M.I.R. (Modernization. Innovation. Research)

206–221

Authors: Komkov N. I.

Purpose: the purpose of the presented article is to study the conditions and possibilities of overcoming the protracted economic crisis in Russia. Methods: the study is based on the use of a modified information logic model, which establishes the relationships between the identified bottlenecks, the causes of their occurrence and possible ways to eliminate these causes. Results: the possibilities of overcoming the crisis are, first of all, to use the potential accumulated in the Russian economy, dispersed by sectors of the complete technological reproduction cycle, including the extraction of resources, their processing into useful materials and semi-finished products, the production of machinery and equipment, as well as the production of final products, the provision of services, infrastructure and waste disposal. Simultaneously with the search for opportunities for economic growth, it is necessary to draw the attention of the Russian Government and the legislative and executive heads to the necessity to correct the strategic mistakes. They were conducted in the process of choosing a resource-export development strategy, separating the financial sector from the support and interests of the development of domestic industrial production sector, ignoring the potential and opportunities for the development of the domestic scientific and technological complex, using imperfect economic management mechanisms, etc. The work justifies the need to overcome a long economic crisis via the management of new opportunities breakthrough, which involves the harmonious development of all economic sectors based on supporting a domestic scientific and technical complex capable to ensure the high technologies development and the competitive products production. Conclusions and Relevance: substantiating and choosing ways to overcome the economic crisis should be focused on achieving harmonious development of all sectors of the economy and using in management practices at the national, corporate and company levels, such methods and instruments of targeted projects and programs management, which are the core basis for economy and society development strategies.

254–273

Authors: Bondarenko V. M.

This article is a continuation of a large-scale research devoted to the identification of patterns of human community development, which has been conducted by the author for many decades. Purpose: is to study the possible transformation of the world after the COVID-19 pandemic from the perspective of the need to switch to a new, crisis-free development paradigm, which is a logical continuation of the previous author's works. Methods: the study is based on the application of a complex of general scientific methods, including analysis, generalization, comparison, etc., and is based on an interdisciplinary approach. The results and conclusions of the work are based on the use of the author's methodological tools, which were formed within the framework of the general research direction. Results: the article analyzes the current state of the global world in the absence of effective ways out of the deepest crisis that has long gripped almost the entire world and has been multiplied by the COVID-19 pandemic. The study of the fundamental works of foreign scientists has shown that their main thesis is that the future of the world lies in the transition to a new development paradigm (NDP), but to fully understand it, it is necessary to develop a new scientific paradigm (NSP). Based on the use of the author's development of the NSP, it is demonstrated that the future of the world depends on the choice of a development model. The author has proved the necessity and possibility of transition to a new development paradigm based on the synchronous development and implementation of a single development strategy for the global world and each country separately. Conclusions and Relevance: after the COVID-19 pandemic, the world will change only if there is a transition to a new crisis-free paradigm for the development of the human system. The NSP developed by the author can become the tool that allows you to give a complete understanding of the NDP, and see what the world can and should be like after the coronavirus pandemic.

288–305

Authors: Zavyalov D. V.

Purpose: to formulate the general conception of sustainable mobility management in modern cities based on an analysis of the main approaches to the management of the development of sustainable mobility. Methods: the study is based on the application of systems analysis methods. The analysis is based on open sources information such as scientific articles, legal and regulatory acts, official strategic planning documents, analytical and methodical materials of Russian and international conferences. The article also includes the results of the author's empirical research conducted. Results: an analysis of the development of sustainable transport mobility in large cities and current strategies for its further formation was carried out. It allowed identifying the main elements of the conceptual model of the development of transport mobility. The research defines the structure of an adaptive system for sustainable mobility management, which would form a basis for developing a sustainable mobility concept to effectively organize various stakeholders' cooperation. Conclusions and Relevance: local solutions for transportation mobility may not be practical or can lead to a conflict of interests. That calls for the complex approach to forming sustainable mobility as a feature of a city transportation system to satisfy the demand for mobility to increase the quality of life in the cities. The conceptual basis for the development of sustainable mobility consists of goal setting, planning, collaboration, implementation, usage. The effective management of sustainable mobility can be achieved by implementing digital analytical platforms, working as a single ecosystem. Developing such an ecosystem can be time-consuming and directly influenced by technological, infrastructural, legal, and economic factors. The most urgent is to redesign the existing mobility patterns to achieve the environmental goals, the higher quality of life of city residents, the engagement of different stakeholders in sustainable mobility development.

