THE SHORT-TERM AND LONG-TERM EFFECTS OF MACROECONOMICS AND THE COVID-19 PANDEMIC ON THE PERFORMANCE OF THE INDONESIAN SHARIA STOCK INDEX
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Abstract
This research aims to determine the short-term and long-term influence between the variables Inflation, SBI Interest Rate, Rupiah Exchange Rate, Bank Indonesia Sharia Certificate, World Oil Prices, and the Covid-19 Pandemic with the Indonesian Sharia Stock Index. This research uses a quantitative approach with multiple regression analysis techniques to analyze panel data using Eviews 10.0 software. The results of this research show that in the short term the inflation variables, SBI interest rates, Bank Indonesia Sharia Certificates (SBIS), world oil prices, and the Covid-19 pandemic do not have a significant influence on the Indonesian Sharia Stock Index. Meanwhile, in the short term, the rupiah exchange rate has a negative and significant effect on ISSI at the specified significance level. On the other hand, in the long term, the variables inflation, rupiah exchange rate, and Bank Indonesia Sharia Certificate (SBIS) do not have a significant influence on ISSI. While the SBI interest rate, world oil prices, and the Covid-19 pandemic have a significant influence on the Indonesian Sharia Stock Index (ISSI).
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