PENGARUH VARIABEL EKONOMI MAKRO TERHADAP INDEKS SAHAM SYARIAH INDONESIA (ISSI) PERIODE TAHUN 2014-2019

Ahmad Junaidi (Program Magister Keuangan Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga)
Muhammad Ghafur Wibowo (Program Magister Keuangan Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga)
Hasni Hasni (Program Magister Keuangan Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga)

Jurnal Ekonomi Dan Bisnis
Vol 24, No 1 (2021): JURNAL EKONOMI DAN BISNIS MARET 2021

The purpose of this research is to explain the influence of economical macro variable on the Indonesia Sharia Stock Index (ISSI). Applying a dynamic method e Autoregressive Distributed Lag (ARDL) the results of this research indicates that long-term inflation and moneysupply (M2) have a positive and significant impact on the Indonesia Sharia Stock Index (ISSI). Meanwhile the exchange rate (KURS) and the interest rate (BIRATE) in the long-term have a negative and significant influences on ISSI. The price of the world’s oil (WTI) has an insignificant correlation with ISSI in the long term.