Reaksi Pasar atas Pengumuman Larangan Ekspor Crude Palm Oil dan Produk Turunannya
Abstract
This research aims to determine the reaction of capital market investors to the announcement of a ban on the export of Crude Palm Oil (CPO) and its derivative products. This research uses an event study approach for 7 days of observation in 2022. Market reactions in this research are measured using Cumulative Abnormal Return (CAR). The population of this research is oil palm plantation companies listed on the Indonesia Stock Exchange in 2022. The sampling method uses a purposive sampling technique. The number of samples obtained was 20 companies. This research uses one sample t-test data analysis techniques. The results of data analysis show that investors in palm oil plantation companies reacted negatively to the announcement of a ban on exports of CPO and its derivative products. This proves that investors pay attention to external events that can influence company performance.
Keywords: Market Reaction; Event Study; Abnormal Return; CPO Export Ban
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References
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Razali, N.M., Y. B. W. (2011). Power Comparision of Shapiro-Wilk, Kolmogorov-Smirnov, Lilliefors, and Anderson-Darling tests. Journal of Statistical Modeling and Analytics, 2(1), 21–33.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. Bell Journal of Economics and Management Science, 8(1), 23–40.
Saputri, W., & Herlambang, L. (2017). Dampak Devaluasi Yuan Pada 11 Agustus 2015 Terhadap Abnormal Return Dan Abnormal Trading Volume Activity Saham Yang Tercatat Di Jakarta Islamic Index JII). Jurnal Ekonomi Syariah Teori Dan Terapan, 3(2), 127. https://doi.org/10.20473/vol3iss20162pp127-143
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Shalihah, N. F. (2021). 5 Penyebab Harga Minyak Goreng Masih Mahal Halaman all - Kompas.com. KOMPAS. https://www.kompas.com/tren/read/2021/11/26/080500865/5-penyebab-harga-minyak-goreng-masih-mahal?page=all
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sugiyono. (2017). Metode Penelitian Bisnis. Bandung: Alfabeta.
Utami, N. K. M. S., & Purbawangsa, I. B. A. (2021). DAMPAK PENGUMUMAN PENURUNAN HARGA BBM TERHADAP ABNORMAL RETURN PADA PERUSAHAAN YANG TERGABUNG DALAM IDX30. E-Jurnal Manajemen, 10(8), 738–758.
Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory. New Jersey: Prentice Hall, Inc.
Widi, H. (n.d.). Larangan Ekspor CPO Dinilai sebagai Kebijakan Keliru dan Destruktif. KOMPAS. https://www.kompas.id/baca/ekonomi/2022/04/24/larangan-ekspor-cpo-dinilai-sebagai-kebijakan-keliru-dan-destruktif
Wijaya, D. P., & Sedana, I. B. P. (2020). Effects of Quick Ratio, Return on Assets and Exchange Rates on Stock Returns. American Journal of Humanities and Social Sciences Research, 4(1), 323–329. https://www.ajhssr.com/wp-content/uploads/2020/01/ZR20413233
Wirama, D. G., & Rasmini, N. K. (2017). EKONOMI X TENTANG DAFTAR NEGATIF INVESTASI Gusti Ayu Surya Rosita Dewi 1 ECONOMIC POLICY PACKAGE X ABOUT THE NEGATIVE INVESTMENT LIST. Jurnal Ilmiah Akuntansi Dan Bisnis, 12(2), 104–114.
Wuryasti, F. (2022). Kemendag Berlakukan DMO dan DPO untuk Minyak Goreng. Media Indonesia. https://mediaindonesia.com/ekonomi/467420/kemendag-berlakukan-dmo-dan-dpo-untuk-minyak-goreng
Cahyono, T. (2015). STATISTIK UJI NORMALITAS. Purwokerto: Yayasan Sanitarian Bayumas.
Catriana, E. (2022). Kemendag Jamin Pasokan Bahan Pokok Cukup Selama Bulan Ramadhan. KOMPAS. https://money.kompas.com/read/2022/03/23/103851026/kemendag-jamin-pasokan-bahan-pokok-cukup-selama-bulan-ramadhan?page=all
Chang, C. Y., Zhang, Y., Teng, Z., Bozanic, Z., & Ke, B. (2016). Measuring the information content of financial news. COLING 2016 - 26th International Conference on Computational Linguistics, Proceedings of COLING 2016: Technical Papers, 3(1), 3216–3225.
