Pijar Journal of Islamic Economics and Finance (PJIEF)

Vol 1 No 01 (2026): April (Pijar Journal of Islamic Economics and Finance)
Articles

What Drives Sharia Stock Growth? An Empirical Inquiry into Macroeconomic Determinants within the IDX Sharia Growth Index

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  • Muhammad Bayu Lesmana,
  • Nur Azifah,
  • Siti Rahayu,
  • Khairul Fitroh
cover

Diterbitkan 2026-04-01

Kata Kunci

  • Macroeconomic Determinants,
  • IDX Sharia Growth,
  • Islamic Capital Market,
  • Panel Data Regression,
  • Indonesian Stock Exchange

Hak Cipta (c) 2026 Muhammad Bayu Lesmana, Nur Azifah, Siti Rahayu, Khairul Fitroh

Creative Commons License

Artikel ini berlisensi Creative Commons Attribution 4.0 International License.

Abstrak

Navigating the complexities of Indonesia's rapidly growing Islamic capital market requires a deep understanding of macroeconomic sensitivities. This study investigates the fundamental drivers of the IDX Sharia Growth index during the 2022–2024 timeframe. By employing a panel data regression methodology on institutional data from BI, BPS, and OJK, the study uncovers divergent macroeconomic impacts. Surprisingly, while inflation and the BI 7-Day Reverse Repo Rate act as significant positive catalysts for sharia stock prices, Gross Domestic Product (GDP) presents a significant negative constraint. Meanwhile, the money supply and foreign exchange volatility remain statistically irrelevant to index movements. This research highlights that the sharia stock market possesses a distinct macroeconomic profile. The empirical outcomes provide critical guidance for investors adjusting their portfolios and serve as a robust reference for regulatory bodies aiming to sustain the momentum of Indonesia's Islamic finance ecosystem.

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