Analysis of the effect on inflation, interest rate, dow jones Islamic Malaysia Index and profitability on stock prices as selected as Indonesia Sharia Stock Index
DOI:
https://doi.org/10.21580/jiafr.2020.2.2.6357Keywords:
Indonesia Sharia Stock Index, inflation, interest rate, dow jones sharia index, profitabilityAbstract
Purpose - The purpose of this study was to analyze what influences the change in the ISSI price index. The analysis was based on the phenomena and hypotheses that occur in the capital market by examining whether there is an influence of inflation rates, interest rates, and the Dow Jones Islamic Malaysia Index as external factors, as well as profitability such as Return on Assets and Earning per Share as internal factors that have an influence on changes and fluctuations in the Sharia Stock Index.
Method - The population in this study are all stocks that are encoded in the Indonesia Sharia Stock Index (ISSI) listed on the Indonesia Stock Exchange. Based on the Sharia Stock Exchange and the number of shares indexed by ISSI was 408 shares which shares were classified into 11 types of business. The study was conducted by analyzing multiple regression with t-test, significance test, F test, and classical assumption test.
Result - Based on the research results of bank interest rates and the Dow Jones Islamic Malaysia Index which affect stock prices indexed as Indonesia Sharia Stock, the two variables are the external influence of the issuers of the shares. And the majority of these stock prices are strongly influenced by variable factors not examined.
Implication - This research indicates that the factors that influence stock prices indexed as Islamic stocks in Indonesia, the analysis of the coefficient of determination is not significant at 0.6%, to find out other factors, other variables are needed for further research.
Originality - This research is a continuation of previous research but uses different variables from previous researches, where the dependent variable is stock prices indexed as Indonesian Islamic stocks and the independent variable is the inflation rate, interest rate, and the Malaysian Islamic Dow Jones Index as factors.Downloads
References
Ayu, T. U., & Leo, H. (2016). Pengaruh Varianble Makro Ekonomi terhadap Indeks Jakarta Islamic Index (JII) Periode Januari 2010-November 2015. Fakultas Ekonomi dan Bisnis Universitas Airlangga.
Boediono. (2014). Seri Sinopsis Pengantar Ilmu - No. 5 Ekonomi Makro, Yogyakarta: BPFE.
Brigham, E. F., & Houston. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan, Jakarta: Salemba Empat.
Darwis, H. (2016) Analisis Faktor-faktor yang mempengaruhi Harga Saham Jakarta Islamic Index (JII). Jurnal Analytica Islamica, 5(2), 342-367.
Dornbusch, R., & Stanley, F. (1992). Makroekonomi Edisi Keempat, Jakarta: Erlangga.
Eduardus, T. (2010). Portofolio dan Investasi Teori dan Aplikasi Edisi 1, Yogyakarta: Kanisius.
Fitriani. (2110). Analisa Pengaruh Krisi Global Financial terhadap Jakarta Islamic Index (JII) dan Index Harga Saham Gabungan (IHSG). Jurnal Ekonomi & Keuangan Islam, 2(1), 1-12.
Fitriana, R., Yulianto, A., & Solikhah, B. (2019). Are characteristics of sharia supervisory boards able to improve the performance of islamic banking? Journal of Islamic Accounting and Finance Research, 1(1), 1-24. https://doi.org/10.21580/jiafr.2019.1.1.3753.
Fatmawati, E. D., Prasetyoningrum, A. K., & Farida, D. N. (2020). Dampak Profitabilitas, Likuiditas dan Pengungkapan Islamic Social Reporting Terhadap Return Saham. El Dinar, 8(2), 67-86.
Greuning, H. V., & Iqbal, Z. (2011). Analisis Risiko Perbankan Syariah, Jakarta: Salemba Empat.
Hamdy, H. (2010). Manajemen Keuangan Internasional, Jakarta: Mitra Wacana Media.
Harahap, S. S. (2009). Teori Kritis Laporan Keuangan, Jakarta: Bumi Aksara.
Halim, S. (2020). Effect of Financing in Sharia Business Units on Profitability and Financing Risk Management. Journal of Islamic Economics and Social Science (JIESS), 1(1), 11-27.
https://www.idx.co.id/idx-syariah/indeks-saham-syariah/
Ihyaul. U., & Juanda, A. (2016). Metodologi Penelitian Akuntansi, Aditya Media Publishing.
Irfan, S. B., & Fatmawati, S. W. (2014). Pengaruh Indeks Harga Saham Syariah International dan Variable Makro Ekonomi terhadap Jakarta Islamic Index (JII). Al-Iqtishad, 6(2).
