THE EFFECT OF MACRO VARIABLES ON SHARIA STOCK RETURNS

Surono Surono, Hamdi Hamdi, Prodib Kumar

Abstract


This study aims to analyze whether there is an effect of inflation and exchange rates on Islamic stock returns in the property and real estate sectors listed on ISSI (Indonesian Sharia Shares Index) for the period 2012-2018). The population of this study is all sharia shares in the property and real estate sector registered at ISSI for the period 2012-2018. The type of data used is secondary data obtained through published annual reports which were analyzed using multiple linear regression with the help of the E-Views Program. The results of this study are: inflation and exchange rates partially have no effect on the return of sharia shares in the property and real estate sectors listed on ISSI (Indonesian Sharia Stock Index) for the period 2012-2018. Then inflation and exchange rates simultaneously show that there is no effect on the return of sharia shares in the property and real estate sectors listed on the ISSI (Indonesian Sharia Stock Index) for the period 2012-2018. finally Exchange rate inflation and stock returns in the perspective of Islamic economics will have a good impact when utilizing a certain item to fulfill every need according to the need or portion and not following their desires. Based on the results of this study, it can be concluded that inflation and exchange rates cannot be taken into account in determining stock investment decisions in the Islamic perspective for the period 2012-2018. The Islamic economic perspective views that in terms of both investment and macroeconomics, when carried out with Sharia economic principles, it can benefit anyone and society will prosper.

Full Text:

PDF

References


Anwar Sanusi, Metode Penelitian Bisnis, (Jakarta: Salemba Empat 2016) h. 137-138.

B. Nanda And A. Wijayanto, "Aplikasi Single Index Model Dalam Pembentukan Portofolio Optimal Saham Lq45 Dan Jakarta Islamic Index," Management Analysis Journal, Vol. 04, No. 01, 2015.

CNBCindonesia.com, Bidik Investor Syariah Indonesia ( Online Diakses di https://www.cnbcindonesia.com/market/20190318130405-17-61311/percaya-diri-bei-bidik-investor-syariah-naik-100-tahun-ini, pada 22 juni 2020)

Danang Sunyoto, Analisis Regresi dan Uji Hipotesis, (Yogyakarta: CAPS 2015) .

Friderica Widyasari Dewi ( Direktur Utama Kustodian Sentral Efek Indonesia )Pada Tempo.Co (9 Februari 2019 )

Ghozali, Imam. Aplikasi Analisis Multivariate Dengan Program SPSS. Edisi Keempat. (Semarang: Penerbit Universitas Diponegoro,2019)

Hardiningsih, pancawati, suryanto. “Pengaruh Faktor Fundamental dan Risiko Ekonomi terhadap Return Saham pada perusahaan di Bursa Efek Jakarta : Studi Kasus Basic Industry dan Chemical”, Jurnal Strategi Bisnis, (Desember 2018).

Hulwati, Transaksi Saham di Pasar Modal Indonesia Perspektif Hukum Ekonomi Islam, (Yogyakarta: UII Press, 2015)

Indah yuliana, Investasi Produk Keuangan Syariah, (Malang: UIN-MALIKI PRESS, 2017).

N. Isnaini And N. Ghoniyah, "Analisis Resiko Investasi Saham Pada Perusahaan Yang Go Publik Di Jakarta Islamic Index ( Jii )," Media Ekonomi Dan Manajemen, 2018.

Tandelin, Eduardus. “Determinant of Systematic Risk, The Experience of Some Indonesian CommonStock”, (Yogyakarta : Gajahmada University Business Review, 2017).

Utami, M., dan Rahayu, M. “Peranan Profitability, Suku Bunga, Inflasi dan Nilai Tukar dalam Mempengaruhi Pasar Modal Indonesia Selama Krisis Ekonomi”, (Jurnal Ekonomi dan Manajemen, 2013).

Chowdhury, M. A. F. (2015). Why Islamic finance is different? A Short Review of Islamic Jurisprudential Interpretation about Usury, Ambiguity (Gharar), Gambling (Maysir) and Exploitative Commercial Arbitrage (Talaqi alRukban). Journal of Emerging Economies and Islamic Research, 3(3).

Groshoff, D. (2014). William & Mary Business Law Review Kickstarter My Heart : Extraordinary Popular Delusions and the Madness of Crowdfunding Constraints and Bitcoin BGroshoff, D. (2014). William & Mary Business Law Review Kickstarter My Heart : Extraordinary Popular Delusio. William &Mary Business Law Review, 5(2).

Muhyiddin. (2020). Covid-19, New Normal, dan Perencanaan Pembangunan di Indonesia. Jurnal Perencanaan Pembangunan: The Indonesian Journal of Development Planning, 4(2), 240–252. https://doi.org/10.36574/jpp.v4i2.118

Munir, M., Jajja, M. S. S., Chatha, K. A., & Farooq, S. (2020). Supply chain risk management and operational performance: The enabling role of supply chain integration. International Journal of Production Economics, 227(January), 107667. https://doi.org/10.1016/j.ijpe.2020.107667

Shevlin, T., Shivakumar, L., & Urcan, O. (2019). Macroeconomic effects of corporate tax policy. Journal of Accounting and Economics, 68(1), 101233. https://doi.org/10.1016/j.jacceco.2019.03.004

Suardi, D. (2021). Strategi Ekonomi Islam Untuk Kesejahteraan Umat. Islamika : Jurnal Ilmu-Ilmu Keislaman, 20(02), 68–80. https://doi.org/10.32939/islamika.v20i02.693




DOI: http://dx.doi.org/10.24042/al-mashrof.v3i1.11698

Refbacks

  • There are currently no refbacks.


Al-Mashrof: Journal of Islamic Banking and Finance [p-ISSN: 2774-7166, e-ISSN: 2746-3877] published by Faculty of Islamic Economics and Business at Islamic State University of Raden Intan, Lampung - Indonesia

Office: Faculty of Islamic Economics and Business at Islamic State University of Raden Intan, Lampung. Jl. Letkol H. Endro Suratmin, Sukarame, Bandar Lampung, Lampung, INDONESIA, KP. 35131. Website: https://ejournal.radenintan.ac.id/index.php/almashrof/index, email: almashrof@radenintan.ac.id