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All Journal Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan JURNAL SOSIAL HUMANIORA (JSH) Jurnal Ekonomi Syariah Teori dan Terapan Journal of Information Systems Engineering and Business Intelligence Al-Ihkam: Jurnal Hukum dan Pranata Sosial Jurnal MD Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Pendidikan Pancasila dan Kewarganegaraan AKSIOLOGIYA : Jurnal Pengabdian Kepada Masyarakat Perisai : Islamic Banking and Finance Journal al-Uqud : Journal of Islamic Economics International Journal of Islamic Economics and Finance (IJIEF) Jurnal Ekonomi Islam Muqtasid: Jurnal Ekonomi dan Perbankan Syariah MALIA Shirkah: Journal of Economics and Business Ihtifaz: Journal of Islamic Economics, Finance, and Banking TSAQAFAH Journal of Innovation in Business and Economics Iqtishoduna: Jurnal Ekonomi Islam Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat International Journal of Zakat (IJAZ) Jurnal Layanan Masyarakat (Journal of Public Service) Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Business Review and Case Studies Journal of Halal Science and Research Journal of Accounting Research, Organization and Economics (JAROE) Jurnal Ekonomi Islam Jurnal RAK (Riset Akuntansi Keuangan) Review of Islamic Social Finance and Entrepreneurship Journal of Infrastructure Policy and Management (JIPM)

Imron Mawardi

Departemen Ekonomi Syariah - Fakultas Ekonomi Dan Bisnis - Universitas Airlangga

Author-ID : 4109989

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Public Health Social Sciences Other

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Stock Market Reaction to the Merger of State-Owned Islamic Banks Mirna Ainurrachma; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 1 (2022): Januari-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20221pp92-105