Jaafar P., & Ahmad, I. (2017). Cointegration between Macro Economic Variable and Sectoral Indices Movement in Bursa Malaysia. GIAT, 7(1).
Judisseno, R. K. (2002). Sistem Moneter dan Perbankan di Indonesia, Jakarta: Gramedia Pustaka Utama.
Kasmir. (2014). Analisis Laporan Keuangan, Jakarta: Raja Grafindo Persada.
Krugman, P. R., Obstfeld, M., & Melitz, M. J. (2012). International Economics: Theory and Policy. Ninth Edition, Boston: Pearson Education Inc.
Krugman, P., & Maurice, O. (1999). Ekonomi Internasional: Teori Dan Kebijakan, Jakarta: Raja Grafindo Perkasa.
Kuncoro, M. (2001). Metode Kuantitatif Teori dan Aplikasi Untuk Bisnis dan Ekonomi Edisi Pertama, Yogyakarta: UPP AMP YPKN.
Mankiw, N. G., Quah, E., & Wilson, P. (2014). Pengantar Ekonomi Makro Volume 2, Biro Bahasa Alkemis.
Mishkin, F. S. (2008). Ekonomi Uang, Perbankan, dan Pasar Keuangan, Jakarta: Salemba Empat.
Munawir, S. (2004). Analisis Laporan Keuangan, Yogyakarta: Liberty.
Warno, W., Mujibatun, S., & Sariroh, L. (2020). Corporate Social Responsibility Disclosure, Capital Intensity, dan Profitabilitas Terhadap Tax Avoidance. JURNAL CAPITAL: Kebijakan Ekonomi, Manajemen dan Akuntansi, 2(1), 39-56.
Nopirin. (1996). Ekonomi Moneter: Edisi 2, Yogyakarta: BPFE-UGM.
Novianto, A. (2011). Analisis Pengaruh Nilai Tukar (Kurs) Dolar Amerika/Rupiah, Tingkat Suku Bunga SBI, Inflasi dan Jumlah Uang Beredar (M2) Terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (BEI) Periode 1999.1–2010.6. Skripsi. Semarang: Universitas Diponegoro.
Persada, G., & Lawrence J. (2008). Principles of Managerial Finance, Boston: Addison-Wesley.
Prabawa, E. P. (2017). Guncangan Variabel Makroekonomi Terhadap Jakarta Islamic Index (JII), CAKRAWALA: Jurnal Studi Islam, 22(1).
Puspopranoto, S. (2004). Keuangan Perbankan dan Pasar Keuangan, Jakarta: Pustaka LP3ES Indonesia.
Raharjaputra, H. S. (2009). Manajemen Keuangan Dan Akuntansi Untuk Eksekutif Perusahaan Cetakan Pertama, Jakarta: Salemba Empat.
Riyanto. B, (2008). Dasar-Dasar Pembelanjaan Perusahaan, Yogyakarta: GPFE.
Riyani, Y. (2019). Pengaruh Pengumuman Kebijakan Dividen terhadap Volatilitas Harga Saham. Eksos, 15(2), 85–94.
Samuelson, P. A., & Nordhaus, W. D. (1991). Ekonomi Edisi 12, Jakarta: Erlangga.
Sawir, A. (2009). Analisa Kinerja Keuangan dan Perencanaan Keuangan Perusahaan, Jakarta: Gramedia Pustaka Utama.
Sunariyah, (2013). Pengantar Pengetahuan Pasar Modal, Yogyakarta: UPP-STIM YKPN.
Syamsuddin. (2009). Manajemen Keuangan Perusahaan, Jakarta: Raja Grafindo.
Todaro. M. P. (2000). Pembangunan Ekonomi di Dunia Ketiga, Jakarta: Erlangga.
Uma, S., & Roger, B. (2010). Research Methods for Business, a Skill Building Approrach, 5th edition, Wiley Publication.
Yulianah, E. K. (2017). Risiko Pembiayaan Murabahah, Mudharabah dan Musyarakah BUS Terhadap Profitabilitas (ROA) Periode 2011-2015, Jurnal Profita, 10(1).
Downloads
Published
Issue
Section
License
The copyright of the received article shall be assigned to the journal as the publisher of the journal. The intended copyright includes the right to publish the article in various forms (including reprints). The journal maintains the publishing rights to the published articles. Authors are allowed to use their articles for any legal purposes deemed necessary without written permission from the journal with an acknowledgment of initial publication to this journal.
The work under license Creative Commons Attribution License
Scopus Profile
Google Scholar
