ANALISA PENGARUH NILAI TUKAR, INFLASI, SUKU BUNGA DAN SERTIFIKAT BANK INDONSIA SYARIAH TERHADAP INDEKS SAHAM SYARIAH INDONESIA

Sari

Abstract:  This study aims to determine the effect of kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates on the Indonesian Sharia Stock Index. The data used in this study is in the form of panel data using a sample of 26 companies listed on the Indonesian Sharia Stock Index for 2017-2021. The data analysis technique in this study uses panel data analysis with the Fixed Effect Model. The results of the study show that simultaneously the kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index. This is based on the results of the F test, namely the calculated F value > F table (47.86140> 2.44) with a prob level (F-Statistic) of 0.000 using an α level of 0.05 or 5%. While partially the exchange rate and inflation have no effect on the Indonesian Sharia Stock Index, however, interest rates and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index.

Keywords: Indonesian Sharia Stock Index, Exchange Rates, Inflation, Interest Rates, Bank Indonesia Sharia Certificates