329–342

Authors: Vyakina I. V

Purpose: the article aims at using additional functionalities of the digital economy and modern information systems to develop new analytical tools for monitoring economic security and identifying company risks. Methods: the article uses traditional methods of scientific analysis, economic and mathematical statistics. Moreover, the author proposes the new approaches, which develop a methodology for diagnosing economic security factors at the region level and micro level using additional functional capabilities of digital economy and modern information systems. Results: based on the analysis of existing methods for assessing economic security at the micro level, urgent methodological problems of assessing the economic security have identified. New approaches have developed for diagnosing the economic security of a company. They base on the use of search capabilities and functionality of modern information systems. The paper presents the author's methodology for assessing possible strategic advantages due to integration processes and cooperation, and it has tested on the example of the Tver region. Conclusions and Relevance: new methods for diagnosing the qualitative characteristics of the development potential and risks of a company consider as a management tool that provides the administration of an economic entity with the opportunity to conduct diagnostics in the system: potential-risk and identify competitive advantages and the most significant risks and threats to development. Such a presentation of opportunities and threats helps to substantiate a set of targeted management decisions aimed at using competitive advantages and eliminating or neutralizing threats and risks. In this case, modern information technologies make it possible to provide an information-empirical basis for research, achieve the set goals and solve the problem of the results reliability.

100-113

Authors: Izmailova M. A.

Purpose is to study the essential basis of the concept of sustainable development as a new component of corporate social responsibility. Methods: the research is based on a systematic approach to the understanding of corporate social responsibility. The analysis of the state and trends of sustainable development was carried out using the retrospective method, comparative and economic-statistical analysis, as well as the method of data visualization, which allowed us to form a holistic view of the essence and receptivity of Russian business to the ideas of sustainable development. Results: the article substantiates the importance of socially responsible business practices in terms of the concept of corporate social responsibility. Today, it is considered as an umbrella concept, the central place in which is given to sustainable development. A historical retrospective of the formation of the term "sustainable development" is carried out. The content of ESG factors used to assess the contribution of companies to achieving the triune outcome of sustainable development is revealed. The identified indicators of commitment of board members to sustainable development issues allowed us to state that most companies are taking measures to integrate sustainable development issues into the overall strategy of companies and issue non-financial statements. This has which generally positively affects the interest of the investment community in such companies. The special requirements for the content of non-financial reports are described, and the priority of the sustainable Development Goals for Russian companies is analyzed. The author draws a conclusion about the reasons for the weak involvement of Russian business in the selection and achievement of sustainable development goals and suggests solutions to promote the concept of sustainable development in the Russian business community. Conclusions and Relevance: the close attention paid to the sustainable development agenda by the world community and business proves the relevance of solving a whole range of environmental and social problems. The integration of sustainable development issues into the overall strategy of companies, covering an increasing number of companies, allows for strategic initiatives in the ideology of sustainable development with a tendency to expand the planning horizon. Taking into account the increased attention of the investment community to business projects based on the principles of sustainable development, the management of companies realized the need to issue non-financial statements with the inclusion of data that meet special requirements for the disclosure of ESG topics. In addition, the company's requirements for transparency of companies' activities and for their accountability on the results of their impact on the environmental and social situation are supplemented by new requirements in the field of disclosure of the quality of corporate governance. In these circumstances, the role of the top management of companies in promoting the ideology of sustainable development is undeniable. At the same time, the majority of Russian companies do not yet demonstrate a sufficient understanding of the connection of global environmental and social problems with their business, which is clearly reflected in the choice of sustainable development goals.

