Reaksi Investor Pada Peristiwa Pengumuman Kabinet Indonesia Maju
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Abstract
This study aimed to explain investors’ reaction in the Indonesian capital market to the Announcement of the Jokowi and Ma’ruf Amin’s Cabinet of Indonesia Maju. This study investigated companies listed on the LQ 45 Index of the Indonesia Stock Exchange in 2019 as its population. Moreover, the purposive sampling method was to determine the sample that included 38 companies. This study collected data using documentation techniques within fifteen days. The periods were seven days before the Indonesia Maju Cabinet’s Announcement and seven days after the Announcement, from 14 October 2019 to 01 November 2019. The testing approach was an event study approach. The analysis technique was to test the signifi-cance level of the average abnormal return, and moderate trading volume activity is the paired sample t-test. The results indicated no difference in average abnormal return before and after the Indonesia Maju Cabinet’s Announcement. There was no difference in moderate trading volume activity before and after the Indonesia Maju Cabinet’s Announcement. In other words, there was a less positive reaction from investors around the Indonesia Maju Cabinet’s information
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References
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Al-Othman, L. N. (2019). The reaction of the financial market on the auditor report: an empirical study on service companies listed in Amman Stock Exchange (ASE). Investment Management and Financial Innovations, 16(1), 267–275. https://doi.org/10.21511/imfi.16(1).2019.21
Alexander, A., & Kadafi, M. A. (2018). Analisis Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Universitas Mulawarman, 10(1), 1. https://doi.org/10.29264/jmmn.v10i1.3803
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Budiman, A. (2015). Analisis Perbandingan Average Abnormal Return dan Average Trading Volume Activity Sebelum dan Sesudah Peristiewa Pemilu 2009 dan 2014. Universitas Negeri Semarang.
Dangol, J. (2008). Unanticipated Political Events and Stock Returns: An Event Study. NRB Economic Review, 20(2006), 86–110.
Diniar, A. H., & Kiryanto, K. (2018). Analisis Dampak Pemilu Presiden Jokowi Terhadap Return Saham (Studi Kasus Saham LQ-45 di Bursa Efek Indonesia). Jurnal Akuntansi Indonesia, 4(2), 97. https://doi.org/10.30659/jai.4.2.97-108
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Imelda, I., Siregar, H., & Anggraeni, L. (2015). Abnormal Returns and Trading Volume in the Indonesian Stock Market in Relation to the Presidential Elections in 2004, 2009, and 2014. Bisnis & Birokrasi Journal, 21(2). https://doi.org/10.20476/jbb.v21i2.4319
Jackson, S. B., Keune, T. M., & Salzsieder, L. (2013). Debt, equity, and capital investment. Journal of Accounting and Economics, 56(2–3), 291–310. https://doi.org/10.1016/j.jacceco.2013.09.001
Jasmine, A. V., & Herlambang, L. (2015). Reaksi Pasar Atas Stock Spit pada Emiten Saham Syariah di Bursa Efek Indonesia. Jestt, 2(8), 658–672.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). BPFE.
Karpoff, J. M. (1986). A Theory of Trading Volume. The Journal of Finance, 41(5), 1069–1087. https://doi.org/10.1111/j.1540-6261.1986.tb02531.x
Katti, S. W. B. (2018). Pengaruh Peristiwa Politik (Pemilu Presiden dan Pengumuman Susunan Kabinet) Terhadap Saham Sektor Industri Di Bursa Efek Indonesia. Capital, 1(2), 125–134.
Kiymaz, H. (2001). The effects of stock market rumors on stock prices: Evidence from an emerging market. Journal of Multinational Financial Management, 11(1), 105–115. https://doi.org/10.1016/S1042-444X(00)00045-1
Nabila, F., & Khairunnisa. (2015). Analisis Perbedaan Abnormal Return Sebelum Dan Sesudah Peristiwa Politik (Pemilihan Umum Presiden) Di Indonesia Dan Singapura (Studi Kasus Terhadap Perusahaan Kelompok Lq45 Di Bei Dan Strait Times Index Di Sgx). E-Proceeding of Management, 2(2), 1640–1648.
Nazir, M. S., Younus, H., Kaleem, A., & Anwar, Z. (2014). Impact of Political Events on Stock Market Returns: Empirical Evidence from Pakistan. Journal of Economic and Administrative Sciences, 30(1), 60–78. https://doi.org/10.1108/JEAS-03-2013-0011
Nestary, N. (2017). nalisis Pengaruh Pilkada Serentak Putaran I dan II Tahun 2017 terhadap Abnormal Return dan Volume Perdagangan Saham pada LQ 45 di Bursa Efek Indonesia. Jurnal Ilmu Komputer Dan Bisnis, 8(2), 2032–2049.
Prabandari, M. (2015). Dampak pengumuman kemenangan jokowi pada pemilihan umum presiden 2014 terhadap. Universitas Negeri Yogyakarta.