ABSTRAK Penelitian ini bertujuan mengetahui bagaimana reaksi pasar terhadap pengumuman merger bank syariah BUMN, yaitu BRI Syariah, Bank Syariah Mandiri, dan Bank BNI Syariah menjadi bank Syariah Indonesia, sehingga diketahui efisiensi pasarnya. Penelitian ini menggunakan pendekatan kuantitatif degan metode event study untuk meganalisis reaksi pasar terhadap suatu peristiwa. Ada atau tidak adanya reaksi pasar akan diukur melalui variabel abnormal return (AR) dan trading volume activity (TVA). Subyek penelitian ini adalah BRI Syariah (BRIS) yang merupakan existing company merger dan satu-satunya yang sudah listing di Bursa Efek Indonesia (BEI). Teknik analisis yang digunakan adalah Uji Paired Sample t-Test pada AR dan TVA. Hasil penelitian ini menunjukkan tidak terdapat perbedaan abnormal return yang signifikan sebelum dan sesudah pengumuman merger, namun signifikan pada TVA. Bagi investor, pengumuman merger direaksi oleh pasar secara positif, namun tidak berlebihan sehingga tidak memberikan abnormal return yang signifikan. Adanya keputusan merger membuat pasar saham lebih aktif yang ditandai dengan meningkatnya TVA. Lebih lanjut, adanya informasi merger perusahaan tidak selalu disertai dengan abnormal return. Maka dari itu, investor disarankan untuk tidak melakukan spekulasi berlebihan menghadapi informasi merger tersebut. Kata Kunci: Bank Syariah, Merger, Abnormal Return, Volume Perdagangan. ABSTRACT This study aims to determine how the market reaction to the announcement of the merger of state-owned Islamic banks, namely BRI Syariah, Bank Syariah Mandiri, and Bank BNI Syariah to become Indonesian Islamic banks, so that market efficiency is known. This research uses a quantitative approach with the event study method to analyze the market reaction to an event. The presence or absence of market reaction will be measured through abnormal return (AR) and trading volume activity (TVA) variables. The subject of this research is BRI Syariah (BRIS) which is the existing company merger and the only one that has been listed on the Indonesia Stock Exchange (IDX). The analytical technique used is the Paired Sample t-Test on AR and TVA. The results of this study indicate that there is no significant difference in abnormal returns before and after the announcement of the merger, but it is significant for TVA. For investors, the market reacted positively to the announcement of the merger, but not excessively so that it did not provide a significant abnormal return. The merger decision made the stock market more active, which was marked by an increase in TVA. Furthermore, information about company mergers is not always accompanied by abnormal returns. Therefore, investors are advised not to make excessive speculation regarding the merger information. Keywords: Bank Shariah, Merger, Abnormal Return, Trading Volume Activity. DAFTAR PUSTAKA Al Islami, M. A. F., & Mawardi, I. (2019). Analisis reaksi pasar terhadap pengumuman right issue (Studi kasus pada saham yang terdaftar di ISSI). Jurnal Ekonomi Syariah Teori Dan Terapan, 6(6), 1101–1113. https://doi.org/10.20473/vol6iss20196pp1101-1113 Chhetri, S. D., & Baral, R. P. (2018). Event study of effect of merger announcement on stock price in Nepal. Journal of Business and Management, 5(1), 64–73. https://doi.org/10.3126/jbm.v5i0.27390 Crouzille, C., Lepetit, L., & Bautista, C. (2008). How did the Asian stock markets rexct to bank mergers after the 1997 financial crisis? Pacific Economic Review, 13(2), 171–182. https://doi.org/10.1111/j.1468-0106.2008.00395.x Dodd, P. (1980). Merger proposals, management discretion and stockholder wealth. Journal of Financial Economics, 8(2), 105–137. https://doi.org/10.1016/0304-405X(80)90014-8 Jackson, L. A. (2015). Market reaction to bidder announcements of horizontal mergers in an oligopolistic industry: Evidence from the US airline industry. Tourism Economics, 21(6), 1255–1271. https://doi.org/10.5367/te.2014.0401 Jayaraman, N., Frye, M. B., & Sabherwal, S. (2001). Informed trading around merger announcements: An empirical test using transaction volume and open interest in options market. Financial Review, 36(2), 45–74. https://doi.org/10.1111/j.1540 Mackinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13–39. Mcwilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 626–657. https://doi.org/10.2307/2570566288.2001.tb00010.x Moin, A. (2004). Merger, akuisisi & divestasi. Yogyakarta: Ekonisia. OJK. (2020). Data dan statistik perbankan syariah. Retrieved from https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/statistik-perbankan-syariah/Default.aspx Reddy, K., Qamar, M., & Yahanpath, N. (2019). Do mergers and acquisitions create value?: The post-M&A performance of acquiring firms in China and India. Studies in Economics and Finance, 36(2), 240–264. https://doi.org/10.1108/SEF-01-2018-0027 Tandelilin, E. (2010). Portofolio dan investasi. Yogyakarta: Kanisius.

COASTAL MOSLEM’S CREATIVE ECONOMY DEVELOPMENT MODEL : CASE STUDY IN KENJERAN SURABAYA Tika Widiastuti; Sunan Fanani; Imron Mawardi
Jurnal Ekonomi dan Bisnis Islam | Journal of Islamic Economics and Business Vol. 3 No. 2 (2017): JULI-DESEMBER 2017
Publisher : Universitas Airlangga

The aim of this study is to understand how coastal moslem’s creative economy development are. This study has used qualitative approach with study case strategy. Data collection has done by interviewing the informants i.e. Head of Kelurahan Sukolilo and Creative Industry’s stakeholder nearby Kenjeran, Surabaya. The result of this study is an appropriate model to develop coastal moslem’s socio-economics is a holistic-integrated developments. The model involved sort of stakeholders viz. fishermans, seafood crackers producers, the government, NGO’s, and universities. Keywords : Coastal Communities, Creative Economy, Kenjeran, Sosio-Economic Development

Empowerment Model of Migrant Workers Tika Widiastuti; Muhammad Nafik Hadi Ryandono; Imron Mawardi
Perisai : Islamic Banking and Finance Journal Vol 1 No 2 (2017): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v1i2.877

