DAMPAK KEBIJAKAN MAKRO EKONOMI DAN PANDEMI COVID-19 TERHADAP KINERJA SAHAM SYARIAH (ISSI)

Muhammad Itsbat Syauqie, NIM.: 22208011022 (2024) DAMPAK KEBIJAKAN MAKRO EKONOMI DAN PANDEMI COVID-19 TERHADAP KINERJA SAHAM SYARIAH (ISSI). Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

The Islamic stock market in Indonesia has shown significant growth in recent years, with the Indonesia Sharia Stock Index (ISSI) serving as a key indicator for assessing the performance of stocks based on sharia principles. However, this performance is not immune to the influence of various macroeconomic factors, including armed conflicts and the COVID-19 pandemic. Macroeconomic policies, both fiscal and monetary, play a crucial role in maintaining economic stability and growth. Variables such as taxes, the State Budget (APBN), interest rates, inflation, and Gross Domestic Product (GDP) are key elements often analyzed to understand the impact of economic policies on the stock market. On the other hand, the COVID-19 pandemic has had a detrimental impact on the global economy, including Indonesia, affecting various sectors, including the stock market. This study aims to analyze the impact of macroeconomic policies and the COVID-19 pandemic on the performance of sharia stocks (ISSI) in Indonesia. The independent variables in this study include taxes, the State Budget (APBN), interest rates (BI Rate), inflation, GDP, and COVID-19. The data used is quarterly time series data from 2015 to 2022. The analysis method applied is Ordinary Least Square (OLS), with descriptive analysis to explain the relationship between the independent variables and the dependent variable. The results of the study show that the tax variable has a significant positive effect on the performance of sharia stocks. Additionally, interest rates (BI Rate) and GDP also have a significant impact on ISSI. Conversely, the State Budget (APBN) and inflation do not show significant effects. Interestingly, the COVID-19 pandemic also does not show a significant impact on the performance of sharia stocks. These findings indicate that certain fiscal and monetary policies have a more substantial influence on the performance of sharia stocks compared to external factors such as the pandemic. Therefore, it is important for policymakers to consider tax and interest rate policies in efforts to improve the performance of the sharia stock market in Indonesia

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