Market Response to Policy Announcements: An Analysis of Capital Market Reactions to the Introduction of Battery Electric Vehicle Incentives in Indonesia
Abstract
Information entering the market can influence investor behavior, as reflected in abnormal returns and fluctuations in trading volume activity. This study aims to analyze the market's reaction to the announcement of Minister of Finance Regulation Number 38 of 2023. Drawing on the efficient market hypothesis, specifically the semi-strong form, this research employs an event study methodology over a 15-day window (t-7 to t+7). The sample consisted of 10 companies within the automotive and components subsectors, evaluated using one-sample t-tests, one-sample Wilcoxon signed-rank tests, and paired-sample Wilcoxon signed-rank tests. The findings revealed significant abnormal returns and changes in trading volume activity surrounding the announcement. These outcomes suggest that the market perceived the announcement positively, significantly impacting investor reactions.
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References
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Sri Utami, N. K. M., & Purbawangsa, I. B. A. (2021). Dampak Pengumuman Penurunan Harga BBM Terhadap Abnormal Return Pada Perusahaan yang Tergabung dalam IDX30. E-Jurnal Manajemen Universitas Udayana, 10(8). https://doi.org/10.24843/ejmunud.2021.v10.i08.p01
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Vinod, S., Scaria, R., & Girish, S. (2020). Monetary Policy Announcement and Stock Price Behaviour: An Event Study with Respect to India. International Journal of Scientific and Technology Research, 9(2).
Wicki, M., Brückmann, G., & Bernauer, T. (2022). How to Accelerate the Uptake of Electric Cars? Insights from a Choice Experiment. Journal of Cleaner Production, 355. https://doi.org/10.1016/j.jclepro.2022.131774
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Anggara, I. W. G. W. P., & Andari, N. M. P. (2022). Market Reaction to the Implementation of Coal Royalty Tariff Policy in Indonesia. E-Jurnal Akuntansi, 33(9), 2380–2393. https://doi.org/10.24843/EJA.2023.v33.i09.p10
Antoniuk, Y., & Leirvik, T. (2021). Climate Change Events and Stock Market Returns. Journal of Sustainable Finance and Investment. https://doi.org/10.1080/20430795.2021.1929804
Ardani, N. M. (2019). Studi Komparatif Reaksi Pasar Sebelum dan Sesuah Kenaikan Harga BBM atas Saham LQ-45 di BEI (Event Study pada Peristiwa Kenaikan BBM Tanggal 5 Januari 2017). Jurnal Pendidikan Ekonomi Undiksha, 10(2). https://doi.org/10.23887/jjpe.v10i2.20142
Bandawaty, E. (2020). Analisis Capital Asset Pricing Model (CAPM) dalam Memprediksi Tingkat Return Saham Kompas 100 yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2013-2017. Kinerja, 2(02). https://doi.org/10.34005/kinerja.v3i01.925
Boonvorachote, T., & Lakmas, K. (2016). Price Volatility, Trading Volume, and Market Depth in Asian commodity Futures Exchanges. Kasetsart Journal of Social Sciences, 37(1). https://doi.org/10.1016/j.kjss.2016.01.004
Borghesi, S., Castellini, M., Comincioli, N., Donadelli, M., Gufler, I., & Vergalli, S. (2022). European Green Policy Announcements and Sectoral Stock Returns. Energy Policy, 166. https://doi.org/10.1016/j.enpol.2022.113004
Ding, H., Jin, Y., Koedijk, K. G., & Wang, Y. (2020). Valuation Effect of Capital Account Liberalization: Evidence from the Chinese Stock Market. Journal of International Money and Finance, 107. https://doi.org/10.1016/j.jimonfin.2020.102208
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2). https://doi.org/10.2307/2325486
Fauziah, L., & Venusita, L. (2021). The Reaction of Capital Markets in Indonesia, Singapore, Malaysia, and Thailand Towards the Announcement of Lockdown Policy During the Beginning of the Covid-19. Journal of Accounting, Entrepreneurship and Financial Technology (JAEF), 2(2). https://doi.org/10.37715/jaef.v2i2.1831
Gani, E. A., Efni, Y., & Rokhmawati, A. (2021). Reaksi Pasar Modal atas Kebijakan Kenaikan Cukai di Indonesia. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 2(2). https://doi.org/10.31258/jc.2.2.184-204
Gbanador, M. A. (2021). An Empirical Test for Semi-strong Form Efficient Market Hypothesis of the Nigeria Stock Market. Asian Journal of Economics, Business and Accounting. https://doi.org/10.9734/ajeba/2021/v21i2330532
Ghani, M., & Chaudhary, G. M. (2017). Stock Market Response to Policy Announcement : Evidence from Banking Sector of Pakistan. Journal of Advance Public Policy and International Affairs (JAPPIA), 4(1).