The profession of migrant workers in some cases bring the person concerned to get the treasures expected success, but not rarely contain a number of risks that need to get the attention of government authorities. A number of problems that might be experienced when Indonesian Labor not available works. Therefore it takes a model economic empowerment for the labor of Indonesia, when he returned to his country was able to survive and improve the well-being of himself and of his family. This research aims to know the role of zakah's institution towards the empowerment of Indonesia's labor and to devise appropriate empowerment model for Indonesian Workforce by Institution of Zakah. Data analysis was done with a qualitative approach. Analytical techniques in the study will be conducted with qualitative analysis approach, a case study of eksplanation to explain how the empowerment model right for Indonesia in Labor Studies. Based on the data and the results of the analysis that has been done can be known that Dompet Dhuafa has role in Indonesia Workforce empowerment. The empowerment Model implemented by Dompet Dhuafa form the Groove program that may help the former workforce of Indonesia after plunging back to life in his native region. Former Indonesian workforce empowerment meant to monitor and nurture the entrepreneurial activities are continuously carried out by former Indonesian labor so that it can be a permanent effort.

Do Indonesian Islamic Microfinance Institutions Need Lender of the Last Resort? Imron Mawardi; Tika Widiastuti; Muhammad Ubaidillah Al Mustofa; Ari Prasetyo
al-Uqud : Journal of Islamic Economics Vol. 4 No. 2 (2020): July
Publisher : Universitas Negeri Surabaya

Liquidity risk is one of significant risk managed by financial intermediaries including Islamic Microfinance Institutions (IMFIs). The financial intermediaries accept short-term deposits and disburse these deposits in the form of long-term loans. This situation makes IMFI desperately need a lender of last resort (LOLR). Nevertheless, there has been no formal LOLR for Indonesian IMFIs. This study intends to construct the LOLR model for IMFI in Indonesia. This qualitative study applies a case study analysis. This study's subjects are IMFIs in East Java Province that was selected purposively with thirty managers as the key informants. Research findings show that the best model of LOLR is developing a secondary cooperative since the majority form of IMFIs in Indonesia are cooperative entities. With all members of a secondary cooperative deposit for reserve requirements, they can place excess liquidity in the secondary cooperative and ask for financial support.

Does Zakat and Non-Zakat Empowerment Affect Mustahiq Welfare Based on Maqashid Shariah? Tika Widiastuti; Ilmiawan Auwalin; Lina Nugraha Rani; Imron Mawardi; Muhammad Ubaidillah Al Mustofa; Norma Rosyidah; Siti Nur Mahmudah
al-Uqud : Journal of Islamic Economics Vol. 5 No. 1 (2021): January
Publisher : Universitas Negeri Surabaya

This study explores the effect of zakat and non-zakat empowerment programs on the beneficiaries' welfare (mustahiq). This study focuses on the influence of the intervening variable, namely the mustahiq businesses' growth on mustahiq welfare. This study also examines the role of demographic characteristics, such as age, gender, and years of education on mustahiq business growth. This study employs the Partial Least Square-Structural Equation Model (PLS-SEM) using data from 100 respondents who received empowerment assistance from three different zakat institutions. The sample of mustahiq was selected from three zakat institutions to provide a diversity of respondents. The results indicate that zakat and non-zakat programs' empowerment through business growth has significantly affected mustahiq welfare. With these results, both zakat and non-zakat productive programs should be more developed to assist the community businesses' growth optimally. Previous studies measure the welfare of mustahiq with material aspects. In this study, the indicator of welfare is based on maqashid sharia, which includes the protection of Ad-Din (religion), An-Nafs (Soul), Al-Aql (intellect), Al-Nasl (descendant), and Al-Maal (wealth). Examining the impact of two variables, namely productive empowerment programs through zakat and non-zakat, on mustahiq business growth and welfare is the novelty of this study.

