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Do Google Trends and Shariah Compliant Stocks Co-Integrated? An Evidence from India
International Journal of Islamic Economics and Finance
View Archive Info| Field | Value | |
| Title |
Do Google Trends and Shariah Compliant Stocks Co-Integrated? An Evidence from India
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| Creator |
Irfan, Mohammad
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| Subject |
Nifty Shariah Indices; Google trends; Co-integration; Granger Causality
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| Description |
The objective of the study is to understand the dynamic relationship between Shariah-compliant stocks and the Google search value index (GSVI). The search strength is identified by the search volume of Shariah-compliant stocks on Google. The sample for the study consists of Shariah-compliant stocks commonly available in all the three Shariah indices in India, sample stock data has been extracted on a weekly basis from Sept 2014 to Sept 2019. The results of the study are based on the diagnostic analysis suggests that there is no serial correlation as demonstrated by LM residual test, CUSUM test shows stability in data, coefficient Wald test is showing there is no short-run causality running between selected Shariah-compliant stocks and GSVI. The outcome suggests that there is a long-run equilibrium relationship existing between Shariah-compliant stocks and the Google search value index. Trace statistics has five co-integration equations and Max-Eigen statistics has one co-integration. The vector error correction model (VECM) suggests the acceptability of the model. There are many potential investment opportunities for investors in the Islamic stock market of India. The motive of Shariah is to provide an avenue for ethical and viable investment to the investors. This study will not only be advantageous for the Muslim investors but also the other investors, industrialist, Shariah-compliant advisor as well.
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| Publisher |
Universitas Muhammadiyah Yogyakarta
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| Contributor |
—
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| Date |
2020-07-27
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
https://journal.umy.ac.id/index.php/ijief/article/view/8958
10.18196/ijief.3228 |
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| Source |
International Journal of Islamic Economics and Finance (IJIEF); Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020; 227-250
2622-4372 2622-3562 |
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| Language |
eng
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| Relation |
https://journal.umy.ac.id/index.php/ijief/article/view/8958/5480
https://journal.umy.ac.id/index.php/ijief/article/downloadSuppFile/8958/1503 https://journal.umy.ac.id/index.php/ijief/article/downloadSuppFile/8958/1577 |
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| Rights |
Copyright (c) 2020 International Journal of Islamic Economics and Finance (IJIEF)
http://creativecommons.org/licenses/by-sa/4.0 |
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