128-144

Authors: Feng Jiumin

Purpose: of the study is to determine the possibilities of borrowing the Chinese experience of strategic planning of innovative development in Russia. Methods: the study of the innovative experience of the PRC in strategic planning and the prospects for Chinese-Russian cooperation in this area was carried out using a content analysis of the features of strategic planning of the scientific, technological and innovative potential of the PRC and the Russian Federation, as well as analysis of statistical data on innovative and economic development presented in statistical collections of Russia and the PRC. Results: it is shown that the systems of strategic planning of Russia and the PRC are in many respects similar. Many of the strategic initiatives of the PRC are adopted in Russia. At the same time, the attitude to strategic planning in the two countries is different. In Russia in the field of strategic management of science, it is recommended to strengthen international scientific and technical cooperation between Russia and the PRC in the difficult conditions of the modern world. Conclusions and Relevance: taking into account global trends, it is proposed to introduce such innovations into the strategic planning of the scientific and innovative sphere of Russia. First, there is a clearer linking of the tasks of innovative development to the general tasks of the country (long-term national and sectoral development goals). Also, a detailed substantiation of the possibility of implementing the selected priorities. Finally, greater clarity of the planned ones. mechanisms for ensuring partnership between the state and business in achieving strategic objectives of scientific and innovative development. The principles and approaches of the China to strategic planning of development in general and innovative development in particular in Russia should be used carefully and creatively. From an economic point of view, it would be expedient to integrate research more closely, create large joint projects and plan them together in a mutually respectful dialogue between scientists and experts from Russia and China.

160-181

Authors: Kuriukin A. N.

Purpose: to try to delineate the boundaries and formulate the characteristic features and signs of a "new normalcy", which, already taking shape today in the course of the ongoing development of the coronavirus pandemic, will in the long term be a determining factor for the further economic, political and social development of modern civilization. Methods: consists in a complex research paradigm, which includes the principles of systemic, theoretical-cognitive, institutional, instrumental and interdisciplinary approaches, mediated by the accepted in social science ideas about the relationship and interaction of subjective and objective factors in social processes with relative independence of the subject. Results: the general direction of the development of civilization will be the preservation, in the foreseeable future, of the requirements of social distancing and restrictions on cross-border mobility. Remote forms of work, low-contact manufacturing and the formation of Industry 4.0 will come to the fore in the economy. In society, there will be a need to revise modern social values, in the direction of the transition from the degree of satisfaction of individual and personal needs to the availability of such satisfaction as the main value. The central issue of post-image politics will be the question of whether the pandemic will bring about an anti-democratic rollback and an evolving authoritarianization of power, or, on the contrary, will become an impetus for the positive development of democracy, an increase in the role of civil society and the political participation of citizens. Conclusions and Relevance: with regard to the economy, society and politics, it is stated that, on the one hand, they will experience unprecedented transformational pressures under the influence of the ongoing pandemic crisis, but at the same time, they will face a choice – to maintain crisis stagnation hoping to “just survive” or perceive the crisis as source of new opportunities for development and progress.

8-22

Authors: Shcherbakov G. A.

Purpose: the active development of the coronavirus pandemic and measures to counter it by national authorities and international organizations have already influenced the perception of reality by the inhabitants of the planet. There is a natural desire to understand: everything that is happening is a temporary phenomenon, the overcoming of which will return our life to its former course, or the transformations taking place in society are of a long-term nature, and humanity is in the process of forming qualitatively new parameters of existence, which can become a "new normality". The main objective of the study is to conduct a qualitative analysis of changes in the socio-economic sphere associated with the spread of the COVID-19 pandemic in the world. The goal is to identify social, economic and institutional processes that can influence the life of society. Methods: a set of methods of practical analysis and theoretical research was used, including: logical, system and abstract methods. Results: the study solves the main task of this work - to conduct a qualitative analysis of the transformations in the socio-economic sphere associated with the spread of the COVID-19 pandemic in the world. On the basis of factual and statistical information, the features of the current situation are identified, as well as the processes and trends of development that can lead to fundamental, long-term changes in the socioeconomic life of society. Conclusions and Relevance: a qualitative analysis of the impact of COVID-19 on the social and economic spheres of society shows that the impact of the coronavirus pandemic has crossed the boundaries of the exclusive medical and biological perception of this phenomenon and is increasingly acquiring an economic and socio-humanitarian dimension.

34-55

Authors: Fedorova I. Yu., Pipiya Yu. S.

