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All Journal Istinbath: Jurnal Hukum dan Ekonomi Islam HIKMATUNA: Journal for Integrative Islamic Studies Hikmatuna
Yoyok Prasetyo
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Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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PENGARUH VARIABEL EKONOMI MAKRO(INFLASI, KURS RUPIAHDAN FLUKTUASI HARGA EMAS DUNIA)TERHADAP RETURN SAHAM SYARIAH Yoyok Prasetyo; Mohamad Anton Athoillah; Aden Rosadi
istinbath Vol 18 No 1 (2019): Juni
Publisher : Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (0.036 KB) | DOI: 10.20414/ijhi.v18i1.158

Abstract

Penelitian ini dilatarbelakangi oleh adanya beberapa yangberpengaruh terhadap return saham Syariah di Indonesia. Penelitian bertujuan mengidentifikasi pengaruh variabel ekonomi makro pada level nasional maupun internasional. Variabel makro ekonomi level national berupa: inflasi, kurs Rupiah terhadap Dollar Amerika, adapun variabel makro level internasional berupa fluktuasi harga emas dunia terhadap return saham Syariah di Indonesia yang direpresentasikan dengan Jakarta Islamic Index ( JII). Metode penelitian yang digunakan kuantitatif dengan analisis regresi linear berganda, dengan periode penelitian dimulai Januari 2016 sampai dengan Desember 2017. Dari hasil penelitian didapatkan bahwa ketiga variabel makro ekonomi diatas secara simultan berpengaruh signifikan terhadap return JII. Adapun secara parsial, variabel inflasi berpengaruh tidak signifikan terhadap return JII dengan hubungan arah negatif. Variabel kurs rupiah berpengaruhtidak signifikan terhadap return JII. Sedangkan variabel fluktuasi harga emas dunia berpengaruh signifikan terhadap JII dengan arah hubungan positif. Ketiga variabel ekonomi makro sebagai variabel bebas diatas berkontribusi sebesar 25,4% terhadap perubahan variabel terikat yang berupa return JII. Berarti masih banyak variabel lain, baik makro maupun mikro yang dapat menerangkan return JII. Kesimpulan yang diperoleh dari penelitian ini adalah bahwa ketiga variabel ekonomi makro secara simultan berpengaruh signifikan terhadap return JII. Namun secara partial ada yang berpengaruh dengan hubungan positif maupun negatif dan ada juga yang tidak berpengaruh.
Analysis on Risk, Real Returns, and Performance Measurement of Sharia Stocks and Non-sharia Stocks in Indonesia Yoyok Prasetyo; Ahmad Azam Sulaiman
Jurnal Hikmatuna Vol 7 No 1 (2021): HIKMATUNA: Journal for Integrative Islamic Studies, June 2021
Publisher : Postgraduate Program, Universitas Islam Negeri (UIN) K. H. Abdurrahman Wahid Pekalongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1078.201 KB) | DOI: 10.28918/hikmatuna.v7i1.3649

Abstract

Indonesia is predominantly Muslim, however, this does not necessarily mean that the number of sharia stock investors in Indonesia is also large. Referring to SOTS data’s, the number of sharia stocks investors is still very small compared to the number of stock investors as a whole. Therefore, research is needed to understand the comparison of risks, returns, and performance measurement of sharia and non-sharia stocks. Using purposive sampling, a sample of 19 stocks were obtained consisting of 14 sharia stocks and 5 non-sharia stocks from 2014 to 2018. This research is an explanatory comparative method and is a quantitative type using a different test. The results show that there is a difference in risk between sharia and non-sharia stocks. However, there is no difference in yields between Sharia and non-Sharia stocks. Performance measurement based on Risk-Adjusted Performance using the Sharpe ratio show that non-Sharia stocks are more dominant in performance than Sharia stocks. Total risk (SD) of sharia stocks (7.945062) is higher and is somewhat bigger than the average non-sharia stock risk (6,186363) and the real returns between sharia and non-sharia stocks, although descriptively statistical the real returns of sharia stocks (0.066179%) is lower than the non-sharia stocks (1.175495%).
Analysis on Risk, Real Returns, and Performance Measurement of Sharia Stocks and Non-sharia Stocks Yoyok Prasetyo; Ahmad Azam Sulaiman
Hikmatuna : Journal for Integrative Islamic Studies Vol 7 No 1 (2021): Hikmatuna: Journal for Integrative Islamic Studies, June 2021
Publisher : UIN K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/hikmatunajournalforintegrativeislamicstudies.v7i1.399

Abstract

Indonesia is predominantly Muslim, however, this does not necessarily mean that the number of sharia stock investors in Indonesia is also large. Referring to SOTS data’s, the number of sharia stocks investors is still very small compared to the number of stock investors as a whole. Therefore, research is needed to understand the comparison of risks, returns, and performance measurement of sharia and non-sharia stocks. Using purposive sampling, a sample of 19 stocks were obtained consisting of 14 sharia stocks and 5 non-sharia stocks from 2014 to 2018. This research is an explanatory comparative method and is a quantitative type using a different test. The results show that there is a difference in risk between sharia and non-sharia stocks. However, there is no difference in yields between Sharia and non-Sharia stocks. Performance measurement based on Risk-Adjusted Performance using the Sharpe ratio show that non-Sharia stocks are more dominant in performance than Sharia stocks. Total risk (SD) of sharia stocks (7.945062) is higher and is somewhat bigger than the average non-sharia stock risk (6,186363) and the real returns between sharia and non-sharia stocks, although descriptively statistical the real returns of sharia stocks (0.066179%) is lower than the non-sharia stocks (1.175495%).
Co-Authors Aden Rosadi Ahmad Azam Sulaiman Ahmad Azam Sulaiman Mohamad Anton Athoillah