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Faisal Akbar, Muhammad
Bangka Belitung University
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What Drives the Islamic Stock Market Price in Indonesia? Misbahul Munir; Muhammad Faisal Akbar; Ayu Yuningsih; Zikri Rahmani; Dewi Lusiana
EKONOMIKA SYARIAH : Journal of Economic Studies Vol. 7 No. 2 (2023): December 2023
Publisher : Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30983/es.v7i2.7650

Abstract

Saat ini, pasar modal syariah berkembang semakin pesat. Hal ini ditandai dengan munculnya berbagai indeks saham syariah termasuk Jakarta Islamic Index (JII). Pasar modal  adalah lembaga keuangan yang berkontribusi dalam pengelolaan dana investasi, serta menjadi penggerak utama dalam sistem ekonomi. Namun, pasar modal syariah dalam beberapa dekade terakhir menunjukkan pergerakan yang fluktuatif, diduga ada faktor-faktor yang mempengaruhi pergerakannya. Tujuan dari penelitian ini adalah untuk mengkaji faktor-faktor yang mempengaruhi pergerakan Jakarta Islamic Index. Metode yang digunakan dalam penelitian ini adalah deskriptif kuantitatif dengan data time series tahun 2009-2021. Variabel independen dalam penelitian ini adalah ekonomi makro yang terdiri dari  inflasi (INF), Indeks Produksi Industri (IPI), BI Rate, nilai tukar, dan Indeks Harga Saham Gabungan Indonesia (IHSG) sedangkan variabel dependennya adalah Jakarta Islamic Index (JII). Alat analisis yang digunakan dalam penelitian ini adalah Vector Error Correction Model (VECM). Hasil penelitian ini menunjukkan bahwa secara umum, dalam jangka pendek, pergerakan Indeks Saham Syariah yaitu Jakarta Islamic Index (JII) tidak banyak dipengaruhi oleh variabel makroekonomi. Sementara itu, dalam jangka panjang, pergerakan indeks saham syariah di Indonesia dipengaruhi oleh variabel makroekonomi.Currently, the Islamic capital market is growing rapidly. This is marked by the emergence of various Islamic stock indices, including the Jakarta Islamic Index (JII). The capital market is a financial institution that contributes to the management of investment funds as well as being the main driving force in the economic system. However, the Islamic capital market in recent decades has shown fluctuating movements; allegedly, some factors affect its movement. The purpose of this study is to examine the factors that influence the movement of the Jakarta Islamic Index. The method used in this study is quantitative-descriptive with time series data from 2009 to 2021. The independent variable in this study is macroeconomics, consisting of inflation (INF), industrial production index (IPI), BI rate, exchange rate, and Indonesia Composite Stock Price Index (ICI), while the dependent variable is the Jakarta Islamic Index (JII). The analysis tool used in this study is the Vector Error Correction Model (VECM). The results of this study show that, in general, in the short term, the movement of the Sharia Stock Index, namely the Jakarta Islamic Index (JII), is not much influenced by macroeconomic variables. Meanwhile, in the long run, the movement of Islamic stock indices in Indonesia is influenced by macroeconomic variables.
Co-Authors Abimayu, Muhammad Lazuardi Agung Rizki Putra Andrianto, Sis Nanda Kus Aning Kesuma Putri Aprillia, Anggi Ayu Wulandari Ayu Yuningsih Bonita Dilasari Chandra, Riko Devi Valeriani Dewi Lusiana Dyah Lestari Yulianti Edwin Wahyu Dirgantoro Fieska Yollanda Galuh Nugraha Hamsani Hamsani Herdiyanti, Herdiyanti Izma Fahria Lazuardy Akbar Fauzan Lestari, Ayu Intan Lusiana, Dewi Mardani Mardani Misbahul Munir Nanang Wahyudin Nazarudin Nazarudin Nur Ahmad Ricky Rudianto Nurwahyuni, Eka Reniati Reniati Riyanto, Obaja Eden Sentosa  Rozi Rozi Rozi Rulyanti Susi Wardhani Rusdi Rusdi Safira, Fanisa Sandy Pratama Sari, Siska Putri Sugiharti Sugiharti Suhendar, Dadan Sumiyati Sumiyati SUMIYATI SUMIYATI Sumiyati Sumiyati Sumiyati Sumiyati Syoni Soepriyanto Ulan Dari Welly Yandi Yuningsih, Ayu Zikri Rahmani