Pengaruh Sertifikat Bank Indonesia Syariah (SBIS), Indeks Harga Saham Gabungan (IHSG), dan Pertumbuhan Ekonomi terhadap Indeks Saham Syariah Indonesia (ISSI) Selama 2019 - 2023

Abstract

This research is to find out how influential the Sharia Bank Indonesia Certificate, Composite Stock Price Index, and Economic Growth are on the Indonesian Sharia Stock Index both in the long term and short term on the Indonesian Sharia Stock Index during 2019-2023. The method in this study is to answer the doubts of Islamic stock investors. This type of research is quantitative research using secondary data consisting of monthly data during 2019-2023 from the ISSI, SBIS, JCI and Economic Growth variables. The analysis method used is the ECM analysis method with the stages of Stationarity Test, Cointegration Test, Long Term Test, Short Term Test, Normality Test, Heteroscedasticity Test, Multicollinearity Test, Autocorrelation Test The data processing is done using the eviews 12 application. From the research results, the Bank Indonesia Syariah Certificate (SBIS) has no significant effect on the Indonesian Sharia Stock Index (ISSI) during 2019- 2023 because the long-term test results produce a t-statistic value of -0.279799 with a probability of 0.7807 and short-term testing produces a t-statistic value of - 0. 033969 with a probability of 0.9730. Composite Stock Price Index (JCI) has a significant effect on the Sharia Stock Index (ISSI) during 2019-2023 because the long-term test results produce a t-statistic value of 13.97277 with a probability of 0.0000 and short-term testing produces a t-statistic value of 13.033378 with a probability of 0.0000. Economic Growth has no significant effect on the Indonesia Sharia Stock Index (ISSI) during 2019-2023 because the long-term test results produce a t-statistic value of -0.690139 with a probability of 0.4930 and short- term testing produces a t-statistic value of -1.982565 with a probability of 0.0524.