Perbandingan Reaksi Pasar di AS, China dan Indonesia terhadap Perundingan Perang Dagang AS-China
Abstract
This study aims to examine the market reaction in the American, Chinese, and Indonesian stock markets about the announcement of the results of the US-China trade war negotiations. The events of the trade war negotiations took place on 10-11 October 2019. This research used the event study method and the purposive sampling method. The population in this study consisted of Dow 30, SSE 50 and LQ45 stock indices with a total sample of 123 companies. The study used Cumulative Abnormal Return (CAR) as a variable which was data from the Dow 30, SSE 50, and LQ45 stock indices during the event window. Based on the results of the analysis, it was found that there was a market reaction on the American, Chinese, and Indonesian stock markets on the announcement of the results of the US-China trade war negotiations. So there is information content for the event. The results also showed that there were differences in reactions between the American, Chinese, and Indonesian stock markets on the announcement of the results of the US-China trade war negotiations.
Keywords: Market Reaction; Cumulative Abnormal Return; Trade War Negotiations.
Downloads
References
Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., & Riedl, E. J. (2010). Market reaction to the adoption of IFRS in europe. In Accounting Review. https://doi.org/10.2308/accr.2010.85.1.31
Beaver, W. H. (1989). Financial Reporting: An Accounting Revolution. Prentice Hall.
Caskey, J., Hughes, J., & Liu, J. (2012). Leverage, excess leverage, and future returns. Review of Accounting Studies, 17, 443–471. https://doi.org/10.1007/s11142-011-9176-1
Chen, J. (2019). Trade War. https://www.investopedia.com/terms/t/trade-war.asp.
Egger, P., & Zhu, J. (2019). The US-Chinese Trade War: An Event Study of Stock-Market Responses. Bank Of Finland.
Fama, E. F. (1970). Efficient Capital Market: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383–417.
Grewal, J., Riedl, E. J., & Serafeim, G. (2019). Market reaction to mandatory nonfinancial disclosure. In Management Science. https://doi.org/10.1287/mnsc.2018.3099
Hartono, J. (2010). Metodologi Penelitian Bisnis Salah Kaprah Dan Pengalaman – Pengalaman. Yogyakarta: BPFE.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. BFPE.
Hasdwi Putra, I. M. D., & Dwija Putri, I. G. A. M. A. (2018). Analisis Reaksi Pasar Sebelum dan Sesudah Pengumuman Kemenangan Donald Trump Menjadi Presiden Amerika Serikat. E-Jurnal Akuntansi, 23(1), 406. https://doi.org/10.24843/eja.2018.v23.i01.p16
Havráneková, M., & Dvorský, T. (2019). The United States-China Trade War. Cesko.
Huang, Y., Lin, C., Liu, S., & Tang, H. (2018). Trade linkages and firm value: Evidence from the 2018 US-China trade war.
IMF. (2019). Global Manufacturing Downturn, Rising Trade Barriers. World Economic Outlook.
Knauer, T., & Wöhrmann, A. (2016). Market Reaction to Goodwill Impairments. European Accounting Review. https://doi.org/10.1080/09638180.2015.1042888
Kori, M. O. D., & Rasmini, N. K. (2017). Struktur Good Corporate Governance sebagai Pemoderasi Pengaruh Asimetri Informasi pada Manajemen Laba. E-Jurnal Akuntansi Universitas Udayana, 21(1), 144–172.
Ozturk, S., & Altinuz, B. (2019). the Effect of Us-China Trade Wars on Shanghai Stock Exchange Composite Index AbdÇi̇nTi̇caret Savaşlarinin Şangay Menkul Kiymetler Borsasi. June, 59–69.
Ratnaningsih, N. M. D., & Widanaputra, A. A. G. P. (2019). The reaction of Indonesian capital market to political event the announcement of Indonesia presidential election 2019 results. International Research Journal of Management, IT and Social Sciences, 6(6), 87–94. https://doi.org/10.21744/irjmis.v6n6.765
Stanley, M. (2019). Morgan Stanley: Ekonomi RI Cuma 5 Persen Karena Perang Dagang. CNN Indonesia. https://www.cnnindonesia.com/ekonomi/20190812111857-532-420459/morgan-stanley-ekonomi-ri-cuma-5-persen-karena-perang-dagang. Diakses pada tanggal 24 September 2019
Tandelilin, E. (2010). Portofolio dan Investasi (Edisi Pertama). Kanisius.
Tri, U. L. (2019). Pengaruh Peristiwa Perang Dagang AS-Cina Terhadap Abnormal Return dan Abnormal Trading Volume Activity Di Bursa Efek Indonesia (BEI). Universitas Negeri Malang.
Wahyudhi, P. S., & Agung Suaryana, I. G. N. (2019). Reaksi Pasar Atas Kesepakatan Investasi Bidang Infrastruktur dalam Pertemuan International Monetary Fund-World Bank 2018. E-Jurnal Akuntansi, 27(1), 594–643. https://doi.org/10.24843/eja.2019.v27.i01.p23
Wahyudi, K., & Putra, I. N. W. A. (2020). Perbandingan Reaksi Pasar pada Perusahaan LQ45 dan Non LQ45 atas Pengumuman Stock Split. E-Jurnal Akuntansi, 30(2), 307–318. https://doi.org/10.24843/eja.2020.v30.i02.p03
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
