Abstract
This study aims to analyze and obtain empirical evidence regarding the influence of corporate fundamental and macroeconomic factors on Islamic stock prices listed in the Jakarta Islamic Index (JII). The company's fundamental information is taken from the company's financial statements on the Indonesia Stock Exchange from 2012 to 2016 and Macro Economic Data taken from the official website of the Indonesian Central Statistics Agency. The method of selecting samples used was purposive sampling. The study results were fundamental factors such as Earning per Share (EPS), Return on Assets (ROA), Debt to Equity Ratio (DER) and Exchange Rate significantly influences stock prices. On the other hand, the interest rate has no significant effect on stock prices. The model studied shows that the influence of independent variables on the dependent variable is high, namely 73.4%. It means other factors that can affect stock prices outside the variables studied are worth 26.6%.
Highlights
The era of globalization forms different behaviors for humans in carrying out activities
Several studies have been conducted in this regard, in terms of fundamental factors, the results are found that Earning Per Share (EPS), Return on Assets (ROA) and Debt to Equity Ratio (DER) affect stock prices (Manoppo, 2015)
This is in accordance with the hypothesis formulated earlier and the results of several previous researchers. In this case the interest rate is not proven to affect stock prices. This proves that the interest rate cannot influence the decision of stock investors to invest or change the financial instruments of investors from stock investments to deposit or other instruments affected by interest rates, and otherwise
Summary
The era of globalization forms different behaviors for humans in carrying out activities. There are other alternatives in investing, namely share investment in the Capital Market. Indonesia through Bapepam-LK has issued a sharia capital market regulation package in 2006 and a list of sharia securities in 2007 (www.ojk.go.id). With those lists, the community will be easier to know which stocks have fulfilled the sharia element. Several studies have been conducted in this regard, in terms of fundamental factors, the results are found that Earning Per Share (EPS), Return on Assets (ROA) and Debt to Equity Ratio (DER) affect stock prices (Manoppo, 2015). Some other studies have different results where EPS, ROA and DER have no effect on stock prices (Anita and Yadav, 2014), (Saragih, 2018)
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