Analysis of Macroeconomic Variables and Fundamental Analysis of Indonesia Shariah Stock Index (ISSI)

Authors

  • Amru Sukmajati Collage of Economics Swasta Mandiri
  • Dyah Ayu Fitri Hastuti Collage of Economics Swasta Mandiri, Indonesia

Keywords:

Indonesia Sharia Stock Index (ISSI), Domestic macroeconomic, Global macroeconomic, Fundamental Analysis

Abstract

This study atempts to analyze the effect of domestic macroeconomic variables: Inflation and BI Rate; global macroeconomic variables: World Oil Price (WTI); and financial ratios by using fundamental analysis: Earning Per Share (EPS), Price to Earning Ratio (PER), Debt to Equity Ratio (DER), dan Return On Equity (ROE) against Indonesia Sharia Stock Index (ISSI). This study uses quantitative method with multiple linier regression analysis with quarterly time sequences from the 1st quarter of 2011 to the 4th quarter of 2016. The data obtained from Dunia Investasi, Bank Indonesia’s Report, Economagic, and Indonesia Stock Exchange. The sample was taken using purposive sampling and data was collected by recording techniques. The result of this study shows that all variables are influential where ISSI is negatively affected by World Oil Price (WTI), and positively affected by Inflation, BI Rate, EPS, PER, DER, and ROE.

Downloads

Download data is not yet available.

References

Ang, R. (1997). Buku Pintar Pasar Modal Indonesia: Mediasoft Indonesia.
Antonio, M. S., Hafidhoh, H., & Fauzi, H. (2013). The Islamic Capital Market Volatility: A Comparative Study Between In Indonesia And Malaysia. Bulletin of Monetary Economics and Banking, 15(4), 377-400.
Baridwan, Z. (2004). Intermediate Accounting. Yogyakarta: BPFE.
Blanchard, O. (2006). European unemployment: the evolution of facts and ideas. Economic policy, 21(45), 6-59.
Case, K. E., & Fair, R. C. (2002). Prinsip-prinsip ekonomi makro. Alih ahasa: Benyamin Molan. Jakarta: PT. Prehallindo.
Fahmi, I. Hadi. 2011. Teori Portofolio dan Analisis Investasi. EdisiKedua. Bandung: Alfabeta.
Gan, C., Lee, M., Yong, H. H. A., & Zhang, J. (2006). Macroeconomic variables and stock market interactions: New Zealand evidence. Investment management and financial innovations, 3(4), 89-101.
Hidayati, F. (2012). Analisis Persistensi Inflasi Jawa Timur: Suatu Pendekatan Sisi Penawaran. Jurnal Ilmiah Mahasiswa FEB, 1(2).
Jerry, J. (2012). Analisis Pengaruh Rasio Fundamental, Kinerja Keuangan, Dan Risiko Pasar Pada Industri Perbankan Di Bursa Efek Indonesia Terhadap Perubahan Indeks Harga Saham Gabungan.
Manan, D. A. (2015). Aspek Hukum Dalam Penyelenggaraan Investasi di Pasar Modal Syariah. Prenada Media.
Nawawi, I. (2012). Fikih Muamalah Klasik dan Kontemporer; Ghalia Indonesia.
Purnawan, I. (2014). Analisis Pengaruh Makroekonomi Domestik dan Makroekonomi Global terhadap Indeks Saham Syariah Indonesia (ISSI) periode 2011-2014 [skripsi]. Bogor (ID): Institut Pertanian Bogor.
Puspopranoto, S. (2004). Keuangan perbankan dan pasar keuangan: konsep, teori, dan realita. Lembaga Pendidikan, Penelitian, Penerangan Ekonomi dan Sosial (LP3ES).
Nuryanto, R., Tho'in, M., & Wardani, H. K. (2014). Rasio Likuiditas, Rasio Solvabilitas, Rasio Rentabilitas Koperasi Jasa Keuangan Syariah Di Jawa Tengah. Jurnal Akuntansi dan Pajak, 15(01).
Safitri, A. L. (2013). Pengaruh Earning Per Share, Price Earning Ratio, Return On Asset, Debt To Equity Ratio dan Market Value Added terhadap Harga Saham dalam kelompok Jakarta Islamic Index tahun 2008-2011 (Doctoral dissertation, Universitas Negeri Semarang).
Sartono, A. (2008). Manajemen keuangan teori, dan aplikasi. Yogyakarta. BPFE Yogyakarta.
Suciningtias, S. A., & Khoiroh, R. (2015, May). Analisis dampak variabel makro ekonomi terhadap indeks saham syariah indonesia (ISSI). In Conference In Business, Accounting, And Management (CBAM) (Vol. 2, No. 1, pp. 398-412).
Suta, I. P. G. A. (2000). Menuju pasar modal modern. Yayasan Sad Satria Bhakti.
Tho’in, M. (2019). The Comparison of Islamic Banking Financial Performance In Indonesia. International Journal of Scientific Research And Education, 7(5).
Tho'in, M., & Prastiwi, I. E. (2019). An Analysis the Rupiah Exchange Rates Effect Against the American Dollar and Inflation Against the Growth of Islamic Banking Mudharabah Deposits in Indonesia. International Journal of Islamic Business and Economics (IJIBEC), 82-91.
Waris, A., Hassan, H., Abbas, S., Mohsin, M., & Waqar, N. (2018). Sharia Screening Process: A Comparison of Pakistan and Malaysia. Asian Journal of Multidisciplinary Studies, 6(5), 13-21.
Zulfikar, R., & Mayvita, P. A. (2017). The effects of political events against abnormal return and total volume sharia shares activity that listed in Jakarta Islamic Index (JII). JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 14(2), 157-168.

Downloads

Published

2019-09-11

How to Cite

Sukmajati, A., & Hastuti, D. A. F. (2019). Analysis of Macroeconomic Variables and Fundamental Analysis of Indonesia Shariah Stock Index (ISSI) . International Journal of Seocology, 1(01), 019 –. Retrieved from https://seocologi.com/index.php/seocology/article/view/1