PENGARUH RASIO FUNDAMENTAL, INDIKATOR MAKRO EKONOMI DAN COVID-19 TERHADAP RETURN SAHAM JAKARTA ISLAMIC INDEX

Avianto Nugroho, NIM.: 19208012018 (2022) PENGARUH RASIO FUNDAMENTAL, INDIKATOR MAKRO EKONOMI DAN COVID-19 TERHADAP RETURN SAHAM JAKARTA ISLAMIC INDEX. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

Preview	Text (PENGARUH RASIO FUNDAMENTAL, INDIKATOR MAKRO EKONOMI DAN COVID-19 TERHADAP RETURN SAHAM JAKARTA ISLAMIC INDEX) 19208012018_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf - Published Version Download (3MB) | Preview
	Text (PENGARUH RASIO FUNDAMENTAL, INDIKATOR MAKRO EKONOMI DAN COVID-19 TERHADAP RETURN SAHAM JAKARTA ISLAMIC INDEX) 19208012018_BAB-II_sampai_SEBELUM-BAB-TERAKHIR.pdf - Published Version Restricted to Registered users only Download (6MB) | Request a copy

Abstract

This article examines fundamental ratios, macroeconomic indicators that are described by inflation rates and GDP, as well as covid-19 on stock returns of Islamic companies incorporated which is in the Jakarta Islamic Index (JII) as long as the period before and during the covid-19 pandemic. This study uses secondary data published by the Indonesia Stock Exchange. The data is in the form of the company's fundamental financial ratios (ROE, DER, CR, PER, PBV) by adding the Covid-19 level variable and macroeconomic indicators are represented by the inflation rate (INF) and economic growth (GDP). It aims to determine its effect on stock returns, starting in the first quarter of 2019 until the third quarter of 2020. Moreover, this study uses a quantitative methodology of dynamic panel data and it uses the approach of the Generalized Method of Moments (GMM). Therefore, the results of statistical testing show that in general the independen variables represented by financial ratios are only profitability ratios, liability ratios, and company book values which have a significant effect on stock returns. On the other hand, external conditions outside of financial ratios, namely inflation and covid- 19, which have a strong positive influence on stock returns. However, GDP does not have a significant effect on company stock returns. Thus, it can be concluded that during the research period the stock returns of companies incorporated in the Jakarta Islamic Index were strongly influenced by external conditions in the form of the occurrence of Covid-19. It affected macroeconomic conditions in the form of the inflation rate created. In contrast, economic growth (GDP) had no significant effect.

Share this knowledge with your friends :

Actions (login required)

View Item