Macroeconomic Variables and Stock Indices (Islamic and Conventional): Evidence from Indonesia

Raditya Sukmana

2017

Abstract

The aims of this study is to comprehensively investigate the influence of macroeconomic indicators to equity markets (both Islamic and conventional Indices) in Indonesia as an emerging market. It relies on the unit root and co-integration test, focusing on the period from 2003:1 to 2016:12. Two indices of Jakarta Composite Index (JKSE) and Jakarta Islamic Index (JII) are adopted and Industrial Production Index (IPI), Consumer Price Index (CPI), Money Supply (M2) and Currency Exchange (EXC) are also utilized as the determinants. The result suggests that both indices share their long run movement among the variables. IPI, and CPI seem to be following the theory by indicating positive effects on JKSE and JII.

Paper Citation

in Harvard Style

Sukmana R. (2017). Macroeconomic Variables and Stock Indices (Islamic and Conventional): Evidence from Indonesia.In 1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP, ISBN 978-989-758-315-5, pages 83-86. DOI: 10.5220/0007077200830086

in Bibtex Style

@conference{iciebp17,
author={Raditya Sukmana},
title={Macroeconomic Variables and Stock Indices (Islamic and Conventional): Evidence from Indonesia},
booktitle={1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP,},
year={2017},
pages={83-86},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0007077200830086},
isbn={978-989-758-315-5},
}

in EndNote Style

TY - CONF

JO - 1st International Conference on Islamic Economics, Business, and Philanthropy - Volume 1: ICIEBP,
TI - Macroeconomic Variables and Stock Indices (Islamic and Conventional): Evidence from Indonesia
SN - 978-989-758-315-5
AU - Sukmana R.
PY - 2017
SP - 83
EP - 86
DO - 10.5220/0007077200830086