Publisher

UMPOUMPO

Journal Ekuilibrium : Jurnal Ilmiah Bidang Ilmu EkonomiEkuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi Abstract

This study analyzed several factors that affect the Indonesian Sharia Stock Index. The use of the inflation-currency rate, the availability of money, and the BI rate were all internal factors considered in this study. Meanwhile, the external factors used in this study were international gold and oil prices. The Engle-Granger Error Correction Model was used to analyze time series data in this study. The research used the monthly period started from May 2013 until January 2022. The long-term results of the research variables that could influence the exchange rate, total money supply, world oil prices, and world gold prices were all dependent on the Indonesian Sharia Stock Index. Meanwhile, the factors that influence the short-term movement of the ISSI exchange rates were inflation, and the BI rate variables.

Conclusion

The research aims to analyse the variables affecting the Indonesian Sharia Stock Index.The research found that the exchange rate, money supply, world oil prices and world gold prices have a significant influence on the movement of the Indonesian Sharia Stock Index (ISSI) in the long term.In the short term, inflation, exchange rates, and BI interest rates have a significant impact on ISSI.The Engle-Granger Error Correction Model (ECM) shows that there is an adjustment towards long-run equilibrium of 21.

Future Research

Berdasarkan penelitian ini, terdapat beberapa saran penelitian lanjutan yang dapat dikembangkan. Pertama, penelitian selanjutnya dapat meneliti dampak pandemi COVID-19 terhadap ISSI, dengan membandingkan faktor-faktor internal dan eksternal yang memengaruhi ISSI sebelum dan sesudah pandemi. Hal ini penting untuk memahami bagaimana kondisi ekonomi yang tidak pasti dapat memengaruhi pasar saham syariah di Indonesia. Kedua, penelitian dapat memperluas cakupan variabel eksternal yang memengaruhi ISSI, seperti tingkat suku bunga global dan kebijakan moneter negara-negara mitra dagang utama Indonesia. Dengan demikian, dapat diperoleh pemahaman yang lebih komprehensif tentang faktor-faktor yang memengaruhi kinerja ISSI. Ketiga, penelitian dapat menggunakan pendekatan kuantitatif dengan data panel untuk menganalisis pengaruh faktor-faktor tersebut terhadap ISSI secara lebih mendalam, dengan mempertimbangkan heterogenitas antar perusahaan yang terdaftar di ISSI. Ketiga saran ini diharapkan dapat memberikan kontribusi bagi pengembangan pasar saham syariah di Indonesia dan meningkatkan daya tarik investasi syariah bagi investor domestik maupun mancanegara.

References

1. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria | Binus Business... doi.org/10.21512/bbr.v7i2.1453Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria Binus Business doi 10 21512 bbr v7i2 1453
2. Factor Influence Analysis of Corporate Value with Firm Size As Moderator Variable in Indonesia Stock... doi.org/10.24269/ekuilibrium.v13i1.916Factor Influence Analysis of Corporate Value with Firm Size As Moderator Variable in Indonesia Stock doi 10 24269 ekuilibrium v13i1 916
3. The Effects of Oil Price Shocks on Stock Market Volatility: Evidence from European Data - Stavros Degiannakis,... doi.org/10.5547/01956574.35.1.3The Effects of Oil Price Shocks on Stock Market Volatility Evidence from European Data Stavros Degiannakis doi 10 5547 01956574 35 1 3
4. THE EFFECT OF FINANCIAL PERFORMANCE RATIOS ON CONVENTIONAL BANK PROFITABILITY IN INDONESIA STOCK EXCHANGE... doi.org/10.24269/ekuilibrium.v14i2.1568THE EFFECT OF FINANCIAL PERFORMANCE RATIOS ON CONVENTIONAL BANK PROFITABILITY IN INDONESIA STOCK EXCHANGE doi 10 24269 ekuilibrium v14i2 1568

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