PENGARUH VARIABEL MAKRO DAN KARAKTERISTIK PERUSAHAAN TERHADAP INDEKS HARGA SAHAM DI JAKARTA ISLAMIC INDEX

Abstract

This research aims to test and determine the influence of macroeconomic variables and company characteristics on the stock price index in Jakarta Islamic Index. Macroeconomic variables include: inflation, exchange rate, and interest rate, while the company characteristics are measured by company performance using Dividend Payout Ratio (DPR), Earning Per Share (EPS), and Return On Asset (ROA) ratios. This research uses secondary data in the form of inflation data, exchange rate (kurs), and interest rate from Bank Indonesia, and annual financial statement data of companies taken using purposive sampling technique and cover 14 companies of sharia criteria during 2012-2016 period. The data analysis technique that been used is multiple linear regression analysis with using SPSS 23 (Statistical Product and Service Solutions) application tool. From the result of the test that has been done, the result of the research shows that Inflation and Exchange Rate variables have a positive influence on the stock price index, and interest rate variable has negative influence on the stock price index, while Dividend Payout Ratio (DPR), Earning Per Share (EPS), and Return On Assets (ROA) does not influenced the stock price index.
Keywords : Macro Variables, Company Characteristics, Stock Price Index, Jakarta Islamic Index.