PENGARUH VARIABEL FUNDAMENTAL DAN MAKRO EKONOMI TERHADAP RETURN SAHAM SYARIAH

Abstract

This research was conducted to examine the influence of fundamental and macro economic variables on syariah stock returns. The fundamental variable is proxyed by Total Asset Turnover, Return On Equity, and Debt to Equity Ratio. While macroeconomic variables proxyed with interest rates and inflation. The object of this research is the Jakarta Islamic Index company which listed in the Indonesia Stock Exchange during the 2014 - 2016 period and selected using purposive sampling technique. The analysis method used is multiple linear regression analysis. The results showed that: (a) Total asset turnover did not influenced the return of syariah stocks. Sales activity information is not an investor's consideration in determining investment options. (b) Return on equity has a positive influence on syariah stock returns. High earnings can improve the welfare of shareholders through the return given by the company. (c) Debt to equity ratio has no influence on syariah stock return. Investors do not pay attention to where the company's capital comes from. (d) The interest rate has no influence on syariah stock return. The financial condition of the company guarantees the return to be obtained by investors, so that investors do not transfer their investment from stock to deposit. (e) Inflation has a positive influence on syariah stock returns. High inflation will make investors avoid excessive consumption and divert their funds on stock investments.
Keywords: Total Asset Turnover, Return On Equity, Debt to Equity Ratio, Interest Rate, Inflation