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The Effect of Changes in Macroeconomic Conditions on Indonesian Sharia Stock Return

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Inflation and interest rates negatively impact Islamic stock returns, while GDP and exchange rates positively affect them.
The coefficients of interest rates (−0.0157) and inflation (−0.0656) indicate significant negative contributions to stock returns.
Robust Least Square analysis over 2015-2023 demonstrates 60.14% of Islamic stock return variation is explained by macroeconomic changes.
Recommendations for regulators include stabilizing interest rates and controlling inflation to strengthen the Islamic financial market.

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Analysis shows inflation and interest rates negatively affect Islamic stock performance, suggesting policy adjustments are crucial.

Wahyudi et al. (2025) studied this question.

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