Linkage Program of Islamic Institutions and Government Institution for Empowering MSMEs: Evidence from Indonesia Raditya Sukmana; Imron Mawardi; Tika Widiastuti; Taqiyah Dinda Insani; Nova Rini
Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Vol 13, No 1 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i1.5139

The purpose of this study is to analyze how the linkage program of Islamic institutions and government institution in empowering MSMEs and analyze the increase in the range of empowerment. By using a qualitative research approach and descriptive analysis method, the results of this study indicate that there are four parties involved in the empowerment linkage program and each party has their respective roles in the aim of empowering MSMEs. Furthermore, there is also increasing in the range of empowerment in terms of the amount of empowerment program funding and improving the quality of MSME after participating in the empowerment program.

SHARIA LOCAL FUNDING (SALAF CARD): INNOVATION ON SMES FUNDING USING ISLAMIC BOARDING SCHOOL VENTURE CAPITAL Faridatun Nila; R. Wahyu Agung Utama; Imron Mawardi; Moh. Fudholi; Ridan Muhtadi
Ekonomi Islam Vol. 10 No. 1 (2019): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof Dr Hamka

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (242.862 KB)

Islamic boarding school is one of the educational institutions that have a strong network. Until now, there were 27,230 Islamic boarding schools scattered throughout Indonesia. Today, the function of Islamic boarding schools is not only functioning as an Islamic-based educational institution but also Islamic boarding schools has a function as a social institution. Islamic boarding schools are considered potential to become the basis of empowerment local people's economy and the center of economic development of the people in the regions, both in the form of Islamic financial institutions or Islamic boarding school cooperation. Law in Indonesia, No.33 of 2014 concerning guarantees on halal products provides significant opportunities for innovative product development given the huge potential of Indonesia's Muslim population. In the process, the requirement to use halal certification in trade as mandated by national law carries a dilemma on halal industrial players as well as micro, small and medium enterprises (SMEs). The problem of capital and funding is key problem. This qualitative paper offers a literature review. The purpose of this paper is to understand how innovative funding models are through Islamic Boarding School venture capital the company spurred the growth and development of the halal industry. The Sharia Local Funding Card (SALAF) is innovative Mudharabah and Musyarakah transaction models at Baitul Mal Wattamwil, which are realized in sustainable funding with the Sharia business capital company for halal industry players. Allocation of profit sharing is based on the contract by specifying several parts other than cards as productive deposits. These deposits will be managed as productive stimulus funds for maintenance of halal certification, training, and business assistance, and the SALAF card balance itself. SALAF card is an innovative model that has a sustainable funding agreement that involves several stakeholders to improve productivity, growth, and presence of halal products in the nation trade arena. Keywords: financing, SMES, SALAF card, Islamic Boarding School venture capital

Tinjauan Maqashid Syariah dan Fiqh al-Bi’ah dalam Green Economy Ridan Muhtadi; R Wahyu Agung Utama; Nur Rachmat Arifin; Imron Mawardi
Ekonomi Islam Vol. 10 No. 2 (2019): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof Dr Hamka

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (829.34 KB)

Economic development in the 20th century has a huge impact on the sustainability of mankind. However, on the other hand, it has a negative impact on the living ecosystem. Economics and the environment are considered two opposite sides in some ways like the way they treat profit orientation toward sustainable development. Sustainable development On the basis of this result creates a relatively new concept, Green Economy. Green Economy is a concept that supports human welfare and care for the preservation of the environment and ecosystem of life in economic development. But the negative side of economic development could also affect the depletion of natural resources due to overexploitation, pollution of the land, water, and air due to industrial pollution, floods, and impact on climate change. Islam has an ideal concept of sustainable development. There are at least fundamental rules in order to support the sustainable development of the implementation of environmental fiqh based maqasid sharia for the management of Islamic resources in economic transactions. Keywords: Maqasid Syariah, Fiqh environment, Green Economy, Environmental Preservation

The Impact of Tracking Error and Risk on Islamic Index Mutual Fund Performance in Indonesia Arni Dini Inayati; Imron Mawardi
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp325-337

