diversifiable risk (Abelson & Dalton, 2018). Therefore, for a business to be successful and profitable, the business
should be based on sound, wise, and careful decisions. The results that will be achieved by making sound and wise decisions will
be real and durable.
2.4. Differences in Takaful insurance vs. Conventional Insurance
Islamic insurance appeared after the concept of general insurance. Takaful insurance appeared for the purpose of Islamizing
general insurance, which is considered to have some deficiencies or even fraud, which is detrimental to the insurance participant
(Mroueh & Waal, 2018). The difference between takaful and conventional insurance is in Table 2.
500
Table 2
Takaful (sharia) insurance vs. conventional insurance
No Dimension Sharia Insurance Conventional Insurance
1 Principle Seek the pleasure of God World orientation only
2 History Derived from Al-qur'an like ta'wil dream of the
prophet Yusuf
Taken from the story of the Babylonian people
3 Source of law Al-quran. Hadith. and positive law Law and positive law
4 Contract
Main contract (Tabarru contract)
- Commercial Contract (Mudharabah, Mutsyarakah, etc.)
- More
b
uying and selling with uncertainty
5 System Sharing ris
k
Transfer of ris
k
6 Structure There is a sharia supervisory boar
d
There is no supervisory board
7 Accounting system Separation of funds between tabarru funds and
investment funds
There is no separation of funds
8 The role of the company The company is only as manager
The company becomes the owner of participant funds
9 Product design Avoid usury, Maysir (interest), and Gharar (betting) Its products often involve elements of usury, maysir, and
gharar
10 Tourist attraction Insurance investment funds are included in
investments that are in accordance with sharia law
There is no prohibition for that. can be invested in anything
11 Marketing pattern Tied with the ethics of economic and Islamic
b
usiness
Not tied with any specific ethics
12 Payment of claims Derived from tabarru funds Comes from a company accoun
t
13 Surplus under writing Re-distributed to participants To
b
elong to the company
14 Scorched Fund Policy There is no policy There is a policy
15 Corporate culture Based on Islamic work culture
Based on universal values and humanity
16 Good Corporate
Governance (GCG)
GCG refers to sharia law and is positive GCG only refers to positive law
17 Other obligations Tax burdened There are no tax obligations
Sources: Differences in conventional vs. conventional insurance in the table (Koswara 2018).
Based on Table 2, in sharia insurance, everything has an overhaul as everything that is done in the management of this insurance
must be based on the basic values of Islam from the al-qur'an, hadith, fatwa of ulama, and others.
3. Methods
The method of research used causal methods. The population taken was all sharia-based insurance companies that were under the
supervision of the Financial Services Authority of the Republic of Indonesia. The number of sharia insurance and reinsurance
companies reached 62 companies. The data used were secondary data sourced from the Financial Services Authority Republic of
Indonesia in January 2015–September 2017. This study used data analysis methods including SmartPLS version 3.0 software.
Smart-Partial Least Square (PLS) is a variant-based structural equation (SEM) analysis that can simultaneously test measurement
models at once. Data processing was conducted using the SmartPLS software. PLS uses a bootstrapping method or random
copying. Therefore, the assumption of normality will not be a problem for PLS.
Apart from being related to data normality, by doing bootstrapping, PLS does not require a minimum number of samples. Research
that has a small sample can still use PLS. In PLS. the measurement model (outer model) is often called the outer relation or
measurement mode, which defines how each indicator block relates to its latent variables. This Outer Model analysis specifies the
relationship between latent variables and their indicators, or it can be said that the outer model defines how each indicator relates
to its latent variables. Inner model testing or structural models were performed to investigate the relationship between latent
constructs or variables, as seen from the R-square value of the research model and also by looking at the coefficient of the structural
path. The higher the R² value, the better the predictive model of the proposed research model. The formation of a path diagram in
the PLS-SEM process is a visualization of the research conceptual framework so that it is easier to understand and learn. In
addition. this path diagram will be tested through goodness of fit to see the suitability of the model with the existing reality.
