The Effect of BI Interest Rate, Exchange Rate, and Inflation on The Indonesian Sharia Stock Index (ISSI)
Abstract
The development of the capital market has experienced quite good growth in Indonesia, including the Islamic capital market. The existence of a sharia capital market with various investment instruments such as sharia shares, sukuk, and sharia mutual funds provides investment opportunities for those who wish to invest with sharia principles. The development of sharia investment instruments, especially sharia shares, continues to show improvement. It is then supported by the Indonesia Stock Exchange (IDX) by issuing the Indonesian Sharia Stock Index (ISSI) which is a benchmark for the performance of sharia shares in Indonesia. The development of the Sharia Stock Index has continued to increase since it was published although it experienced fluctuations in several periods. It is presumably due to changes in macroeconomic variables. Therefore, the study aims to analyze the effect of the BI interest rate variable, exchange rate, and inflation on the Indonesian Sharia Stock Index (ISSI) for the period 2015 to 2020. The study uses quantitative methods, with data analysis The Error Correction Model (ECM) uses the EViews version 9 application, ECM analysis to determine long-term and short-term economic phenomena from the interaction of several research variables. The results obtained show that in the long term, the exchange rate and BI interest rate variables have an influence on the Indonesian Sharia Stock Index (ISSI) while in the short term the exchange rate variable has an influence on the Indonesian Sharia Stock Index (ISSI). Whereas, the inflation variable has no effect on the Indonesian Sharia Stock Index (ISSI) in the long and short term.
Downloads
References
Al Arif, M. N. R. (2015). Pengantar Ekonomi Syariah, Teori dan Praktik. CV Pustaka Setia, Bandung, Tt.
Ardana, Y. (2016). Analisis Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah Indonesia (Periode Mei 2011-September 2015 Dengan Model Ecm). Eksekutf, 13(2), 26–44. https://doi.org/10.21107/mediatrend.v11i2.1441
Aulia, R., & Latief, A. (2020). Pengaruh Inflasi dan BI Rate terhadap Indeks Saham Syariah Indonesia (ISSI). Borneo Student Research (BSR), 1(3), 2140–2150. eISSN: 2721-5727, Vol 1 No 3, 2020
Bank Indonesia. (2021). Laporan Tahunan. https://www.bi.go.id/id/publikasi/laporan/default.aspx
Basuki, A. T., & Prawoto, N. (2016). Analisis Regresi Dalam Penelitian Ekonomi & Bisnis (Dilengkapi Aplikasi SPSS % EVIEWS). Rajawali Pers.
Indonesia, B. E., & Kav, J. J. S. (2021). PT Bursa Efek Indonesia. Diakses.
Indonesia, D. E. P. B. E. (2015). Sekolah Pasar Modal Syariah Bursa Efek Indonesia. PT. Bursa Efeke Indonesia.
Kementerian Perdagangan. (2021). Satu Data Kementerian Perdagangan. https://satudata.kemendag.go.id/
Otoritas Jasa Keuangan. (2021). Laporan Tahunan OJK. https://www.ojk.go.id/id/data-dan-statistik/laporan-tahunan/Default.aspx
Putri, O. L. (2018). Analisa Pengaruh Faktor Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia (ISSI) (Studi Empiris Saham Syariah di BEI Periode 30 Juni 2011–31 Juli 2016).
Romansyah, R. (2015). Pasar Modal Dalam Perspektif Islam. Mazahib, 14(1). https://dx.doi.org/10.21093/mj.v14i1.332
Saputra, R. (2017). Pengaruh Bi Rate, Inflasi, Nilai Tukar Rupiah, Dan Sertifikat Bank Indonesia Syariah (SBIS) Terhadap Indeks Saham Syariah Indonesia (ISSI).[SKRIPSI]. UIN Raden Fatah Palembang.
Sunariyah. (2011). Pengantar Pengetahuan Pasar Modal. UPP STIM YKPN.
Solihin Ikin, et al,. Lq45 Stock Index Abnormal Return Reaction To The Covid-19 Pandemic: The Event Study Methodology. Indonesian Interdisciplin.ary Journal of Sharia Economics (IIJSE). e-ISSN:2621-606X. .Vol. 5. No. 1 January 2022. https://doi.org/10.31538/iijse.v5i1
Wahyuningrum, M., Daryono Soebagiyo, Me., & Huda, N. (2016). Analisis Faktor-Faktor yang Mempengaruhi Indeks Saham Syariah Indonesia (ISSI)(periode Juni 2012-Mei 2015). Universitas Muhammadiyah Surakarta.
Widioatmodjo, S. (2005). Cara sehat investasi pasar modal. Elex Media Komputindo.
Copyright (c) 2022 Ekarina Katmas, Nur Aisyah Indarningsih
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
