Analisis Pengaruh Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia (ISSI) Di Bursa Efek Indonesia (BEI)

BAREUT, Masita (2022) Analisis Pengaruh Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia (ISSI) Di Bursa Efek Indonesia (BEI). Masters thesis, Universitas Katolik Widya Mandira Kupang.

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Abstract

This study aims to examine how the Indonesian Syariah Share Index (ISSI) on the Indonesia Stock Exchange is affected by Inflation, IDR/USD Exchange Rate, BI Interest Rate, Money Supply, World Oil Prices, Bank Indonesia Syariah Certificates, World Gold Prices. The study is carried out from 2015 to 2020. The secondary quantitative data are used in this study. They are ISSI monthly data and inflation variable, IDR/USD Exchange Rate, BI Interest Rate, Money Supply, World Oil Prices, Bank Indonesia Sharia Certificates (SBIS), Prices World Gold. This study used is descriptive analysis and inferential analysis. The results show that partially, inflation has a negative and insignificant effect on the Indonesian Sharia Share Index (ISSI). The Indonesian Sharia Share Index is significantly and negatively impacted by the World Gold Prices and the IDR/USD Exchange Rate. The Indonesian Sharia Share Index is negatively and insignificantly impacted by the BI Interest Rate. The Indonesian Sharia Share Index is positively and significantly impacted by the Money Supply and World Oil Prices. The Indonesian Syariah Share Index is positively and insignificantly impacted by Bank Indonesia Syariah Certificates. The coefficient of determination test (R2) shows that the Adjusted R Square is 70.5%, it means that the independent variables (Inflation variable, IDR/USD Exchange Rate, BI Interest Rate, Money Supply, World Oil Prices, Bank Indonesia Syariah Certificate (SBIS), World Gold Price) in explaining the dependent variable, (Indonesia Syariah Share Index) from 2015 to 2020 is 70.5%, and the 29.5% is influenced by the other factors which are not examined in this study. Suggestion for investors to consider macro variables that affect the Indonesian Sharia Stock Index as well as other factors before and when investing in sharia category stocks such as profitability, cash flaw, liquidity, and company growth variables.

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