Analisis Pengaruh Makroekonomi terhadap Indeks Saham Syariah di 11 Negara OKI Periode 2014-2023

Abstract

The Islamic Stock Index is an important element in each country, especially in Islamic countries, namely in 11 OIC countries. Because it can improve the economy of a country and see the development of Islamic stock price movements. Based on existing theories and several studies that have been conducted, the Islamic stock index is generally related to several factors such as the inflation rate, economic growth, interest rates and internal factors of a company. This study aims to test and analyze the effect of inflation, economic growth and interest rates on the Islamic stock index in 11 OIC countries in 2014-2023. The type of research used in this study is descriptive quantitative while the data source used in this study is secondary data derived from the World Bank. The object of this research is 11 OIC countries. This study uses panel data with a cross section of 11 OIC countries and a time series for 10 years, starting from 2014 to 2023. The analysis method used is panel regression. The results of this study indicate that the best model is Fixed Effect. Based on the regression results, it is known that partially the independent variable interest rate has a negative and significant effect on the Islamic Stock Index. While the variables of inflation and economic growth have no influence on the Islamic stock index. Simultaneously, the independent variables, namely inflation, economic growth and interest rates, have a significant influence on the Islamic stock index in 11 OIC countries with a Prob (F-statistic) value of 0.00000 <0.05.