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh tracking error dan risiko terhadap kinerja reksa dana indeks syariah di Indonesia. Penelitian ini melakukan pengujian analisis regresi linier berganda pada lima sampel dengan menggunakan data nilai aktiva bersih dan return JII dan reksa dana indeks syariah yang terdaftar pada Otoritas Jasa Keuangan sampai Desember 2019. Hasil pengujian menunjukkan bahwa tracking error tidak memiliki pengaruh signifikan terhadap kinerja reksa dana indeks syariah dan tingkat risiko berpengaruh positif dan signifikan terhadap kinerja reksa dana indeks syariah. Kata kunci: Kinerja reksa dana indeks syariah, Tracking error, Risiko, Analisis regresi linier berganda. ABSTRACT This study aims to analyze the impact of tracking error and risk on Islamic index mutual fund performance in Indonesia. This study ran multiple linear regression analyses on five samples using the net asset values and returns of JII and Islamic index mutual funds that are listed in the Financial Services Authority using data until December 2019. The result showed that tracking error had no significant effect on the performance of Islamic index mutual funds, while the level of risk had a significant positive effect on the performance of Islamic index funds. Keywords: Islamic index mutual fund performance, Tracking error, Risk, Multiple linear regression analysis. DAFTAR PUSTAKA Adhi, N., Aji, D. P., & Winarni, W. (2021). Reksadana syariah dan konvensional di Indonesia. Jurnal Keunis (Keuangan Dan Bisnis), 9(2), 120-131. https://doi.org/10.32497/keunis.v9i2.2629 Agapova, A. (2011). Conventional mutual index funds versus exchange trade fund. Journal of Financial Markets, 14(2), 323–343. https://doi.org/10.1016/j.finmar.2010.10.005 Alam, N. (2013). A comparative performance analysis of conventional and Islamic exchange-traded funds. Journal of Asset Management, 14(1), 27–36. https://doi.org/10.1057/jam.2012.23 Anggara, A. W., & Yulianto, A. (2017). Analisis kinerja reksa dana saham dengan metode sharpe, treynor, dan jensen. Management Analysis Journal, 6(1), 13–22. Arifin, E. S. (2017). Kinerja reksadana saham syariah di Indonesia. Jurnal Ekonomi dan Bisnis, 17(1), 82–86. https://doi.org/10.30811/.v17i1.363 Asmoro, R. M. S., & Syaichu, M. (2022). Analisis pengaruh umur reksa dana, tingkat risiko, expense ratio, turnover ratio, dan market timing ability terhadap kinerja reksa dana saham syariah periode 2016-2020. Diponegoro Journal of Management, 11(2), 1–12. Basya, M. M., & Utami, B. S. A. (2021). Pengaruh alokasi aset, pemilihan saham dan tingkat risiko terhadap reksadana saham syariah di indonesia tahun 2015-2019. Al-Muraqabah: Journal of Management and Sharia Business, 1(1), 1–15. Benjelloun, H., & Abdullah A. M. A. (2009). Index funds and diversification in Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, 2(3), 201–212. https://doi.org/10.1108/17538390910986335 Biswas, S. (2015). Assessing market risk of Indian index funds. Global Business Review, 16(3), 511–523. https://doi.org/10.1177/0069966715569938 Charteris, A., & McCullough K. (2020). Tracking error Vs tracking difference: Does it matter?. Investment Analysts Journal, 49(3), 268–287. https://doi.org/10.1080/10293523.2020.1806480 Dorocáková, M. (2017). Comparison of ETF´s performance related to the tracking error. Journal of International Studies, 10(4), 154–165. https://doi.org/10.14254/2071-8330.2017/10-4/1 DSN MUI. (200). Fatwa DSN MUI No. 20/DSN-MUI/IX/2000 tentang pedoman pelaksanaan investasi untuk reksa dana syariah. Retrieved from http://mui.or.id/wp-content/uploads/files/fatwa/20-Pedoman_Investasi_Reksa_Dana.pdf Elton, E. J., Gruber, M. J., & Busse, J. A. (2004). Are investors rational? Choices among index funds. The Journal of Finance, 59(1), 261–288. https://doi.org/10.1111/j.1540-6261.2004.00633.x Fama, E. F., & French, K. R. (2010). Luck versus skill in the cross-section of mutual