2. Chapter II Literature Review.
This chapter explains the theories regarding investment, Islamic investment, capital market, Islamic capital market, risk and
return, stock market index, JII, exchange rate, oil price, FTSE Malaysia, and gold price. Another important thing is explained in
this chapter is the previous studies. This chapter concludes the hypothesis and research framework.
3. Chapter III Data and Research Methodology.
This chapter explains the data and methodology, data collecting method and its sources, research model and definitions,
operational definition of dependent and independent variables, and analysis method.
4. Chapter IV Research Finding and Discussion.
This chapter explains the overview of macroeconomics variables represent by exchange rate and oil price, FTSE Malaysia,
gold price, and Jakarta Islamic Index. In this chapter, there will be the analysis of VECM analysis, the results, the analysis of
empirical analysis comparing to the theoretical framework and
previous studies. 5.
Chapter V Conclusion and Recommendation.
This chapter explains the conclusions and recommendation from the research.
CHAPTER IV
RESEARCH FINDING AND DISCUSSION
In this chapter, there are a number of tests on factors influencing Jakarta Islamic Index JII price in Indonesia. The dependent variable is Jakarta Islamic
Index and the independent variables are exchange rate, oil price, FTSE Malaysia, and gold price. The variables are taken from November 2013 until March 2016.
The approach is using Vector Error Correction Model VECM. E-Views 7 will be used to run the data.
A. Research Variable Overview
1. Jakarta Islamic Index.
Source: Fusion Media.Ltd
FIGURE 4.1
JII Movement October 2012-March 2016 According to the graph above, the price of Jakarta Islamic
Index JII is almost stagnant from December 2012 until December 500.00
550.00 600.00
650.00 700.00
De c-12
Apr -13
Aug- 13
De c-13
Apr -14
A ug-
14 De
c-14 Apr
-15 Aug-
15 De
c-15
Jakarta Islamic Index Price October 2012 -March 2016
JII
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