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All Journal Ahkam: Jurnal Ilmu Syariah MUQTASID INFERENSI ADDIN EQUILIBRIUM IQTISHADIA KONSELING RELIGI PALASTREN Economica: Jurnal Ekonomi Islam SYIRKAH JURNAL SYARIKAH : JURNAL EKONOMI ISLAM Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Jurnal Ilmiah ASET
Siti Amaroh
STAIN Kudus
Religion Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : MUQTASID

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Fundamental Factors and Islamic Stock Returns of Food and Beverage Companies in Indonesia Amaroh, Siti; Zahro, Siti Mudrikatuz; Masturin, Masturin
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 11, No 1 (2020): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : IAIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v11i1.29-42

Abstract

This study examines the influence of issuers’ fundamental factors on Islamic stock returns in Indonesia. It is documentary research with data from company financial reports in the food and beverage industry. The companies were listed on the Indonesia Sharia Stock Index during 2015-2019. The sample selection was based on purposive sampling. The selected companies continuously published financial statements and had no negative earning per share. Based on the inclusion criteria, nine consistent firms were entered in data processing by Eviews software through several stages. The first stage involved determining the panel data regression model with common, fixed, and random effect models. The second stage was the selection of the fit model using 3 tests, including Chow, Lagrangian Multiplier, and Classic Assumption. The common effect was the fit panel data regression model. The results show that Return on Assets positively influences Islamic stock returns. However, Debt to Equity Ratio and Earning per Share do not affect Islamic Stock returns. Therefore, investors should pay attention to ROA before investing in Islamic capital market.   
Co-Authors Istianah Istianah Khoirunnisa, Awaliyatu Masturin Masturin Nasichah, Chanif Zahro, Siti Mudrikatuz