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All Journal Finansha: Journal of Sharia Financial Management Jurnal Manajemen dan Bisnis
Sari, Devi Anita
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Economics, Econometrics & Finance

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INTEGRATION OF ISLAMIC AND CONVENTIONAL STOCK INDICES BEFORE, DURING, AND AFTER COVID OUTBREAK: EMPIRICAL INSIGHTS FROM FIVE ASEAN COUNTRIES AND THE US Utami, Alia Tri; Setiawan, Ilham; Annisa, Novita Nur; Muniroh, Rezqya Aulia Azyuranie; Sari, Devi Anita
Finansha: Journal of Sharia Financial Management Vol. 6 No. 1 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i1.41635

Abstract

This study aims to examine the long-term integration among Islamic capital markets in five ASEAN countries namely Indonesia (ISSI), Malaysia (FTSE-MB), Thailand (FTSE-SET), Singapore (FTSE-SGX), and the Philippines (MSCI-PH) along with the U.S. stock market (DJIA) before, during, and after the COVID outbreak. Utilizing a quantitative approach, the study analyzed daily closing prices from November 2018 (a year before the COVID-19 outbreak) to May 2024 (a year following the COVID-19 outbreak). We employed the Johansen cointegration test and the Vector Error Correction Model (VECM) to assess market cointegration. Results reveal that all ASEAN Islamic indices exhibit significant cointegration with the Dow Jones Industrial Average (DJIA). The FTSE-SET and MSCI-PH indices show a strong positive correlation with the DJIA; in contrast, the ISSI and FTSE-SGX indices display a negative correlation, suggesting potential diversification benefits for investors. The Granger Causality Test further identifies causal linkages between certain ASEAN indices and the DJIA. These findings underscore the influence of global dynamics on ASEAN Islamic markets, despite their unique characteristics. The results advocate for portfolio diversification and the formulation of adaptive economic policies to enhance the stability of ASEAN Islamic markets amid global financial volatility.
The Effect Of International Trade And Exchange Rates On Indonesia's Economic Growth In The Agricultural Sector For The 2019-2023 Period Sari, Devi Anita; Fadillah, Luthfi Nur; Perwito, Perwito
JURNAL MANAJEMEN DAN BISNIS Vol 3 No 3 (2025): Edisi Januari 2025 - April 2025
Publisher : Fakultas Ekonomi Universitas Tjut Nyak Dhien Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36490/jmdb.v3i3.1609

Abstract

This study aims to analyze the effect of international trade, which is focused on agricultural exports, as well as the effect of exchange rates on economic growth in the period 2019 - 2023. The method used is quantitative associative method with multiple linear regression approach, using secondary data obtained from the Central Bureau of Statistics (BPS), Bank Indonesia (BI) and other sources. The collected data were analyzed using SPSS software, and tested using the classical assumption test to ensure the accuracy of the model. The results showed that agricultural exports and exchange rates had no significant effect on economic growth. Overall, the variables studied do not explain all the factors that influence economic growth, so there are other factors that are not discussed in this study. It could be inferred that while the exchange rate has a negative impact on the dependent variable, agricultural exports have a favorable impact on economic growth.
Co-Authors Agus Muji Santoso Annisa, Novita Nur Fadillah, Luthfi Nur Muniroh, Rezqya Aulia Azyuranie Perwito, Perwito Setiawan, Ilham Sulistiono Utami, Alia Tri