THE EFFECT OF MACROECONOMICS VARIABLE ANALYSIS ON JAKARTA ISLAMIC INDEX’S MARKET CAPITALIZATION
Main Article Content
Khalish Khairina
The market capitalization of the Jakarta Islamix Index has continued to decline in the last five years. This can be influenced by several macroeconomic variables such as exchange rates, interest rates and Money Supply. This study aims to examine the effect of these three macroeconomic variables on the market capitalization of the Jakarta Islamix Index. This study uses a quantitative approach with secondary time series data from 2003 to 2021 which was taken from Bank Indonesia and Otoritas Jasa Keuangan. The data is processed using the Error Correction Mechanism method with the help of the Eviews application. The results show that in the long term the three independent variables have an influence on the market capitalization of the Jakarta Islamic Index which is indicated by a prob value <0.05. While in the long term, there is not a single independent variable that has an influence on the dependent variable marked with a prob value > 0.005
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