Purpose: is to identify the features of the organization of the Japanese public procurement system and the applicability of the positive experience for Russia. For this, it is necessary to study the organization of the public procurement system in Japan, highlighting the most effective elements and tools; to show the features of the functioning of the system and possible ways of future development; to give a comparative description of the procurement systems of Japan and Russia; to suggest ways to improve the Russian procurement system, using the experience of Japan. Methods: during the work, general scientific and special research methods were used, including statistical analysis, processing of analytical data, analogies, scientific generalizations, etc. Results: as a result of the analysis of changes in the legislative framework, on the basis of which public procurement in Japan is regulated, the authors examined the qualitative characteristics of the interconnections of the procurement system participants and assessed the development prospects, incl. Special attention is paid to the content and hierarchy of regulatory legal acts regulating the scope of procurement. The important link of the author's research was the procedure for organizing procurement in the course of applying various types of procurement procedures, including open, selective and limited procurement methods. A comparative analysis of the procurement systems of Japan and the Russian Federation allowed us to determine the similarities and differences in the organization of the procurement process. Conclusions and Relevance: as a result of the analysis the validity of the execution of the state order through the competitive procurement system used in world practice has been substantiated. This formed the basis of the targeted approach and the identification of promising directions in the development of the public procurement system in Japan until 2030. The authors highlight the areas that are successfully implemented in the field of public procurement in the Russian Federation. This indicates the positive development of the Russian system, which was created taking into account the best international experience, including Japanese practice. To improve the mechanism of interaction between participants and exchange of experience in the public procurement system, directions have been identified and the most effective tools have been identified.

71-82

Authors: Batov G. H., Khutova L. A., Shogenov T. M.

Purpose: the purpose of the study is to develop a methodological toolkit for reindustrialization in the branches of the material sphere of lagging and underdeveloped regions based on the use of information, communication and digital technologies. Methods: the study is based on the use of the methodology of the systems approach, the methodological apparatus of the information society theory, the use of methods of economic and statistical analysis, scientific abstraction, analogies and scientific generalizations. In the course of developing the proposed topic, classical and modern works of domestic and foreign scientists, statistical and empirical material prepared in the process of field research were used. Results: regions with different levels of development function in the country's economy. The greatest problems are associated with underdeveloped and problem regions, which, given their certain potential, cannot yet cope with their difficulties. The situation in which such regions are located requires the search for new mechanisms that will allow us to overcome unfavorable circumstances and embark on the path of highly stable development. Many problems can be solved on the basis of reindustrialization. This requires a transition to continuous digitalization processes, the use of digital technologies and software products that can ensure the development of production systems in the direction of creating a new technological order. Conclusions and Relevance: issues of digital and programmatic reindustrialization of the economy are especially aggravated in lagging and underdeveloped regions, where, due to the poorly diversified sectoral structure of the industry, there is a weak reaction to the formation of investment demand for the production of competitive goods. Such regions, to which the North Caucasian Federal District (NCFD) belongs, can solve problems when using digital and information technologies. The implementation of the proposed measures will allow the region to leave the zone of problems and depression.

338-357

Authors: Pisareva O. M.

Purpose: the purpose of the research is to determine the essence and role of the value approach to setting and solving goal-setting tasks in the system of state strategic planning in conjunction with the analysis of the correlation of goals and interests of economic agents in the conditions of realization of property rights to natural and intellectual resources of the development of the social state. Methods: the issues of identifying the essence and studying the characteristics of the axiological foundations of goals-setting for national development in the sphere of public power, as well as determining the motivational role of ownership relations in the initiation and coordination of purposeful activities are considered using the methods of logical, content and statistical analysis in the framework of a systematic approach to the study of problems and tasks of improving the methodology and tools of strategic planning in the conditions of digital transformation of society, economy and management. Results: the issues of improving the goal-setting mechanism in the context of reforming the state strategic planning system of the Russian Federation in the context of digital transformation of the economy and management are considered. Assessments of the validity and effectiveness for setting and achieving goals in strategic planning documents in the framework of development programming at the federal, regional and municipal levels of government are presented. The state of institutional support for the tasks of setting goals of socio-economic development in the multi-level structure of public administration bodies is characterized. Axiological aspects of targeting coordinated activities in various types of organizational systems are described. The article analyzes the features and role of ownership rights to natural and intellectual resources by the implementation of the concept of sustainable development in the social state. The features of the implementation of property rights to natural and intellectual resources in the context of the implementation of the concept of sustainable development of the social state are analyzed. The role of property relations in the initiation and coordination of purposeful activity of economic agents in the space of national development has been determined. Conclusions and Relevance: The results of the study allow us to formulate a number of conclusions. Firstly, further improvement of the methodology of strategic management should be carried out in the context of the interrelated modernization of national models of economy, development and management. Secondly, the advance of methods and tools for substantiating long-term development goals should take into account the axiological foundations of goal-setting. And third, digital transformation allows to differentially describe the motivational function of public ownership by natural and intellectual resources of development.

