Indonesia Sharia Stock Index Research Articles

Hedging In Indonesian Sharia Stock Index Manufacturing Companies

Hedging In Indonesian Sharia Stock Index Manufacturing Companies

Pengaruh Islamic Corporate Social Responsibility Dan Sharia Governance Terhadap Kinerja Keuangan Perusahaan

This study aims to determine the effect of Islamic Corporate Social Responsibility and Sharia Governance on the financial performance of Islamic companies listed on the Indonesian Sharia Stock Index in 2018-2021.This study uses a quantitative approach associative research, which is measured using a panel data regression-based method with the help of Software Eviews 12. The population of this study are companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018-2021 period. The sample was determined based on purposive sampling with a total sample of 28 companies so that the total observations in this study were 112 observational data. The data used in this study are secondary data obtained by downloading the annual report on the official website of each company and testing using the t test (partially).The results show that (1) Islamic Corporate Social Responsibility has no effect on the company's financial performance (ROA) in companies listed on ISSI for the 2018-2021 period, (2) Sharia Governance has a significant positive effect on the company's financial performance (ROA) listed on ISSI. period 2018-2022.

Comparative Analysis of The Performance of The Composite Stock Price Index (IHSG) With the Indonesian Sharia Stock Index (ISSI) During The Covid-19 Pandemic

Comparative Analysis of The Performance of The Composite Stock Price Index (IHSG) With the Indonesian Sharia Stock Index (ISSI) During The Covid-19 Pandemic

OPTIMALISASI RETURN SKEMA INTRADAY TRADING SAHAM SYARIAH INDONESIA MELALUI PEMILIHAN HARI DAGANG

Traders on the stock exchange under any circumstances try to minimize risk and maximize returns, including when the stock market is affected by Covid-19. At that time the Indonesian stock market experienced an extreme decline in stock prices in general. It happened gradually until it formed a downtrend over a fairly long period. Investors and active traders bear the loss of this condition. Wait and see until the downtrend ends is not always a solution. This study provides input for traders by observing in more detail the fluctuations that occur in the daily period which is referred to as the intraday scheme. Assuming whether there are certain days with a more positive tendency for returns than other days. The research was conducted using quantitative methods with a non-experimental approach with descriptive statistical data processing techniques. The results of observations on the 2017-2022 Indonesian Sharia Stock Index (ISSI) data show that Friday is the day that has the most tendency for prices to rise, the biggest returns, and the highest performance index (based on the Sharpe and Treynor Index) than other days. Keywords: return, Covid-19, intraday trading

The Impact of the Dow Jones Islamic Market, Interest Rate, Rupiah Exchange Rate, and Inflation on the Indonesian Sharia Stock Index during 2018-2022 Period