Gursida, H., & Indrayono, Y. (2019). Understanding Capital Market Responses to Government Economic Policy Announcements: An Event Study on Indonesia’s Economic Policy Package. Management Science Letters, 9(11). https://doi.org/10.5267/j.msl.2019.6.004
Hanindipto, F. A., Suroso, A. I., & Andati, T. (2022). Respons Pasar Modal Indonesia terhadap Pengumuman Insentif Fiskal Biaya R&D Korporat. Jurnal Aplikasi Bisnis Dan Manajemen. https://doi.org/10.17358/jabm.8.1.133
Indrayuda, A. A. G. A., & Sukartha, I. M. (2019). Reaksi Pasar Modal atas Kenaikan The Federal Funds Rate pada Tanggal 26 September 2018. E-Jurnal Akuntansi, 29(2). https://doi.org/10.24843/eja.2019.v29.i02.p27
Intergovernmental Panel on Climate Change. (2022). IPCC Sixth Assessment Report. Www.Ipcc.Ch. https://www.ipcc.ch/report/ar6/wg3/
International Energy Agency. (2023). Electric Vehicles. Www.Iea.Org. https://www.iea.org/energy-system/transport/electric-vehicles
Jones, S. J. (2019). If Electric Cars are the Answer, What was the Question? British Medical Bulletin, 129(1). https://doi.org/10.1093/bmb/ldy044
Lelengboto, A. L. P., & Suwena, K. F. (2022). Reaksi Pasar Modal atas Pemberlakuan Peraturan Menteri Perhubungan No. 25 Tahun 2020. Jurnal Riset Akuntansi Dan Keuangan, 10(3).
Li, Z., Ling, Z., Sun, J., & Yun, C. (2022). Starts and Refutations of the Covid-19 Rumors: Evidence from the Reaction of the Stock Market. China Journal of Accounting Research, 15(4). https://doi.org/10.1016/j.cjar.2022.100272
Liu, F., Kong, D., Xiao, Z., Zhang, X., Zhou, A., & Qi, J. (2022). Effect of Economic Policies on the Stock and Bond Market Under the Impact of COVID-19. Journal of Safety Science and Resilience, 3(1). https://doi.org/10.1016/j.jnlssr.2021.10.006
Peraturan Menteri Keuangan Nomor 38 Tahun 2023, Pub. L. No. 38 Tahun 2023, 1 (2023). https://jdih.kemenkeu.go.id/download/4b0582e7-2280-43bf-8197-4c2fa426d853/2023pmkeuangan038.pdf
Milev, G., Hastings, A., & Al-Habaibeh, A. (2021). The Environmental and Financial Implications of Expanding the Use of Electric Cars - A Case Study of Scotland. Energy and Built Environment, 2(2). https://doi.org/10.1016/j.enbenv.2020.07.005
Nerlinger, M., & Utz, S. (2022). The Impact of the Russia-Ukraine Conflict on Energy Firms: A Capital Market Perspective. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103243
Nirajenani, C. I. P., & Merkusiwati, N. K. L. A. (2018). Faktor-faktor yang Mempengaruhi Kepatuhan Wajib Pajak dalam Membayar Pajak Kendaraan Bermotor Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia email : coknira64@yahoo.com / Telp : + 6285737795768 Fakultas Ekonomi dan Bisnis Unive. E-Jurnal Akuntansi, 24, 339–369.
