Proceedings of the International Conference on Economics and Business Studies (ICOEBS 2022)

An Analysis of Factors Affecting the Indonesian Sharia Stock Index on The Indonesia Stock Exchange (IDX) from May 2013 to April 2021

Authors
Annisa Nur Hidayah1, Eni Setyowati2, *, Sitti Retno Faridatussalam3, Harun4
1-3Development Economics, Faculty of Economics and Business, Universitas Muhammadiyah Surakarta, Surakarta
4Sharia Economics Law, Islamic Religion Faculty, Universitas Muhammadiyah Surakarta, Surakarta
*Corresponding author. Email: es241@ums.ac.id
Corresponding Author
Eni Setyowati
Available Online 13 June 2022.
DOI
https://doi.org/10.2991/aebmr.k.220602.014How to use a DOI?
Keywords
Indonesian Sharia Stock Index; Inflation; Exchange Rate; Error Correction Model
Abstract

This research examined several determining factors that affected the Indonesian Sharia Stock Index. Several macroeconomic variables as independent variables in this research consisted of Inflation, Exchange Rate, Money Supply, BI Rate, World Crude Oil Price, and World Gold Price. This research method used multiple linear regression analysis using the Error Correction Model (ECM) approach to analyze time-series data from May 2013 until April 2021. The research results indicated that in the short term, the Inflation, Exchange Rate, and BI Rate variables had significant effects on the Indonesian Sharia Stock Index. In contrast, the Money Supply, World Crude Oil Prices, and World Gold Prices variables did not significantly affect the Indonesian Sharia Stock Index (ISSI). In the long term, the Inflation, Exchange Rate, BI Rate, World Crude Oil Prices, and World Gold Prices variables had significant effects on the Indonesian Sharia Stock Index (ISSI). In contrast, the Money Supply variable did not significantly affect the Indonesian Sharia Stock Index (ISSI). This research was the first research that examined the effects of inflation, exchange rate, money supply, BI Rate, world crude oil prices, and world gold prices on the Indonesian Islamic Stock Index (ISSI) from May 2013 to April 2021.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license.

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Volume Title
Proceedings of the International Conference on Economics and Business Studies (ICOEBS 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
13 June 2022
ISBN
978-94-6239-582-4
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220602.014How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article distributed under the CC BY-NC 4.0 license.

Cite this article

TY  - CONF
AU  - Annisa Nur Hidayah
AU  - Eni Setyowati
AU  - Sitti Retno Faridatussalam
AU  - Harun
PY  - 2022
DA  - 2022/06/13
TI  - An Analysis of Factors Affecting the Indonesian Sharia Stock Index on The Indonesia Stock Exchange (IDX) from May 2013 to April 2021
BT  - Proceedings of the International Conference on Economics and Business Studies (ICOEBS 2022)
PB  - Atlantis Press
SP  - 98
EP  - 105
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220602.014
DO  - https://doi.org/10.2991/aebmr.k.220602.014
ID  - Hidayah2022
ER  -