The Influence of Macroeconomic to Indonesia Shariah Stocks Index

Jurnal Ekonomi & Bisnis, Vol.7 No 2 Jul 2013, ISSN: 1978-3116

Posted: 27 Nov 2017

See all articles by Rowland Bismark Pasaribu

Rowland Bismark Pasaribu

NAMOURA Research Institute; Gunadarma University

Date Written: July 20, 2013

Abstract

Islamic capital market is one of the investments that can be chosen by muslims in particular and society in general. To measure the performance of Islamic stock price in capital market used a measuring tool that Indonesian Sharia Stock Index (ISSI). Suspected Islamic stock index movement is affected by macroeconomic conditions. The purpose of this paper is to analyze the effect of macroeconomic variables on ISSI during the period May 2011 to April 2013. The method of analysis used in this paper is linear regression. Results of this study indicate that variable inflation have a negative influence on ISSI, interest rates have a positive influence on ISSI, while the money supply have a positive influence on ISSI. Then simultaneously variable inflation, interest rates, and the money supply significantly influence the ISSI. While partial test showed that only variable the money supply that has a significant influence on ISSI

Keywords: Emerging Market, Islamic capital market, Indonesian Sharia Stock Index

JEL Classification: G10, G11

Suggested Citation

Pasaribu, Rowland Bismark, The Influence of Macroeconomic to Indonesia Shariah Stocks Index (July 20, 2013). Jurnal Ekonomi & Bisnis, Vol.7 No 2 Jul 2013, ISSN: 1978-3116, Available at SSRN: https://ssrn.com/abstract=3074998

Rowland Bismark Pasaribu (Contact Author)

NAMOURA Research Institute ( email )

Jl. Komando III/2 No.37
Setiabudi
South Jakarta, DKI Jakarta 12920
Indonesia

Gunadarma University ( email )

Margonda Raya 100
Pondokcina, Depok
Jakarta, West Java 62-16424
Indonesia

Do you have negative results from your research you’d like to share?

Paper statistics

Abstract Views
284
PlumX Metrics