ANALISIS DAMPAK PEMILU PRESIDEN JOKOWI TERHADAP RETURN SAHAM (Studi Kasus Saham LQ-45 di Bursa Efek Indonesia)

Election is one of the political events that influence on a country’s economy. Capital market as one of insrumen economy can not be separated from environmental influences, both economic and environmental non-economicenvironment. This study aimed to analyze the reaction of the capital market to market anomaly events in Indonesia, in this case the 2014 Presidential Election. The reaction of the stock market measured by the abnormal return and trading volume activity stock. The population in this study are the companies whose shares are included in the LQ- 45. This study using event study. The results showed that the positive reaction of investors where the 4 days before and 2 days sebelumm July 9 2014 Presidential Election investors reacted positively. These conditions indicate the existence of investor optimism that the elections will be held on July 9, 2014. And an increase in the average volume of stock trading at before and after the presidential elections July 9, 2014.

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Reaction of Sharia Capital Market toward Political Events in Indonesia

Asian Journal of Economics Business and Accounting ◽

10.9734/ajeba/2021/v21i1930502 ◽

2021 ◽

pp. 11-20

Author(s):

Sisca Debyola Widuhung

Keyword(s):

Event Study ◽

Capital Market ◽

Trading Volume ◽

Presidential Elections ◽

Abnormal Returns ◽

The Political ◽

Stock Trading ◽

Market Reactions ◽

Political Events ◽

Observation Period

This study aims to examine the reaction of the sharia capital market to political events in Indonesia. The political events referred to in this study are the events of the 2014 and 2019 presidential elections. The market reactions used are abnormal returns and stock trading volume. The sample in this study is stocks included in the Jakarta Islamic Index (JII) during the study period, which are 22 stocks. This study used an event study with an observation period of 21 trading days, namely 10 trading days before, one day of the day event, and 10 trading days after the 2014 & 2019 presidential and vice presidential elections. From the result, it can be seen that both tests are greater than 5%. Therefore, H0(1 and 2) are accepted.

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Does Trading Volume Activity React To The Announcement of Large-Scale Social Restrictions During The Covid-19 Pandemic?

RSF Conference Series: Business, Management and Social Sciences ◽

10.31098/bmss.v1i3.342 ◽

2021 ◽

Vol 1 (3) ◽

pp. 301-307

Author(s):

Suratna Suratna ◽

Hendro Widjanarko ◽

Humam Santosa Utomo

Keyword(s):

Event Study ◽

Capital Market ◽

Trading Volume ◽

Large Scale ◽

Research Study ◽

Volume Activity ◽

Stock Trading ◽

Study Approach ◽

Analysis Technique ◽

Before And After

This research is an event study that aims to examine the information content as measured by trading volume activity as a form of capital market reaction to the announcement of the COVID-19 pandemic in Indonesia. The purpose of this research study is to determine and analyze the presence or absence of trading volume activity before and after the announcement of Large-Scale Social Restrictions in the context of handling COVID-19 in Indonesia. The analytical method used in the study is a quantitative method in research with an event study approach which is used to analyze the reaction of the capital market to the announcement of large-scale social restrictions (PSBB) in the context of handling the COVID-19 pandemic in Indonesia. The data analysis technique in this research is using event study. The results showed that there were significant differences in stock trading volume activity before and after the announcement of the PSBB policy during the Covid-19 pandemic in DKI Jakarta.

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Abnormal Return and Trading Volume Activity Before and After Presidential Election 2019 ( Study on LQ-45 stock on February-July 2019)

Media Ekonomi dan Manajemen ◽

10.24856/mem.v34i2.1064 ◽

2019 ◽

Vol 34 (2) ◽

Author(s):

C H Asta Nugraha ◽

Suroto Suroto

Keyword(s):