ABSTRACT The research aims to determine the impact of the Dow Jones Islamic Market (DJIM), Interest Rates, Rupiah Exchange Rate, and Inflation on the Indonesian Sharia Stock Index (ISSI). This research is a quantitative research with data processing using Eviews 10 software. Data collection uses secondary data of the time series type and the method of analysis used is multiple linear regression. Before data analysis was carried out, the researcher conducted a classic assumption test to ensure that the model met the assumptions of the OLS method. The data is taken from the monthly closing price or value of each variable from 2018-2022 (60 months). The results of the study show that simultaneously the Indonesian Sharia Stock Index is influenced by the Dow Jones Islamic Market, Interest Rates, the rupiah exchange rate, and inflation. The amount of influence caused by the independent variable is 75.4% on the dependent variable. While partially the Dow Jones Islamic Market, interest rates and inflation have a significant positive effect, while the rupiah exchange rate has a significant negative effect on the Indonesian sharia stock index. The influence exerted by the dow jones Islamic market, interest rates, rupiah exchange rate and inflation on the Indonesian Islamic stock index gives an illustration to investors that the fluctuations in the price of Islamic stock indexes can be influenced by foreign indices, the national economy and the global economy. Keywords: Dow jones Islamic market, interest rates, rupiah exchange rates, inflation, Indonesian sharia stock index ABSTRAK Penelitian bertujuan mengetahui pengaruh Dow Jones Islamic Market (DJIM), Suku Bunga, Kurs Rupiah, dan Inflasi terhadap Indeks Saham Syariah Indonesia (ISSI). Penelitian ini merupakan penelitian kuantitatif dengan pengolahan data menggunakan software Eviews 10. Pengumpulan data menggunakan data sekunder tipe time series serta metode analisis yang dipakai adalah regresi linear berganda. Sebelum analisis data dilakukan, peneliti melakukan uji asumsi klasik untuk memastikan model telah memenuhi asumsi metode OLS. Data diambil dari harga atau nilai penutupan bulanan masing-masing variabel dari tahun 2018-2022 (60 bulan). Hasil penelitian menunjukkan bahwa secara simultan Indeks Saham Syariah Indonesia dipengaruhi oleh Dow Jones Islamic Market, Suku Bunga, kurs rupiah, dan inflasi. Besaran pengaruh yang disebabkan variabel independen sebesar 75.4% terhadap variabel dependen. Sedangkan secara parsial Dow Jones Islamic Market, Suku Bunga dan inflasi berpengaruh positif signifikan, sedangkan kurs rupiah berpengaruh negatif signifikan terhadap Indeks saham syariah Indonesia. Pengaruh yang diberikan oleh dow jones islamic market, suku bunga, kurs rupiah dan inflasi terhadap indeks saham syariah Indonesia memberikan gambaran kepada investor bahwasannya naik turunnya harga indeks saham syariah dapat dipengaruhi oleh indeks luar negeri, ekonomi nasional dan ekonomi global. Kata Kunci: Dow Jones Islamic Market, Suku Bunga, Kurs Rupiah, Inflasi, Indeks Saham Syariah Indonesia

Can social media visibility affect institutional ownership and trading consensus on sharia stocks?

Purpose - This study aims to examine the effect of Instagram users’ responses to corporate Instagram post (Likes and Comments) toward trading consensus and institutional ownership of sharia stocks in Indonesia.Method - This study used purposive sampling technique. The number of samples in this study were 158 companies registered in ISSI (Indonesia Sharia Stock Index) and having an active Instagram account. Data processing using SPSS.26 with Ordinary Least Square (OLS).Result - The results showed that Instagram users’ responses increased the institutional investor and individual investor in sharia stock. The interpretation for this findings that such Instagram activities increase the visibility of the company across a more diverse group of investors. This increase visibility makes information more accessible to individual and institutional investors, so that they are attracted to invest more in sharia stock.Implication - Sharia issuer companies should also use social media to provide valid information to potential investors. So that it can be one of the foundations of investors in choosing Islamic stocks.Originality - This research is the first study that used social media to measure sharia stock ownership.

The effect of audit quality and capital intensity ratio on earning management in sharia listed companies

Purpose - This study aims to determine the effect of audit quality and capital intensity ratio on earnings management in companies listed on the Indonesia Sharia Stock Index in 2017-2020.Method - This study is quantitative research using secondary data obtained from the summary of audited financial statements. Data sampling was selected by purposive sampling method based on certain criteria. The analysis technique used is multiple linear regression.Result - The results show that the size of the public accounting firm has a negative effect on earnings management; it is more credibility consideration. The audit tenure has a positive effect on earnings management. It creates an emotional connection that is reluctance to disclose misappropriation. The auditor industry specialization has a negative effect on earnings management; it is more in-depth various accounting policies to find earnings management. The capital intensity ratio does not affect earning management; it is business and finance consideration. Accounting policies in depreciation is carry out when management has decided to invest in fixed assets.Implication - Sharia companies should pay attention to audit quality and capital intensity ratios in relation to earnings management.Originality - This is a study to test the existence of earnings management in Sharia companies in terms of audit quality and capital intensity ratio factors.

