AN OPTIMAL PORTFOLIO COMPARISON OF SYARIAH STOCKS BEFORE AND AFTER THE WEAKENING OF THE 2015 INDONESIAN ECONOMY

Ahmad Ridho Darmawan

Abstract


This paper contains the results of a comparative study of Islamic stock portfolios between the years of 2014-2016. In 2015, Indonesia's economic growth experienced the lowest weakening in the past 6 years. The Jakarta Islamic Index (JII) on 2014 experienced an uptrend, in 2015 it rebounded to a downtrend, and in 2016 an uptrend is experienced again. The purpose of this study was to compare the performance of Islamic stock portfolios before, during and after the weakening of the Indonesian economy and to find the impact of the optimal portfolio strategies in conditions of fluctuating economic growth performance. The population are all the Islamic stocks that are listed on JII in every period during the years of 2013 - 2016. The sample used the Purposive Sampling method, the portfolio performance assessment used the Treynor index and analyzed the data using the Paired-sample T-Test. The results of the study are that (H1) was rejected with a significance value of 0.699> 0.05, (H2) was rejected with a significance value of 0.910> 0.05 and (H3) was rejected with a significance value of 0.797 <0.05. In conclusion, all the hypotheses (H1, H2, H3) are rejected and H0 is accepted. Based on these results, the use of the optimal portfolio method in investment is able to minimize the risks, although it doesn’t eliminate the risk.

Keywords: Jakarta Islamic Index, Stock Portofolio, Stock Return, Stock Risk


Full Text:

PDF

References


Ahmad, K. (2004). Dasar-Dasar Manajemen Investasi dan Portofolio. Jakarta: PT. Rineka Cipta. p. 2.

Brigham, E. F., & Houston, J. (2009). Fundamentals of Finance Management. Terj. Ali Akbar Yulianto. Jakarta: Salemba Empat. p. 216.

Hartono, J. (2014). Teori dan Praktik Portofolio dengan Excel. Jakarta: Salemba Empat. p. 7-8.

Hartono, J. (2007). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE Yogyakarta. p. 207.

PT Bursa Efek Indonesia. Sekolah Pasar Modal Syariah Tahun 2011. p.3.

Samsul, M. (2006). Pasar Modal dan Manajemen Portofolio. Jakarta: Erlangga. p. 35.

Subekhi, I. (2011). Analisis Perbandingan Kinerja Portofolio Saham Syariah Sebelum dan Sesudah Listing di Jakarta Islamic Index (Studi pada saham-saham di JII periode 5 Desember 2008 - 8 Juni 2011. [Theisis]. Semarang: Walisongo Public Islamic University. p. 111-114.

Sudandarumini. (2002). Metedologi Penelitian Petunjuk Praktis Untuk Penelitian Pemula. Yogakarta: Gajah Mada University Press. p. 47.

Sulistyorini, A. (2009). Analisis Kinerja Portofolio Saham dengan Metode Sharpe, Treynor, dan Jensen (Saham LQ45 di Bursa Efek Indonesia Tahun 2003-2007). [Tesis]. Semarang: Diponegoro University. p. 62-63.

Tandelilin, E. (2001). Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE Yogyakarta. p. 17.

Tandelilin, E. (2001). Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE Yogyakarta. p. 327

Tuerah, C. (2013). Perbandingan Kinerja Saham LQ45 Tahun 2012 Menggunakan Metode Jensen, Sharpe dan Treynor. EMBA Journal. 1 (4). p. 1447

Umar, H. (2000). Research Methods in Finance and Banking. Jakarta: PT Gramedia Pustaka Utama. Print. II. p. 82

Utami, R. dan Nugraha, M. (2011). Analisis Kinerja Saham Syariah dan Pengaruhnya Terhadap Respon Pasar pada Perusahaan yang Tercatat di JII. Jurnal Reviu Akuntansi dan Keuangan. 1 (2). p. 169-170.




DOI: http://dx.doi.org/10.47312/aifer.v3i01.252

Refbacks

  • There are currently no refbacks.