Pengaruh Volatilitas Jakarta Islamic Index (JII) dan Kebijakan Stimulus OJK terhadap Kepercayaan Investor Domestik di Indonesia
Kata Kunci:
Jakarta Islamic Index (JII) Volatility, OJK Stimulus Policy, Domestic Investor Confidence, Sharia Capital MarketAbstrak
This study is motivated by the importance of strengthening sharia capital market stability through the management of benchmark index volatility and the presence of responsive regulations to maintain domestic investor confidence in Indonesia, a context underscored by significant dynamics in Jakarta Islamic Index (JII) volatility and OJK stimulus policy packages throughout 2024/2025. The study aims to examine and analyze the partial and simultaneous influence of Jakarta Islamic Index Volatility (X1) and OJK Stimulus Policy (X2) on Domestic Investor Confidence 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 Jakarta Islamic Index Volatility and OJK Stimulus Policy exert a positive and significant direct influence on Domestic Investor Confidence. Furthermore, these two variables collectively explain a substantial 84.2% of the variation in domestic investor confidence. The study concludes that well-managed market volatility coupled with the optimization of regulatory stimulus policies will significantly and sustainably boost domestic investor confidence in the sharia capital market.
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