Determinan Harga Saham pada Perusahaan Sektor Pertanian yang Terdaftar Di Indeks Saham Syariah (ISSI)

This study aims to determine the effect of fundamental factors on agricultural sector stock prices listed in the Indonesian Sharia Stock Index (ISSI). This research uses quantitative methods. Purposive sampling technique was used and taken as many as 7 companies as samples. These companies have met the criteria that provide financial reports in rupiah (Rp) and were listed in the ISSI during the 2014-2019 period. Thus, the panel data used in this study were 42 observations. Fundamental factors are proxied by ROA, ROE, and PER. The linear regression analysis is used and the results show that ROA has a significant positive effect on stock prices, ROE has a significant negative effect on stock prices, and PER does not have a significant effect on stock prices in agricultural sector companies listed in ISSI.

The Influence and Contribution of Macroeconomics to The Indonesian Sharia Stock Index for The Period 2011-2021

This study aims to determine the impact of macroeconomic variables on the Indonesian Sharia Stock Index (ISSI). The macroeconomic variables used are Industrial Production Index (IPI), Indonesian Sharia Bank Certificate (SBIS), Money Supply (JUB), exchange rates, Interest Rates (TSB), and inflation. The observed data is in the form of monthly data for the period 2011 to 2021. The approach used is to test the impact and contribution of VECM. The test results with the VECM model found that in the short term all variables had no effect on the Indonesian Sharia Stock Index, whereas, in the long term, IPI, SBIS, and inflation had a negative effect, and JUB, exchange rate, and TSB had a positive effect, based on the IRF test showed that ISSI responding to fluctuations from all positive macroeconomic variables except inflation which responded negatively and the contribution of each macroeconomic variable was IPI (0.64), SBIS (2.01), JUB (0.45), the exchange rate (0.64), TSB (0.01), and inflation (1.16) against the Indonesian Sharia Stock Index.

Pengaruh Pengaruh Faktor Internal dan Eksternal Terhadap Return Saham Perusahaan Sektor Pertambangan yang Terdaftar di ISSI

This study aims to examine the influence of the company's internal factors consisting of return on equity (ROE), Debt to Equiy Ratio (DER), and firm size (Firm Size) as well as external factors consisting of inflation, exchange rates, and Gross Domestic Product (GDP) on stock returns of mining sector companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2016–2020 period. The data used is secondary data for the 2016-2020 period sourced from the Indonesia Stock Exchange (IDX), Bank Indonesia (BI), and the Central Statistics Agency (BPS). Samples were taken using a purpose sampling technique in order to obtain 13 companies that became the research sample. The data analysis technique used is multiple linear regression analysis using Eviews 12. The results show that simultaneously ROE, DER, firm size, inflation, exchange rate, and GDP have an effect on stock returns. while partially ROE, DER, firm size and exchange rate have no effect on stock returns. Inflation and GDP have a negative and significant effect on stock returns.

Analisis Pengaruh Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sektor Healthcare yang Terdaftar di Indeks Saham Syariah Indonesia

This study was conducted to determine the effect of profitability on firm value in healthcare sector companies listed on the Indonesia Sharia Stock Index (ISSI) 2017-2020. This study is a quantitative study with a causal associative approach using secondary data, the data sample was determined by the purposive sampling method and resulted in a sample of 11 companies with annual financial statements during the 2017-2020 period to obtain 44 observational data. Profitability is proxied by Return on Equity (ROE) and the firm value indicated by Tobin’s Q. This research uses the path analysis method with WarpPLS. The results of the study state that profitability has a significant effect of firm value.

Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan

This study aims to explain the variables of firm size, profitability, tangibility and non-debt tax shield in influencing the company's capital structure. The research population is Manufacturing Companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2016-2021 period. The data used in this study is panel data from 16 samples of selected companies, with a total sample of 54. The results show that firm size, profitability, tangibility, and non-debt tax shield have a positive and significant effect on the company's capital structure.

