Abstract
This study aims to empirically confirm that macroeconomic factors, namely inflation, the rupiah exchange rate, and BI interest rates can determine the development of sharia stock prices. The sample in this study were listed on the Indonesian Sharia Stock Index (ISSI) in the Consumer Goods Industry sector with a total of 13 companies that met the sampling criteria. The results of the analysis using multiple linear regression techniques, prove that all macroeconomic factors namely inflation, the rupiah exchange rate and the yBI rate had no significant effect on sharia stock prices. The results of this study confirm that the sharia stock market is strong macroeconomic fluctuations even though in a limited period. The implications of this research for investors can be given special attention and consideration in determining sharia investment as an alternative investment in the capital market.
Highlights
The development of sharia products in Indonesia up to this moment of particular concern for investors who will invest in the Islamic financial sector
Investment in the sharia sector began with the publication of the Jakarta Islamic Index (JII) in 2000, consisting of 30 listed companies incorporated in accordance with sharia principles on the Indonesia Stock Exchange (IDX)
The purpose of this study is to prove that macroeconomic factors can determine the development of sharia stock prices
Summary
The development of sharia products in Indonesia up to this moment of particular concern for investors who will invest in the Islamic financial sector. The government is developing alternative investments in sharia in the capital market. Investment in the sharia sector began with the publication of the Jakarta Islamic Index (JII) in 2000, consisting of 30 listed companies incorporated in accordance with sharia principles on the Indonesia Stock Exchange (IDX). The purpose of sharia investment in general can provide additional revenue sharing in accordance with sharia principles to the expected margin level; can provide continuity in business with investments that occur [16]. The role of the government in this case is very influential in determining policies to stabilize and maintain conditions of economic growth so that capital market movements can develop properly so that investors will continue to contribute to shares in Indonesia, especially in Islamic
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