Respons Harga Saham Bank Syariah terhadap Fluktuasi Nilai Tukar Rupiah dan Inflasi

Ilham Muazra; Arif Sapta Yuniarto

doi:10.53697/emak.v7i2.3810

Authors

Ilham Muazra Universitas Ahmad Dahlan
Arif Sapta Yuniarto Unversitas Ahmad Dahlan

DOI:

https://doi.org/10.53697/emak.v7i2.3810

Keywords:

Nilai Tukar Rupiah, Inflasi, Harga Saham, Bank Syariah, Pasar Modal Syariah

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh nilai tukar rupiah dan inflasi terhadap harga saham bank syariah yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2020–2024. Perkembangan perbankan syariah di Indonesia yang semakin signifikan menuntut pemahaman yang lebih mendalam mengenai faktor-faktor makroekonomi yang memengaruhi kinerja sahamnya. Penelitian ini menggunakan pendekatan kuantitatif dengan metode non-parametrik, yaitu uji Kruskal–Wallis dan korelasi Rank Spearman, terhadap 60 data triwulanan yang diperoleh dari tiga bank syariah. Hasil penelitian menunjukkan bahwa nilai tukar rupiah memiliki hubungan positif namun tidak signifikan terhadap harga saham bank syariah, sedangkan inflasi memiliki hubungan negatif dan tidak signifikan. Temuan ini mengindikasikan bahwa fluktuasi nilai tukar dan inflasi belum menjadi determinan utama pergerakan harga saham bank syariah, yang kemungkinan lebih dipengaruhi oleh faktor fundamental internal dan ekspektasi investor terhadap kinerja jangka panjang. Penelitian ini memberikan kontribusi empiris bagi pengembangan literatur pasar modal syariah serta implikasi praktis bagi investor dan pengambil kebijakan.

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