Determinant Factor Productivity of Islamic Stock Market: Evidence From Indonesia

Alifia Tazkiya, Norma Rosyidah

Abstract


The capital market is a market for various tradable long-term financial instruments, including stock. The capital market is a means of financing for companies and other institutions (e.g. the government) and as a means of investment activity. Thus, the capital market facilitates various facilities and infrastructure for buying, selling, and other related activities. Several macroeconomic and monetary factors, such as domestic interest rates, inflation, and the rupiah exchange rate, can affect stock movements. This study aims to partially or simultaneously determine the effect of inflation, exchange rates, and domestic interest rates on the Indonesian Sharia Stock Index (ISSI) for 2014-2022. The method used is quantitative, with research data obtained from Bank Indonesia and the Financial Services Authority (OJK). The Result show that only the rupiah exchange rate positively affects the Indonesian Sharia Stock Index (ISSI). Simultaneously, the influence of the inflation rate, exchange rate and domestic interest rate did not significantly affect the Indonesian Sharia Stock Index (ISSI). Partially the inflation variable has no significant effect on ISSI, the rupiah exchange rate has no significant effect on the Indonesian Sharia Stock Index (ISSI), and the domestic interest rate affects the Indonesian Stock Price Index (ISSI). 

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References


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Proceeding International Conference of Islamic Economics and Business (ICONIEB)

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