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All Journal Quantitative Economics Journal Economic Education Analysis Journal
Armin Rahmansyah
Universitas Negeri Medan
Economics, Econometrics & Finance

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ANALYSIS OF FACTORS AFFECTING THE INDONESIAN SYARIAH STOCK INDEX (ISSI) ON THE INDONESIAN STOCK EXCHANGE (IDX) Siska Angriani Hasibuan; Armin Rahmansyah
Quantitative Economics Journal Vol 8, No 2 (2019)
Publisher : Universitas Negeri Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24114/qej.v8i2.23613

Abstract

The Indonesian Syariah Stock Index (ISSI) is an indicator that can be used by investors to know the movements of the sharia stock market. This research aims to analyze the effect of the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX). The analysis uses equations by the method of Error Correction Model (ECM). This study analyzed the relationship between the dependent and independent variables in both the short term and long term. Estimation results show that in the long term and the short term, the variable amount of the inflation was a positif and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). The variable amount of the BI rate and exchange rate was a negative and significant in the short term but not significant in the long term affect the Indonesian Syariah Stock Index (ISSI). These results show that inflation, BI rate and exchange rate was significant in the short term affect the Indonesian Syariah Stock Index (ISSI) on the Indonesian Stock Exchange (IDX).
The Effects of Inflation, Exchange Rates, And Gross Domestic Product on Indonesia's Crude Oil Exports Jonatan Marbun; Armin Rahmansyah
Economic Education Analysis Journal Vol. 15 No. 2 (2026): Economic Education Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/eeaj.v15i2.48993

Abstract

This study examines the relationship between inflation, exchange rates, and Gross Domestic Product (GDP) in destination countries and Indonesia’s crude oil exports to Thailand, Malaysia, Singapore, Australia, and South Korea during 2014–2024. Using annual panel data consisting of 55 observations, panel regression analysis was conducted, with the Fixed Effect Model selected based on Chow and Hausman tests. The results indicate that inflation in destination countries is negatively and significantly associated with Indonesia’s crude oil exports. In contrast, exchange rates exhibit a negative but insignificant relationship, while GDP shows a positive but insignificant relationship with export volumes. Collectively, the three variables significantly explain 52.93% of the variation in exports. These findings suggest that macroeconomic conditions in importing countries, particularly inflation, are associated with fluctuations in Indonesia’s crude oil exports, whereas the roles of exchange rates and GDP appear limited within the observed sample. The study contributes to the trade and energy literature by providing evidence from major Asian-Pacific export destinations. However, the findings should be interpreted cautiously due to the limited number of observations and the exclusion of structural factors such as global oil prices and energy policy dynamics.
Co-Authors Jonatan Marbun Siska Angriani Hasibuan