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Monetary Instruments Against the Indonesian Sharia Stock Index: Moderation in Gross Domestic Product

Efficient: Indonesian Journal of Development Economics · Vol. 8 No. 3 (2025) · hlm. 369–377

DOI
10.15294/efficient.v8i3.29533
ISSN
2655-318X, 2655-6197
Terbit
2025-12-05
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

The Indonesian Sharia Stock Index (ISSI) is an indicator that represents the price performance of all sharia-compliant stocks listed on the Indonesia Stock Exchange (IDX). Over the past three years, ISSI capitalization has experienced significant growth. However, this development is still influenced by the dynamics of external factors, particularly macroeconomic variables such as inflation, the IDR exchange rate, and the BI 7-Day Reverse Repo Rate (BI 7-Day RR). The purpose of this study is to analyze the effect of inflation, the IDR exchange rate, and the BI 7-Day RR on the ISSI and to examine the role of GDP in moderating this relationship. The study uses a quantitative associative approach with Indonesian time series data for the 2021–2023 period. Analysis techniques include classical assumption testing, multiple linear regression with a Moderated Regression Analysis (MRA) approach, and hypothesis testing. The results indicate that inflation has no significant effect on the ISSI. Conversely, the IDR exchange rate and the BI 7-Day RR were shown to have a significant effect on the ISSI. Other findings indicate that GDP strengthens the influence of the IDR exchange rate and the BI 7-Day RR on the ISSI, but does not moderate the relationship between inflation and the ISSI.

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  • State University of Semarang
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Rekan penulisOrganisasiArtikel bersama
Latifatul Muta’arofahState University of Semarang1
Budi PrasetiyoState University of Semarang1
Barokah IsdaryantiState University of Semarang1
Isti HidayahState University of Semarang1
Lyna LatifahState University of Semarang1
Prasetyo Ari BowoState University of Semarang1
KarsinahState University of Semarang1
Sucihatiningsih Dian Wisika PrajantiState University of Semarang1
Shanty OktaviliaState University of Semarang1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/efficient/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Monetary Instruments Against the Indonesian Sharia Stock Index: Moderation in Gross Domestic Product</dc:title>
	<dc:creator xml:lang="en">Fitrianingsih, Dwi</dc:creator>
	<dc:creator xml:lang="en">Fafurida</dc:creator>
	<dc:subject xml:lang="en">Indonesian Sharia Stock Index</dc:subject>
	<dc:subject xml:lang="en">Inflation</dc:subject>
	<dc:subject xml:lang="en">IDR Exchange Rate</dc:subject>
	<dc:subject xml:lang="en">BI 7-Day Repo Rate</dc:subject>
	<dc:subject xml:lang="en">GDP</dc:subject>
	<dc:description xml:lang="en">The Indonesian Sharia Stock Index (ISSI) is an indicator that represents the price performance of all sharia-compliant stocks listed on the Indonesia Stock Exchange (IDX). Over the past three years, ISSI capitalization has experienced significant growth. However, this development is still influenced by the dynamics of external factors, particularly macroeconomic variables such as inflation, the IDR exchange rate, and the BI 7-Day Reverse Repo Rate (BI 7-Day RR). The purpose of this study is to analyze the effect of inflation, the IDR exchange rate, and the BI 7-Day RR on the ISSI and to examine the role of GDP in moderating this relationship. The study uses a quantitative associative approach with Indonesian time series data for the 2021–2023 period. Analysis techniques include classical assumption testing, multiple linear regression with a Moderated Regression Analysis (MRA) approach, and hypothesis testing. The results indicate that inflation has no significant effect on the ISSI. Conversely, the IDR exchange rate and the BI 7-Day RR were shown to have a significant effect on the ISSI. Other findings indicate that GDP strengthens the influence of the IDR exchange rate and the BI 7-Day RR on the ISSI, but does not moderate the relationship between inflation and the ISSI.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-12-05</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/efficient/article/view/29533</dc:identifier>
	<dc:identifier>10.15294/efficient.v8i3.29533</dc:identifier>
	<dc:source xml:lang="en">Efficient: Indonesian Journal of Development Economics; Vol. 8 No. 3 (2025); 369-377</dc:source>
	<dc:source>2655-318X</dc:source>
	<dc:source>2655-6197</dc:source>
	<dc:source>10.15294/pjseyt07</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/efficient/article/view/29533/7985</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Efficient: Indonesian Journal of Development Economics</dc:rights>
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