ANALISIS PENGARUH SUKU BUNGA SBI, UANG BEREDAR, INFLASI DAN NILAI TUKAR TERHADAP INDEKS HARGA SAHAM JAKARTA ISLAMIC INDEX (JII) PERIODE 2009-2014

Hafidz Ash-Shidiq, Aziz Budi Setiawan

Abstract


ABSTRAK: Penelitian ini bertujuan untuk menganalisis pengaruh antara suku bunga SBI, jumlah uang beredar (m2), inflasi dan nilai tukar rupiah IDR/USD terhadap Jakarta Islamic Index di Bursa Efek Indonesia, dengan periode pengamatan selama Januari 2009 – Desember 2014. Data yang digunakan dalam penelitian ini merupakan data yang terdiri dari data bulana. Metode analisis yang digunakan adalah analisis regresi berganda. Pengolahan data tersebut dilakukan dengan menggunakan Eviews 7. Hasil penelitian menunjukkan bahwa secara parsial suku bunga SBI, jumlah uang beredar (m2), dan inflasi tidak berpengaruh signifikan terhadap JII. Sedangkan nilai tukar rupiah mempunyai pengaruh negatif signifikan terhadap JII. Hasil uji koefisien determinasi menunjukkan bahwa nilai Adjusted R-Square 33,37%. Secara simultan perubahan variabel suku bunga SBI, jumlah uang beredar (m2), inflasi dan nilai tukar rupiah berpengaruh positif signifikan terhadap Jakarta Islamic Indek (JII).

Kata Kunci: Jakarta Islamic Indek (JII), Inflasi, suku bunga SBI, nilai tukar rupiah IDR/USD, jumlah uang beredar (m2)

ABSTRACT: The purpose of this research was to analyze the influence of interest rate of SBI, money supply (m2), inflation and rupiah exchange rate on the Jakarta Islamic Index in Indonesia Stock Exchange, with the observation period during January 2009 – Desember 2014. The data used in this study is a quantitative secondary data consisting of monthly data. The analysis method used is multiple linear regression analysis, clasical assumption test, and determination coefficient test. Data processing was performed using Eviews 7. The result showed that partially interest rate of SBI, money supply (m2), and inflation not influenced significant to the JII. Meanwhile, rupiah exchange rate have a negative effect and significant to the JII. The test results showed that the value of the coefficient of determination Adjusted R Square 33,37%. Simultaneously variables interest rate of SBI, money supply (m2), inflation and rupiah exchange rate movement have a positive significant effect to the Jakarta Islamic Index (JII).

Keywords: Jakarta Islamic Index, Inflation, interest rate of (SBI), Exchange rate, and Money suply (M2)


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DOI: https://doi.org/10.46899/jeps.v3i2.158

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