Prameswari, I. A. N., & Wirakusuma, M. G. (2018). Analisis Reaksi Pasar Modal Pada Peristiwa Pemilihan Gubernur Dki Jakarta Tahun 2017. E-Journal Akuntansi Universitas Udayana, 22(2), 944–975.
Sharpe, W. F. (1994). The Sharpe Ratio. The Journal of Portfolio Management, 21(1), 49–58. https://doi.org/10.3905/jpm.1994.409501
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Suryani, N. N. W., & Rasmini, N. K. (2019). Analisis Reaksi Pasar Atas Peristiwa Pilkada Serentak Tahun 2018. E-Jurnal Akuntansi, 1171. https://doi.org/10.24843/EJA.2019.v27.i02.p13
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.
Utamaningsi, L. (2020). Perusahaan Keluarga, Koneksi Politik & Kinerja Perusahaan. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 68. https://doi.org/10.33087/jiubj.v20i1.840
Vuchelen, J. (2003). Electoral Systems and the Effects of Political Events on the Stock Market: The Belgian Case. Economics and Politics, 15(1), 85–102. https://doi.org/10.1111/1468-0343.00116
Yoga Satya Purnama dan Khairunnisa, SE., M. (2015). Reaksi Pasar Modal Indonesia Terhadap Pengumuman Hasil Pemilihan Umum Presiden 2009 Dan 2014 Pada Bursa Efek Indonesia Indonesian Capital Market Reaction on the Announcement of the Result of Presidential Election in 2009 and 2014 At Indonesian. E-Proceeding of Management, 2(1), 246–254.
Zhang, Y., & Hao-Jia, C. (2001). The Effects of Stock Market Rumors on Stock Prices: Evidence from an Emerging Market. Journal of Multinational Financial Management, 11(1), 105–115. https://doi.org/10.1016/S1042-444X(00)00045-1
Ahmed, W. M. A. (2017). The impact of political regime changes on stock prices: the case of Egypt. International Journal of Emerging Markets, 12(3), 508–531. https://doi.org/10.1108/IJoEM-12-2015-0258
Al-Othman, L. N. (2019). The reaction of the financial market on the auditor report: an empirical study on service companies listed in Amman Stock Exchange (ASE). Investment Management and Financial Innovations, 16(1), 267–275. https://doi.org/10.21511/imfi.16(1).2019.21
Alexander, A., & Kadafi, M. A. (2018). Analisis Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Stock Split pada Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Universitas Mulawarman, 10(1), 1. https://doi.org/10.29264/jmmn.v10i1.3803
Brock, W. A., & Kleidon, A. W. (1992). Periodic Market Closure and Trading Volume. Journal of Economic Dynamics and Control, 16(3–4), 451–489. https://doi.org/10.1016/0165-1889(92)90045-G
Budiman, A. (2015). Analisis Perbandingan Average Abnormal Return dan Average Trading Volume Activity Sebelum dan Sesudah Peristiewa Pemilu 2009 dan 2014. Universitas Negeri Semarang.
Dangol, J. (2008). Unanticipated Political Events and Stock Returns: An Event Study. NRB Economic Review, 20(2006), 86–110.
Diniar, A. H., & Kiryanto, K. (2018). Analisis Dampak Pemilu Presiden Jokowi Terhadap Return Saham (Studi Kasus Saham LQ-45 di Bursa Efek Indonesia). Jurnal Akuntansi Indonesia, 4(2), 97. https://doi.org/10.30659/jai.4.2.97-108
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383. https://doi.org/10.2307/2325486
Fatimatuzzahra, V., & Herlambang, L. (2014). Reaksi Pasar Atas Penerbitan Sukûk. Jurnal Ekonomi Syariah Teori Dan Terapan -JESTT, 1(5), 363–378.
Fauzia, M. (2019, October 22). Susunan Kabinet Jokowi Kian Jelas, IHSG Ditutup Menguat. Kompas.Com. https://money.kompas.com/read/2019/10/22/165141226/susunan-kabinet-jokowi-kian-jelas-ihsg-ditutup-menguat.
Fidiana, F. (2020). Market Reaction on the Announcement of Elected President. Journal of Accounting and Strategic Finance, 3(1), 71–87. https://doi.org/10.33005/jasf.v3i1.77
Gumanti, T. A., Savitri, E., Nisa, N. W., & Utami, E. S. (2018). Event Study on the Crash of Airasia Plane: A Study on Travel and Leisure Companies Listed at Malaysian Stock Market. Jurnal Akuntansi Dan Keuangan, 20(1), 20. https://doi.org/10.9744/jak.20.1.20-26
Günay, S. (2016). Is political risk still an issue for Turkish stock market? Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2016.01.003
Halim, A. (2005). Analisis investasi. Jakarta: Salemba Empat.