fund returns. Journal of Finance, 65(5), 1915–1947. https://doi.org/10.1111/j.1540-6261.2010.01598.x Frino A., & Gallagher D. R. (2001) Tracking S&P 500 index funds. Journal of Portfolio Management, 28(1), 44–55. https://doi.org/10.3905/jpm.2001.319822 Gani, I., & Amalia S. (2018). Alat analisis data: Aplikasi statistik untuk penelitian bidang ekonomi dan sosial. Yogyakarta: Andi. Iman, N. (2008). Panduan singkat dan praktis: Memulai investasi reksa dana. Jakarta: Elex Media Komputindo. Johnson, B., Bioy H., Kellet A., & Davidson L. (2013). On the right track: Measuring tracking efficiency in ETFs. Journal of Index Investing, 4(3), 35–41. https://doi.org/10.3905/jii.2013.4.3.035 Kandarisa, A. (2014). Perkembangan dan hambatan reksadana syariah di Indonesia: Suatu kajian teori. Jurnal Akuntansi AKUNESA, 2(2), 1–18. Kostovetsky, L. (2003). Index mutual funds and exchange-traded funds. The Journal of Portfolio Management Summer, 29(4), 80–92. https://doi.org/10.3905/jpm.2003.319897 Kusumastiti, F., & Ryandono, M. N. H. (2019). Pengaruh risiko sistematis, market timing dan ukuran dana terhadap kinerja reksa dana pendapatan tetap syariah di Indonesia Periode 2014-1018. Jurnal Ekonomi Syariah Teori dan Terapan, 6(12), 2409–2421. https://doi.org/10.20473/vol6iss201912pp2409-2421 Lestari, W. R. (2015). Kinerja reksadana saham syariah dan reksadana saham konvensional. Jurnal Magister Manajemen, 1(1), 116–128. Mawikere, J. C. (2021). Performance analysis of money market mutual funds, fixed income mutual funds, mixed mutual funds, and stock mutual funds in Indonesia during the 2015-2020 period. International Journal of Economics, Business and Accounting Research, 5(4), 636-655. Muhammad. (2014). Dasar-dasar keuangan syariah. Yogyakarta: Ekonisia. Negoro W, E. D., Widiyanti, M., Andriana, I., & Taufik, T. (2022). Analisis perbandingan kinerja reksa dana saham konvensional dan reksa dana saham syariah pada reksa dana yang terdaftar di Otoritas Jasa Keuangan. Jurnal Manajemen dan Bisnis Sriwijaya, 19(4), 203–218. https://doi.org/10.29259/jmbs.v19i4.15868 Ojih, J. (2014). Index fund factor: The view beyond the wall. Open Journal of Social Sciences, 2(9), 193–198. http://dx.doi.org/10.4236/jss.2014.29033 Paliwal, R. (2014). Tracking errors of exchange traded funds and index funds. WCOT Working Papers, 1–24. Rivai, V., & Veithzal A. P. (2008). Islamic financial management. Jakarta: RajaGrafindo Persada. Rompotis, G. G. (2009). Interfamily competition on index tracking: The case of the vanguard ETFs and index funds. Journal of Asset Management, 10(4), 263–278. http://dx.doi.org/10.1057/jam.2009.11 Rudiyanto. (2016). Seri panduan investasi: Reksa dana untuk pemula. Jakarta: Elex Media Komputindo. Saritas, H. (2004). Indexing and index fund. Dokuz Eylul Universitesi Iktisadi ve Idari Bilimler Dergisi, 19(1), 31–44. Samsul, M. (2006). Pasar modal dan manajemen portofolio. Surabaya: Erlangga. Sarkar, S. S., Dutta S., & Dutta P. (2013). A review of Indian index funds. Global Business Review, 14(1), 89–98. https://doi.org/10.1177/0972150912466445 Sart, C. F. D., & Vuuren, G. W. V. (2021). Comparing the performance and composition of tracking error constrained and unconstrained portfolios. Quarterly Review of Economics and Finance, 81, 276–287. https://doi.org/10.1016/j.qref.2021.06.019 Sivakumar, S. (2017). A comparative study on the performance of index funds. International Journal of Current Research, 9(10), 60007–60011. Soemitra, A. (2009). Bank dan lembaga keuangan syariah. Jakarta: Kencana. Strydom, B., Charteris A., & McCullough K. (2016). The relative tracking ability of South African exchange traded funds and index funds. 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Impact of Macroeconomic Variabel and Global Indices on Islamic Stock Index: The Case Indonesia Muhammad Sanusi; Jihad Jihad; Imron Mawardi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.2628