4. Result and Discussion
4.1. Result
Based on the data the results of the descriptive statistics are in Table 3. Based on Table 3. the gross domestic product (X1) had a
minimum of 983 trillion and a maximum of IDR 12.407 trillion. The population in people had a minimum of 259 million people
and a maximum of 262 million people. The investment yield variable had a minimum of IDR 23.134 billion and a maximum of
IDR 33. 517 billion. This result was developed using SmartPLS as presented in Fig. 1 and Table 4.
M. Ismail /Accounting
7 (2021) 501
Table 3
Descriptive Statistics
Investment Yield
(Y)
Gross Domestic Product
(X
1
) Population (X
2
)
Mean 28743.9524 5988.0952 260.2857
Std. Deviation 3046.68901 3408.77102 1.52128
Skewness -.208 .224 .311
Std. Error of Skewness .501 .501 .501
Kurtosis -.896 -.965 -2.115
Std. Error of Kurtosis .972 .972 .972
Minimum 23134.00 983.00 259.00
Maximum 33517.00 12407.00 262.00
Source : Data analysis (2018).
Sources : SmartPLS result (2018).
Fig. 1. Overall model with coefficient
The results are shown in Fig. 1 as the entire Model with coefficient. While the value of standard error (SE) was used to calculate
the statistical t value by dividing the regression coefficient with the standard error in the Table 4 is as follows.
Table 4
The result of bootstrapping
Standard Deviation t Statistics pValues
Gross Domestic Product (X
1
) → Investment Yield (Y) 0.440 0.607 0.544
Population (X
2
) → Investment Yield (Y) 0.156 4.881 0.000
Sources : SmartPLS result (2018).
In Table 4, the population (X
2
) produced a coefficient of less than 0.005. The results show that population was a significant
variable on investment yield. In addition. this can be proved by using SmartPLS output visually in Fig. 2.
Fig. 2. Path Coefficient of the Gross Domestic Product
Visuall
y
Fig. 3. Path Coefficient of the Population Visually
Sources : SmartPLS result (2018).
502
Based on Fig. 2 in the Visual Path Coefficient Output. the meaning is the Gross Domestic Product variable is not dominant and
uneven. The Population variable is dominant based on Fig. 3. The Visual Path Coefficient Output in Fig. 3 above shows that the
population variable on the variable investment yield is dominant and evenly distributed. The Adjusted R-Square was generated as
follows in Table 6.
Table 6
R
2
Value
R Square R Square Adjusted
Investment Yield (Y) 0.734 0.704
Sources : SmartPLS result (2018).
Based on Table 6, the structural model (inner model) predicts the causality relationship between variables. Through the
bootstrapping process, statistical t test parameters are obtained to predict the causality relationship. The structural model (inner
model) is evaluated by looking at the percentage of variance explained by the R
2
value for the dependent variable using size.
Based on Table 6, the variation of the R-Square value is 73.4%. Thus, the population provided a contribution to the investment
yield of sharia insurance. The effect size (F square) is a measure of the practical significance of the research results in the form of
a measure of the magnitude of a correlation or difference or the effect of a variable on another variable. This measure complements
the results of the analysis information provided by the significance test in Fig. 4 as follows.
Fig. 4. F Square Fig. 5. The avera
g
e variance extracted (AVE) values
Sources : SmartPLS result (2018).
Based on Fig. 5. the population bar graph diagram, the figure is higher than the gross domestic product (GDP) showing that the
variable is significant and is in accordance with the results of the calculation of the significance parameters. The average variance
extracted (AVE) value in Fig. 5 measures the amount of variance that can be captured by the construct compared to the variance
caused by the measurement error. AVE values must be greater than 0.5. This is illustrated in Fig. 5. Based on Fig. 6, the average
variance extracted (AVE) meaning expects an AVE value > 0.5. The AVE value is between 0–1. If the AVE value = 1. This
indicates that the indicator has the magnitude of the variant contained in the construct that is perfect. An AVE value = 1 occurs in
constructs that have only one indicator.
