Pengaruh Kapitalisasi Pasar Saham Syariah Dan Jumlah Investor Syariah Terhadap Pertumbuhan Ekonomi Inklusif
Keywords:
Sharia Stock Market Capitalization, Number of Sharia Investors, Inclusive Economic Growth, SEM-PLS.Abstract
This study is motivated by the importance of strengthening the capacity of the sharia capital market and expanding public participation to boost inclusive economic growth in Indonesia, a context underscored by significant dynamics in national sharia financial literacy and inclusion indices according to 2024/2025 SNLIK data. The study aims to examine and analyze the direct and simultaneous influence of Sharia Stock Market Capitalization (X1) and the Number of Sharia Investors (X2) on Inclusive Economic Growth in Indonesia (Y). A quantitative approach with an explanatory design was employed, utilizing Partial Least Squares-based Structural Equation Modeling (SEM-PLS) via SmartPLS software based on macroeconomic secondary data and official statistics. The results indicate that both Sharia Stock Market Capitalization and the Number of Sharia Investors exert a positive and significant direct influence on Inclusive Economic Growth. Furthermore, these two variables collectively explain a substantial 82.9% of the variation in inclusive economic growth. The study concludes that increasing the market capitalization of sharia stocks, coupled with an expanding number of investors, will significantly and sustainably boost inclusive economic growth in Indonesia.
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