Introduction to The Problem: The movement of the Islamic stock index can be influenced by changes in domestic macroeconomic conditions, not only domestic macroeconomics but also influenced by the stock markets of other countries.Purpose/Objective Study: The main objective of this study is to analyze the influence of the domestic macroeconomic and global stock indices on the Indonesian sharia stock index.Design/Methodology/Approach: This study uses a quantitative methodology with secondary data. The data sample method is saturated sample that all members of the population are used to be the research sample. The type of research data is monthly time series with a time period from May 2011 - July 2019, the selection of the Vactor Error Correction Model (VECM) research method based on the stationarity of the data on the first difference and the existence of cointegration models.Findings: The results showed in the short term all variables did not show a significant effect. In the long run, interest rates have a negative effect, while the exchange rate shows a positive effect on the movement of Islamic stock price indexes. Global stock indices such as the Shanghai Stock Exchange Index show a negative effect, and the Standard & Poor's 500 index shows a positive effect. While the Nikkei 225 index did not show a significant effect on the Indonesian Islamic stock index.

Co-Authors Abdullah, Syahidah Achmad Hijri Lidnillah Achmad Hijri Lidnillah, Achmad Hijri Achmad Kharis Adhama, Gabriella Jodie Adlan, Muhammad Afifa, Ulfia Nur Ahmad Sodiq, Ahmad Ainur Rachman Ainur Rachman, Ainur Ainur Rofiq Kurniawan Ajeng Gama Rosyida Al Ma'rifatul A'la Al Mustofa, Muhammad Ubaidillah Almustofa, Muhammad Ubaidillah Ambariyanto Ambariyanto Anisa Priyanka Jasmine Anwar Allah Pitchay, Anwar Allah Aprilidya Ayu Parandita Ananta Apriwiliza, Gita Ardiantono, Dewie Saktia Ardina Talitha Nidya Arfiani, Ninda Ari Prasetyo Arifin, Nur Rachmat Ariska Oktavia Arni Dini Inayati Asya'bani, Nispia Atiya, Nikmatul Aufar Fadlul Hady Aulia Ramadhani Aysha Dhamaring Nugroho Azel Raoul Reginald Azel Raoul Reginald, Azel Raoul baharsyah, akmal ilham Bayu Wardhana Bintang Hanifian Syahdana Bintang Pratama Buana Putra Bonang, Dahlia Candika, Yossy Imam Clarashinta Canggih Diamantin Rohadatul Aisy Dian Anggraini Diaz Tulus Anandri Diaz Tulus Anandri Dien Mardhiyah Dzikri Nurrohman Eka Puspa Dewi Eka Puspa Dewi Eko Fajar Cahyono, David Kaluge Ergun, Hüseyin Fahamsyah, Mohammad Hatta Fahmy Zarkasyi, Hamid Faizurrahman, Umar Haidar Fakhrana, Fathaniadina Falah, Yusril Faridatun Nila Faridatun Nila Faridatun Nila Fary Adisetya Putra Fathaniadina Fakhrana Febrianti, Puput Rosita Febrinda Eka Damayanti Fihrist Rayhan Deqauni Firman, Asmen Junaidi Firsty Izzata Bella Fithrotin Azizah