The Impact of Oil Price and Other Macroeconomic Variables on The Islamic and Conventional Stock Index in Indonesia

Authors

  • Muhammad Syafii Antonio Tazkia Islamic University College
  • Aam S. Rusydiana SMART Indonesia
  • Wahyu Sugeng Imam Soeparno University of Sumatera Utara
  • Lina Nugraha Rani FEB Airlangga University
  • Wahyu Ario Pratomo University of Sumatera Utara
  • Abdillah Arif Nasution Universitas Sumatera Utara, Indonesia

DOI:

https://doi.org/10.32479/ijeep.10911

Abstract

The Islamic capital market plays an important role in the growth of the economy in Indonesia. During its development, the performance of the stock index in a country is often influenced by other stock indices in other countries. This study tries to analyze dependance of macroeconomic variable towards JII and IHSG price, using Autoregression Distributed Lag (ARDL). The results show that the Consumer Price Index (CPI) and exchange rate (EXC) significantly affect the movement of the JII and IHSG price index. This indicates that the movement of the JII and IHSG index in the short term is influenced by domestic production and exchange rate. Furthermore, the results of the research show a little uniqueness in the crude oil price (COP) variable.

Keywords: ARDL, Macroeconomic, Oil price, Islamic stock

JEL Classifications: E44, F41, Q43

DOI: https://doi.org/10.32479/ijeep.10911

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Published

2021-08-20

How to Cite

Antonio, M. S., Rusydiana, A. S., Soeparno, W. S. I., Rani, L. N., Pratomo, W. A., & Nasution, A. A. (2021). The Impact of Oil Price and Other Macroeconomic Variables on The Islamic and Conventional Stock Index in Indonesia. International Journal of Energy Economics and Policy, 11(5), 418–424. https://doi.org/10.32479/ijeep.10911

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