MACROECONOMICS EFFECT ON CONVENTIONAL AND SHARIA STOCKS DURING THE COVID-19 PANDEMIC

Penulis

DOI:

https://doi.org/10.30659/ijibe.7.1.69-84

Kata Kunci:

macro economy, stocks, COVID-19

Abstrak

This study aims to analyze the effect of macroeconomics on conventional and sharia stocks during the COVID-19 pandemic. The data collected for this study was obtained from monthly stock index data on the Indonesia Stock Exchange (IDX) as well as macroeconomic development reports from the Ministry of National Development Planning/Bappenas. The population in this study are all conventional and sharia stocks listed on the IDX. The sampling technique was carried out using a purposive sampling method with the criteria of conventional and sharia stocks listed on the IDX for the period March 2020 to June 2021. The macro variables used in researching the Jakarta Composite Index (JCI) and the Jakarta Islamic Index (JII) consisted of four variables, which are exports, imports, inflation rate, and foreign exchange reserves. The data analysis technique used in this research is multivariate multiple linear regression analysis accompanied by simultaneous and partial testing to determine the predictor variables that affect JCI and JII. The results shows that exports and foreign exchange reserves had a significant positive effect on JCI and JII, while imports and the inflation rate did not have a significant effect. The goodness of the model is 93%.

Referensi

Alwi, I. (2013). Pasar Modal Teori dan Aplikasi. Jakarta: Nasindo Internusa.

Asmara, I.P & Suarjaya, A. (2018). Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham Gabungan, E-Jurnal Manajemen Unud, 7(3), 1397-1425.

Benny, J. (2013). Ekspor Impor dan Pengaruhnya Terhadap Cadangan Devisa Indonesia. E-Jurnal Ekonomi Pembangunan Universitas Sam Ratulangi Manado, 1(4), 1406-1415.

Budi H. (2013). Efektif Bermain Saham. Jakarta: Kompas Gramedia.

Engle, R., Ghysels, E., & Sohn, B. (2013). Stock Market Volatility And Macroeconomic Fundamentals. The Review of Economics and Statistics, 95(3), 776-797. Retrieved July 31, 2021, from http://www.jstor.org/stable/43554794

Firdaus, M. et al. (2007). Sistem Kerja Pasar Modal Syariah (Cet II). Jakarta: Renaisan.

Gumilang, C. R. dkk. (2014). Pengaruh Variabel Makro Ekonomi, Harga Emas Dan Harga Minyak Dunia terhadap Indeks Harga Saham Gabungan. Jurnal Administrasi Bisnis (JAB), 14(2), 1–9.

Halisa, N. N., & Annisa, S. (2020). Pengaruh Covid-19 , Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan Asing Terhadap Indeks Harga Saham Gabungan Indonesia ( IHSG). Jurnal Manajemen Dan Organisasi (JMO), 11(3), 170–178.

Haryanto. (2020). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan (IHSG.) The Indonesian Journal of Development Planning, 4(2), 151-165.

Hasanah, E.N.L & Panjawa. L. J. (2016). The Effectiveness Of Monetary Policy Towards Stock Index Case Studi : Jakarta Islamic Index 2006-2014. Jurnal Ekonomi Pembangunan, 17(1), 100-107.

Hidayat, T. (2011). Buku Pintar Investasi. Jakarta : Media Karta.

Husnan, Suad. (2015). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas (Edisi 5). Yogyakarta : UPPN STIM YKPN.

Indonesia Stock Exchange. (2021). IDX Monthly Statistics March 2020 – June 2021. Jakarta: BEI.

Johnson, R., & Wichern, D.W. (2007). Applied Multivariate Statistical Analysis (6th ed.). New Jersey: Pearson Prentice Hall.

Kasmir. (2014). Analisis Laporan Keuangan (edisi ke-7). Jakarta: PT. RajaGrafindo Persada.

Kementerian PPN/Bappenas.(2021). Perkembangan Ekonomi Makro Maret 2020 – Juni 2021. Jakarta: Kedeputian Bidang Ekonomi.

Mankiw, N.G. (2016). Pengantar Ekonomi Makro (Edisi 3). Jakarta: Salemba Empat.

Nurdany, et al (2021). The Asymmetric volatility of The Islamic Capital Market During The Covid 19. Journal of Islamic Monetary Economics and Finance, 7(1), 185-202.

Okada, .et al. (2020). Early transmission patterns of coronavirus disease 2019 (COVID-19) in travellers from Wuhan to Thailand. Journal Eurosurveillance, 25(8), 2000097.

