The influence of inclusive economic growth and macroeconomic variables to stock price indexes on the Islamic and conventional stock exchanges: Long and short term analysis approaches (evidence in Indonesia and ASEAN countries) (sertifikat hak cipta)

This study, titled "The Influence of Inclusive Economic Growth and Macroeconomic Variables to Stock Price Indexes on the Islamic and Conventional Stock Exchanges: Long and Short Term Analysis Approaches (Evidence in Indonesia and ASEAN Countries)," investigates how inclusive economic growth and selected macroeconomic variables affect stock price indexes in both Islamic and conventional markets across ASEAN countries. Using the Vector Error Correction Model (VECM), the study analyzes short- and long-term impacts of inclusive growth, inflation, interest rates, and exchange rates on stock prices. Results indicate that inclusive economic growth positively impacts stock indexes in both the short and long term, highlighting its crucial role in shaping market performance over varying periods. Inflation shows no significant effect on stock prices, suggesting it may not be a determining factor for market movements in this context. Interest rates are found to have a negative impact in the short term but are insignificant in the long term, indicating temporary pressure on stock prices. Meanwhile, exchange rates positively influence stock prices in the short term, with no substantial effect in the long term, reflecting a transient impact on market stability. This research offers important insights into the nuanced roles of macroeconomic factors and inclusive growth in influencing market performance, providing guidance for investors and policymakers in ASEAN economies.