Capital Market ◽

Presidential Election ◽

Abnormal Return ◽

Trading Volume ◽

Composite Index ◽

T Test ◽

Volume Activity ◽

Paired Samples ◽

Significant Difference ◽

Before And After

This study aims to find out the empirical evidence of Indonesia capital market investors’ reaction toward presidential election 2019. The population in this study is the companies’ stocks which are included in the LQ-45 index during this study. The data used is secondary data in the form of LQ-45 stocks and daily Composite index three days before and three days after the event. By implementing the one sample t-test and paired samples t-test, the result shows that there is a positive and significant abnormal return around the event especially on the third day (t+3) after the event. Moreover, there is an insignificant difference in the average of negative abnormal return and significant difference on the average of negative trading volume activity, before and after the presidential election 2019.Keywords: Capital Market, Event Study, Abnormal Return, Trading Volume Activity, Investors’ ReactionsPenelitian ini bertujuan untuk menemukan bukti empiris reaksi investor pasar modal Indonesia terhadap peristiwa pemilihan presiden 2019. Populasi penelitian ini adalah saham-saham perusahaan yang konsisten tergabung dalam indeks LQ-45 selama periode penelitian. Data yang digunakan adalah data sekunder berupa harga saham LQ-45 dan IHSG harian tiga hari sebelum dan tiga hari setelah peristiwa. Uji statistik yang digunakan untuk menguji hipotesis adalah one sample t-test dan paired samples t-test. Hasil yang diperoleh menunjukkan terdapat abnormal return positif dan signifikan di sekitar peristiwa terutama pada hari ke-3 (t+3) setelah peristiwa. Selain itu, terdapat perbedaan rata-rata abnormal retrun negatif tidak signifikan dan terdapat perbedaan rata-rata trading volume activity negatif yang signifikan antara sebelum dan setelah peristiwa pemilihan presiden 2019. Kata Kunci: Pasar Modal, Studi Peristiwa, Abnormal Return, Trading Volume Activity, Reaksi Investor

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Pengaruh Peristiwa Politik (Pemilu Presiden dan Pengumuman Susunan Kabinet) Terhadap Saham Sektor Industri Di Bursa Efek Indonesia

CAPITAL JURNAL EKONOMI DAN MANAJEMEN ◽

10.25273/capital.v1i2.2319 ◽

2018 ◽

Vol 1 (2) ◽

pp. 125

Author(s):

Siti Wardani Bakri Katti

Keyword(s):

Stock Market ◽

Event Study ◽

Abnormal Return ◽

Presidential Elections ◽

Abnormal Returns ◽

Industrial Sector ◽

The Political ◽

Stock Trading ◽

Political Events ◽

Before And After

ABSTRACT Political events is one of the non-economic risks that may affect the investor's decision to invest in the capital market. The purpose of this article to determine the reaction and the difference of abnormal return of stock industry sector in Indonesia Stock Exchange (IDX) between before and after the political events (the presidential elections and the announcement of the cabinet line). Selection of industrial sector companies as research objects based on the premise that the industrial sector is the main sector driving stock trading in the IDX. This article using event study method to measure the market's reaction to events of national politics. In conducting this article used the data Composite Stock Price Index (JCI) as well as daily stock trading data on the industrial sector. Based on the results of the sample selection using purposive sampling, the sample in the study of 40 companies. The results can be concluded that there are abnormal returns around the national political events, but there are no differences in Average Abnormal Return (AAR) before and after the political events. This shows the predictions and information received by the stock market participants are relatively the same.Keywords: Political Events, Presidential Elections, Stock Market, Abnormal Return, Event Study

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Indonesian Capital Market Reaction To The Announcement Of A Recession Due To The Pandemic Covid-19

Academia Open ◽

10.21070/acopen.5.2021.2136 ◽

2021 ◽

Vol 5 ◽

Author(s):

Vani Aryani ◽

Nurasik

Keyword(s):

Capital Market ◽

Abnormal Return ◽

Trading Volume ◽

Rank Test ◽

Volume Activity ◽

The Third ◽

Security Return ◽

Average Abnormal Return ◽

Significant Difference ◽

Before And After

On November 5, 2020, Indonesia was declared a recession after the Central Statistics Agency announced that the Indonesian economy experienced a decline in the third quarter of 2020. The Indonesian economy experienced a decline in the third quarter of 2020, which was minus 3.49 percent. In the second quarter of 2020, the Indonesian economy was already minus 5.32 percent. The announcement of the recession event gave rise to various perceptions for capital market participants. So the purpose of this study is to find out and compare the differences in the average Abnormal Return, Trading Volume Activity, and Security Return Variability of IDX 30 issuers before and after the announcement of the recession due to the COVID-19 pandemic. The research method used is quantitative research with an event study approach. The type of data in this study is secondary data with data collection techniques using the documentation method. The sample used is IDX30 stock issuers on the Indonesia Stock Exchange for the period August 2020 - January 2021. The data analysis technique in this study is descriptive statistical analysis, paired t-test and Wilcoxon signed rank test. The results of this study indicate that: (1) there is a significant difference in the average abnormal return of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic. (2) there is a significant difference in the average Trading Volume Activity of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic. (3) there is no significant difference in the average Security Return Variability of IDX 30 issuers before and after the announcement of the recession due to the covid-19 pandemic.

