SHS Web Conf.
Volume 124, 2021International Conference on Management, Social Sciences & Humanities (ICMeSH 2020)
|Number of page(s)||10|
|Section||Part 3 - Business and Economy for Sustainable Future|
|Published online||15 November 2021|
Stock Performance Comparison between Green Innovation Sharia Companies and Green Innovation Non-Sharia Companies: Evidence from Indonesia Stock Exchange
1 Faculty of Economic and Business – University of Muhammadiyah Prof. Dr. HAMKA (UHAMKA)
2 Depatment of Management and Humanities – University of Technology Petronas (UTP)
3 Department of Accounting, Finance and Economics, Griffith University
This Research is about comparison between sharia companies and non-sharia companies in the stock market. Several previous studies have shown that in the stock market, the stock performance of sharia companies is better to that of non-sharia companies. Then this research increases the qualification of the companies to become companies that have implemented green innovation technology. This qualification is applied to companies listed in the Sri-Kehati index on the Indonesia Stock Exchange. Through bivariate and multivariate analysis, the results showed that the stock performance of non-sharia companies was better than those of sharia companies. Bivariate analysis show that the positive gradient of non-sharia trendline (168.37) is bigger than sharia trendline (11.633). The coefficient of determination between non-sharia stocks and Sri-Kehati index (86.41%) is bigger than between sharia stocks and Sri-Kehati index (26.46%). Multivariate analysis obtained a multiple linear regression equation of 1 2 yˆ =117.187 + 0.0081x1 + 0.014397 x2. This equation shows that the variable coefficient of the value of sharia stocks is smaller than the coefficient of the variable value of non-sharia stocks. These facts are based on research on Sri-Kehati index data from 2016 to 2019. The results of this study indicate that investors prefer to invest in shares in non-sharia companies than in sharia companies. The results also indicate that increasing the qualifications of a sharia company to become a company that applies green innovation technology will not necessarily increase its share value. Is upgrading the qualification of a sharia company to a sharia company that applies green innovation technology a mistake? Meanwhile, Indonesia is a country with the largest Muslim population in the world.
Key words: sharia companies / non-sharia companies / green innovation technology / bivariate and multivariate analysis
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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