Jurnal Ekonomi & Keuangan Islam
Volume 5 No. 2, July 2019

The role of macroeconomic variables on Islamic stocks for achieving SDGs in Indonesia

Dina Yustisi Yurista (Wahid Hasyim University, Semarang, Indonesia)
Rosida Dwi Ayuningtyas (Wahid Hasyim University, Semarang, Indonesia)

Article Info

Publish Date
30 Aug 2019


This paper aims to analyse macro-economic variables such as industrial production index (IPI), exchange rate, gross domestic product (GDP), and inflation which can affect the movement of Islamic stocks price in order to contribute the sustainable development goals in Indonesia. The methodology of this study is quantitative approach with Error Correction Model (ECM). The data is obtained from Bank Indonesia, Central bureau of statistics Indonesia and Indonesia Stock Exchange during period January 2013 to December 2018 quarterly. The findings showed that IPI has positive effect, while the exchange rate has a negative effect on Islamic stock price. Also GDP and inflation variables has negative in some companies and positive effect in other companies.

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Journal Info





Economics, Econometrics & Finance


AIMS Jurnal Ekonomi dan Keuangan Islam (JEKI) covers in detail a large number of topics related to Islamic Economics and Islamic Finance, comprising the latest empirical studies, country-specific studies, policy evaluations on Islamic economics and comparative international Islamic finance. This ...