Pengaruh Inflasi, Pertumbuhan Ekonomi, Dan Nilai Tukar Rupiah Terhadap Harga Saham Syariah Pada Jakarta Islamic Index (JII) Di Bursa Efek Indonesia Periode 2021-2024
DOI:
https://doi.org/10.35870/jemsi.v12i5.7070Keywords:
Inflation, Economic Growth, Exchange Rate, Sharia Stock Price, Jakarta Islamic IndexAbstract
The acceleration of the Islamic capital market in Indonesia reflects a shift in the investment paradigm, where investors increasingly emphasize ethical principles and sharia compliance. The Jakarta Islamic Index (JII) serves as a crucial benchmark that captures the performance of large-cap sharia-compliant stocks, although their price movements remain susceptible to volatility driven by macroeconomic factors. Based on this phenomenon, this study aims to examine in depth the influence of inflation, economic growth, and exchange rate fluctuations on the movement of sharia stock prices in the JII during the 2021–2024 period. Adopting a quantitative approach, this research utilizes secondary data obtained from Bank Indonesia, the Central Bureau of Statistics, and the Indonesia Stock Exchange. Through panel data regression techniques, the Random Effect Model (REM) is selected as the most appropriate estimation method. The research findings indicate that, both partially and simultaneously, the variables of inflation, economic growth, and the Rupiah exchange rate do not have a significant effect on the prices of sharia-compliant stocks on the Jakarta Islamic Index (JII) for the 2021–2024 period. These results suggest that changes in macroeconomic conditions during the study period have not been able to serve as the primary factors influencing the price movements of sharia-compliant stocks. Furthermore, the low value of the coefficient of determination suggests that variations in sharia stock prices are more heavily influenced by factors outside the research model, such as corporate fundamental performance, industry conditions, market sentiment, and investors’ investment decisions.
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