INFLATION, THE RUPIAH EXCHANGE RATE AND THEIR IMPACT ON THE ISLAMIC SOCIAL REPORTING OF CONSUMER GOODS INDUSTRY COMPANIES LISTED IN THE INDONESIAN SHARIA STOCK INDEX (ISSI) FROM 2014-2018

Authors

  • Andini Nurwulandari Universitas Nasional Jakarta

DOI:

https://doi.org/10.15575/ijik.v9i2.12738

Keywords:

Inflation, Exchange Rate, ISSI

Abstract

Apart from serving as a forum for parties in need of funds (issuers) and those with excess funds, investment in the capital market is one of the investments currently being developed in society (investors). The Islamic capital market is a capital market that is governed by sharia principles; all securities transactions on the capital market are governed by sharia provisions. This is a quantitative study that makes use of time series data, which consists of a single object but spans multiple periods: Inflation, Rupiah Exchange Rates, and Stock Prices from 2014 to 2018. The method used is a causal and distributive historical method. The population for this study is the entirety of the Indonesian Sharia Stock Index in the Consumer Goods Industry Sector, which consists of 29 companies listed on the ISSI. The Multicollinearity Test, the Autorelation Test, the Linearity Test, and the Fixed Effect Model were used to analyze the data. This study shows that: 1) The inflation variable has a significant and significant impact on stock prices in the Indonesian Sharia Stock Index (ISSI), on the basis of results from the partial test of the first hypothesis: 2) The results of the second hypothesis partial test indicate a substantial effect on the Indonesian Sharia stock index share price of the variable Rupiah Exchange rate (ISSI).

References

Akbar, R., & Herianingrum, S. (2015). Pengaruh price earning ratio (PER), price book value (PBV) dan debt to equity ratio (DER) terhadap return saham (studi terhadap perusahaan properti dan real estate yang listing di indeks saham syariah indonesia). Jurnal Ekonomi Syariah Teori & Terapan, 2(9), 698-713.

Alam, M. M., Akbar, C. S., Shahriar, S. M., & Elahi, M. M. (2017). The Islamic Shariah principles for investment in stock market. Qualitative Research in Financial Markets.

Ardana, Y. (2016). Analisis Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah Indonesia: Periode Mei 2011-September 2015 Dengan Model Ecm. Jurnal Eksekutif, 13(1).

Bin Mahfouz, S. S., & Ahmed, H. (2014). Shariah investment screening criteria: a critical review. Journal of King Abdulaziz University: Islamic Economics, 27(1).

Darmesti, A. (2014). Pengaruh Bond Rating Terhadap Return Saham Perusahaan yang Terdaftar di Indeks Saham Syariah Indonesia (ISSI). Jurnal Akuntansi AKUNESA, 3(1).

Faishal, M., & Eng, S. (2008). Shariah compliance in real estate investment. Journal of Real Estate Portfolio Management, 14(4), 401-414.

Hartini, T. (2017). Pengujian Koalisi Debt To Equity Ratio (DER) Dan Earning Per Share (EPS) Terhadap Harga Saham (Studi Kasus Empiris Pada Perusahaan Sektor Makanan Dan Minuman Yang Terdaftar Di Indeks Saham Syariah Indonesia). I-Finance: a Research Journal on Islamic Finance, 3(1), 101-122.

Hasanudin, H. (2021). The Effect of Inflation, Exchange, SBI Interest Rate and Dow Jones Index on JCI on IDX 2013–2018. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(2), 2063-2072.

Hasanudin, H., & Awaloedin, D. T. (2020). Pengaruh Current Ratio, Debt To Equity Ratio Dan Net Profit Margin Terhadap Return Saham Pada Perusahaan Jasa Sub Sektor Telekomunikasi Yang Terdaftar Di Bei Periode 2012-2018. Jurnal Rekayasa Informasi, 9(1), 6-19.

Ibrahim, M. F., Eng, O. S., & Parsa, A. (2009). International articles: Shariah property investment in Asia. Journal of Real Estate Literature, 17(2), 231-248.

Mawaddah, T., & Nurwulandari, A. (2019). Pengaruh Indeks Klci, Sti, Set, Dan Psei (Integrasi Afta) Terhadap IHSG. Oikonomia: Jurnal Manajemen, 14(2).

Melati, M., & Nurwulandari, A. (2019). Analisis Reaksi Pasar terhadap Stock Split pada Perusahaan Bertumbuh dan Tidak Bertumbuh. Oikonomia: Jurnal Manajemen, 13(2).

Natarajan, P., & Munusamy, D. (2012). Shariah compliant stocks in India-a viable and ethical investment vehicle. Arabian Journal of Business and Management Review (AJBMR), 1(6), 50-62.

Nurwulandari, A., & Adnyana, I. (2019). Did Inter-Regional Trade Agreements Bring Mutual Benefits? An Empirical Scheme of Indonesian Commodity Exports in Asean-China Free Trade Area. International Journal of Financial Research, 10(6), 241-249.

Nurwulandari, A., Hasanudin, H., & Melati, M. (2021). Market Reactions on Corporate Actions in Growing and Nongrowing Energy Consuming Companies. International Journal of Energy Economics and Policy, 11(3), 290-295.

Prabowo, D. (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).

Sadeghi, M. (2008). Financial performance of Shariah-compliant investment: evidence from Malaysian stock market. International Research Journal of Finance and Economics, 20(8), 15-24.

Sudarsono, H. (2018). Indikator Makroekonomi dan Pengaruhnya Terhadap Indeks Saham Syariah Indonesia. Esensi: Jurnal Bisnis dan Manajemen, 8(2), 115-132.

Sulistyawati, A. I., & Indah, Y. (2017). Pengungkapan Islamic Social Reporting Pada Indeks Saham Syariah Indonesia. Akuisisi: Jurnal Akuntansi, 13(2).

Wahyudi, S., & Pangestuti, I. R. D. (2017). Managing The Pension Fund To Improve Portfolio Performance: An Empirical Study On Employer Pension Funds In Indonesia.

Wahyudi, S., Hasanudin, H., & Pangestutia, I. (2020). Asset allocation and strategies on investment portfolio performance: A study on the implementation of employee pension fund in Indonesia. Accounting, 6(5), 839-850.

Widyasa, V. I. A., & Worokinasih, S. (2018). Pengaruh Tingkat Inflasi, Nilai Tukar Rupiah, Dan Tingkat Suku Bunga Domestik Terhadapindeks Saham Syariah Indonesia (Issi)(Studi Pada Saham Syariah Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2017). Jurnal Administrasi Bisnis, 60(1), 119-128.

Wijayanto, A. (2016). Pengaruh Frekuensi Perdagangan Saham, Volume Perdagangan Saham, Kapitalisasi Pasar dan Jumlah Hari Perdagangan terhadap Return Saham (Studi pada Saham Perusahaan Dagang Eceran yang Terdaftar dalam Indeks Saham Syariah Indonesia Sebelum Sampai Sesudah Bul. Management Analysis Journal, 5(1).

Yanti, F. (2013). Pengujian Abnormal Return Saham Sebelum dan Sesudah Peluncuran Indeks Saham Syariah Indonesia (ISSI). Jurnal Manajemen, 1(01).

Downloads

Published

2019-07-05

Issue

Vol. 9 No. 2 (2019): IJIK

Section

Articles

License

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

 

Â