The Effect of Sharia Stock Investment and Public Consumption Levels on Per Capita Income in Indonesia

Dava Maulana Tanjung; Nurul Jannah; Muhammad Lathief Ilhamy Nasution

doi:10.15642/mzw.2025.7.2.290-310

Authors

Dava Maulana Tanjung Universitas Islam Negeri Sumatera Utara, Indonesia
Nurul Jannah Universitas Islam Negeri Sumatera Utara, Indonesia
Muhammad Lathief Ilhamy Nasution Universitas Islam Negeri Sumatera Utara, Indonesia

DOI:

https://doi.org/10.15642/mzw.2025.7.2.290-310

Keywords:

Economic Growth; Islamic Stocks; Consumption Level; Per Capita Income

Abstract

This study aims to examine the effect of sharia stock investment and public consumption levels on per capita income in Indonesia during the 2021–2024 period. The analysis was conducted using multiple linear regression methods using secondary time series data sourced from BPS, OJK, and ISSI. The results of the analysis indicate that sharia stock investment has a positive and significant effect on per capita income with a coefficient of 3.391448 (p<0.05). Conversely, the level of public consumption has a negative and significant effect on per capita income with a coefficient of –9.381819 (p<0.05). Simultaneously, both independent variables were shown to have a significant effect on per capita income (F test, p<0.05). However, the coefficient of determination (R²) was only 12.88%, indicating that most of the variation in per capita income is influenced by factors other than the model. These findings emphasize the importance of optimizing productive investments and improving the quality of consumption patterns in efforts to improve the welfare of the Indonesian people. The population in this study consists of all economic data series related to sharia stock investment, public consumption, and per capita income in Indonesia from 2021 to 2024, with a total of 48 data observations. The sample used in this study was 48 observations selected based on completeness and consistency during the research period.

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References

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