THE INFLUENCE OF SHARIA STOCK AND SHARIA MUTUAL FUNDS ON NATIONAL ECONOMIC GROWTH PERIOD 2013-2023

Abstract

This study aims to analyze the influence of Islamic stocks and Islamic mutual funds on economic growth for the period 2013-2023, both partially and simultaneously. This research uses a quantitative method with a multiple linear regression analysis model, the Error Correction Model (ECM), to observe both long-term and short-term effects. 

The results of this study show that in the long term, Islamic stocks have a positive and significant effect on economic growth, as evidenced by the t-statistic value (5.569023) > t-table value (2.018081703) and a probability value of 0.0000 < 0.05. In the short term, Islamic stocks do not have a posit ive or significant effect. In the long term, Islamic mutual funds have a positive and significant impact on economic growth, with a t-statistic value (8.905976) > t-table value (2.018081703) and a probability value of 0.0000 < 0.05. In the short term, Islamic mutual funds do not have a positive or significant effect. Simultaneously, in the long term, both Islamic stocks and Islamic mutual funds have a positive and significant impact on economic growth, with an F-statistic value of 80.39188, which is greater than the F-table value of 3.225684, indicating that F-statistic > F-table, and a significance level of 0.0000 < α (0.05). In the short term, simultaneously, Islamic stocks and Islamic mutual funds do not have a positive or significant effect.