Institutional Repository UIN Sunan Kalijaga YogyakartaDETERMINANS STABILITAS PASAR MODAL SYARIAH: PERAN GREEN SUKUK, FAKTOR MAKRO, DAN NON PERFORMING FINANCING (2019–2025)NIM.. 22108030105Gilar Dava FahezaauthorThis study aims to analyze the effect of green sukuk assets, Consumer Price Index (CPI) as a proxy for inflation, kurs (exchange rate), and NPF (Non-Performing Financing) on the performance stability of the Islamic capital market in Indonesia during the 2019–2025 period. The research design employs a causal associative quantitative approach. The sample consists of monthly time series data with a total of 84 observations sourced from the Financial Services Authority (OJK), Bank Indonesia, and the Central Bureau of Statistics (BPS). The data analysis method applies Multiple Linear Regression based on Natural Logarithm (LN), estimated using the Newey-West HAC correction procedure to mitigate autocorrelation issues in the model. The partial test results indicate that the kurs variable has a significant negative effect on the performance stability of the Islamic capital market at a ten percent significance level. Conversely, green sukuk assets, inflation (CPI), and the NPF ratio of Islamic banking are proven to have a non-significant partial effect. Simultaneously, all independent variables show no significant effect in the short term, with an R-squared value of 5.43%. The study concludes that the resilience of the Islamic capital market is heavily driven by external macroeconomic stability, particularly exchange rate fluctuations, while internal banking risks and green investment instruments have not yet delivered a tangible systemic impact on the market.Keuangan Syariah2026-08-10UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS EKONOMI DAN BISNIS ISLAMThesis

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