Pengaruh Inflasi, Jumlah Uang Beredar dan Nilai Tukar Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode 2018-2022

Abstract

The Indonesian Sharia Stock Index is a stock index that reflects all Islamic stocks that are on the Indonesian Stock Exchange and are included in the Sharia Securities List (DES). The purpose of this research is to determine the partial and joint effect of inflation, money supply and exchange rates on the Indonesian Sharia Stock Index (ISSI) for the 2018-2022 period. This type of research is quantitative research. Data collection method is done by using secondary data. The total population is 60 data so that the sample in this study was taken as many as 60 data with a non-probability sampling technique using a saturated sample. The data obtained were then processed using the IBM SPSS Version 24 tool. The analysis in this study used descriptive statistical analysis tests of research variables, classical assumption tests (normality tests, multicollinearity tests, heteroscedasticity tests, and auticorrelation tests), multiple linear regression analysis tests and hypothesis testing (t test, F test and coefficient of determination test). Based on the results of the t test, it shows that inflation, money supply and exchange rates have a partial and significant effect on the Indonesian Sharia Stock Index (ISSI). The results of the F test show that inflation, money supply and exchange rates have a simultaneous or joint and significant effect on the Indonesian Sharia Stock Index (ISSI). The result of calculating the coefficient of determination (R2) is 0.776. This means that the variables of inflation, the money supply and the exchange rate can explain their effect on the Indonesian Sharia Stock Index by 77.6% while the remaining 22.4% is explained by other variables outside the research.