370-383

Authors: Shavlay E. P.

Purpose: this article analyzes India’s innovation development model. In this regard, the author aims to examine the current state of India's innovation policy as well as its features as one of the tools for solving the socio-economic problems of the state. Methods: the author applies general scientific methods of logical analysis, comparison and generalization, as well as quantitative methods (graphical and tabular methods, and descriptive statistics). In addition, the article embraces a systematic approach that contributes to a holistic consideration of the research subject. Results: the article provides an overview of the fundamental documents and projects of the state's innovation policy, studies India’s positions in world innovation ratings as well as notes the unique features of the Indian model of innovative development associated with the government strategy adjusted to the socio-economic, cultural and civilizational features of this country. Conclusions and Relevance: the article addresses the distinguishing characteristics which have eventually become disadvantages of the existing system and touches upon the reasons that hinder the development of innovations and prevent the country from achieving tangible results in this domain. The author concludes that without systematic government support, appropriate staffing, and functioning triple helix model involving academia, industry, and government, the country's innovative development will be limited, and India will fail to address the ever-widening gap between grassroots and high-tech innovation sectors will continue to grow. Still, Russia may learn a lot from the Indian experience as it also aims at solving its “grand challenges”, including those of social and economic nature, by the means of innovations.

398-408

Authors: Mamedyarov Z. A.

Purpose: the main purpose of the article was to study the trends in the global pharmaceutical industry, as one of the most knowledge-intensive in the world economy, against the background of the 2020 COVID-related crisis. The task was to study the impact of the economic crisis on the priorities of the largest pharmaceutical multinationals, to link them with trends in the restructuring of health care systems, as well as to analyze and assess the potential impact of Brexit on the European pharma industry, starting from 2021. Methods: the work is based on a comparative analysis of trends in the restructuring of global value chains in pharmaceuticals, the digitalization of pharmaceuticals and health care, as well as a quantitative analysis of the revenue and value added by the largest European pharmaceutical multinational companies. Results: the COVID-19 pandemic has accelerated the process of digitalization of big pharma; the intensified transition to a continuous production model can be expected in the coming years. Also, the second largest industry market, the EU-27, will suffer less from Brexit than the UK itself, and industries in developing countries will benefit from additional growth opportunities. The digitalization of healthcare remains an important underlying factor for the transformation of pharmaceuticals and further growth of innovation competition. This paper presents the problems of pharma and how to address them, as well as possible ways to restructure healthcare systems to reduce the likelihood of new pandemics – this will be at the heart of regulatory solutions in the medium term. Conclusions and Relevance: governments and state regulators will be actively involved in the process of recovery of the pharmaceutical industry after the crisis. For small regional pharmaceutical producers in developing countries there is a growing need to digitalize production and diversify supply chains. Implementation of continuous production technologies allows expecting growth in the number of small pharmaceutical producers, deepening competition in the industry. The Brexit deal will also have significant implications for the industry, leading to a restructuring of supply chains within the EU from early 2021, reducing the UK's competitiveness.

250-265

Authors: Kuriukin A. N.

Purpose: to consider in detail the impact of the COVID-19 pandemic on the modern world, in relation to three dimensions – the economy, society. Politics, to outline the most problematic points of negative effects generation, to propose directions for the restoration of the world system within the framework of the formation of a new post-COVID-19 ”normality”. Methods: includes the principles of systemic, theoretical-cognitive, institutional, instrumental and interdisciplinary approaches, mediated by the accepted in social science ideas about the relationship and interaction of subjective and objective factors in social processes with relative independence of the subject. Results: today, the world around us and human civilization, together with the impressive process of globalization, has entered the stage of the emergence of new challenges that were not previously presented to it or were not manifested so powerfully. The first of these challenges of the current 21st century is undoubtedly the COVID-19 pandemic. Today it is stated that, according to the most optimistic estimates, the fall of the world economy may exceed the crisis of 2008–2009. In terms of social practices and communications, COVID-19 is already forcing us to design a new “normality” that will become a reality in the post-COVID-19 era. In the field of politics, it is stated that in authoritarian and authoritarian regimes, a more effective public response to restrictive measures was ensured. Conclusions and Relevance: at the present stage, the market and the signals it gives, by asset class, recession and recovery patterns, should be closely monitored not only by economists, but also by sociologists. political scientists, politicians and public figures. Urgent and decisive political action is needed not only to contain the pandemic and save lives, but also to protect the most vulnerable in our society from economic collapse and to maintain economic growth and financial stability.

