Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham di Jakarta Islamic Indexs (JII) Periode 2017-2021

In'am Aulia Akbar; Citra Mulya Sari

doi:10.29040/jap.v24i1.7364

Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham di Jakarta Islamic Indexs (JII) Periode 2017-2021

In'am Aulia Akbar, Citra Mulya Sari

Abstract

This study aims to analyze the effect of macroeconomic variables on the stock price index in the Jakarta Islamic Indexs (JII) for the 2017-2021 period. This research uses a quantitative approach and belongs to the type of associative research. The population in this study is the Jakarta Islamic Index (JII) data, inflation, the BI 7-Day repo rate, changes in the IDR/USD exchange rate and the money supply (M2). The sampling technique used in this research is purposive sampling. The d This study aims to analyze the effect of macroeconomic variables on the stock price index in the Jakarta Islamic Indexs (JII) for the 2017-2021 period. This research uses a quantitative approach and belongs to the type of associative research. The population in this study is the Jakarta Islamic Index (JII) data, inflation, the BI 7-Day repo rate, changes in the IDR/USD exchange rate and the money supply (M2). The sampling technique used in this research is purposive sampling. The data used as a sample is the Jakarta Islamic Index (JII) closing price data and all research variable data using monthly data, so that 60 observation periods are obtained from January 2017 to December 2021. The data analysis technique used is multiple linear regression analysis. The results of this study indicate that inflation and the BI 7-Day repo rate partially have a significant negative effect on the Stock Price Index in the Jakarta Islamic Indexs (JII) for the 2017-2021 period. While the IDR/USD Exchange Rate and the Total Money Supply partially have a significant positive effect on the Stock Price Index in the Jakarta Islamic Indexs (JII) for the 2017-2021 Period. Based on the results of the f-test of inflation variables, the BI 7-Day repo rate, the IDR/USD exchange rate and the money supply (X4) simultaneously have a significant effect on the Stock Price Index in the Jakarta Islamic Indexs (JII) for the 2017-2021 period with a determinant coefficient of 81.1 %.

Keywords

Keywords: Macroeconomic Variables, Jakarta Islamic Indexs.

References

Abidzar, Raka, and Al Ghifari. “Analisis Pengaruh Variabel Makroekonomi terhadap Jakarta Islamic Index Analysis of the Influence of Macroeconomic Variables on Jakarta Islamic Index” 2, no. 1 (2021): 75–83.

Amna Mawardi. “Pengaruh Nilai Tukar, Tingkat Bunga, Inflasi, dan Jumlah Uang Beredar Terhadap Indeks Harga Saham Sektor Keuangan Di Bursa Efek Indonesia (BEI).” Jurnal Ekonomi dan Bisinis 9, no. 1 (2018).

Andi Soemitra. Bank Dan Lembaga Keuangan Syariah. Jakarta: Prenada Media Group, 2010.

Arfianto, Mochamad Husin Rahman dan Erman Denny. “Analisis Pengaruh Variabel Leading Economic Indicator (LEI) dan Coincident Economix Indicator (CEI) terhadap Return Saham Jakarta Islamic Index (JII).” Diponegoro Journal of Management 5, no. 1 (2016).

Arif Afendi. “Pengaruh Variabel Makro Ekonomi terhadap Indeks Saham di Jakarta Islamic Index (JII) (Periode 2012-2016).” SEGMEN Jurnal Manajemen dan Bisnis 13, no. 2 (2017): 48–72.

Arif, Dody. “Pengaruh Produk Domestik Bruto, Jumlah Uang Beredar, Inflasi Dan Bi Rate Terhadap Indeks Harga Saham Gabungan Di Indonesia Periode 2007 – 2010.” Jurnal Ekonomi Bisnis 19, no. 3 (2014).

Beik, Irfan Syauqi, and Sri Wulan Fatmawati. “Pengaruh Indeks Harga Saham Syariah Internasional dan Variabel Makro Ekonomi Terhadap Jakarta Islamic Index.” Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah 6, no. 2 (2014): 155–178.

Exchang, Indonesia Stock. Uku Panduan Indeks Harga Saham Bursa Efek Indonesia. Jakarta: Indonesia Stock Exchange Building, 2010.