4.2. Discussion
Activities covered by the trade subsector include both buying and selling goods and can be grouped into two types of activities.
i.e., wholesalers and retailers (Keren. 1997). The financial sub-sector consists of banks as well as insurance services, pension
funds, mortgages and financing institutions as a promising field that are adequate for shareholders (Saad, 1995; Medani, 1997; El-
Gamal, 2006; Aisyah, 2018; Mihajat & Iman, 2018; Samad, 2018; Shaban & James, 2018; Gree, 2019; Styhre, 2020). The rental
sub-sector includes the leasing of buildings and land, including those concerning residential and non-residential buildings, such
as offices and ground rental businesses. There are the general and defense sub-sectors of the government as well as the private
sub-sector. Government services are principally divided into two, namely the first ministry of the ministry and defense, and the
services provided by the bodies under the department, while the second service is called other government services. The private
sub-sector consists of social services, and entertainment and recreation services, as well as personal and household services
(Bruner, 2018). The service sub-sector of the company consists of legal services accounting services, processing services and data
entry services, building services, architects and engineering, advertising services, and marketing research and rental services.
The level of welfare of a country's population can be measured by looking at the increase in real income per capita. Real income
per capita is calculated from the overall real national income generated during the year divided by the total population. The level
of population welfare will be achieved if the national real income increases faster than the population growth. There are two factors
that can affect the high and low real income of a country, namely population and labor. When viewed from its role, there are two
important roles of the population in increasing the economic development outcomes of a country, namely (1) residents act as
consumers in terms of demand and (2) residents act as producers in terms of supply. The development of the population is not
M. Ismail /Accounting 7 (2021) 503
always an obstacle to economic growth. provided that this population has a high capacity to produce and absorb the resulting
production. This means that the high population growth must be accompanied by high levels of income. High population growth
with low-income levels will have no meaning for economic growth in a country. The investment climate reflects a number of
factors related to opportunities and incentives for capital owners to conduct business or investment productively and develop or a
business climate that encourages someone to invest at the lowest possible cost and risk and produce the highest possible long-term
profits. In economic and business activities. there are various types of risks that must be addressed. As an effort to tackle risk and
at the same time constitute one of the community funds raising institutions as takaful (sharia insurance), the insurance business
has a strategic position in the business and economic life of the country in an effort to create prosperity (Demertzis & Zenios,
2018; Ismant, 2018; Kuldashev, 2018; Ngwu et al., 2018; Porter & Kramer, 2019; Hiam-Galvez et al., 2020). As an institution
that collects funds belonging to the community that must run their business by referring to sound and responsible business
principles, the insurance business is a business sector that must be subject to government regulation. The "spin off policy” is a
form of regulation policy (Wulandari et al., 2018; Rasmussen et al., 2020). The aim of the spin-off policy is that the management
of Islamic insurance can be conducted more independently than when managed by the sharia unit in the insurance company. With
the spin-off policy, it is expected that insurance companies can pay more attention to their sharia units. The spin-off encourages
the independence of the management of the sharia unit organization, which indeed should be independent. However, if regulations
are implemented, Islamic insurance in Indonesia faces a problem. namely independence. Before the spin-off policy, most sharia
insurance still experienced a dependency between the subsidiaries resulting from the spin-off of the parent. In addition, there is
still a large influence of the parent on the spin-off entity. After the spin-off, the parent can fully release its subsidiary entity and
otherwise, the subsidiary must have the courage to act independently without expecting management and advice from the parent
of the sharia insurance company.
5. Conclusions
The Gross Domestic Product did not influence the investment yield; however, the population did influence the investment yield
of sharia insurance in Indonesia. In addition, there is an implication to support the Indonesian monetary policy authorities to
anticipate the monetary policy by the Fed, regarding dovish and hawkish sentiments, to encourage Capital Inflows to emerging
countries as this can impact the development of sharia/Takaful insurance in Indonesia. The social implication is that the sharia
insurance industry in Indonesia can develop if the public can enjoy convenience in applying for premiums and is reasonable in
disbursing sharia insurance claims. The majority of Indonesia's population of Moslems requires openness in the process. This
study took a sample of different sharia industry characteristics from sharia and conventional types of industry. This research
method did not consider Fixed Effects and Random Effects Tests. The implications of this study are expected to be recommended
to the Indonesia Financial Services Authority regarding the GDP and Population impacts on the investment yield in Indonesia.
Acknowledgement
This paper is financially supported by The TALENTA Grant 2020 by the University of Sumatera Utara, Medan, Indonesia.
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