The Analysis of Macroeconomic Factors in The Sharia Stock Index Performance: Comparison Between Indonesia and Malaysia
Abstrak
Penelitian ini bertujuan untuk mengetahui pengaruh faktor ekonomi makro terhadap kinerja indeks saham syariah di Indonesia dan Malaysia selama periode 2013-2018. Sumber data penelitian ini adalah sekunder. Data yang dikumpulkan menggunakan metode dokumentasi dan dianalisis menggunakan beberapa regresi linier dengan program EVIEWS 8. Hasil dari penelitian ini bahwa nilai tukar tidak berpengaruh terhadap kinerja indeks saham syariah di Indonesia, sedangkan nilai tukar memiliki pengaruh negatif terhadap kinerja indeks saham syariah di Malaysia, artinya pengaruh negatif tersebut mendukung ketika mata uang mengalami depresiasi, sehingga akan menaikkan ekspor yang dilakukan oleh perusahaan eksportir. Inflasi tidak mempengaruhi kinerja indeks saham syariah di Indonesia, meskipun di Malaysia, inflasi memiliki pengaruh positif terhadap kinerja indeks saham syariah, artinya inflasi yang meningkat akan meningkatkan indeks harga saham. Suku bunga dan Indeks produksi tidak memiliki pengaruh pada kinerja indeks saham syariah di Indonesia dan Malaysia.
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