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PEMILU SERENTAK DALAM KAITANNYA TERHADAP REAKSI PASAR MODAL DI INDONESIA

Jurnal Akuntansi dan Keuangan ◽

10.23960/jak.v25i1.240 ◽

2020 ◽

Vol 25 (1) ◽

pp. 54-64

Author(s):

Niken Kusumawardani

Keyword(s):

Capital Market ◽

Abnormal Return ◽

Trading Volume ◽

Stock Exchange ◽

Volume Activity ◽

Political Event ◽

The Public ◽

Significant Difference ◽

Before And After ◽

Index Stock

This study aims to determine the effect of simultaneous elections in Indonesia, namely legislative and executive elections that occur simultaneously together with the reaction in the capital market. Market reaction is measured using trading volume activity and returns stock that occur within the timeframe before and after the holding of simultaneous elections, namely on the date before and after April 17, 2019. The population in this study is the issuer that actively trades its shares on the Indonesia Stock Exchange (IDX) in Compass100 Index stock category. The research hypothesis was tested with an independent sample t-test using software SPPS26. Hypothesis testing results indicate a significant difference in trading volume activity that occurs before and after simultaneous elections. While the variable abnormal return there is no significant difference before and after the election simultaneously. This research is expected to be a reference for all parties concerned including the public towards a political event that occurs in this case specifically the simultaneous elections for decision making related to investment activities in stock instruments

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Analisis Buyback Saham Tanpa Rapat Umum Pemegang Saham di PT. Aneka Tambang (Studi Pada Surat Edaran Nomor 3/SEOJK.04/2020)

AKUNTABILITAS Jurnal Ilmiah Ilmu-Ilmu Ekonomi ◽

10.35457/akuntabilitas.v14i1.1429 ◽

2021 ◽

Vol 14 (1) ◽

pp. 9-21

Author(s):

M. Boy Singgih Gitayuda

Keyword(s):

Abnormal Return ◽

Trading Volume ◽

Secondary Data ◽

Data Types ◽

Volume Activity ◽

Stock Trading ◽

Significant Difference ◽

Before And After ◽

Stock Buyback ◽

Descriptive Approach

In early 2020, stock trading in Indonesia was under significant pressure, as indicated by the decline in the IHSG. This is due to the pressure and global economic slowdown due to the Covid-19 pandemic and weakening world oil prices. The purpose of this study was to find out how the effect of share buyback announcements without the RUPS on the response to the market at PT. Aneka Tambang Tbk. based on Surat Edaran OJK Nomor 3/SEOJK.04/2020. This research is structured with a quantitative method with a descriptive approach using secondary data types obtained from finance.yahoo.com and other relevant sources. This study will assess whether a significant difference is found before the announcement of the stock buyback and afterwards on the return, abnormal return, and trading volume activity of the stock. The results of the study stated that there was no significant difference before and after the announcement of the stock buyback on the return and abnormal return at PT. Aneka Tambang Tbk. However, a significant difference was found in the trading volume activity (TVA) before the announcement of the share buyback at PT. Aneka Tambang Tbk. and after.

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ANALISIS LIKUIDITAS SAHAM SEBELUM, SAAT DAN SESUDAH PENGUMUMAN STOCH SPLIT

El-HARAKAH (TERAKREDITASI) ◽

10.18860/el.v8i1.4619 ◽

2008 ◽

Vol 8 (1) ◽

pp. 129

Author(s):

Agus Sucipto

Keyword(s):

