Main Article Content
Abstract
This study aims to analyze the effect of Inflation, Bank Indonesia (BI) Rate, Exchange Rate, Composite Stock Price Index (JCI), Bank Indonesia Syariah Certificate (SBIS). the World Gold Price both simultaneously and partially against the Indonesian Sharia Stock Index (ISSI). This research applies the methodquantitative approach. The source of research data uses secondary data in December 2019 – December 2021 in the form of monthly closing prices for the Indonesian Sharia Stock Index and the Composite Stock Price Index from https://www.idx.co.id/then closing price Inflation, BI rate, Exchange Rate, Bank Indonesia Syariah Certificate (SBIS) from https://www.bi.go.id/and the closing price of world gold from https://id.investing.com/which was processed using Eviews 12 software with multiple linear analysis. The results of the study show that partially the BI Rate, Exchange Rate, JCI variables have a significant influence on ISSI and the Inflation, SBIS, Price variablesWorld gold has no significant influence on ISSI. Meanwhile, the variables of Inflation, BI Rate, Exchange Rate, JCI, SBIS and World Gold Prices have an effect on ISSI simultaneously. This finding provides implications for policy makers related to the Islamic capital market
Keywords: Islamic Stock Index, Inflation, BI rate & exchange rate
Keywords
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Copyright (c) 2022 Riyan Andni , Muhammad Said
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References
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- Fathurrahman, A., & Widiastuti, R. A. (2021). Determinan Indeks Saham Syariah Indonesia (Pendekatan Error Correction Model). Jurnal Islamic Banking: Jurnal Pemikiran dan Pengembangan Perbankan Syariah, 7(1), 16. 4. https://doi.org/ DOI. 10.36908/isbank
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- Listyaningsih, E., & Krishnamurti, C. (2016). How is The Volatility of Jakarta Islamic Index Stocks? Jurnal Bisnis Dan Manajemen, 17(2), 109–122. https://doi.org/10.24198/jbm.v17i2.25
- Nasr G.Elbahnasawy. (2022). Inflation and the Structure of Economic and Political Systems. Jurnal Structural Change and Economic Dynamics. Elsevier, 60, 59–74. https://doi.org/10.1016/j.strueco.2021.11.006
- Nasyatia, Z. (2019). Determinan indeks saham syariah di Indonesia dan Malaysia. Jurnal ekonomi Syariah dan Filantropi Islam. 3(2), 10. https://doi.org/10.22236/alurban_vol3/is2pp107-116.
- Rachmawati, Y. (2019). Pengaruh Inflasi dan Suku Bunga Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Di LQ45 Bursa Efek Indonesia. Jurnal Media Akuntansi (Mediasi), 1(1), 66. https://doi.org/10.31851/jmediasi.v1i1.2368.
- Rotinsulu, R. Y., Mangantar, M., & Untu, V. N. (2021). Uji kausalitas beberapa indeks saham global, harga emas dan minyak mentah dunia terhadap kinerja indeks harga saham gabungan (IHSG) periode 2016-2020. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 9 (3). DOI: https://doi.org/10.35794/emba.v9i3.35879.
- Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap Ihsg Dan Jii Di Bursa Efek Indonesia. 3(2), 10. Jurnal I-Finance .
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- Tahir, I., & Brimble, M. (2011). Islamic investment behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116–130. https://doi.org/10.1108/17538391111144515.
- Yanti, N. (2018). Pengaruh SBI, SBIS, Inflasi dan Nilai Tukar Rupiah Terhadap Transaksi Pasar Uang Antar Bank Syariah. AT-TAWASSUTH: Jurnal Ekonomi Islam, 3(1), 120. https://doi.org/10.30821/ajei.v3i1.1699.
- Barbara T. Credan. (2006). Trends in Inflation Research. Ukraine: Nova Science Publishers. tersedia https://www.google.co.id/books/edition/Trends_in_Inflation_Research/XkR5AAAACAAJ?hl=id.
- Arshad, S. (2017). Stock Markets in Islamic Countries. Malaysia: Springer International. tersedia di https://doi.org/10.1007/978-3-319-47803-6.