Oktaviana, U.K & Wahyuni, N. (2011). Pengaruh Perubahan Komposisi Jakarta Islamic Index Terhadap Return Saham. Jurnal eL-QUDWAH, 1(5), 2-10.

Pridayanti. (2014). Pengaruh Ekspor, Impor, Nilai Tukar Rupiah terhadap Pertumbuhan Ekonomi di Indonesia Periode 2002-2012. Jurnal Universitas Negeri Surabaya, 1(1).

Purnamawati, A. (2013). Dasar-Dasar Ekspor Impor. Yogyakarta : UPP STIM YKPN.

Putra, I. Y., & Purbawati, D. (2018). Analisis Perbandingan Return Dan Risk Saham Konvensional Dan Syariah (Studi pada Jakarta Islamic Index (JII) dan IDX 30 Periode 2014-2018). Jurnal Ilmu Administrasi Bisnis, 9(1), 24-34.

Safitri, FA. (2017). Analisis Pengaruh Ekspor, Impor Dan Foreign Direct Investment (Fdi) Terhadap Indeks Harga Saham Gabungan (IHSG) Jurnal Ilmiah FEB Universitas brawijaya, 5(2).

Samsul, M. (2016). Pasar Modal & Manajemen Portofolio. Surabaya : Erlangga.

Santoso, F.K. (2016). Pengaruh Variabel Makro Ekonomi Terhadap Harga Saham Sektor Keuangan Dan Sektor Riil (Studi Kasus Pada Saham Sektor Keuangan dan Sektor Rill Tipe Big Cap, Medium Cap, Small Cap Tahun 2005 - 2016). Jurnal Ilmiah FEB Universitas brawijaya, 5(2).

Setiawan, B. (2017). Perbandingan kinerja pasar modal syariah dan konvensional: sutau kajian empiris pada pasar modal Indonesia. Jurnal Ilmiah Ekonomi Global Masa Kini, 11(1).

Sonia & Setiawina. (2016). Pengaruh Kurs, JUB, dan Tingkat Inflasi terhadap Ekspor, Impor, dan Cadangan Devisa Indonesia. E-Jurnal Ekonomi Pembangunan, 5(10).

Sutedi, A. (2014). Hukum Ekspor Impor (edisi 1). Jakarta: Raih Asa Sukses.

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta.

Tandelilin., (2017). Pasar Modal Manajemen Portofolio & Investasi. Depok: PT. Kanisius.

Tjandra, C. (2012). Analisis Valuasi Saham Menggunakan Metode Free Cash Flow To Equity Dan Dividend Discount Model (Tesis). Universitas Indonesia.

Wira, D. (2014). Jurus Cuan Investasi Saham (Edisi 3). Jakarta: Exceed.

Unduhan

Diterbitkan

2022-03-31

Terbitan

Vol 7 No 1 (2022): March 2022

Bagian

Articles

Lisensi

License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:
  • They are authorized by their co-authors to enter into these arrangements.
  • The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
  • That it is not under consideration for publication elsewhere,
  • That its publication has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
  • They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
  • They agree to the following license and copyright agreement.
Copyright
Authors who publish with IJIBE 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 License (CC BY-SA 4.0) 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.
Licensing for Data Publication
IJIBE uses a variety of waivers and licenses, that are specifically designed for and appropriate for the treatment of data:
Other data publishing licenses may be allowed as exceptions (subject to approval by the editor on a case-by-case basis) and should be justified with a written statement from the author, which will be published with the article.

Open Data and Software Publishing and Sharing
The journal strives to maximize the replicability of the research published in it. Authors are thus required to share all data, code or protocols underlying the research reported in their articles. Exceptions are permitted but have to be justified in a written public statement accompanying the article.
Datasets and software should be deposited and permanently archived inappropriate, trusted, general, or domain-specific repositories (please consult http://service.re3data.org and/or software repositories such as GitHub, GitLab, Bioinformatics.org, or equivalent). The associated persistent identifiers (e.g. DOI, or others) of the dataset(s) must be included in the data or software resources section of the article. Reference(s) to datasets and software should also be included in the reference list of the article with DOIs (where available). Where no domain-specific data repository exists, authors should deposit their datasets in a general repository such as ZENODO, Dryad, Dataverse, or others.
Small data may also be published as data files or packages supplementary to a research article, however, the authors should prefer in all cases a deposition in data repositories.

This work is licensed under a Creative Commons Attribution 4.0 International License.