Pengaruh Variabel Makroekonomi terhadap Indeks Saham Syariah di Indonesia: Model ECM

Ardana, Yudhistira

doi:10.15408/ess.v6i1.3118

Cited by 22 publications

(35 citation statements)

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“…Di lain pihak, kenaikan tingkat suku bunga mengurangi harapan investor untuk memperoleh pendapatan di pasar modal sehingga mengurangi mobilitas dana di pasar modal. Hasil penelitian ini didukung oleh Kuwomu & Victor (2011), Hussin et al (2012, Damayanti (2014), Beik & Fatmawati (2014), Nasir et al (2016), Ardana (2016) dan Sudarsono (2018) menemukan bahwa suku bunga berpengaruh negatif terhadap harga saham.…”

Section: Hasil Dan Pembahasanunclassified

“…Tabel 1. Pertumbuhan Saham Syariah Tahun 20122013201620172018 Jumlah 321 336 334 331 345 382 394 Sumber: Data diolah dari laporan tahunan OJK Tabel 1 menjelaskan bahwa mulai dari tahun 2012 hingga 2018 jumlah saham syariah yang beredar di Bursa Efek Indonesia mengalami perkembangan yang cukup positif. Adanya naik turun jumlah saham syariah dikarenakan setiap saham syariah yang akan tercatat di Bursa Efek Indonesia (BEI) harus melalui tahap screening dan apabila terdapat saham yang belum memenuhi ketentuan syariah, maka tidak akan tercatat sehingga tidak menjamin bahwa jika suatu saham syariah pada tahun ini tercatat di Bursa Efek Indonesia (BEI) maka tahun depan akan tetap bertahan di Bursa Efek Indonesia (BEI).…”

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“…Berfluktuasinya pergerakan indeks dalam industri pasar modal memang sudah seharusnya ditanggapi dengan serius olah para investor. Dalam prakteknya di lapangan, sudah menjadi kewajiban bagi para investor untuk memperhatikan segala situasi yang akan terjadi, baik itu situasi yang pasti maupun situasi tidak pasti (Ardana, 2016).…”

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“…Penelitian Kuwomu & Victor (2011), Hussin, et al (2012, Damayanti (2014), Beik & Fatmawati (2014), Nasir, et al (2016), Ardana (2016) dan Sudarsono (2018) menemukan bahwa suku bunga berpengaruh negatif terhadap harga saham. Meningkatnya suku bunga akan membuat masyarakat cenderung menyimpan dana dalam bentuk deposito.…”

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“…Penelitian Kuwomu & Victor (2011), Hussin, et al (2012, Bekhet & Mugableh (2012), Pasaribu & Firdaus (2013), Beik & Fatmawati (2014), Suciningtias & Khoiroh (2015), Rachmawati & Laila (2012), Ardana (2016) dan Sudarsono (2018) menemukan hubungan negatif antara nilai tukar dengan indeks harga saham. Keadaan ini menunjukkan bahwa apabila nilai rupiah terhadap dolar menurun maka investor akan cenderung mengalihkan investasinya dalam bentuk dolar daripada dalam bentuk rupiah.…”

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Determinasi Faktor Fundamental Makroekonomi dan Indeks Harga Saham Syariah Internasional terhadap Indeks Harga Saham Syariah Indonesia

Ardana¹,

Maya

2019

CJSI

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The capital market is a source of fresh funds in the long and short-term. The existing of the institution is not only a source of funding but also as an investment facility. This study aims to measure the impact of macroeconomic conditions (BI Rate, Exchange Rate and World Oil Prices) and the international Sharia stock index (Dow Jones Islamic Market Index Japan and Dow Jones Islamic Market Index US) on the Indonesian Sharia Stock Index with using the error correction model (ECM). The results showed that BI rate and DJIM US have the significant effect (5%) on Indonesian Sharia Stock Index in the short, while the exchange rate and DJIM Japan are significant at the 10%, and the world oil price is not significant. In the long-term, BI Rate, exchange rate, DJIM US and DJIM Japan have a significant effect, while the world oil price has not a significant effect.

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Determinasi Faktor Fundamental Makroekonomi dan Indeks Harga Saham Syariah Internasional terhadap Indeks Harga Saham Syariah Indonesia

Ardana¹,

Maya

2019

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Can country risks predict Islamic stock index? Evidence from Indonesia

Masrizal

Sukmana

Mustofa

et al. 2021

JIABR

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Purpose This study aims to examine the relationship between the Indonesian Islamic capital market, the country's risk and macroeconomic factors. Design/methodology/approach This study uses the Johansen cointegration test and the vector error correction model (VECM) on monthly data from January 2003 to March 2016 to examine the variables that influenced the Islamic capital market proxied by the Jakarta Islamic Index (JII). Findings The findings indicate the existence of short-term and long-term cointegrations between country risk (political, economic and financial risks), macroeconomic variables (industrial production index, inflation and oil price) and JII. In the long run, financial risk positively affects the JII, whereas economic risks and inflation are negatively related. In the short run, only inflation affect negatively the JII. Practical implications The study emphasizes the critical role of financial risk in affecting the Islamic capital market. Investors negatively respond to higher financial risk and react positively to more increased economic threats. The variable of financial risk has the highest coefficient, indicating that the investors favour a conducive financial environment in deriving JII. Originality/value This study extends the previous literature with an attempt to empirically examine the influence of Indonesia's country risk on the Islamic stock market through VECM.

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The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period

Nawindra

Wijayanto

2020

MAJ

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Investors believe that economic factors have a major impact on developments in the Islamic capital market. This study aims to describe and analyze macroeconomics of the Indonesian Sharia Stock Index (ISSI). The sample of this study consisted of 84 data consisting of all population data, namely all data on closing prices at the end of each month from exchange rates, BI Rate, inflation, world oil prices, world gold prices, and the Indonesian Sharia Stock Index (ISSI) for the period January 2013 - December. 2019. The analysis technique used is the Error Correction Model (ECM). The results showed that in the short term the exchange rate variable had a significant effect on the ISSI, while the BI Rate, inflation, world oil prices and world gold prices had no effect on the ISSI. In the long run, the variable exchange rate, BI Rate, inflation and world gold prices have a significant effect on the ISSI, while the world oil price variable has no effect on the ISSI

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Pengaruh Variabel Makroekonomi terhadap Indeks Saham Syariah di Indonesia: Model ECM

Cited by 22 publications

References 0 publications

Determinasi Faktor Fundamental Makroekonomi dan Indeks Harga Saham Syariah Internasional terhadap Indeks Harga Saham Syariah Indonesia

Determinasi Faktor Fundamental Makroekonomi dan Indeks Harga Saham Syariah Internasional terhadap Indeks Harga Saham Syariah Indonesia

Can country risks predict Islamic stock index? Evidence from Indonesia

The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period

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