Analysis Role of Exchange Rate, BI Seven Days Rate, Inflation and Gold Price on Return of ISSI (Indeks Saham Syariah Indonesia)

The aim of the researchers to be achieved in this study, is to test and analyze the short-term effect of the inflation rate, the rupiah exchange rate, world gold prices, and interest rates on ISSI returns. Test and analyze the long-term effect of the inflation rate, the rupiah exchange rate, world gold prices, and interest rates on ISSI returns. Data analysis was carried out using the EVIEWS 10 application or program, because the author uses time series data. With good performance for analyzing time series data, the authors prefer to use this program, compared to SPSS. ECM testing is carried out when there is an indication of a long-term relationship using the Cointegration test. In order to conclude that a data is cointegrated, each variable must be stationary in a similar or the same order. Based on the discussion of the research results, it can be concluded that in the short term, there is only one variable that has a significant influence on the return of the Indonesian Sharia Stock Index (ISSI). The variable is the rupiah exchange rate. Meanwhile, the other three variables, namely inflation, world gold prices, and interest rates have no significant effect on ISSI returns. Meanwhile, in the long term, there are three variables that have a significant influence on ISSI returns. The three variables include the rupiah exchange rate, world gold prices, and interest rates. Meanwhile, the inflation variable in the long term also does not have a significant effect on ISSI returns.

The Effect of Inflation Rate and the Indonesian Sharia Stock Index (ISSI) on the Growth of Corporate Sukuk in Indonesia (2016-2021 Period)

Long-term securities that are based on sharia principles are also called corporate tribes. This corporate sukuk is issued by issuers to sharia bondholders who then oblige the issuer to pay income to sharia bondholders in the form of profit sharing or margin and repay the bond funds when the time is due. One of the factors that can affect the growth of sukuk are macroeconomic variables, namely inflation and the Islamic stock index (ISSI). This study aims to determine how the influence of inflation and the Indonesian Islamic stock index (ISSI) on the growth of corporate sukuk in Indonesia partially or simultaneously. The type of research used is descriptive research. Then the data used in this study is secondary data obtained from the documentation of the financial services authority (OJK). Data analysis in this study used multiple linear regression using SPSS. The results of this study show that the inflation rate and the Islamic stock index (ISSI) simultaneously affect the growth of corporate sukuk. Partially the inflation rate has a significant effect on the growth of corporate sukuk, and the Indonesian Sharia Stock Index Variable (ISSI) has an insignificant effect on the growth of corporate sukuk.

FUNDAMENTAL FACTORS OF INDONESIAN SHARIA SHARE PRICE IN THE FINANCIAL SECTOR

Islamic stocks are securities in the form of shares that have and do not conflict with Islamic principles in the capital market. Investment in Islamic stocks is currently experiencing quite significant developments, so investors are looking at it from the side of the growth of their stock prices. One of the factors that affect stock prices is fundamental factors. The fundamental factors in this study are described as independent variables, namely the Debt-to-Equity Ratio (DER), Net Profit Margin (NPM), and Earning Per share (EPS), while the dependent variable is the Indonesian Sharia Stock Price in the Financial Sector which is listed in the Indonesian Sharia Stock Index (ISSI). This study aims to analyze the effect of DER, NPM, and EPS on Indonesian Sharia Stock Prices in the financial sector listed in the ISSI Index. The research method used is quantitative descriptive with multiple linear regression data analysis. The results of this study show that the Debt-to-Equity Ratio has a negative and insignificant effect on Sharia Stock Prices. Net Profit Margin has a positive but not significant to Islamic Stock Prices. Earning Per-share has a negative and not significant to Islamic Stock Prices. The ability of the DER, NPM, and EPS variables to explain variations in changes in the stock price variable is only 10.5%, whereas the remaining 80.5% can be influenced by other variables not examined. The implication of this study is that investors in investing do not only consider fundamental factors but other factors that are very significant to fluctuations in Islamic stock prices.

The Effect of Inflation Rate and the Indonesian Sharia Stock Index (ISSI) on the Growth of Corporate Sukuk in Indonesia (2016-2021 Period)

The Effect of Inflation Rate and the Indonesian Sharia Stock Index (ISSI) on the Growth of Corporate Sukuk in Indonesia (2016-2021 Period)

Islamic and Conventional Stocks’ Volatility: Evidence from the Three Waves of Covid-19 Pandemic

