VARIABEL MAKROEKONOMI TERHADAP INDEKS SAHAM SYARIAH INDONESIA (PERIODE MEI 2011-SEPTEMBER 2015 DENGAN MODEL ECM)

Yudhistira Ardana

Abstract


This study aimed to analyze the effect of macroeconomic variables on Indonesian Islamic stock index. Macroeconomic variables used is the interest rate of Bank Indonesia (BI-rate), inflation, exchange rate, Bank Indonesia Certificates Sharia (SBIS) and world oil prices. The data used in this research is secondary data during the period May 2011 until September 2015 using a model error correction model (ECM) where the end result is going to measure the effect of macroeconomic variables on Indonesian Sharia Stock Index in the short term and long term.

Keywords


World Oil Prices; Inflation; ISSI; Exchange; SBI; SBIS; Macroeconomic Variables

Full Text:

PDF

References


Ang, Robert. 1997. Buku Pintar : Pasar Modal Indonesia. Mediasoft Indonesia

Ascarya dan D. Yumanita. 2009. Formulasi Indeks Stabilitas Keuangan dan Peran Perbankan Syariah dalam

Sistem Keuangan Ganda di Indonesia. Centre for Central Banking Education and Studies. Bank Indonesia.

Diantoro,Yimi S.T. 2010. Emas, Investasi & Pengolahannya. Jakarta: PT Gramedia

Fatwa Dewan Syariah Nasional No: 62/DSN-MUI/XII/2007

Fatwa Dewan Syariah Nasional No: 63/DSN-MUI/XII/2007

Ganggas, Gadang, Darminto dan Moch Dzulkiron. 2013. Pengaruh Faktor Mikro dan Faktor Makro Ekonomi

Terhadap Harga Saham Perusahaan Mining And Mining Services yang Terdaftar di Bursa Efek Indonesia. Administrasi Bisnis. Vol. 6 No. 2

Gunawan, Iwan (2012). Krisis Eropa dan Dampaknya bagi Indonesia. akses 3 Januari 2014 dari

www.digilib.unpas.ac.id

Hardanto, Sulad S. 2006. Manajemen Resiko Bagi Bank Umum. Jakarta: Elexmedia

Ifuero Osad Osamwonyi and Esther Ikavbo Evbayiro-Osagie. 2012. The Relationship between Macroeconomic

Variables and Stock Market Index in Nigeria.

Madura, Jeff. 2000. International Financial Management. Jakarta: Erlangga

Mankiw, N. Gregory. 2006. Pengantar Ekonomi Makro, Edisi Tiga. Penerjemah Chriswan Sungkono. Jakarta:

Salemba Empat

Mirza Vejzagic dan Hashem Zarafat. 2013. Relationship between Macroeconomic Variables and Stock Market

Index: Co-Integration Evidence from FTSE Bursa Malaysia Hijrah Shariah Index.

Mohamed, Wisam, Aris dan Fouad. 2009. Effects of Macroeconomic Variables on Stock Prices in Malaysia: An

Approach of Error Correction Model.

Emrah Ozbay. 2009. The Relationship Between Stock Returns And Macroeconomic Factors: Evidence From

Turkey.

Rowland dan Mikail. 2013. Analisis Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah

Indonesia.

Yahya, Fidlizan, Fauzi dan Salwah. 2012. Macroeconomic Variables and Malaysian Islamic Stock Market: A Time

Series Analysis.

Prabowo, Dimas. 2013. Analisis Pengaruh Inflasi, Sertifikat Bank Indonesia Syariah (SBIS), dan Jumlah Uang

Beredar (JUB), terhadap Indeks Syariah yang terdaftar di Indeks Saham Syariah Indonesia (ISSI). Skripsi. UIN Syariaf Hidayatullah Jakarta

Reka, Danika. Noer Azam dan Hendro Sasongko. 2014. Analisis Fundamental, Teknikal dan Makroekomoni

Harga Saham Sektor Pertanian. Jurnal Manajeman dan Kewirausahaan. Vol 16, No. 2, 175 – 184.

Sania Ashraf, Rajasekar, dan Malabika Deo. 2013. Are There any Dynamic Interaction of Shariah Index With

Macro Economic Indicators? – An Empirical Analysis of Indian Stock Market.

Sawidji Widoatmodjo. 2007. Cara Sehat Investasi Dipasar Modal, Edisi 4, Percetakan PT Gramedia, Jakarta.

Siti Aisiyah Suciningtias, Rizki Khoiroh. 2015. Analisis Dampak Variabel Makroekonomi terhadap Indeks Saham

Syariah Indonesia (ISS). Jurnal CBAM Unissula. Vol 2 No.1, 399-412

Sukirno, Sadono. 2006. Makro Ekonomi Teori Pengantar. Jakarta: PT Raja Grafindo Persada

Sunariyah, 2006, Pengantar Pengetahuan Pasar Modal, Edisi Kelima, UPP STIM YKPN, Yogyakarta

Syahrir. Analiss Bursa Efek. PT Gramedia Pustaka Utama. Jakarta: 1995

Tandelilin, Eduardus. 2010. Portofolio dan Investasi – Teori dan Aplikasi. Yogyakarta: Kanisius




DOI: https://doi.org/10.21107/mediatrend.v11i2.1441



Copyright (c) 2016 Media Trend

Creative Commons License

Mediatrend © 2015 - Journal of Economic & Development Studies | Development Economics Program - Faculty of Economics and Bussiness, Trunojoyo University
DESKRIPSI GAMBAR DESKRIPSI GAMBAR