- Hidayat Wahyu W. (2019). Konsep Dasar Investasi Dan Pasar Modal. Ponorogo: Uwais Inspirasi Indonesia. tersedia di http://repository.ubharajaya.ac.id/5962/1/BUKU-ANALISAINVESTASIDAN%20PASARMODAL.pdf.
- Abi Fransiskus Paulus Paskalis. (2016). Semakin dekat dengan pasar modal Indonesia. Yogyakarta: Deepublish. Tersedia di https://www.google.co.id/books/edition/Semakin_Dekat_dengan_Pasar_Modal_Indones/KxQuDwAAQBAJ?hl=id&gbpv=1&dq=pasar+modal&printsec=frontcover.
- Michael Mussa. (1976). The Exchange Rate, The Balance of Payments and Monetary and Fiscal Policy Under a Regime of Controlled Floating. New york: Routledge. doi.org/10.4324/9780429051814 tersedia di https://www.taylorfrancis.com/chapters/edit/10.4324/9780429051814-9/exchange-rate-balance-payments-monetary-fiscal-policy-regime-controlled-floating-michael-mussa.
- Kusumaningtuti S. Soetiono. (2016). Pasar Modal. Jakarta. tersedia di http://lib.ibs.ac.id/materi/ojk/Buku%203%20Pasar%20Modal.pdf
- Laporan IDX. (2020). Digital Capabilities to advance further. tersedia di https://www.idx.co.id
- Mohd Ma’Sum Billah. (2019). An Islamic Investment Paradigm. In: Modern Islamic Investment Management. Palgrave Macmillan: Cham (pp.3-16). https://doi.org/10.1007/978-3-030-17628-0_1.
- Rudigerdornbusch. (1982). Exchange Rate Economics: Where Do We Stand? Academic press. https://doi.org/10.1016/B978-0-12-444280-1.50033-1 tersedia https://www.sciencedirect.com/science/article/pii/B9780124442801500331
- Toto Syatori Nasehudin. (2012). Metode Penelitian Kuantitatif. Bandung:
- Pustaka Setia. Tersedia di https://repository.telkomuniversity.ac.id/pustaka/17084/metode-penelitian-kuantitatif.html
- UU Nomor 8 Tahun 1995 tentang Pasar modal.(1995).
- Humas Direktorat. (2021). Program Vaksinasi COVID-19 Mulai Dilakukan, Presiden Orang Pertama Penerima Suntikan Vaksin COVID-19. Tersedia di http://p2p.kemkes.go.id/program-vaksinasi-covid-19-mulai-dilakukan-presiden-orang-pertama-penerima-suntikan-vaksin-covid-19/.
- Redaksi OCBC NISP. (2021). Pengertian BI Rate, Fungsi, dan Bedanya dengan BI Repo Rate. Tersedia di https://www.ocbcnisp.com/id/article/2021/07/27/bi-rate-adalah#:~:text=Berdasarkan%20situ%20resmi%20Bank%20Indonesia,Indonesia%20dan%20diketahui%20oleh%20masyarakat.
- Siwidji Widoatmodjo. (2015). Pengetahuan Pasar Modal Untuk Konteks Indonesia. Gramedia. https://www.google.co.id/books/edition/Pengetahuan_Pasar_Modal_Untuk_Konteks_In/IE9JDwAAQBAJ?hl=id&gbpv=1&dq=pasar+modal&printsec=frontcover.
- Syamsu Rizal Fadly. (2021). Aktivitas Pasar Modal Indonesia Di Era Pandemi. Tersedia di https://www.djkn.kemenkeu.go.id/kpknl-kupang/baca-artikel/13817/Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html.
- Tamasia. (2019). Asal Usul Harga Emas Dunia Yang Mempengaruhi Harga Emas Antam. Tersedia di https://www.tamasia.co.id/asal-usul-harga-emas/.
- www.idx.co.id. (2022). Indeks Saham Syariah. Tersedia di https://www.idx.co.id/idx-syariah/indeks-saham-syariah/.
References
Chotib, E., & Huda, N. (2020). Analisis Pengaruh Variabel Ekonomi Makro terhadap Indeks Saham Syariah Indonesia (ISSI) periode 2016—2019. JEBA (Journal of Economics and Business Aseanomics), 4(1). https://doi.org/10.33476/j.e.b.a.v4i1.1235.
