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All Journal Angkasa: Jurnal Ilmiah Bidang Teknologi Vocatech : Vocational Education and Technology Journal Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak Jurnal Farmasi Komunitas International Journal of Ethno-Sciences and Education Research Takuana: Jurnal Pendidikan, Sains, dan Humaniora Knowbase : International Journal of Knowledge in Database Jurnal Manajemen Pemasaran dan Perilaku Konsumen Eastasouth Journal of Effective Community Services Jurnal Logistica Jurnal Ekonomi Bisnis Antartika
Salsabila, Nisrina
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Religion Arts Humanities Astronomy Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Health Professions Languange, Linguistic, Communication & Media Mathematics Mechanical Engineering Medicine & Pharmacology Public Health Social Sciences Transportation Other

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The Effect of Good Corporate Governance, Interest Rate, and Inflation on Islamic Stock Prices Wijaya, Herman; Maulita, Dian; Salsabila, Nisrina; Azahra, Najwa
Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan dan Pajak Vol. 10 No. 1 (2026): January 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/assets.v10i1.1747

Abstract

This study aims to examine the effect of corporate governance mechanisms and macroeconomic factors on the trading values of Shariah-compliant stocks. The governance variables include independent board representation, institutional ownership, managerial ownership, and audit committees, while the macroeconomic variables include inflation and interest rates. The research adopts a quantitative associative approach, using stock value as the dependent variable. The sample comprises 30 manufacturing companies listed on the Indonesia Stock Exchange (IDX) and included in the Jakarta Islamic Index (JII) during the 2020–2024 period, resulting in 150 annual financial statements. Data were obtained from secondary sources, selected purposively, and analyzed using multiple linear regression at the 5% significance level. The results show that independent directors, institutional ownership, managerial ownership, and audit committees do not have a significant effect on Shariah stock prices, indicating that internal corporate governance mechanisms have not effectively influenced market valuation. In contrast, inflation and interest rates have a significant negative effect on Shariah stock prices, as rising prices and higher borrowing costs reduce profitability and investor interest. These findings suggest that macroeconomic conditions play a more dominant role than internal governance factors in determining Shariah stock performance. Therefore, investors should pay closer attention to inflation and interest rate movements. At the same time, regulators and management should focus on maintaining economic stability and improving corporate governance effectiveness to enhance market confidence.
Co-Authors Aditya, Tommy Afrilia, Riska Ainun, Tina Nur Alfarizi, Moch. Salman Amandus Jong Tallo Annisa, Desinta Anggi Chusna Azahra, Najwa Azizah, Imroatul Balqis, Dewi Nabilatul Dewi, Amalia Frida Yustika Dian Maulita, Dian Divani, Zavira Putri Diwan Setiawan Elfaza, Asyifa Hasna Fajar, Gelar Rahadian Febrina, Jasmine Aura Gumilang, Adam Hadian, Mohammad Ekki Hapsari , Raditha Dwi Vata Ichsan, Banon Gilang Muhamad Kali Kamila, Siti Nur Karim, Fahmantha Ardhi Karlina, Nichi Hana Kevin kevin Khairatinisa, Khairatinisa Larasati, Lintang Muhammad, Sahrul Mahdi Musbar Musbar, Musbar Mu’min, Khaerul Nezar, Shah Ningrum, Leny Nugraha, Irvan Dyo Nugraha, Regal Nuramanah, Siti Nurjamilah, Siti Oktariza, Wawan Puspitasari, Hanni Prihastuti Rahma, Arina Felisia Ramadhan, Zidan Rezkitaputri, Ajeng Ruhana, Ruhana Samudra, Perdy Imam Sangkek, Mikha Ikak Saputri, Utamy Sukmayu Sucipto, Rakhmat Hadi Syahra, Meutya Syaripah, Aldi Tarigan, Friska br Tedjo Sukmono Vijayana, Defanny Zahra Waludri, Chessa Failazhufa Wijaya, Herman Zaskia D.Z, Ratu