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All Journal Gadjah Mada International Journal of Business Jurnal Ekonomi dan Bisnis Islam Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam International Journal of Islamic Economics and Finance (IJIEF) Jurnal Ekonomi & Keuangan Islam MALIA Journal of Islamic Monetary Economics and Finance EkBis: Jurnal Ekonomi dan Bisnis Journal of Islamic Economic and Business Research Journal of Islamic Economics Lariba International Journal of Islamic Finance (IJIF)
Salina Kassim
International Islamic University Malaysia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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REACTION OF ISLAMIC STOCK MARKET TO MACROECONOMIC VARIABLES: A STUDY OF INDIA AND INDONESIA Irfan, Mohammad; Kassim, Salina; Dhimmar, Sonali; Zahid, Mohd; Fuadi, Nasrul Fahmi Zaki
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 7 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v7i1.25921

Abstract

India and Indonesia are among the world-largest democracies, having a strong international presence through involvement in various economic and intergovernmental organizations such as in the E7 countries and G20 countries groups. This study aims to identify the impact of macroeconomic variables on the Islamic stock markets of India and Indonesia. Two Islamic stock market indices are considered: the Indian Bombay Stock Exchange (BSE) Shariah Index and the Indonesian Jakarta Islamic Index (JII). At the same time, the macroeconomic variables are foreign direct investment (FDI), import, export, gross domestic product (GDP), broad money (M3), and exchange rate (ER). The study adopts panel regression analysis on yearly data covering the period from 2011 to 2020. The pooled OLS regression model, fixed effect regression model (FEM), and random effect regression model (REM) have been employed. With the REM model being suggested as the most suitable model through the Hausman test, the results suggest that FDI, export, GDP, and ER have shown positive and statistically significant influence on both the BSE Shariah and JII. It is also shown that the macroeconomic variables of India and Indonesia are heterogeneities in nature and having mean distribution effects. The study's findings suggest that increasing the possibilities of bilateral trade and investment in the sectors such as health and pharmaceuticals, automotive components, information technology, agro products, and tourism between India and Indonesia will go a long way. It is expediting greater economic activities among these two countries.
Co-Authors Abdul Karim, Norzitah Achmad Hidayat Achsani, Muhammad Nur Faaiz F Achsani, Muhammad Nur Faaiz Fathah Adeyemi, Adewale Abideen Alhabshi, Syed Musa Syed Jaafar Ali, Engku Rabiah Adawiyah Engku Ali, Zulkarnain Muhammad Dhimmar, Sonali Fuadi, Nasrul Fahmi Zaki Hamid, Zarinah Jarita Duasa Khalifah Muhamad Ali Laily Dwi Arsyianti Mahadi, Nur Farhah Mahadi, Nur Farhah Binti Martiana, Andri Maulida, Syahdatul Md Saad, Norma Miftahul Jannah Mohammad Irfan Mohd Yusoff, Syarah Syahira Binti Muhammad, Niaz Makhdum Nashr Akbar, Nashr Rapi, Muh Zul Hazmi Razali Haron, Razali Siti Raihanun Yusuf, Muhammad-Bashir Owolabi Zahid, Mohd Zakariyah, Habeebullah Zulfaka, Auni