Pengaruh Kepercayaan Masyarakat dan Nilai Tukar Rupiah Terhadap Indeks Saham Syariah Indonesia Periode 2020-2025
Keywords:
Indonesia Sharia Stock Index (ISSI), Public Confidence, Rupiah Exchange Rate, Consumer Confidence Index (CCI)
Abstract
The movement of the Indonesia Sharia Stock Index (ISSI) is influenced by various factors, including public confidence and the rupiah exchange rate. This study aims to analyze the effect of public confidence, as measured by the Consumer Confidence Index (CCI), and the rupiah exchange rate on the Indonesia Sharia Stock Index (ISSI) during the 2020–2025 period. This research employed a quantitative approach with an associative research design. The study used 72 monthly secondary data observations obtained from the Indonesia Stock Exchange and Bank Indonesia. Data were analyzed using EViews 14 through stationarity tests, cointegration tests, classical assumption tests, and multiple linear regression analysis with the HAC (Newey-West) method. The results indicate that, partially, public confidence and the rupiah exchange rate have a positive and significant effect on the ISSI. Simultaneously, both variables also have a significant effect on the ISSI, with an Adjusted R² value of 0.545. These findings indicate that psychological factors and macroeconomic conditions play an important role in the movement of the Indonesia Sharia Stock Index
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Indartini, Mintarti, and Mutmainah. Analisis Data Kuatitatif Uji Instrumen, Uji Asumsi Klasik, Uji Korelasi Dan Regresi Linier Berganda. Editor Hartirini Warnaningtyas. Klaten: Lakeisha, 2024.
Itzhak Venezia. Behavioral Finance: A Novel Approach. Edited by Itzhak Venezia. London: World Scientific Publishing Company, 2020.
Izmuddin, Izz, and Awwaluddin. Indeks Saham Syariah Di Pasar Modal (Analisis Investasi Di Bursa Efek Indonesia). Editor Alfin and Aidil. Bukittinggi: Wade Group National Publishing, 2022.
Machali, Imam. Metode Penelitian Kuantitatif: Panduan Praktis Merencanakan, Melaksanakan Dan Analisis Dalam Penelitian Kuantitatif. Editor Abdau Qurani Habib. Yogyakarts: Fakultas Ilmu Tarbiyah dan Keguruan Universitas Islam Negeri (UIN) Sunan Kalijaga Yogyakarta, 2021.
Masdjojo, Gregorius Nasiansenus, Pancawati Hardiningsih, and Sunarto. Panduan Praktis Pengolahan Data Riset Manajemen (Teori, Aplikasi, Dan Pendekatan Modern). Edited by Novianti Pratiwi. Lamongan: CV Detak Pustaka, 2026.
Purba, Bonaraja, Dewi Suryani Purba, Pratiwi Bernadetta Purba, Pinondang Nainggolan, Elly Susanti, and Dkk. Ekonomi Internasional. Editor Ronal Watrianthos and Janner Simarmata. Medan: Yayasan Kita Menulis, 2021.
Sahir, Syafrida Hafni. Metodologi Penelitian. Editor Try Koryati. Bantul: Penerbit Kbm Indonesia, 2022.
Sitinjak, Elizabeth Lucky Maretha, Kristiana Haryanti, Widuri Kurniasari, and Wisnu Djati. Manajemen Keuangan Terapan: Keperilakuan Keuangan, Personaliti, Valuasi Bisnis & Strategi Investasi Investor Individu. Semarang: Universitas Katolik Soegijapranata, 2019.
Sugiyono. Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Editor Sutopo. Bandung: ALFABETA, 2020.
Syaifuddin, Dedy Takdir, Buyung Sarita, and Sri Wiyati Maharini. Manajemen Keuangan Internasional (Suatu Pengantar). Editor Ibnu Hajar. Yogyakarta: Kurnia Global Diagnosita, 2015.
Bannigidadmath, Deepa. “Consumer Sentiment and Indonesia’s Stock Returns.” Buletin Ekonomi Moneter Dan Perbankan/Monetary and Banking Economics Bulletin 23 (2020). https://doi.org/10.21098/bemp.v23i0.1194.
Fadhel, Rizki, Fajri Adrianto, and Mohamad Fany Alfarisi. “Analisis Sentimen Investor Terhadap Kinerja Saham Syariah Di Indonesia Selama Masa Pandemi Covid 19.” Owner: Riset & Jurnal Akuntansi 6 (2022). https://doi.org/https://doi.org/10.33395/owner.v6i4.1183 Analisis.
Fama, Eugene F. “Efficient Capital Markets: II.” The Journal of Finance 46, no. 5 (1991). https://doi.org/10.1111/j.1540-6261.1991.tb04636.x.
Hairunnisa, Siti Maysaroh, and Melati. “Pengaruh Inflasi Dan Nilai Tukar Rupiah Terhadap Pergerakan Harga Saham Pada Indeks Saham Syariah Indonesia (ISSI).” Jurnal Perbankan Syari’ah 3, no. 01 (2021).
