Irfan, Mohammad Syihabul
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PENGARUH VARIABEL MAKROEKONOMI DAN MIKROEKONOMI TERHADAP RETURN DEFENSIVE STOCKS YANG TERDAFTAR PADA JAKARTA ISLAMIC INDEX (JII) PERIODE 2014-2018 Irfan, Mohammad Syihabul
Jurnal Ilmiah Mahasiswa FEB Vol 8, No 1: Semester Ganjil 2019/2020
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The Islamic capital market is believed to be able to withstand the crisis compared to conventional capital markets. Investors invest the excess funds into the Islamic capital market with the aim of expecting a return. Returns that will be obtained by investors are influenced by macroeconomic conditions which include inflation, economic growth, Indonesian sharia bank certificates, sukuk. The microeconomic factors are influenced by earnings per share and debt equity ratio. The method used in this study is panel data regression using random effect models. The results obtained in this study indicate that the variables inflation, economic growth and Bank Indonesia Sharia Certificates (SBIS) have no significant effect. As for the sukuk variable, earnings per share (EPS) and debt equity ratio (DER) significantly influence stock returns. Keywords: Inflation, Economic Growth, SBIS, Sukuk, EPS, DER, Stock returns, Defensive stocks.
PENGARUH VARIABEL MAKROEKONOMI DAN MIKROEKONOMI TERHADAP RETURN DEFENSIVE STOCKS YANG TERDAFTAR PADA JAKARTA ISLAMIC INDEX (JII) PERIODE 2014-2018 Irfan, Mohammad Syihabul
Jurnal Ilmiah Mahasiswa FEB Vol. 8 No. 1
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The Islamic capital market is believed to be able to withstand the crisis compared to conventional capital markets. Investors invest the excess funds into the Islamic capital market with the aim of expecting a return. Returns that will be obtained by investors are influenced by macroeconomic conditions which include inflation, economic growth, Indonesian sharia bank certificates, sukuk. The microeconomic factors are influenced by earnings per share and debt equity ratio. The method used in this study is panel data regression using random effect models. The results obtained in this study indicate that the variables inflation, economic growth and Bank Indonesia Sharia Certificates (SBIS) have no significant effect. As for the sukuk variable, earnings per share (EPS) and debt equity ratio (DER) significantly influence stock returns. Keywords: Inflation, Economic Growth, SBIS, Sukuk, EPS, DER, Stock returns, Defensive stocks.