Gujarati. Dasar-Dasar Ekonometrika Jilid I. Jakarta: Erlangga, 2006.

Hakim, M Z. “Pengaruh Makro Ekonomi terhadap Indeks Saham di Jakarta Islamic Index (JII).” Journal on Islamic Economics 6, no. 2 (2020): 194–206.

Herlambang, Ayu Tri utami & Leo. “Pengaruh Variabel Makro Ekonomi terhadap Indeks Jakarta Islamic Index (JII) Periode Januari 2010 Hingga November 2015.” Jurnal Ekonomi Syariah Teori dan Terapan 3, no. 1 (2016): 70–84.

Jogiyanto, M. Teori Portofolio Dan Analisis Investasi. Yogyakarta: BPFE, 2007.

Khalwaty, Tajul. Inflasi Dan Solusinya. Jakarta: Gramedia Pustaka Utama, 2000.

Khudratillah, Nur Imanah. “Pengaruh Variabel Makro Ekonomi Terhadap Pergerakan Indeks di Bursa Efek Indonesia: Perbandingan Indeks LQ45 dengan Jakarta Islamic Index.” STIE Perbanas Surabaya (2015).

Lutfiana, Ilma Mufidatul. “Kontribusi Inflasi, Suku Bunga, Kurs, Produk Domestik Bruto terhadap Harga Saham Kelompok Jakarta Islamic Index di Indonesia Periode 2007-2015.” An-Nisbah: Jurnal Ekonomi Syariah 4, no. 1 (2017).

Mishkin, Frederic. Ekonomi Uang, Perbankan, dan Pasar Keuangan. Edisi Sembilan,. Jilid 2. Jakarta: Salemba Empat, 2008.

Muksal, M. “Analisis Faktor-Faktor yang Mempengaruhi Harga Saham Syariah (Studi pada Pasar Sekunder Jakarta Islamic Index (JII) Tahun 2009-2013).” Jurnal Akad 1, no. 1 (2016).

Nisa, Nining Khoirun dan Raditya Sukmana. “Analisis Pengaruh Variabel Makroekonom iterhadap Jakarta Islamic Indeks (JII) Periode 2007-2015.” Jurnal Ekonomi Syariah Teori dan Terapan 4, no. 6 (2017): 449–463.

Nur Wulan, Anyta. “Analisis Pengaruh Indikator Makroekonomi terhadap Indeks Harga Saham Syariah di Indonesia Tahun 2011-2020.” Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking 4, no. 2 (2020): 59.

PT Bursa Efek Indonesia, dalam https://www.idx.co.id/idxsyariah/.

Ridha, Muhammad Rasyid, and Harmaini Harmaini. “Pengaruh Inflasi, Bi Rate, Kurs dan Indeks Dow Jones Industrial Average terhadap Jakarta Islamic Index (JII).” Media Ekonomi 25, no. 2 (2019): 87–92.

Siregar, Lia Vebrina. “Analisis Pengaruh Variabel Makro Ekonomi dan Reksadana terhadap Indeks Saham Syariah Pada Jakarta Islam Indeks (JII).” Jurnal JESKaPe 2, no. 2 (2018): 13–24.

Sugiyono. Metode Penelitin Kombinasi (Mixed Methods). Bandung: Alfabeta, 2015.

Sukirno, Sadono. Makro Ekonomi. 3rd ed. Jakarta: Raja Grafindo Persada, 2004.

———. Makroekonomi Suatu Pengantar. Jakarta: Rajawali Press, 2002.

Tandelin, Eduarus. Portofolio Dan Investasi Teori Dan Aplikasi. Yogyakarta: Kanisius, 2010.

Tanzeh, Ahmad. Pengantar Metode Penelitian. Yogyakarta: Teras, 2009.

Utami, Ayu Tri, and Leo Herlambang. “Pengaruh Variabel Makro Ekonomi terhadap Indeks Jakarta Islamic Index (JII) Periode Januari 2010 Hingga November 2015.” Jurnal Ekonomi Syariah Teori dan Terapan 3, no. 1 (2017): 70.

Yuliana, Indah. Investasi Produk Keuangan Syariah. Malang: UIN-Maliki Press, 2010.

DOI: http://dx.doi.org/10.29040/jap.v24i1.7364