Handayani, Tias. “Determinasi Indeks Keyakinan Konsumen Terhadap Kondisi Perekonomian Indonesia.” Veteran Economics, Management, & Accounting Review 4, no. 1 (2025). https://doi.org/10.59664/vemar.v4i1.12463.
Hidayat, Achmad, Novi Mubyarto, Ahmad Husein Ritonga, and Zeni Sunarti. “Indeks Saham Syariah Indonesia: Pengaruh Faktor Makro Ekonomi Di Masa Pendemi Dan Pasca Pendemi.” Jurnal Ilmiah Ekonomi Islam 9, no. 03 (2023). https://doi.org/http://dx.doi.org/10.29040/jiei.v9i3.10826 1.
Katmas, Ekarina, and Nur Aisyah Indarningsih. “The Effect of BI Interest Rate, Exchange Rate, And Inflation On The Indonesian Sharia Stock Index (ISSI).” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) 5, no. 2 (2022).
Keynes, John Maynard. A Tract on Monetary Reform. Cosimo Classics, 1923.
Khairulanam, Panji Ahmad, Parno, Angrum Pratiwi, and Tika Parlina. “Pengaruh Nilai Tukar Rupiah Dan Bi 7 Days Repo Rate Terhadap Indeks Saham Syariah Indonesia ( Periode 2016-2019 ).” Borneo Islamic Finance And Economics 1, no. 1 (2021).
Mulatsih, Srie Nuning, and Ulfa Septiani. “Unraveling The Role Of Exchange Rates: Bridging Gold and Oil Prices To Indonesia’s Sharia Stock Index.” Jurnal Keuangan Dan Perbankan Syariah 13, no. 1 (2025). https://ejournal.uin-malang.ac.id/index.php/eldinar/article/view/31714/pdf.
Ningrum, Anisa Risqi Cahya, Ragil Satria Wicaksana, Farah Nur Sya?’ah Wijayanti, and Ratih Purbowisanti. “Investment Decision Making for Indonesian Gen Z in the Islamic Capital Market.” Jurnal Ekonomi Syariah Indonesia (JESI) 15, no. 1 (2025). https://doi.org/10.21927/jesi.3124.348.
Norlatifah, and Sri Maulida. “Faktor-Faktor Yang Mempengaruhi Indeks Saham Syariah Indonesia (Issi) Dalam Jangka Panjang Dan Jangka Pendek Tahun 2019-2023.” Diponegoro Journal of Islamic Economics and Business 5, no. 2 (2025). https://ejournal2.undip.ac.id/index.php/djieb/index%0AFAKTOR-FAKTOR.
Nurlaila, Zakiah, Made Susilawati, and Desak Putu Eka Nilakusmawati. “Penerapan Metode Newey West Dalam Mengoreksi Standar Error Ketika Terjadi Hereroskedastisitas Dan Autokorelasi Pada Analisis Regresi.” E-Jurnal Matematika 6, no. 1 (2017).
Nurosid, Iqbal, Misfi Rohmi, Thoyibatun Nisa, and Hanna Hilyati Aulia. “Analisis Pengaruh Inflasi , Kurs Dan BI Rate Terhadap Indeks Saham Syariah Indonesia 2019-2024.” Jurnal Disrupsi Bisnis 9, no. 1 (2026). http://dx.doi.org/10.32493/drb.v9i1.55123.
Ritonga, Nailan Saada, and Muhammad Hafizh. “Dampak Perubahan Indeks Saham Syariah Global Terhadap Indeks Saham Syariah Indonesia.” Jurnal Manajemen Keuangan Syariah 9, no. 1 (2025). https://doi.org/10.32505/ihtiyath.v9i1.11571.
Sari, Linda, Imam Asngari, and Yunisvita. “Determinan Variabel Makroekonomi Terhadap Indeks Saham Syariah Indonesia.” Jurnal Informatika Ekonomi Bisnis 7, no. 1 (2025). https://doi.org/10.37034/infeb.v7i1.1079.
Shiller, Robert J. “Dari Teori Pasar Efisien Hingga Perilaku Keuangan” 17, no. 1 (2003).
Bank Indonesia. Metadata Survei Konsumen. Bank Indonesia, 2022.
Bursa Efek Indonesia (BEI). “Indeks Saham Syariah.” Jakarta: Bursa Efek Indonesia, 2024. Accessed January 13, 2026. https://www.idx.co.id/id/idx-syariah/indeks-saham-syariah.
Hadinata, Harris. “Mengukur Pengaruh Peningkatan Indeks Keyakinan Konsumen Ke Pasar Saham.” kontan.co.id, 2020. Accessed January 7, 2026. https://kolom.kontan.co.id/news/mengukur-pengaruh-peningkatan-indeks-keyakinan-konsumen-ke-pasar-saham.
Published
2026-09-30
How to Cite
Widia Syafa’ah, N., Kurniawan, B., & Ana Siregar, F. (2026). Pengaruh Kepercayaan Masyarakat dan Nilai Tukar Rupiah Terhadap Indeks Saham Syariah Indonesia Periode 2020-2025. JOURNAL OF SHARIA ECONOMICS, 6(1), 317-337. https://doi.org/10.35896/jse.v6i1.1411
Section
Articles
