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All Journal ETIKONOMI INFERENSI IQTISHADIA Al-Insyiroh: Jurnal Studi Keislaman Akuntansi : Jurnal Akuntansi Integratif Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Jurnal Pemikiran perbankan syari'ah Maliki Islamic Economics Journal
Arief Mufraini, Arief
Universitas Islam Negeri Syarif Hidayatullah Jakarta
Religion Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam

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The Stability of the Indonesian Sharia Stock Index to Economic Shocks Mubarok, Faizul; Al Arif, Mohammad Nur Rianto; Mufraini, Muhammad Arief
IQTISHADIA Vol 13, No 2 (2020): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v13i2.7748

Abstract

The stock market has a strategic role in the development of a country's economy in the era of globalization, including the Islamic stock market. The rapid growth of the Islamic stock market, especially in developing countries, is a historical record in Indonesia's financial sector. This study aims to analyze the factors that influence the return of the Indonesian Sharia Stock Index (ISSI) in the short and long term, how long shocks occur, and how much the contribution of these factors. This study uses monthly time series data from January 2012 to December 2019 using the Vector Error Correction Model (VECM) method. VECM estimation results show the price of gold has a significant effect on the short and long term, while inflation has an impact on a long time. ISSI's return quickly reaches stability when it receives a shock from the exchange rate. The price of gold dominates the diversity of ISSI's performances. Stakeholders should consider several things that affect the ISSI return, pay attention to the economic climate, and anticipate quickly the shock that occurs.
Co-Authors Ade Suherlan, Ade Ahmad Rodoni Didin Saepudin Faizul Mubarok Hamid, Abdul Mohammad Nur Rianto Al Arif Muhammad Ali Zakiyudin Muhammad Khaerul Muttaqien Muhibuddin Muhibddin Rezki Syahri Rakhmadi Sayakhmad Olimov Wildan Munawar