Realita Dinamika Pasar: Studi Intensif Distingsi Syariah Konvensional

Authors

  • Yadi Nurhayadi Universitas Muhammadiyah Prof. DR. HAMKA
  • Daram Heriansyah Universitas Muhammadiyah Prof. DR. HAMKA
  • Eva Susanti Universitas Muhammadiyah Prof. DR. HAMKA
  • Siti Azizziah Azzahra Universitas Muhammadiyah Prof. DR. HAMKA

DOI:

https://doi.org/10.22236/alurban_vol3/is2pp190-202

Keywords:

Analisis Bivariat, Analisis Multivariat, Pasar Syariah, Pasar Konvensional, Emiten Syariah, dan Emiten Konvensional.

Abstract

The research confirm the differences between sharia company stock index and conventional company stock index as the issuer at The Indonesia Stock Exchange. This research is a continuation of a series of previous studies by Nurhayadi et al earlier on the comparison between the sharia market and the conventional market. The Data consist of Jakarta Stock Exchange (JSX) Composite Index (Indeks Harga Saham Gabungan (IHSG)), Jakarta Stock Exchange Liquid Index (LQ45), Jakarta Islamic Index (JII), Indonesia Sharia Stock Index (ISSI), ten companies of sharia issuer, and ten companies of conventional issuer. There are seven scenarios based on bivariate and multivariate analysis that conducted regression, correlation, and determination test to know whether conventional company influence on sharia company. The research scenarios cover five years data from January 2014 to December 2018. The result confirms that the fluctuation of conventional issuer's stocks is different from the fluctuation of sharia issuer's stocks. Conventional issuers have a weak correlation with sharia issuers. This condition implies that between the conventional market and the Islamic market there is no correlation.

Downloads

Download data is not yet available.

References

Achsani, N. A., Effendi, J., & Abidin, Z. (2007). Dynamic Interdependence among International Islamic Stock Market Indices: Evidence from 2000-2007. The International Conference on Islamic Capital Market: Regulation Products and practise with Relevance to Islaic Banking and Finance (hal. 623-624). Jakarta: Muamalat Institute-IRTI IDB.
Hakim, S., & Rashidian, M. (2004). Risk and Return of Islamic Stock Market Indexes. International Seminar of Nonbank Financial Institutions: Islamic Alternative (pp. 7-8). Kuala Lumpur: IRTI-IDB.
Hussein, K. A. (2005). Islamic Investment: Evidence from Dow Jones and FTSE Indices. International Conference on Islamic Economics and Finance – Islamic Economics and Banking in The 21st Century (pp. 273-285). Jakarta: BI-IRTI IDB-IAEI-UI.
Nurhayadi, Y., & Wijiharjono, N. (2017). Strong Correlations Between Sharia Market and Conventional Market: Evidence from Indonesia Stock Exchange. The 1st UICIHSS UHAMKA International Conference on Islamic Humanities and Social Sciences (pp. 192-204). Jakarta: University of Muhammadiyah Prof. DR. HAMKA Jakarta - Indonesia.
Nurhayadi, Y., Rito, & Al-Azizah, U. S. (2018). Model Solusi Efektif Stabilitas Pasar Syariah. Al-Urban Jurnal Ekonomi Syariah dan Filantropi Islam, 92-106.
Reddy, K., & Fu, M. (2014). Does Shariah Compliant Stocks Perform Better than theConventional Stocks? A Comparative Study of Stocks Listed on the Australian Stock Exchange. Asian Journal of Finance & Accounting, 155-170.
Saiti, B., Bacha, O. I., & Masih, M. (2013). Estimation of Dynamic Conditional Correlations of Shariah-Compliant Stock Indices through the Application of Multivariate GARCH Approach. Australian Journal of Basic and Applied Sciences, 259-267.
Sclip, A., Dreassi, A., Miani, S., & Paltrinieri, A. (2016). Dynamic Correlations and Volatility Linkages between Stocks and Sukuk: Evidence from International Market. Review of Financial Economics, 1-11.
Walpole, R. E., Myers, R. H., Myers, S. L., & Ye, K. (2013). Essential of Probability and Statistic for Engineers and Scientist. Boston: Pearson.

Downloads

Published

2019-12-29

How to Cite

Nurhayadi, Y., Heriansyah, D., Susanti, E., & Azzahra, S. A. (2019). Realita Dinamika Pasar: Studi Intensif Distingsi Syariah Konvensional. Al-Urban: Jurnal Ekonomi Syariah Dan Filantropi Islam, 3(2), 190–202. https://doi.org/10.22236/alurban_vol3/is2pp190-202

Issue

Section

Articles