Handoko, W. M. W., & Supramono, S. (2017). Sentimen Investor Terhadap Peristiwa Terorisme Berbasis Fundamental Perusahaan (Studi pada Peristiwa Serangan Bom Sarinah 14 Januari 2016). Jurnal Akuntansi Dan Keuangan, 19(2). https://doi.org/10.9744/jak.19.2.122-132
Imelda, I., Siregar, H., & Anggraeni, L. (2015). Abnormal Returns and Trading Volume in the Indonesian Stock Market in Relation to the Presidential Elections in 2004, 2009, and 2014. Bisnis & Birokrasi Journal, 21(2). https://doi.org/10.20476/jbb.v21i2.4319
Jackson, S. B., Keune, T. M., & Salzsieder, L. (2013). Debt, equity, and capital investment. Journal of Accounting and Economics, 56(2–3), 291–310. https://doi.org/10.1016/j.jacceco.2013.09.001
Jasmine, A. V., & Herlambang, L. (2015). Reaksi Pasar Atas Stock Spit pada Emiten Saham Syariah di Bursa Efek Indonesia. Jestt, 2(8), 658–672.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). BPFE.
Karpoff, J. M. (1986). A Theory of Trading Volume. The Journal of Finance, 41(5), 1069–1087. https://doi.org/10.1111/j.1540-6261.1986.tb02531.x
Katti, S. W. B. (2018). Pengaruh Peristiwa Politik (Pemilu Presiden dan Pengumuman Susunan Kabinet) Terhadap Saham Sektor Industri Di Bursa Efek Indonesia. Capital, 1(2), 125–134.
Kiymaz, H. (2001). The effects of stock market rumors on stock prices: Evidence from an emerging market. Journal of Multinational Financial Management, 11(1), 105–115. https://doi.org/10.1016/S1042-444X(00)00045-1
Nabila, F., & Khairunnisa. (2015). Analisis Perbedaan Abnormal Return Sebelum Dan Sesudah Peristiwa Politik (Pemilihan Umum Presiden) Di Indonesia Dan Singapura (Studi Kasus Terhadap Perusahaan Kelompok Lq45 Di Bei Dan Strait Times Index Di Sgx). E-Proceeding of Management, 2(2), 1640–1648.
Nazir, M. S., Younus, H., Kaleem, A., & Anwar, Z. (2014). Impact of Political Events on Stock Market Returns: Empirical Evidence from Pakistan. Journal of Economic and Administrative Sciences, 30(1), 60–78. https://doi.org/10.1108/JEAS-03-2013-0011
Nestary, N. (2017). nalisis Pengaruh Pilkada Serentak Putaran I dan II Tahun 2017 terhadap Abnormal Return dan Volume Perdagangan Saham pada LQ 45 di Bursa Efek Indonesia. Jurnal Ilmu Komputer Dan Bisnis, 8(2), 2032–2049.
Prabandari, M. (2015). Dampak pengumuman kemenangan jokowi pada pemilihan umum presiden 2014 terhadap. Universitas Negeri Yogyakarta.
Prameswari, I. A. N., & Wirakusuma, M. G. (2018). Analisis Reaksi Pasar Modal Pada Peristiwa Pemilihan Gubernur Dki Jakarta Tahun 2017. E-Journal Akuntansi Universitas Udayana, 22(2), 944–975.
Sharpe, W. F. (1994). The Sharpe Ratio. The Journal of Portfolio Management, 21(1), 49–58. https://doi.org/10.3905/jpm.1994.409501
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Suryani, N. N. W., & Rasmini, N. K. (2019). Analisis Reaksi Pasar Atas Peristiwa Pilkada Serentak Tahun 2018. E-Jurnal Akuntansi, 1171. https://doi.org/10.24843/EJA.2019.v27.i02.p13
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.
Utamaningsi, L. (2020). Perusahaan Keluarga, Koneksi Politik & Kinerja Perusahaan. Jurnal Ilmiah Universitas Batanghari Jambi, 20(1), 68. https://doi.org/10.33087/jiubj.v20i1.840
Vuchelen, J. (2003). Electoral Systems and the Effects of Political Events on the Stock Market: The Belgian Case. Economics and Politics, 15(1), 85–102. https://doi.org/10.1111/1468-0343.00116
Yoga Satya Purnama dan Khairunnisa, SE., M. (2015). Reaksi Pasar Modal Indonesia Terhadap Pengumuman Hasil Pemilihan Umum Presiden 2009 Dan 2014 Pada Bursa Efek Indonesia Indonesian Capital Market Reaction on the Announcement of the Result of Presidential Election in 2009 and 2014 At Indonesian. E-Proceeding of Management, 2(1), 246–254.
Zhang, Y., & Hao-Jia, C. (2001). The Effects of Stock Market Rumors on Stock Prices: Evidence from an Emerging Market. Journal of Multinational Financial Management, 11(1), 105–115. https://doi.org/10.1016/S1042-444X(00)00045-1
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2024-01-04
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