The Effect of Inflation, Rupiah Exchange Rate, Interest Rate, Money Supply, Industry Production Index, Dow Jones Islamic Market Index in Malaysia and Japan on ISSI
Abstract
The purpose of this study is to determine the effect of inflation, rupiah exchange rate, interest rate, money supply, industry production index, Dow Jones Islamic Market Index Malaysia and Japan on ISSI. This research used secondary time series data which is accessed from the official website of ISSI. The sampling technique used a saturated sample with 62 observations. The research method uses descriptive statistics and multiple linear regression analysis. The results show that inflation has a negative but not significant effect on ISSI. The Rupiah exchange rate, interest rate, and DJIJP have a negative and significant effect on ISSI. The money supply, industrial production index, and DJMY25D have a positive and significant effect on ISSI.
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Aji, A. M., & Mukri, S. G. (2020). Monetary Strategy based on Sharia Economy (Islamic Efforts to Overcome Inflation) (revision 202). Deepublish CV Budi Utama.
Ash-Shiddiqy, M. (2019). The Effect of Industrial Production Index (IPI), Bank Indonesia Syariah Certificates (SBIS), Inflation, and Rupiah Exchange Rate on Indonesian Syariah Stock Index (2012-2018 Period). Jurnal STAIKAP Pekalongan, 3(1), 39–50.
Beik, I. S., & Fatmawati, S. W. (2014). The Effect of International Sharia Stock Price Index and Macroeconomic Variables on the Jakarta Islamic Index. Al-Iqtishad, VI(2), 155–178.
Berutu, A. G. (2020). Indonesian Islamic Capital Market Concepts and Products (F. E. Yudiana (ed.)). Lembaga Penelitian dan Pengabdian kepada Masyarakat (LP2M) IAIN Salatiga.
Boediono. (2014). Introduction to Science Synopsis Series - No. 5 Macroeconomics. BPFE.
Chotib, E., & Huda, N. (2019). Analysis of the Effect of Macroeconomic Variables on the Indonesian Sharia Stock Index (ISSI) for the 2016-2019 Period. Journal of Economics and Bussiness Aseanomics (JEBA), ISSN 2527-7499 (Print) 2528-3634 (Online), 4(1), 1–20. http://academicjournal.yarsi.ac.id/jeba
Firdausi, A. N., Fahmi, I., & Saptono, I. T. (2016). The Influence of the ASEAN Regional Stock Price Index and Macroeconomic Variables on the Indonesian Sharia Stock Price Index (ISSI). Al-Muzara’ah, 4(2), 76–96. https://doi.org/10.29244/jam.4.2.76-96
Kurniawan, A., Alia, F., & Apriyani, M. (2019). Influence of Dow Jones Islamic World Malaysia Index and Dow Jones Islamic Market Index Japan on ISSI (January 2013 - December 2017). Finansia : Jurnal Akuntansi Dan Perbankan Syariah, 2(1), 93–106.
Kurniawan, M. (2021). Islamic Banks and Financial Institutions. Penerbit Adab CV Adanu Abinata.
Mawarni, C. P., & Widiasmara, A. (2018). The Effect of the FED Rate, World Oil Prices, BI Rate, Inflation and Rupiah Exchange Rate on the Indonesian Sharia Stock Index (ISSI) for the Period of 2011-2017. 2(2), 281–297.
Pangaribuan, J. (2018). Monetary Delusions Different Paradigms About Money, the Financial System, and Their Discussion. Deepublish CV Budi Utama.
Pratiwi, A. E., Dzulkirom, M., & Azizah, D. F. (2014). Analysis of Sharia Capital Market Stock Portfolio Investment with Markowitz Model and Single Index Model. Jurnal Administrasi Bisnis, 17(1), 1–10.
Purnamasari, D., & Sukmana, R. (2017). The Influence of World Gold Prices, World Crude Oil Prices and Industrial Production Indexes on the Stock Index in the Jakarta Islamic Index (JII) in the Long and Short Term (January 2005-December 2015 Period). Jurnal Ekonomi Syariah Teori Dan Terapan, 4(7), 515. https://doi.org/10.20473/vol4iss20177pp515-530
Puspitasari, A., Siregar, H., & Andati, T. (2015). Asean Stock Exchange Integration Analysis 5. Jurnal Ekonomi Dan Kebijakan Pembangunan, 4(2), 187–206.
Rachmawati, M., & Nisful, L. (2015). Macroeconomic Factors Affecting Stock Price Movements on the Indonesian Sharia Stock Index (ISSI) on the Indonesia Stock Exchange (IDX). Jurnal JESTT, 2(1), 51–72.
Suciningtias, S. A., & Khoiroh, R. (2015). Analysis of the Impact of Macroeconomic Variables on the Indonesian Sharia Stock Index (ISSI). Jurnal UNISSULA, 2(1), 398–412. http://lppm-unissula.com/jurnal.unissula.ac.id/index.php/cbam/article/viewFile/323/270
Sukirno, S. (2012). Macroeconomics Theory Introduction. Rajawali Press.
Sunariyah. (2013). Introduction to Capital Market Knowledge. UPP-STIM YKPN.
Umam, K. A., Ratnasari, R. T., & Herianingrum, S. (2019). The Effect of Macroeconomic Variables in Predicting Indonesian Sharia Stock Index. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 5(2), 223. https://doi.org/10.20473/jebis.v5i2.15031
Widowati, N. D. (2018). Integration Analysis of the World Sharia Stock Index and Macroeconomic Variable Performance Against ISSI. Tesis Universitas Islam Indonesia, Yogyakarta.
Widyasa, V. I. A., & Worokinasih, S. (2018). The Effect of Inflation Rate, Rupiah Exchange Rate, and Domestic Interest Rate on the Indonesian Sharia Stock Index (ISSI) (Study on Sharia Stocks Listed on the Indonesia Stock Exchange Period 2013-2017). Administrasi Bisnis (JAB)|Vol., 60(1), 119–128.
Zuhri, A., Maslichah, & Sudaryanti, D. (2020). The Effect of Inflation, Rupiah Exchange Rate, BI Rate, and the Money Supply on the Indonesian Sharia Stock Index (ISSI) for the 2016-2018 Period. Jurnal E-JRA, 9(9), 1–13.
Published
2021-12-07
How to Cite
Gunawan, R., & Bawono, A. (2021). The Effect of Inflation, Rupiah Exchange Rate, Interest Rate, Money Supply, Industry Production Index, Dow Jones Islamic Market Index in Malaysia and Japan on ISSI. Annual International Conference on Islamic Economics and Business (AICIEB), 1, 107-115. https://doi.org/https://doi.org/10.18326/aicieb.v1i0.12
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