Determinan Indeks Saham Syariah di Indonesia

Vira Zahroul Agustina (Program Studi Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Trunojoyo Madura)
Ris Yuwono Yudo Nugroho (Program Studi Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Trunojoyo Madura)

BISEI: Jurnal Bisnis dan Ekonomi Islam
Vol 7 No 2 (2022): Desember

The objective of this analysis was to research the effect of macroeconomics on the Indonesian Sharia Stock Index in the long term and short term. The variables of this study are macroeconomic as the independent variable, including Inflation (INF), Exchange Rate (KURS), Policy Interest Rate (SKBI), and Industrial Production Index (IPI). The dependent variable includes the Indonesian Sharia Stock Index. This study uses a quantitative approach. The technique used is the Error Correction Model (ECM). The results showed that INF, KURS, and SKBI had a negative and significant effect on the Indonesia Sharia Stock Index in the long term. In the short term, the exchange rate (KURS) negatively and significantly affects the Indonesian Sharia Stock Index.