Elisabeth, A. (2022). Larangan Ekspor CPO Disebut Bakal Gerus Devisa Negara hingga 3 Miliar Dolar AS. INews. https://www.inews.id/finance/bisnis/larangan-ekspor-cpo-disebut-bakal-gerus-devisa-negara-hingga-3-miliar-dolar-as
Fama, E. F. (1970). Efficient market: A review of theory and empiricalwork. Journal of Finance, 25(2), 383-417.
Florensia, C., & Susanti, N. (2020). How does the six-factor model do in explaining the relationship between return and risk on the Indonesia stock exchange? International Journal of Research in Business and Social Science (2147- 4478), 9(7), 93–107. https://doi.org/10.20525/ijrbs.v9i7.930
Foster, G. (1986). Financial Statement Analysis (second edi). New Jersley: Prentice Hall- Internattional Inc.
Ghozali. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 edisi 9. Badan Penerbit Universitas Diponegoro.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Idris, M. (2022). Baru Sehari Diumumkan, Jokowi Ralat Aturan Larangan Ekspor CPO. KOMPAS. https://money.kompas.com/read/2022/04/28/063034826/baru-sehari-diumumkan-jokowi-ralat-aturan-larangan-ekspor-cpo
Islami, N. L., & Sarwoko, E. (2012). Reaksi Pasar Modal Indonesia Terhadap Peristiwa Pergantian Menteri Keuangan (Event Study Saham Yang Terdaftar di BEI). Paper Knowledge . Toward a Media History of Documents, 8(Moderenisasi), 44–67. http://ejournal.unikama.ac.id/index.php/JEKO/article/view/206
Kementerian Perdagangan RI. (2022). Sistem Pemantauan Pasar dan Kebutuhan Pokok Kementerian Perdagangan.
Maharani, A., & Saputra, F. (2021). Relationship of Investment Motivation, Investment Knowledge and Minimum Capital to Investment Interest. Journal of Law Politic and Humanities, 2(1), 23–32. https://creativecommons.org/licenses/by/4.0/
Mahendra, A., & Sulaeman, E. (2023). Analisis Prediksi Financial Distress Menggunakan Model Altman (Z-Score) (Studi Kasus Pada Perusahaan Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Pendidikan Dan Konseling, 5(1), 123–130.
Manik, S., Sondakh, J. J., & Rondonuwu, S. (2017). Analisis Reaksi Harga Saham Sebelum dan Sesudah Tax Amnesty Periode Pertama (Studi Kasus Saham Sektor Properti Yang Tercatat di Bursa Efek Indonesia). 5(2), 762–772.
Menteri Perdagangan Republik Indonesia. (2022). Menteri Perdagangan Republik Indonesia Nomor 22 Tahun 2022 Tentang Larangan Sementara Ekspor Crude Palm Oil, Refined, Bleached, and Deodorized Palm Oil.
Nanda, G. R. W., & Wirakusuma, M. G. (2020). Reaksi Pasar Atas Momentum Hari Raya Idul Fitri Tahun 2019. E-Jurnal Akuntansi, 30(5), 1247. https://doi.org/10.24843/eja.2020.v30.i05.p14
Nugraha, N., & Susanti, N. (2019). The Use of the Three Factor Asset Pricing Models and Carhart Four Factors to Assess Excess Return. … on Creative Industries 2018 (5th BCM …, 197(December), 361–369. https://www.atlantis-press.com/proceedings/bcm-18/125910956
Pauran, C. P., Mangantar, M., & Van Rate, P. (2022). Reaksi Pasar Modal Terhadap Larangan Ekspor Batu Bara Di Indonesia Pada Industri Pertambangan Di Bursa Efek Indonesia. Jurnal EMBA, 10(4), 253–259.
Pham, H. N. A., Ramiah, V., Moosa, I., & Nguyen, J. H. (2017). The Effects of Regulatory Announcement on Risk and Return: The Vietnamese. Pacific Accounting Review, 29(2), 152–170.