Stock Price ◽

Trading Volume ◽

Market Reaction ◽

Volume Activity ◽

Stock Trading ◽

Stock Liquidity ◽

Bid Ask Spread ◽

Significant Difference ◽

Stock Split ◽

Before And After

Stock split announcement is one of information type published by emitent that is used to know market reaction. When stock split announcement contains information, the market reacts that is shown by the changing of stock price. This study is intended to describe the effect of stock split announcement to market reaction using event study. This approach is used to identify the reaction of the market which is an activity of trading volume and bid-ask spread of stock used to know stock liquidity. The findings show that there is no significant difference between stock trading volume activity before, during and after stock split announcement. Whereas, the period of before and after the announcement, there is a significant difference of stock trading volume activity. The finding of bid-ask spread stock shows that there is a significant difference in the period of before and after stock split announcement. But there is no significant difference in the period of before and after stock split announcement. Pengumuman pemecahan saham adalah salah satu jenis informasi yang diterbitkan oleh emiten yang digunakan untuk mengetahui reaksi pasar. Bila pengumuman pemecahan saham berisi informasi, pasar bereaksi yang ditunjukkan oleh perubahan harga saham. Penelitian ini bertujuan untuk mendeskripsikan efek pengumuman pemecahan saham terhadap reaksi pasar dengan menggunakan kajian peristiwa. Pendekatan ini digunakan untuk mengidentifikasi reaksi pasar yang merupakan aktivitas volume perdagangan dan pemecahan saham yang digunakan untuk mengetahui likuiditas saham. Temuan menunjukkan bahwa tidak ada perbedaan yang signifikan antara aktivitas volume perdagangan saham sebelum, selama dan setelah pengumuman pemecahan saham. Padahal, periode sebelum dan sesudah pengumuman, ada perbedaan yang signifikan dari aktivitas volume perdagangan saham. Temuan menunjukkan bahwa ada perbedaan yang signifikan pada periode sebelum dan sesudah pengumuman pemecahan saham. Namun tidak ada perbedaan yang signifikan pada periode sebelum dan sesudah pengumuman pemecahan saham.

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THE ANALYSIS OF ABNORMAL RETURNS AND TRADING VOLUME ACTIVITY BEFORE AND AFTER SIMULTANEOUS GENERAL ELECTION IN THE YEAR 2019 (STUDY OF STOCKS THAT ARE INCLUDED IN THE JAKARTA ISLAMIC INDEX)

Jurnal Riset Mahasiswa Akuntansi ◽

10.29303/risma.v1i3.98 ◽

2021 ◽

Vol 1 (3) ◽

pp. 107-116

Author(s):

Niki Aulia Dewi ◽

Lukman Effendy ◽

Indria Puspitasari Lenap

Keyword(s):

Abnormal Return ◽

Trading Volume ◽

Abnormal Returns ◽

General Election ◽

Volume Activity ◽

Political Events ◽

Before And After ◽

Statistical Analysis Method ◽

The Difference ◽

Economic Instrument

Political events are one of the factors that influence a country’s economic conditions. The capital market as an economic instrument cannot be separated from various environmental influences, both economic and non economic environment. The aim of the research is to find out the difference of abnormal return and trading volume activity between 10 days before and 10 days after Simultaneous General Election 2019 on the stocks included in the Jakarta Islamic Index. The sampling method in this study was conducted using saturated samples of 30 companies. Statistical analysis method used is Paired Sample T-Test and Wilcoxon Signed Ranks Test. The result of statistical test shows that variabel abnormal return and trading volume activity produce the conclution that there is no difference in abnormal return and trading volume activity between 10 days before and 10 days after Simultaneous General Election 2019 on the stocks included in the Jakarta Islamic Index. The implications of this study for issuers do not need to worry about Simultaneous General Election information because the event does not significantly influence on abnormal return and trading volume activity.

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Market Reaction on the Announcement of Elected President

Journal of Accounting and Strategic Finance ◽

10.33005/jasf.v3i1.77 ◽

2020 ◽

Vol 3 (1) ◽

pp. 71-87

Author(s):

Fidiana Fidiana

Keyword(s):

Information Content ◽

Capital Market ◽

Abnormal Returns ◽

Investment Decisions ◽

Stock Trading ◽

Political Events ◽

Election Process ◽

Before And After ◽

Trading Activities ◽

The Stability

Investors tend to respond to political events information because they are considered to be supporting or risking the stability of the capital market, so they must immediately make investment decisions quickly. Unlike the election process in other countries, this five-yearly election in Indonesia is not just a regularity of changing authorities but also carries an ideological gamble. The 2019 election as a necessary test for Indonesia related to the issue of communist phobia: between secular and conservative. Different from previous research on political events that focus on the electoral period, this study aims to prove the information content of the presidential announcement in 2019 by using a window period of eleven days, which is five days before and five days after the announcements. Tests were conducted on 45 companies registered as LQ-45 companies in 2019. Different samples of paired tests were done using a paired t sample tool by comparing abnormal returns and the level of stock trading activity. By using various tests, this study proves the existence of significant differences in abnormal returns and trading activities in the period before and after the 2019 presidential announcement. So, it was concluded that the 2019 presidential announcement had information content that had an impact on obtaining abnormal returns for investors. This study also proves that investors respond to information and political events as part of their investment decisions. So that daily transaction fluctuations are indicated by a trend of increasing and decreasing selling and buying actions on a spot time

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