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Financial Ratio, Macro Economy, and Investment Risk on Sharia Stock Return KCI 등재 SCOPUS
- 언어ENG
- URLhttps://db.koreascholar.com/Article/Detail/403226
The purpose of this study is to analyze and test the effect of financial ratios and macroeconomics on Islamic stock returns listed in Jakarta Islamic Index (JII) other than to assess whether investment risk can be an intervening variable in this study. The type of research is explanatory in nature with a quantitative descriptive approach. The data used is based on secondary sources with a sample group of 29 companies listed on JII for a 5-year period ending 31 December 2018. The data obtained were analyzed by using SEM (Structural Equation Model) with AMOS (Analysis Moment of Structural) 21 program. The results of the study show that only financial ratios affect sharia stock returns and investment risk, while the mediation test found that investment risk does not act as a mediating variable between financial ratios and macroeconomics and Islamic stock return. These findings indicate that the role of the company’s financial health is very important. Besides affecting the rate of return obtained, the company’s financial health can also reflect the level of risk that investors will accept in the future. By improving financial performance properly, a company will have a positive impact on various interested parties and minimize the level of investor losses.
1. Introduction
2. Literature Review
2.1. Signaling Theory
2.2. Stock Return
2.3. Financial Ratio to Sharia Stock Return
2.4. Macroeconomics against Sharia Stock Returns
3. Research Methodology
4. Results and Discussion
4.1. Sample Feasibility Test
4.2. Outlier Test
4.3. Normality Test
4.4. Multicollinearity and Singularity Test
4.5. Confirmatory Factor Analysis (CFA) Test
4.6. Structural Model Test
4.7. Hypothesis Testing
5. Conclusion
References