Pranata, C. D. (2022). Ada Larangan Ekspor CPO, IHSG Turun Tipis Berkat Inflow Asing. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220425153105-17-334628/ada-larangan-ekspor-cpo-ihsg-turun-tipis-berkat-inflow-asing
Putra, I. G. S., Susanti, N., & Putra, O. E. (2019). Pengujian Fama & French Five-Factors Asset Pricing Model Pada Indeks Lq 45 Periode 2014-2018. Bisma, 13(3), 148. https://doi.org/10.19184/bisma.v13i3.10981
Rahayu, S. W., & Sugianto, F. (2020). Implikasi Kebijakan Dan Diskriminasi Pelarangan Ekspor Dan Impor Minyak Kelapa Sawit Dan Bijih Nikel Terhadap Perekonomian Indonesia. DiH: Jurnal Ilmu Hukum, 16(2), 224–236. https://doi.org/10.30996/dih.v16i2.3439
Rahmadini, Y., & Yumna, A. (2022). Evaluation of the impact of Covid-19 on abnormal return of the socially responsible stocks and the most liquid stocks listed on IDX. Financial Management Studies, 2(1), 44–56.
Razali, N.M., Y. B. W. (2011). Power Comparision of Shapiro-Wilk, Kolmogorov-Smirnov, Lilliefors, and Anderson-Darling tests. Journal of Statistical Modeling and Analytics, 2(1), 21–33.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. Bell Journal of Economics and Management Science, 8(1), 23–40.
Saputri, W., & Herlambang, L. (2017). Dampak Devaluasi Yuan Pada 11 Agustus 2015 Terhadap Abnormal Return Dan Abnormal Trading Volume Activity Saham Yang Tercatat Di Jakarta Islamic Index JII). Jurnal Ekonomi Syariah Teori Dan Terapan, 3(2), 127. https://doi.org/10.20473/vol3iss20162pp127-143
Sekretariat Kabinet RI. (2022). Pernyataan Presiden RI terkait Kebijakan Minyak Goreng, Jumat (22/4).
Selviana, L. (2019). PENGARUH LABA DAN NILAI GOODWILL TERHADAP ABNORMAL RETURN (Studi Empiris Pada Perusahaan Yang Terdaftar di Index LQ45 Tahun 2016–2018). Universitas Atma Jaya Yogyakarta.
Shalihah, N. F. (2021). 5 Penyebab Harga Minyak Goreng Masih Mahal Halaman all - Kompas.com. KOMPAS. https://www.kompas.com/tren/read/2021/11/26/080500865/5-penyebab-harga-minyak-goreng-masih-mahal?page=all
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sugiyono. (2017). Metode Penelitian Bisnis. Bandung: Alfabeta.
Utami, N. K. M. S., & Purbawangsa, I. B. A. (2021). DAMPAK PENGUMUMAN PENURUNAN HARGA BBM TERHADAP ABNORMAL RETURN PADA PERUSAHAAN YANG TERGABUNG DALAM IDX30. E-Jurnal Manajemen, 10(8), 738–758.
Watts, R. L., & Zimmerman, J. L. (1986). Positive Accounting Theory. New Jersey: Prentice Hall, Inc.
Widi, H. (n.d.). Larangan Ekspor CPO Dinilai sebagai Kebijakan Keliru dan Destruktif. KOMPAS. https://www.kompas.id/baca/ekonomi/2022/04/24/larangan-ekspor-cpo-dinilai-sebagai-kebijakan-keliru-dan-destruktif
Wijaya, D. P., & Sedana, I. B. P. (2020). Effects of Quick Ratio, Return on Assets and Exchange Rates on Stock Returns. American Journal of Humanities and Social Sciences Research, 4(1), 323–329. https://www.ajhssr.com/wp-content/uploads/2020/01/ZR20413233
Wirama, D. G., & Rasmini, N. K. (2017). EKONOMI X TENTANG DAFTAR NEGATIF INVESTASI Gusti Ayu Surya Rosita Dewi 1 ECONOMIC POLICY PACKAGE X ABOUT THE NEGATIVE INVESTMENT LIST. Jurnal Ilmiah Akuntansi Dan Bisnis, 12(2), 104–114.
Wuryasti, F. (2022). Kemendag Berlakukan DMO dan DPO untuk Minyak Goreng. Media Indonesia. https://mediaindonesia.com/ekonomi/467420/kemendag-berlakukan-dmo-dan-dpo-untuk-minyak-goreng
Published
2023-08-30
How to Cite
CAHYANI, Dwi Ega; PUTRA, I Nyoman Wijana Asmara.
Reaksi Pasar atas Pengumuman Larangan Ekspor Crude Palm Oil dan Produk Turunannya.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 8, p. 2014-2027, aug. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/101978>. Date accessed: 29 apr. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i08.p04.
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