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IJIBEC
International Journal of Islamic
Business and Economics

International Journal of Islamic Business and Economics 
Av a i l a b l e  a t  h t t p : / / e - j o u r n a l . i a i n p e k a l o n g a n . a c . i d / i n d e x . p h p / I J I B E C /

ISSN
255-3216

Article history:
Received :    10 August 2017
Accepted :    20 August 2017
Published :    1 December  2017

Keywords:

Strong Correlations of Sharia Market to Conventional Market:
Evidence from Indonesia Stock Exchange

Yadi Nurhayadi and Nuryadi Wijiharjono

E-mail: 
E-mail: 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 788

Islamic Economic System.

Meanwhile, Islamic Economic System is based on Islamic Economics that must obey the principles 

 

promote professionalism, competence and good corporate governance universally besides ethical 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 7 89

rd, 

research are mutual support, but others are opposite.

Meanwhile, Hussein examines the impact of the ethical screening on the performance ofThe 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 790

Shariah

Shariah investors to 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 7 91

x
 

line isgiven by
 

x  

Given the sample xi, yi i = 1, 2, ..., }, 0 and 1 with formulas,

2

11

2

111
1

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xxn

yxyxn
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then  
x and y

r.

yyxx

xy

SS

S
r



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 792

where

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The values of r are . If the valueof r is close to +1, it means that between 
x and y r x and y have 

Then r2
r2 ythatcan be accounted 

x
yin our sample isaccounted for 

x.

x1 and x2
variable is as dependent variable y

22110ˆ xbxbby

x1, x2, y i 0, 1, 2 by solving 

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International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 7 93

n

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i yxxbxxbxb

1
2

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r2

r2 = 

n

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nyyxbyxbyb

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of the mounth.
There are six scenarios for this research:

y = JII, bivariate analysis.
y = JII, bivariate analysis.

1 x2 y
y = ISSI, bivariate analysis.

y = ISSI, bivariate analysis.

1 x2 y

x y

 

x y



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 794

 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 7 95

x y x y

x y x y
x1 x2

and JII as y

 

x1 and x2
x y

 

x y

 



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 796

as x1 x2 y

 

x1 and x2

sharia screening in correct applied.



International Journal of Islamic Business and Economics, 1(2) December 2017,  8 7 - 9 7 97

Sharia