Efek Proses Seleksi Berdasarkan Prinsip Syariah Terhadap Kinerja Indeks Syariah di Pasar Modal Indonesia  

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Sudjono

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: Jurnal Ekonomi TELESKOP Sekolah Tinggi Ilmu Ekonomi Y.A.I. vol. 2 no. 4 (2003), page 68-76.
Topik: Seleksi; interest; stock; price

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ136.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The measurement of jakarta stock exchange performance based on combined stock - price - indexes (CSPI or IHSG). Since year 2000 in indonesia has been introduced shares which is based on islamic value principles - named jakarta islamic indexes (JII). This research is aimed to measue the effects of using JII in contributing value added to investors compare to those of using CSPI (IHSG). Research data used jakarta islamic index (JII), combined stock - price - indexes (CSPI or IHSG) as a market benchmark, and one - month bank indonesia certificate (SBI) interest rate as risk - free - rate return factor in which functions as weekly mover - data within period from july 2000 up to april 2003. After a series of multistep test, this research concluded to reject hipothesys which stated insignificant correlation between ethical - base screening process effects and ethical fund performance. This result above shows that in reality JII indexes can be outperform compared to CSPI (or IHSG) indexes amonting to 0,41 % with significance level 0,23 %. After screening process in designing JII portfolio has created JII character which is different with CSPI (or IHSG) character. In reality CSPI (or IHSG) has no correlation with JII (Granger Causality Test Result), however those variables are integrated each other.

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