Binanga, A., Dayaan, M., & Mardhiah, A. (2017). Analisis risk dan return saham syariah tahun 2016 (studi perbandingan saham indeks saham syariah indonesia dengan non-indeks saham syariah indonesia. Jurnal Investasi Islam, 2(1), 24. https://doi.org/10.32505/jii tersedia https://journal.iainlangsa.ac.id/index.php/jii/article/view/274
Dwi Manggar Asih. (2016). Pengaruh Variabel Ekonomi Makro dan IHSG terhadap return Pasar ISSI. (Skripsi Sarjana Universitas Islam Negeri Syarif Hidayatullah Jakarta, 2016) diakses https://repository.uinjkt.ac.id/dspace/bitstream/123456789/33201/1/DWI%20MANGGAR%20ASIH%20SIDANG%2027%20JANUARI%202016.pdf.
Enes Ozdemir & Burhan Uuyol. (2021). The Forecasting Of Islamic Stock Indexes With Artificial Intelligence. Paper Presented In The International Conference: Izu Social Science Students Congress at Istanbul, Turkey. Tersedia di Https://Www.Researchgate.Net/Publication/351972185_The_Forecasting_Of_Islamic_Stock_Indexes_With_Artificial_Intelligence.
Fathurrahman, A., & Widiastuti, R. A. (2021). Determinan Indeks Saham Syariah Indonesia (Pendekatan Error Correction Model). Jurnal Islamic Banking: Jurnal Pemikiran dan Pengembangan Perbankan Syariah, 7(1), 16. 4. https://doi.org/ DOI. 10.36908/isbank
Hussein, K. A. (n.d.). Islamic Investment: Evidence From Dow Jones and FTSE Indices#. 14. tersedia https://www.researchgate.net/publication/251853667_Islamic_Investment_Evidence_From_Dow_Jones_and_FTSE_Indices
Listyaningsih, E., & Krishnamurti, C. (2016). How is The Volatility of Jakarta Islamic Index Stocks? Jurnal Bisnis Dan Manajemen, 17(2), 109–122. https://doi.org/10.24198/jbm.v17i2.25
Nasr G.Elbahnasawy. (2022). Inflation and the Structure of Economic and Political Systems. Jurnal Structural Change and Economic Dynamics. Elsevier, 60, 59–74. https://doi.org/10.1016/j.strueco.2021.11.006
Nasyatia, Z. (2019). Determinan indeks saham syariah di Indonesia dan Malaysia. Jurnal ekonomi Syariah dan Filantropi Islam. 3(2), 10. https://doi.org/10.22236/alurban_vol3/is2pp107-116.
Rachmawati, Y. (2019). Pengaruh Inflasi dan Suku Bunga Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Di LQ45 Bursa Efek Indonesia. Jurnal Media Akuntansi (Mediasi), 1(1), 66. https://doi.org/10.31851/jmediasi.v1i1.2368.
Rotinsulu, R. Y., Mangantar, M., & Untu, V. N. (2021). Uji kausalitas beberapa indeks saham global, harga emas dan minyak mentah dunia terhadap kinerja indeks harga saham gabungan (IHSG) periode 2016-2020. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 9 (3). DOI: https://doi.org/10.35794/emba.v9i3.35879.
Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap Ihsg Dan Jii Di Bursa Efek Indonesia. 3(2), 10. Jurnal I-Finance .
Sunardi, N., & Ula, L. N. R. (2017). Pengaruh Bi Rate, Inflasi Dan Kurs Terhadap Indeks Harga Saham Gabungan (IHSG). Jurnal Sekuritas, 1(2), 15. https://doi.org/10.32493/skt.v1i2.745.
Tahir, I., & Brimble, M. (2011). Islamic investment behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116–130. https://doi.org/10.1108/17538391111144515.
Yanti, N. (2018). Pengaruh SBI, SBIS, Inflasi dan Nilai Tukar Rupiah Terhadap Transaksi Pasar Uang Antar Bank Syariah. AT-TAWASSUTH: Jurnal Ekonomi Islam, 3(1), 120. https://doi.org/10.30821/ajei.v3i1.1699.
Barbara T. Credan. (2006). Trends in Inflation Research. Ukraine: Nova Science Publishers. tersedia https://www.google.co.id/books/edition/Trends_in_Inflation_Research/XkR5AAAACAAJ?hl=id.
