Open AccessTHE EFFECT ANALYSIS OF MACRO-ECONOMIC VARIABLES TOWARD INDONESIAN ISLAMIC STOCKS RETURN
Author(s) -
Muhammad Zilal Hamzah,
Tubagus Irmansah,
Isnaini Mukti Azis
Publication year - 2018
Publication title -
indonesian management and accounting research/(imar) indonesian management and accounting research
Language(s) - English
Resource type - Journals
eISSN - 2442-9724
pISSN - 1411-8858
DOI - 10.25105/imar.v13i2.1158
Subject(s) - indonesian , islam , stock (firearms) , economics , econometrics , panel data , index (typography) , ordinary least squares , variables , macro , financial economics , statistics , mathematics , geography , philosophy , linguistics , archaeology , world wide web , computer science , programming language
This study aims to determine the effect of macroeconomic variables on returns of Indonesian Islamic stocks (Jakarta Islamic Index). The sample data uses are returns of the Islamic stock index from 2005:01 - 2010:04. This study uses Ordinary Least Square (OLS) method and the application of panel data to assess the existence of any effect of the macroeconomic variables on stock returns of the Indonesian Islamic stocks. The results of this study exhibit that the Islamic stock returns are significant simultaneously, but insignificant partially.Keywords: macroeconomic variables, Islamic stock returns