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Journal : Ihtifaz: Journal of Islamic Economics, Finance, and Banking

Impact of Macroeconomic Variabel and Global Indices on Islamic Stock Index: The Case Indonesia Sanusi, Muhammad; Jihad, Jihad; Mawardi, Imron
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 4, No 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.2628

Abstract

Introduction to The Problem: The movement of the Islamic stock index can be influenced by changes in domestic macroeconomic conditions, not only domestic macroeconomics but also influenced by the stock markets of other countries.Purpose/Objective Study: The main objective of this study is to analyze the influence of the domestic macroeconomic and global stock indices on the Indonesian sharia stock index.Design/Methodology/Approach: This study uses a quantitative methodology with secondary data. The data sample method is saturated sample that all members of the population are used to be the research sample. The type of research data is monthly time series with a time period from May 2011 - July 2019, the selection of the Vactor Error Correction Model (VECM) research method based on the stationarity of the data on the first difference and the existence of cointegration models.Findings: The results showed in the short term all variables did not show a significant effect. In the long run, interest rates have a negative effect, while the exchange rate shows a positive effect on the movement of Islamic stock price indexes. Global stock indices such as the Shanghai Stock Exchange Index show a negative effect, and the Standard & Poor's 500 index shows a positive effect. While the Nikkei 225 index did not show a significant effect on the Indonesian Islamic stock index.
Impact of Macroeconomic Variabel and Global Indices on Islamic Stock Index: The Case Indonesia Muhammad Sanusi; Jihad Jihad; Imron Mawardi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.2628

Abstract

Introduction to The Problem: The movement of the Islamic stock index can be influenced by changes in domestic macroeconomic conditions, not only domestic macroeconomics but also influenced by the stock markets of other countries.Purpose/Objective Study: The main objective of this study is to analyze the influence of the domestic macroeconomic and global stock indices on the Indonesian sharia stock index.Design/Methodology/Approach: This study uses a quantitative methodology with secondary data. The data sample method is saturated sample that all members of the population are used to be the research sample. The type of research data is monthly time series with a time period from May 2011 - July 2019, the selection of the Vactor Error Correction Model (VECM) research method based on the stationarity of the data on the first difference and the existence of cointegration models.Findings: The results showed in the short term all variables did not show a significant effect. In the long run, interest rates have a negative effect, while the exchange rate shows a positive effect on the movement of Islamic stock price indexes. Global stock indices such as the Shanghai Stock Exchange Index show a negative effect, and the Standard & Poor's 500 index shows a positive effect. While the Nikkei 225 index did not show a significant effect on the Indonesian Islamic stock index.
Co-Authors Achmad Hijri Lidnillah Achmad Hijri Lidnillah, Achmad Hijri Achmad Kharis Adhama, Gabriella Jodie Ainur Rachman Ainur Rachman, Ainur Ainur Rofiq Kurniawan Ajeng Gama Rosyida Al Ma'rifatul A'la Al Mustofa, Muhammad Ubaidillah Ambariyanto Ambariyanto Anisa Priyanka Jasmine Aprilidya Ayu Parandita Ananta Ardina Talitha Nidya Ari Prasetyo Ari Prasetyo Arifin, Nur Rachmat Ariska Oktavia Arni Dini Inayati Aufar Fadlul Hady Aulia Ramadhani Aysha Dhamaring Nugroho Azel Raoul Reginald Azel Raoul Reginald, Azel Raoul Bayu Wardhana Bintang Pratama Buana Putra Dewie Saktia Ardiantono Diamantin Rohadatul Aisy Dian Anggraini Dien Mardhiyah Dzikri Nurrohman Dzikri Nurrohman Eko Fajar Cahyono, David Kaluge Fakhrana, Fathaniadina Faridatun Nila Faridatun Nila Faridatun Nila Fary Adisetya Putra Fathaniadina Fakhrana Febrinda Eka Damayanti Firsty Izzata Bella Fithrotin Azizah Rahmah Fitri Nur Latifah Gabriella Jodie Adhama Gea Papurane Langi Hanifiyah Yuliatul Hijriah, Hanifiyah Yuliatul Huzein Satrio Prasetyawan Ilham Nur Agustha Ilham Nur Agustha, Ilham Nur Ilmiawan Auwalin Imam Sopingi Indi Masita Lisdawami Indra Kharisma Raharjana Insani, Taqiyah Dinda Insani, Taqiyah Dinda Ira Erlinawati Ira Erlinawati, Ira Ishma Amelia Jihad Jihad Jihad, Jihad Kurniawan, Ainur Rofiq Kusnul Ciptanila Yuni K. Mahmudah, Siti Nur Md Atiqur Rahman Sarker Mirna Ainurrachma Moch. Ali Fudin Al Islami Moh Fudholi Moh. Fudholi Moh. Fudholi Mohammad Haidar Risyad Mohammad Haidar Risyad Muhamad Nafik Hadi Ryandono Muhamad Nafik Hadi Ryandono, Muhamad Nafik Muhammad Adlan Muhammad Ali Nuruddin Muhammad Sanusi Muhammad sanusi Muhammad Syauqi Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Ubaidillah Al Mustofa Muhammad Wicaksono Hasdyani Putra Muslich Anshori Muslich Anshori Muslich Anshori Mutmainah Mutmainah Nareswari Saputro Nareswari Saputro, Nareswari Nidya, Ardina Talitha Nikmatul Atiya Nila, Faridatun Norma Rosyidah Norma Rosyidah, Norma Nova Rini Nova Rini Novalia Nastiti Novalia Nastiti, Novalia Nur Rachmat Arifin Nur Rachmat Arifin Nuria Latifah Nurul Asfiah Nurul Asfiah Okyviandi Putra Erlangga Ongky Martha Dwiyananda Ongky Martha Dwiyananda, Ongky Martha Pramita Agustin Pramita Agustin, Pramita Puji Sucia Sukmaningrum Putra, Fary Adisetya R Moh Qudsi Fauzi R Wahyu Agung Utama R Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama R. Wahyu Agung Utama Rachman Sugiharno Raditya Sukmana Ramdani Ramdani Rani, Lina Nugraha Renny Oktafia Renny Oktafia, Renny Ridan Muhtadi Rifqul Ma'isyah Ririn Tri Ratnasari Rosana Puspasari Rosana Puspasari, Rosana Samsidar Widiarso Setiyo Aji Shofal Iman Siti Maisaroh Siti Maisaroh Siti Nur Azizaturrohmah Siti Nur Azizaturrohmah, Siti Nur Siti Nur Mahmudah Siti Zulaikha Sri Herianingrum Sri Ningsih Sulaeman Sulaeman Sunan Fanani, Sunan Sunarno Sunarno Taqiyah Dinda Insani Taufan Indrasasmita Tika Widiastuti Tika Widiastuti Tjiptohadi Sawarjuwono Utama, R Wahyu Agung Utama, R. Wahyu Agung Wahyu Wibisono Wahid Wisudanto Wisudanto Yanuar Dharma Putra Yossy Imam Candika Zaim Nur Afif Zaim Nur Afif, Zaim Nur