This study aims to compare the performance of Islamic and conventional stocks’ performance amid a crisis. The performance is measured by analyzing the volatility of the Indonesian Sharia Stock Index (ISSI) and the Composite Stock Price Index (IHSG) IHSG during the Covid-19 pandemic. Based on the results of the different tests using the paired t-test and Wilcoxon rank test methods, it was concluded that the ISSI and IHSG experienced significant changes before and after discovering the first case of Covid-19 in Indonesia. Significant changes in both values are also found when the Delta variance spreads. Meanwhile, when the third wave occurred due to the presence of the Omicron variant, ISSI and IHSG were able to move more stable and did not experience significant shocks. Then, the estimation results of the GARCH model conclude that both Islamic stocks and conventional stocks have an immense volatility power with an identical value of 0.94 or close to 1. The volatility is also significantly influenced by the previous volatility and the squared error representing other previous events outside the model. The volatility that occurs in Islamic and conventional stocks is not much different, even though both stocks have different characters in the ratio of debt and income. Fundamental factors also cause this high volatility in the form of shocks in several macroeconomic variables, including the rupiah exchange rate, gold prices, and world oil prices. In addition, the contagion effect that occurred during the Covid-19 crisis also contributed to the spread of systemic risk in global stock indexes on stock volatility in Indonesia

The Influence of Inflation, Exchange Rates, World Oil Prices and World Gold Prices on the Indonesian Sharia Stock Index

This study aims to examine inflation, exchange rates, world oil prices and world gold prices against the Indonesian Sharia Stock Index for the 2017-2021 period. The method used in this study is the historical method which is distributive causal in nature, meaning that research is conducted to analyze a past situation and indicate the direction of the relationship between variables. The data collection technique used is documentation taken through online data files from the internet. The data used in this study is secondary data in which the data is obtained indirectly from statistical data and published data. Data analysis used multiple linear regression analysis. The results of the study show that the variables Inflation, Exchange Rates, World Oil Prices, World Gold Prices simultaneously have an influence on the Indonesian Sharia Stock Index. It can be seen that the calculated F value (97.929) > F table (2.54) and a significance value of 0.000 <0.05. So it can be concluded that Inflation, Exchange Rates, World Oil Prices and World Gold Prices simultaneously (together) have a significant effect on the Indonesian Sharia Stock Index. In addition, from the results of the determination test, the calculated R2 coefficient (determination coefficient) is 0.855 (85.5%).

ANALISA PENGARUH NILAI TUKAR, INFLASI, SUKU BUNGA DAN SERTIFIKAT BANK INDONSIA SYARIAH TERHADAP INDEKS SAHAM SYARIAH INDONESIA

Abstract: This study aims to determine the effect of kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates on the Indonesian Sharia Stock Index. The data used in this study is in the form of panel data using a sample of 26 companies listed on the Indonesian Sharia Stock Index for 2017-2021. The data analysis technique in this study uses panel data analysis with the Fixed Effect Model. The results of the study show that simultaneously the kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index. This is based on the results of the F test, namely the calculated F value F table (47.86140 2.44) with a prob level (F-Statistic) of 0.000 using an α level of 0.05 or 5%. While partially the exchange rate and inflation have no effect on the Indonesian Sharia Stock Index, however, interest rates and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index.Keywords: Indonesian Sharia Stock Index, Exchange Rates, Inflation, Interest Rates, Bank Indonesia Sharia Certificates

Taxation Aspects, Information Asymmetry and Earnings Management

Purpose: The act of manipulating the presentation of financial statements by increasing or decreasing profits can be misleading and cause losses to other parties. Various factors motivate managers to take earnings management actions. This study aims to analyze earnings management actions by taking several indicators in terms of taxation aspects which include tax planning and deferred tax expense and indicators of information asymmetry owned by managers.
 Methodology: The objects used as research samples are manufacturing companies in the goods and consumption sector listed on the Indonesia Sharia Stock Index (ISSI) in 2016-2020. Companies were selected based on predetermined criteria using a purposive sampling method to obtain a sample of 130 observations. The analysis technique uses panel data regression which is processed with Eviews v.12 programs.
 Findings: The results show that tax planning, deferred tax expense and information asymmetry have a significant positive effect in detecting earnings management actions. 
 Novelty: This study uses manufacturing companies in the goods and consumption sector as an object, and adds information asymmetry variable to the study. Furthermore, this study also measured earnings management by using the modified Jones model discretional accrual proxy.