Arshad, S. (2017). Stock Markets in Islamic Countries. Malaysia: Springer International. tersedia di https://doi.org/10.1007/978-3-319-47803-6.
Hidayat Wahyu W. (2019). Konsep Dasar Investasi Dan Pasar Modal. Ponorogo: Uwais Inspirasi Indonesia. tersedia di http://repository.ubharajaya.ac.id/5962/1/BUKU-ANALISAINVESTASIDAN%20PASARMODAL.pdf.
Abi Fransiskus Paulus Paskalis. (2016). Semakin dekat dengan pasar modal Indonesia. Yogyakarta: Deepublish. Tersedia di https://www.google.co.id/books/edition/Semakin_Dekat_dengan_Pasar_Modal_Indones/KxQuDwAAQBAJ?hl=id&gbpv=1&dq=pasar+modal&printsec=frontcover.
Michael Mussa. (1976). The Exchange Rate, The Balance of Payments and Monetary and Fiscal Policy Under a Regime of Controlled Floating. New york: Routledge. doi.org/10.4324/9780429051814 tersedia di https://www.taylorfrancis.com/chapters/edit/10.4324/9780429051814-9/exchange-rate-balance-payments-monetary-fiscal-policy-regime-controlled-floating-michael-mussa.
Kusumaningtuti S. Soetiono. (2016). Pasar Modal. Jakarta. tersedia di http://lib.ibs.ac.id/materi/ojk/Buku%203%20Pasar%20Modal.pdf
Laporan IDX. (2020). Digital Capabilities to advance further. tersedia di https://www.idx.co.id
Mohd Ma’Sum Billah. (2019). An Islamic Investment Paradigm. In: Modern Islamic Investment Management. Palgrave Macmillan: Cham (pp.3-16). https://doi.org/10.1007/978-3-030-17628-0_1.
Rudigerdornbusch. (1982). Exchange Rate Economics: Where Do We Stand? Academic press. https://doi.org/10.1016/B978-0-12-444280-1.50033-1 tersedia https://www.sciencedirect.com/science/article/pii/B9780124442801500331
Toto Syatori Nasehudin. (2012). Metode Penelitian Kuantitatif. Bandung:
Pustaka Setia. Tersedia di https://repository.telkomuniversity.ac.id/pustaka/17084/metode-penelitian-kuantitatif.html
UU Nomor 8 Tahun 1995 tentang Pasar modal.(1995).
Humas Direktorat. (2021). Program Vaksinasi COVID-19 Mulai Dilakukan, Presiden Orang Pertama Penerima Suntikan Vaksin COVID-19. Tersedia di http://p2p.kemkes.go.id/program-vaksinasi-covid-19-mulai-dilakukan-presiden-orang-pertama-penerima-suntikan-vaksin-covid-19/.
Redaksi OCBC NISP. (2021). Pengertian BI Rate, Fungsi, dan Bedanya dengan BI Repo Rate. Tersedia di https://www.ocbcnisp.com/id/article/2021/07/27/bi-rate-adalah#:~:text=Berdasarkan%20situ%20resmi%20Bank%20Indonesia,Indonesia%20dan%20diketahui%20oleh%20masyarakat.
Siwidji Widoatmodjo. (2015). Pengetahuan Pasar Modal Untuk Konteks Indonesia. Gramedia. https://www.google.co.id/books/edition/Pengetahuan_Pasar_Modal_Untuk_Konteks_In/IE9JDwAAQBAJ?hl=id&gbpv=1&dq=pasar+modal&printsec=frontcover.
Syamsu Rizal Fadly. (2021). Aktivitas Pasar Modal Indonesia Di Era Pandemi. Tersedia di https://www.djkn.kemenkeu.go.id/kpknl-kupang/baca-artikel/13817/Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html.
Tamasia. (2019). Asal Usul Harga Emas Dunia Yang Mempengaruhi Harga Emas Antam. Tersedia di https://www.tamasia.co.id/asal-usul-harga-emas/.
www.idx.co.id. (2022). Indeks Saham Syariah. Tersedia di https://www.idx.co.id/idx-syariah/indeks-saham-syariah/.