Petrakis, N., Lemonakis, C., Floros, C., & Zopounidis, C. (2022). Eurozone Stock Market Reaction to Monetary Policy Interventions and Other Covariates. Journal of Risk and Financial Management, 15(2). https://doi.org/10.3390/jrfm15020056
Pham, L., Hao, W., Truong, H., & Trinh, H. H. (2023). The Impact of Climate Policy on U.S. Environmentally Friendly Firms: A Firm-Level Examination of Stock Return, Volatility, Volume, and Connectedness. Energy Economics, 119. https://doi.org/10.1016/j.eneco.2023.106564
Plananska, J., Wüstenhagen, R., & de Bellis, E. (2023). Perceived Lack of Masculinity as a Barrier to Adoption of Electric Cars? An Empirical Investigation of Gender Associations with Low-Carbon Vehicles. Travel Behaviour and Society, 32. https://doi.org/10.1016/j.tbs.2023.100593
Putra, R. E. P., & Wirawati, N. G. P. (2019). Reaksi Pasar terhadap Pelemahan Nilai Rupiah pada Nilai Tukar US Dollar. E-Jurnal Akuntansi. https://doi.org/10.24843/eja.2019.v28.i01.p09
Putri, A. A. (2023). Penjualan Mobil Listrik Terus Melonjak Setiap Tahunnya. Goodstats.Id. https://goodstats.id/article/penjualan-mobil-listrik-terus-melonjak-setiap-tahunnya-61goQ
Safitri, E., Utami, D., & Intan Sari, P. (2019). Perbandingan Keakuratan Capital Assets Pricing Model (CAPM) dan Arbitrage Pricing Theory (APT) dalam Menentukan Pilihan Berinvestasi pada Saham Jakarta Islamic Index (JII). Jurnal Ilmu Manajemen, 8(1). https://doi.org/10.32502/jimn.v8i1.1557
Shafiq, S., & Qureshi, S. S. (2022). Impact of Budget Announcement on Stock Returns: An Event Study in Pharmaceutical and Automobile Sector. GMJACS, 12(1). https://doi.org/10.59263/gmjacs.12.01.2022.219
Sindhuarta, S. J., Husni, R. A., & Samosir, T. (2023). Comparison Analysis Between Accuracy of CAPM and APT Models in Predicting Return of IDX-30 Stocks during Covid-19 Pandemic. Indikator: Jurnal Ilmiah Manajemen Dan Bisnis, 7(1). https://doi.org/10.22441/indikator.v7i1.15992
Sri Utami, N. K. M., & Purbawangsa, I. B. A. (2021). Dampak Pengumuman Penurunan Harga BBM Terhadap Abnormal Return Pada Perusahaan yang Tergabung dalam IDX30. E-Jurnal Manajemen Universitas Udayana, 10(8). https://doi.org/10.24843/ejmunud.2021.v10.i08.p01
Suryani, A. M., & Noviari, N. (2023). Reaksi Pasar Modal terhadap Pengumuman Kebijakan Insentif Pajak Penjualan atas Barang Mewah. E-Jurnal Akuntansi, 33(2). https://doi.org/10.24843/eja.2023.v33.i02.p02
Susanti, L., & Ery Setiawan, P. (2019). Pengaruh Layanan Samsat Corner, Kesadaran Wajib Pajak, Sosialisasi Perpajakan dan Kualitas Pelayanan pada Kepatuhan Wajib Pajak Kendaraan Bermotor. E-Jurnal Akuntansi, 29(2). https://doi.org/10.24843/eja.2019.v29.i02.p11
Tanza, A., Maulidya, R. P., Junita, T. P., & Widodo, E. (2023). Analisis Pengaruh Kenaikan Harga BBM terhadap Pergerakan Saham Sektor Transportasi dan Logistik. Dialektika : Jurnal Ekonomi Dan Ilmu Sosial, 8(1). https://doi.org/10.36636/dialektika.v8i1.2044
Vinod, S., Scaria, R., & Girish, S. (2020). Monetary Policy Announcement and Stock Price Behaviour: An Event Study with Respect to India. International Journal of Scientific and Technology Research, 9(2).
Wicki, M., Brückmann, G., & Bernauer, T. (2022). How to Accelerate the Uptake of Electric Cars? Insights from a Choice Experiment. Journal of Cleaner Production, 355. https://doi.org/10.1016/j.jclepro.2022.131774
Yulane Talumewo, C., Van Rate, P., & Untu, V. N. (2021). Reaksi Pasar Modal Indonesia Sebelum dan Sesudah Pengumuman Pemberlakuan New Normal (Event Study pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(4).
Zhao, Y. (2022). Applicability Analysis of CAPM Model in the Context of Epidemic. BCP Business & Management, 30. https://doi.org/10.54691/bcpbm.v30i.2513
Published
2024-09-12
How to Cite
PRATIWI, Kadek Ayu Esa; ANGGARA, I Wayan Gde Wahyu Purna.
Market Response to Policy Announcements: An Analysis of Capital Market Reactions to the Introduction of Battery Electric Vehicle Incentives in Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 8, sep. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/112833>. Date accessed: 15 oct. 2024.
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