TY - GEN
T1 - Analysis of investor sentiments and macroeconomic variables effects to islamic stock index in Indonesia
AU - Wicaksonoputro, Herjuno Bagus
AU - Arundina, Tika
N1 - Publisher Copyright:
Copyright © 2018 International Business Information Management Association (IBIMA).
PY - 2018/1/1
Y1 - 2018/1/1
N2 - This study examines the level of exposure Islamic stock price indices in Indonesia to the relative change in investor sentiment index and macroeconomic factors. This study observes the influence of investor sentiment represent by Consumer Confidence Index (CCI), and several macroeconomics variables such as Indonesia Composite Index, industrial production index, consumer price index, exchange rate, money supply, and interest rates to the price of Jakarta Islamic Index. It conducts the ordinary least square (OLS) test with the monthly data from January 2006 to June 2016. Surprisingly, the study reports that CCI statistically shows significant influence in Islamic Price Index in Indonesia. This result raises the debates on sharia complaint requirement on Islamic capital market instruments since speculation is prohibited in Islam and sentiment investor allows the price to change more than the fundamental condition. Apart from that, other variables such as Indonesia Composite Index, and money supply are also found significant to affect Islamic Price Index in the case of Indonesia.
AB - This study examines the level of exposure Islamic stock price indices in Indonesia to the relative change in investor sentiment index and macroeconomic factors. This study observes the influence of investor sentiment represent by Consumer Confidence Index (CCI), and several macroeconomics variables such as Indonesia Composite Index, industrial production index, consumer price index, exchange rate, money supply, and interest rates to the price of Jakarta Islamic Index. It conducts the ordinary least square (OLS) test with the monthly data from January 2006 to June 2016. Surprisingly, the study reports that CCI statistically shows significant influence in Islamic Price Index in Indonesia. This result raises the debates on sharia complaint requirement on Islamic capital market instruments since speculation is prohibited in Islam and sentiment investor allows the price to change more than the fundamental condition. Apart from that, other variables such as Indonesia Composite Index, and money supply are also found significant to affect Islamic Price Index in the case of Indonesia.
KW - Consumer Confidence Index
KW - Investor sentiment
KW - Islamic price index return
UR - http://www.scopus.com/inward/record.url?scp=85063029053&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85063029053
T3 - Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth
SP - 2593
EP - 2602
BT - Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020
A2 - Soliman, Khalid S.
PB - International Business Information Management Association, IBIMA
T2 - 32nd International Business Information Management Association Conference, IBIMA 2018
Y2 - 15 November 2018 through 16 November 2018
ER -