280-293

Authors: Melnikov O. N., Gankin N. A.

In this article a research of the nature of modern enterprises development is presented, characterized by moving from material-based to information-based economic products. It was discovered that economically developed enterprises have almost exhausted their potential for further growth due to organizational improvements, previously affecting mainly the material part of the economic product. Therefore, studies on improving the efficiency of the production organization of information economic products are becoming more and more relevant. Purpose: the main purpose of this research is to develop extended principles of lean manufacturing of information economic products. To achieve this goal following tasks were resolved: material intensity analysis was implemented, the structure of information economic product (IEP) was examined, traditional principles of lean manufacturing were reviewed and expanded for information economic product creation. The object of the research are modern industrial enterprises that apply the concept of lean manufacturing or similar. The subject of the research are the principles of lean manufacturing for creating an information economic product. Methods: the time series extrapolation method and the empirical analysis method were used to calculate the material intensity index of products. Abstract and comparative analysis methods were applied to develop the extended principles of IEP lean manufacturing. In addition, methods of analysis and synthesis, the historical method, as well as elements of factor analysis were used for the study. Results: the material and information structure of the economic product is considered and proposed. The nature of the dynamics of its changes in the process of changing the stages of technological and economic development of scientific and technological progress is justified, which allowed us to argue the vector of changes in the structure of costs for creating a modern material product in terms of increasing information and reducing material components. The constantly rising costs of creating information increasingly characterize it as a market product that has its own cost structure, which gave reason to classify it as an information economic product (IEP). In this regard, the structure of the information economic product was studied and developed, based on the analysis of the term of "information" both from the perspective of the organization and operational management and from the perspective of related branches of knowledge. As a result of the comparative analysis, extended principles of IEP lean manufacturing were developed. Conclusions and Relevance: the analysis of the material intensity index revealed a tendency to a continuous decrease in the material intensity of the economic product and an increase in the information component. As a result of the study of the structure of the information economic product, it was revealed that the potential for increasing the economic efficiency of modern industrial enterprises is primarily laid in improving logical data processing. It is proposed to achieve this by using the developed extended principles of IEP lean manufacturing, among which the main one is the principle of intellectual and creative reciprocity.

320-328

Authors: Selvi Andesta, Mohammad Adam, Suhel

Purpose: this study aims to examine the influence of changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in SBIS, changes in foreign exchange reserves and changes in interest rates on the return of Indonesian Islamic stocks. Methods: this study is focused on looking at conditions of macroeconomic changes that have an impact on the activity of the Islamic capital market, particularly on the return of Islamic stocks listed in the Jakarta Islamic Index. This empirical evidence is related to variable macroeconomic changes, namely changes in inflation, rupiah exchange rate, money supply, foreign exchange reserves, Indonesian Syariah Bank Certificates (SBIS) and interest rates on sharia stock returns for the period January 2014 – December 2019 obtained from Financial publications. Service Authority (OJK) and Bank Indonesia. The analysis technique used is quantitative analysis using multiple regression analysis tools. Results: the results of this study are (1) Variable Changes in Inflation, Changes in the Amount of Money Supply, Changes in Foreign Exchange Reserves, Changes in SBIS have a positive and significant effect on Stock Returns listed on the Jakarta Islamic Index, (2) changes in exchange rates have a negative and significant effect on Stock Returns listed in Jakarta Islamic. Index, (3) the Interest Rate variable has no effect on Stock Returns listed on the Jakarta Islamic Index. Conclusions and Relevance: the approach used by each variable starts with the conventional followed by the study of Islamic macroeconomics, in order to provide a philosophy of science and economics that refers to Baqir Sadr in the Iqtishaduna book. In this study, researchers examined macroeconomic variables on sharia stock returns to prioritize people's welfare and pay close attention to every investment process based on sharia principles. Therefore the public, entrepreneurs, investors and company performance must pay attention to information regarding changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in Bank Indonesia Sharia Certificates (SBIS), changes foreign exchange reserves, and changes in interest rates in order to minimize risks for both investors and entrepreneurs. This variable can affect the movement of the capital market so that the return on Islamic stocks also has an effect.