Pengaruh Variabel Makroekonomi terhadap Pertumbuhan Sukuk Korporasi di Indonesia
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Abstract
The development of the Islamic financial industry in Indonesia has increased from year to year. This is made possible due to the emergence of varied investment instruments, and corporate sukuk is one good example. Emergence corporate sukuk is expected encourage growth of the national economy. The growth of a good national economy is reflected by good macroecomic variables conditions. Therefore, the government and Bank Indonesia need to maintain inflation stability, money supply, exchange rate and output so that Indonesia can become the largest market center of corporate sukuk issuance. This research aims to analyze the effect of macroeconomic variables towards the growth of corporate sukuk in Indonesia. This research used Ordinary Least Square (OLS) with monthly time series data from January 2013 to December 2015. The results of this research indicate that the money supply, industrial production index, and inflation variables has positive effect (significantly) on the growth of corporate sukuk while exchange rate, oil price, and mudaraba deposit profit-sharing variables have negative effect (significantly).
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[BPS] Badan Pusat Statistik. 2016. Jumlah Penduduk Muslim [Internet]. [diunduh 2016 September 5]. Tersedia pada: https://www.bps.go.id
[EIA] The U.S Energy Information Administration. 2016. Data Oil Price 2011-2015 [Internet]. [diunduh 2016 September 10]. Tersedia pada: http://www.eia.gov/
Firdaus M. 2011. Ekonometrika Suatu Pendekata Aplikatif. Jakarta (ID): PT.Bumi Aksara.
Darmadji, T dan Fakhruddin, H. 2001. Pasar Modal di Indonesia. Jakarta: Salemba
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Lubis, Richard Noviandi. 2009. Analisis Pengaruh Nilai Kurs, Suku Bunga Deposito, dan GDP terhadap permintaan Obligasi Swasta di Indonesia [skripsi]. Medan (ID): Universitas Sumatera Utara
Monjazeb M, Ramazanpour E. 2013. The Effect of Economic Factors on The Efficiency of Mutual Funds in Iran Seyedeh Javaneh Ahmadi Tulamy. Technical Journal of Engineering and Applied Sciences. Vol 3(15): 1707- 1711.
MUI. 2001. Fatwa Dewan Syariah Nasional (DSN) No.32/DSN-MUI/IV/2002. Jakarta: MUI.
[OECD] The Organisation for Economic Co-operation and Devolopment. 2016. Data Indeks Produksi Industri 2011-2015 2015 [Internet]. [diunduh 2016 September 10]. Tersedia pada: http://www.oecd.org
[OJK] Otoritas Jasa Keuangan. 2016. Data Bagi Hasil Deposito Mudharabah 2011-2015 [Internet]. [diunduh 2016 September 10]. Tersedia pada: http://www.ojk.go.id
[OJK] Otoritas Jasa Keuangan. 2016. Data Sukuk 2011-2015 [Internet]. [diunduh 2016 September 10]. Tersedia pada: http://www.ojk.go.id
Rini, Mustika. 2002. Obligasi Syariah (Sukuk) dan Indikator Makroekonomi Indonesia: Sebuah Analisis Vector Error Correction Models (VECM) [skripsi]. Bogor (ID): Institut Pertanian Bogor.
Othman, Kameel A, Aziz AH. 2015. Relationship Between Macroeconomic Variables and Net Asset Value (NAV) of Islamic Equity Unit Trust Funds: Cointegration Evidence from Malaysian Unit Trust Industry. Journal of Business and Social Science Review. Vol 1(2) : 327-339.
Sasanti, Novie Illya. 2008. Analisis Pengaruh Variabel-Variabel Makroekonomi terhadap Pertumbuhan Obligasi Pemerintah di Indonesia [skripsi]. Bogor (ID): Institut Pertanian Bogor.
Syukma, Novia Handayani. 2011. Analisis Faktor-Faktor Makroekonomi yang Mempengaruhi Return Saham Batubara dalam Kelompok Jakarta Islamic Index (JII) [skripsi]. Bogor (ID): Institut Pertanian Bogor.
Wafa, Mohammad Agus Khoirul. 2010. Analisa Faktor-Faktor yang memengaruhi Tingkat Permintaan Sukuk Ritel-I (Periode Maret 2009-Juni 2010). La_Riba. Volume IV, Desember 2010: 161-178.