Hasan Mukhibad, - and Ahmad Nurkhin , FE Pendidikan Ekonomi (2017) The Impact of Islamic and Non-Islamic Stoks Determination Toward The Stock Return-The Case of The Indonesian Stock Exchange Securuties. International Journal of Excellence in Islamic Banking & Finance, 6 (1). pp. 1-14. ISSN 2220-8291

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Abstract

The study was conducted to prove whether the issuer's compliance to Islamic principles became the investors’ consideration in making investment. To prove this hypothesis, the study compared the average of stock returns before and after the certain stocks were set as Islamic and NonIslamic stocks. The samples of the study were stocks listed on the Indonesian Stock Exchange and listed as Islamic stocks in 2015. The observation was conducted 3 days before and after the Islamic Securities List was published by Orientasi Jasa Keuangan (OJK or Financial Services Authority in Indonesia). The data were analyzed by paired t-test and normality test was done by the Kolmogorov-Smirnov test. The results showed that there was a significant difference on stock returns before and after the stocks were set as Islamic stock and there was also a significant difference on stock returns before and after the stocks were set as NonIslamic stock.

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