Sumar’in, Sumar’in (2016) SPECULATIVE BEHAVIOUR IN ISLAMIC CAPITAL MARKET. South East Asia Journal of Contemporary Business, Economics and Law, 9 (1). ISSN 2289-1560

Text 5. Speculative Behaviour In Islamic.pdf Download (484kB)

ABSTRAK

The tight screening to determine the appropriateness of a company to be listed in the List of Sharia Securities (DES) allegedly only affects the level of the primary market. When entering the secondary market, gharar and maysir practices are difficult to avoid due to the high indication of speculation. This study is a case study focusing on the Stock Market in the range of 2008- 2012 (the last five years). The researcher has raised a research problem: "Is the Trade in Sharia Capital Market indicated to have speculation?"This research is a quantitative research with an explanatory approach (explanatory research). It examines the relationship among variables or determines whether a variable is associated or not with other variables. Overall, it could be concluded that actually speculative activities were still found in Sharia stock market even though only in short time (a period of 3 to 5 days before and after the announcement of the dividend). Based on these results, the mechanism of minimum holding period is one of concrete alternatives that can be used as a way to reduce the high indication of speculation in the Sharia capital market. The findings and results of this study showed that 7 day period was appropriate as the minimum holding period of the stock.

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