Rahmah Fitri Nur Latifah Gabriella Jodie Adhama Gea Papurane Langi Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Hanoraga, Tony Huzein Satrio Prasetyawan Ilham Nur Agustha Ilham Nur Agustha, Ilham Nur Ilmiawan Auwalin Imam Sopingi Iman, Shofal Indi Masita Lisdawami Indra Kharisma Raharjana Insani, Taqiyah Dinda Insani, Taqiyah Dinda Ira Erlinawati Ira Erlinawati, Ira Ishma Amelia Jihad Jihad Jihad, Jihad Khoirul Umam Kurniawan, Ainur Rofiq Kusnul Ciptanila Yuni K Kusuma, Aditya Latifah, Nuria Machfud, Syafrina Mahmudah, Siti Nur Maramis, Muhamad Iqbal Haqiqi Matsahri, Matsahri Mirna Ainurrachma Moch. Ali Fudin Al Islami Moh Fudholi Moh. Fudholi Moh. Fudholi Mohammad Haidar Risyad Muhamad Nafik Hadi Ryandono Muhamad Nafik Hadi Ryandono, Muhamad Nafik Muhammad Ali Nuruddin Muhammad sanusi Muhammad Sanusi Muhammad Syauqi Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al-mustofa Muhammad Wicaksono Hasdyani Putra Muslich Anshori Muslich Anshori Muslich Anshori Mustofa, Muhammad Ubaidillah Al Mutmainah Mutmainah Nadia Arisanti Nareswari Saputro Nareswari Saputro, Nareswari Nauval Fadhillah Gusti Wijaya Nidya, Ardina Talitha Nikmatul Atiya Nila, Faridatun Nisa, Khairun Nisful Laila Norma Rosyidah Norma Rosyidah, Norma Nova Rini Nova Rini Novalia Nastiti Novalia Nastiti, Novalia Novita Novita Nur Rachmat Arifin Nur Rachmat Arifin Nurrohman, Dzikri Nurul Asfiah Nurul Asfiah Okyviandi Putra Erlangga Ongky Martha Dwiyananda Ongky Martha Dwiyananda, Ongky Martha Pramita Agustin Pramita Agustin, Pramita Puji Sucia Sukmaningrum Puput Rosita Putra, Fary Adisetya Putra, Muhammad Wicaksono Hasdyani R Moh Qudsi Fauzi R Wahyu Agung Utama R Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama Rachman Sugiharno Raditya Sukmana Rahmadany, Zhahirah Adriana Ramdani Ramdani Rani, Lina Nugraha Renny Oktafia Renny Oktafia, Renny Ridan Muhtadi Rifqul Ma'isyah Ririn Tri Ratnasari Risyad, Mohammad Haidar Rosana Puspasari Rosana Puspasari, Rosana Rosidi, Dinda Oktaviona Rosyidi, Luthfi Sadikin, Muhamat Ali Samsidar Widiarso Saptowati, Errin Dwi Sarker, Md Atiqur Rahman Setiyo Aji Shabbir, Malik Shahzad Sinulingga, Rizky Amalia Siti Maisaroh Siti Maisaroh Siti Nur Azizaturrohmah Siti Nur Azizaturrohmah, Siti Nur Siti Nur Mahmudah Siti Zulaikha Siti Zulaikha Soleh, Mochamad Soleh, Mochammad Sri Hartini Sri Herianingrum Sri Ningsih Sulaeman Sulaeman Sunan Fanani, Sunan Sunarno Sunarno Taqiyah Dinda Insani Taufan Indrasasmita Tika Widiastuti Tjiptohadi Sawarjuwono Ubaidi, Ubaidi Utama, R Wahyu Agung Utama, R. Wahyu Agung Wahid , Wahyu Wibisono Wisudanto Wisudanto Yan Putra Timur Yanuar Dharma Putra Zaim Nur Afif Zaim Nur Afif, Zaim Nur Zaimy Johana Johan Zain, Nur Habiba Zainal Abidin Zakaria, Nor Balkish

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