THE EFFECT OF STOCK RETURN, STOCK RISK, ECONOMIC GROWTH, PROFIT SHARING ON DEPOSIT, COMPANY SIZE, AND REVENUE SHARING OF UNDERWRITING SURPLUS ON INVESTMENT PROPORTION OF SHARIA INSURANCE COMPANIES IN INDONESIAN SHARIAH STOCKS

ABSTRAK

iPenelitian ini imemiliki itujuan untuk imenganalisis lebih dalam mengenai ifaktor-faktor yang imempengaruhi iperusahaan iasuransi ijiwa isyariah, dalam mengambil ikebijakan ibesaran proporsi iinvestasi dana ipersahaan pada isaham syariah. Hal ini dilakukan untuk imemberikan sebuah iwawasan secara iteoritis kepada perusahaan dalam mengambil ikebijakan mengenai iproporsi iinvestasi dana perusahaan. Fokus penelitian ini di Indonesia dengan pendekatan kuantitatif. Data diperoleh dari 10 perusahaan asuransi jiwa syariah yang beroperasi dari 2012 hingga 2018. Metode yang digunakan regresi data panel dengan random effect model. Hasil ipenelitian ini adalah ireturn saham, risiko saham, dan ibagi ihasil deposito secara statistik iberpengaruh signifikan terhadap proporsi investasi dana perusahaan asuransi jiwa syariah pada saham syariah. Sedangkan ipertumbuhan ekonomi, iukuran iperusahaan dan pendapatan pembagian surplus underwriting secara statistik tidak iberpengaruh terhadap proporsi investasi dana iperusahaan iasuransi ijiwa syariah pada isaham syariah.

Kata Kunci: Proporsi Investasi, Return Saham, Risiko Saham, Pertumbuhan Ekonomi, Bagi Hasil Deposito, Ukuran Perusahaan dan Pendapatan Pembagian Surplus Underwritting

ABSTRACT

This study aimed to analyze more deeply the factors that influence sharia life insurance companies in making a policy of the proportion of investment in company funds in sharia stocks. This study to provide a theoretical insight into the company in making policy regarding the proportion of the company's investment funds to adapt it to the circumstances experienced by the company. Focus of research in Indonesia with quantitative approach which data collected from 10 sharia life insurance companys financial statements among 2012 until 2018. Method of research uses regression panel data with random effect model. The results of this study were stock returns, stock risk, and profit-sharing on deposits had a significant effect on the proportion of investment in Islamic life insurance company funds in sharia stocks. Meanwhile, economic growth, company size, and revenue sharing of the underwriting surplus do not affect the proportion of sharia life insurance company investment in sharia stocks.

Keywords: Investment Proportion, Stock Returns, Stock Risk, Economic Growth, Deposit Profit Sharing, Company Size and Income Share of the Underwriting Surplus