PENGARUH EKONOMI MAKRO TERHADAP INDEKS SAHAM SYARIAH DI INDONESIA PADA PERIODE 2014 - 2017
DOI:
https://doi.org/10.61769/jabs.v3i2.316Abstract
Indonesia Sharia Stock Index launched by the Indonesia stock exchange where the emiten is the entire stocks of companies that are listed in the list of effects of Sharia (DES) in IDX. ISS experience fluctuations due to macroeconomic conditions is one of them. One of the policy given by the Government in the event of economic shocks such as inflation is setting interest rate reference. The interest rate is also used by Bank Indonesia as one of the mechanisms to control the stability of the value of the rupiah. The population in this research is the entire period of ISS and macroeconomic measures taken in this research. Sampling techniques in the study using purposive sampling. The variables used in this study is the BI interest rate, inflation, and exchange rate as exogenous variables and ISS as endogenous variables. The results of this research show that inflation indirectly has no effect against the influence of interest rates on BI against ISS. Exchange rates have an effect indirectly influences interest rates against BI against ISS. Influence directly the BI interest rate against the larger of ISS 84.82%.
Keywords: ISS, macroeconomics, BI interest rate, inflation, and exchange rates
Indeks Saham Syariah Indonesia (ISS) diluncurkan oleh Bursa Efek Indonesia dimana emitennya adalah seluruh saham-saham perusahaan yang terdaftar dalam Daftar Efek Syariah (DES) di BEI. ISS mengalami fluktuasi disebabkan salah satunya ialah kondisi ekonomi makro. Salah satu kebijakan yang diberikan oleh pemerintah saat terjadi guncangan ekonomi seperti inflasi adalah menetapkan suku bunga acuan. Suku bunga juga digunakan oleh Bank Indonesia sebagai salah satu mekanisme untuk mengontrol kestabilan nilai rupiah. Populasi dalam penelitian ini adalah seluruh periode ISS dan ekonomi makro yang diambil dalam penelitian ini. Teknik pengambilan sampel dalam penelitian ini menggunakan purposive sampling. Variabel yang digunakan dalam penelitian ini adalah Suku Bunga BI, Inflasi, dan Nilai Tukar sebagai variabel eksogen dan ISS sebagai variabel endogen. Hasil penelitian ini menunjukan bahwa inflasi secara tidak langsung tidak berpengaruh terhadap pengaruh suku bunga BI terhadap ISS. Nilai tukar mempunyai pengaruh secara tidak langsung terhadap pengaruh suku bunga BI terhadap ISS. Pengaruh secara langsung suku bunga BI terhadap ISS lebih besar sebesar 84,82%.
Kata Kunci: ISS, ekonomi makro, suku bunga BI, inflasi, dan nilai tukar
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