The Role of Macroeconomic Factors as Moderating the Global Sharia Stock Index to the Indonesian Sharia Stock Index
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This study examined the influence of the global sharia stock index on the Indonesian sharia stock index considering macroeconomic factors and their moderating role. The Global sharia Stock Index in this study used the Dow Jones sharia Market Index and the FTSE Global sharia Index Series. The role of moderation is proxied by inflation rate and exchange rate. The research data analysis method used multiple regression analysis and interaction test or moderating regression analysis. The results of the study showed that there was an influence of the Global Sharia Stock Index on the Indonesian Sharia Stock Index. In the moderation equation 1 (inflation) and moderation 2 (exchange rate) that interact with the Dow Jones sharia Market Index has a positive influence on each moderation equation. This showed that a moderating interaction with the Dow Jones sharia Market Index will strengthen its influence on the Indonesian Sharia Stock Index. The FTSE Global sharia Index Series that interacted with inflation in moderating equation 1 and the exchange rate in moderating equation 2 showed a negative effect. This showed that the interaction of the FTSE Global sharia Index Series with the two macroeconomic variables in each equation weakens its influence on the Indonesian Sharia Stock Index.
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