The Effect of Sharia Bank Indonesia Certificates (SBIS), Composite Stock Price Index (JCI), and Economic Growth on the Indonesian Sharia Stock Index (ISSI) During 2019-2023

Abstract

This study aims to determine the effect of Bank Indonesia Sharia Certificates, Composite Stock Price Index, and Economic Growth on the Indonesian Sharia Stock Index both in the long term and short term on the Indonesian Sharia Stock Index during 2019-2023. 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. 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. The Jakarta Composite 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 does not have a 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 13.033378 with a probability of 0.0000.