Determinan Indeks Saham Syariah di Indonesia dan Malaysia

Authors

  • Zety Nasyatia Universitas Islam Negeri (UIN) Syarif Hidayatullah Jakarta
  • M. Nur Rianto Al Arif Universitas Islam Negeri (UIN) Syarif Hidayatullah Jakarta

DOI:

https://doi.org/10.22236/alurban_vol3/is2pp107-116

Keywords:

Islamic stock indices, domestic factors, external factors

Abstract

Islamic stock indices are influenced by many factors, both domestic and foreign. This study tried to test the determinants of Islamic stock indexes in Indonesia and Malaysia. Using data in the 2012-2017 periods, this study found that there were several factors that influenced the Islamic stock index in Indonesia and Malaysia. World gold prices and the Dow Jones Islamic Market (DJIUS) affect sharia stock indices in both Indonesia and Malaysia. For the world oil price variable only affects the Islamic stock index in Malaysia, but not in Indonesia. While the inflation rate has no effect on sharia stock indexes in Indonesia and Malaysia. This finding has important implications for determining policies related to the Islamic capital market.

Downloads

Download data is not yet available.

References

Abbes, M. B., & Trichilli, Y. (2015). Islamic Stock Markets and Potential Diversification Benefits. Borsa Istanbul Review, 15(2), 93-105. https://doi.org/10.1016/j.bir .2015.03.001.
Abdullah, A. M., Saiti, B., & Masih, M. (2016). The Impact of Crude Oil Price on Islamic Stock Indices of South East Asian Countries: Evidence from MGARCH-DCC and Wavelet Approaches. Borsa Istanbul Review, 16(4), 219-232. https://doi.org/10.1016/j.bir.2015.12.002.
Albaity, M. S. (2011). Impact of the Monetary Policy Instruments on Islamic Stock Market Index Return. Discussion Paper No. 2011-26.
Ernayani, R., & Mursalin, A. (2015). Pengaruh Kurs Dolar, Indeks Dow Jones, dan Tingkat Suku Bunga SBI Terhadap IHSG: Periode Januari 2005-Januari 2015. Proceding Seminar Nasional Ekonomi Manajemen, dan Akuntansi (SNEMA). Universitas Negeri Padang.
Gumilang, R. C., Hidayat, R. R., & Endang NP, M. G. W. (2014). Pengaruh Variabel Makroekonomi, Harga Emas Dunia, Harga Minyak Dunia terhadap Indeks Harga Saham Gabungan. Jurnal Administrasi Bisnis, 14 (2), 1-9.
Hussin, M. Y. M., Muhammad, F., Razak, A. A., Tha, G. P., & Marwan, N. (2013). The Link Between Gold Price, Oil Price and Islamic Stock Market: Experience from Malaysia. Journal of Studies in Social Sciences, 4(2), 161-182.
Karim, B. A., Linn, J. F. J., & Karim, Z. A. (2017). Determinants of the Islamic Stock Market Integration. Accounting and Finance Research, 6(3), 147-152.
Majid, M. S. A. (2016). The Short-run and Long-run Relationship in The Indonesian Islamic Stock Returns. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 8(1), 1 - 18. https://doi.org/10.15408/aiq.v8i1.2505.
Majid, M. S. A. (2018). Who Co-Moves The Islamic Stock Market of Indonesia –The US, The UK, or Japan. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 10(2), 267-284. https://doi.org/10.15408/aiq.v10i2. 7288.
Mustafa, S. A., Ramlee, R., & Kassim, S. (2017). Economic Forces and Islamic Stock Market: Empirical Evidence from Malaysia. Asian Journal of Business and Accounting, 10(1), 45-85.
Naseri, M., & Masih, M. (2013). Causality Between Malaysian Islamic Stock Market and Macroeconomic Variables. MPRA Paper No. 60247.
Nurdiana, E. (2016). Pengaruh Variabel Makroekonomi terhadap Harga Saham Syariah di Indonesia dan Malaysia Periode Mei 2011–Desember 2015. Skripsi Tidak Dipublikasikan. Jakarta : UIN Syarif Hidayatullah Jakarta.
Pratama, Y. C. (2012). Pengaruh Indeks Regional terhadap Jakarta Islamic Index (JII). Etikonomi, 11 (2), 126-141.
Pratama, Y. C., & Azzis, A. (2018). Macroeconomic Variables, International Islamic Indices, and The Return Volatility in Jakarta Islamic Index. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 10(1), 171-188. https://doi.org/10.15408/aiq.v10i1.5550.
Rashid, M., Hasan, M. K., & Yein, N. Y. (2014). Macroeconomics, Investor Sentiment, and Islamic Stock Price Index in Malaysia. Journal of Economic Cooperation and Development, 35(4), 219-234.
Umirah, F., & Masih, M. (2017). Should the Malaysian Islamic Stock Market Investors Invest in Regional and International Equity Market to Gain Portfolio Diversification Benefits? MPRA Paper No. 79762.
Rusbariand, S. P., Masodah., Riskayanto., & Herawati, S. (2012). Analisis Pengaruh Tingkat Inflasi, Harga Minyak Dunia, Harga Emas Dunia dan Kurs Rupiah terhadap Pergerakan Jakarta Islamic Index di Bursa Efek Indonesia. Proceeding Forum Bisnis dan Keuangan I, 724-740.
Silim, Lusiana. (2013). Pengaruh Variabel Ekonomi Makro terhadap Indeks Harga Saham Gabungan pada Bursa Efek Indonesia Periode 2002 – 2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2 (2), 121-130.
Suciningtias, S. A., & Khoiroh, R. (2015). Analisis Dampak Variabel Makroekonomi terhadap Indeks Saham Syariah Indonesia (ISSI). Jurnal UNISSULA, 2 (1), 398-412.
Yusuf, A. A., & Hamzah, A. (2014). Pengaruh Inflasi, Suku Bunga, Nilai Tukar/Kurs dan IHSG terhadap Harga Saham Syariah Pendekatan Error Correction Model. Jurnal Al Amwal, 6 (1), 1-28.

Downloads

Published

2019-12-29

How to Cite

Nasyatia, Z., & Al Arif, M. N. R. (2019). Determinan Indeks Saham Syariah di Indonesia dan Malaysia. Al-Urban: Jurnal Ekonomi Syariah Dan Filantropi Islam, 3(2), 107–116. https://doi.org/10.22236/alurban_vol3/is2pp107-116

Issue

Section

Articles