Reaksi Pasar Atas Pengumuman Hasil Pemilihan Kabinet Kerja Jilid II Presiden Indonesia Tahun 2019
Abstract
This study aims to determine the existence of market reaction to the Announcement of the Election Results of the Cabinet Work Volume II of the President of Indonesia in 2019. This research is an event study with event window for 7 days. The study was conducted on companies listed in the LQ-45 Index for the period August-January 2020. The population of this study were 45 companies listed in the LQ-45 index. The sampling method used is the purposive sampling method. Market reaction to the Announcement of the Election Results of the Cabinet Work Volume II of the President of Indonesia in 2019 was measured using abnormal returns. The data analysis technique used is the one-sample t-test. The test results show that there was a market reaction when the Announcement of the Results of the Election of Cabinet Work Volume II of the President of Indonesia in 2019.
Keywords: Event Study; Work Cabinet Announcement; Abnormal Return.
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References
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Setiawan, H., & Mimba, N. (2015). Reaksi Pasar Pada Regulasi Loan To Value. E-Jurnal Akuntansi, 10(1), 107–120.
Shaikh, I. (2019). The U.S. Presidential Election 2012/2016 and Investors’ Sentiment: The Case of CBOE Market Volatility Index. SAGE Open, 9(3), 1–18. https://doi.org/10.1177/2158244019864175
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Chien, W., Mayer, R. W., & Wang, Z. (2014). Stock Market, Economic Performance, And Presidential Elections. Journal of Business & Economic Research, 12(2), 159–170.
Coulomb, R., & Sangnier, M. (2014). The Impact of Political Majorities on Firm Value: Do Electoral Promises or Friendship Connections Matter? Journal of Public Economics, 115, 158–170. https://doi.org/10.1016/j.jpubeco.2014.05.001
Dewi, I. G. A. A. P., Wirama, D. G., & Sari, M. M. R. (2018). Reaksi Pasar Modal atas Kebijakan Tax Amnesty. Jurnal Buletin Studi Ekonomi, 23(2), 61–76.
Diniar, A. H., & Kiryanto, K. (2016). 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., French, K., Hirshleifer, D., Kothari, S. P., Lamont, O., Mitchell, M., … Vishny, R. (1997). Not for Quotation: Comments Welcome Market Efficiency, Long-Term Returns, and Behavioral Finance. (June).
Hartono, J. (2015). Teori Portofolio dan Analisis Investasi (Kesembilan). Yogyakarta: BPFE.
Hung, L. C. (2013). U.S. Presidential elections and the taiwanese stock market. Issues and Studies, 49(1), 71–97.
Hutami, R. N. (2015). Abnormal Return Dan Trading Volume Activity Sebelum Dan Setelah Pemilihan Presiden Secara. Jurnal Akuntansi, 4(2), 1–10.
Jorion, P., & Goetzmann, W. N. (1999). Global Stock Markets in The Twentieth Century. Journal of Finance, 54(3), 953–980. https://doi.org/10.1111/0022-1082.00133
Kabiru, J. N., Elly, D., Hellen, O., & Kinyua, W. (2015). the Effect of General Elections on Stock Returns At the Nairobi Securities Exchange. European Scientific Journal, 11(28), 1857–7881.
Khan, J., Rehman, S. U., & Hussain, A. (2016). Impact of General Election 2013 on the Share Prices of Public Listed Firms: Evidence from Pakistan. City University Research Journal, 06(01), 101–110.
Koulakiotis, A., Papapanagos, H., & Papasyriopoulos, N. (2016). Political elections, abnormal returns and stock price volatility: The case of Greece. Investment Management and Financial Innovations, 13(1), 161–169. https://doi.org/10.21511/imfi.13(1-1).2016.03
Lamasigi, T. A. (2002). Reaksi Pasar Modal Terhadap Peristiwa Pergantian Presiden Republik Indonesia 23 Juli 2001 : Kajian Terhadap Return Saham LQ-45 Di Pt. Bursa Efek Jakarta. Jurnal Dan Prosiding SNA - Simposium Nasional Akuntansi, 5
Nezerwe, Y. (2013). Presidential Elections and Stock Returns in Egypt. Review of Business and Finance Studies, 4(2), 63–68.
Oka Sudewa P., D., & Ratna Sari, M. (2015). Reaksi Pasar Atas Peristiwa Pilpres 2014. E-Jurnal Akuntansi, 12(3), 465–480.
Permana, H. T., Sutejo, B. S., & Si, M. (2013). Perbedaan Abnormal Return Pada Sektor Keuangan Sebelum dan Sesudah Peristiwa Pilkada Gubernur Dki Jakarta 20 September 2012. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2(1), 1–9. https://doi.org/10.1007/springerreference_639
Prameswari, I. A. N. (2018). Analisis Reaksi Pasar Modal Pada Peristiwa Pemilihan Gubernur Dki Jakarta Tahun 2017. E-Jurnal Akuntansi Universitas Udayana, 22(2), 944–975.
Purba, F., & Handayani, S. R. (2017). Analisis Perbedaan Reaksi Pasar Modal Indonesia Sebelum Dan Sesudah Peristiwa Non Ekonomi (Studi pada Peristiwa Politik Pilkada DKI Jakarta 2017 Putaran Kedua). Jurnal Administrasi Bisnis (JAB), 51(1), 115–123.
Purnama, Y. S., & Khairunnisa. (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.
Sajid Nazir, M., 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
Saraswati, N. M. A. W., & Mustanda, I. K. (2018). Reaksi Pasar Modal Indonesia Terhadap Peristiwa Pengumuman Hasil Penghitungan Suara Pemilihan Umum Dan Pelantikan Presiden Amerika Serikat. E-Jurnal Manajemen Universitas Udayana, 7(6), 2971–2998. https://doi.org/10.24843/ejmunud.2018.v07.i06.p05
Setiawan, H., & Mimba, N. (2015). Reaksi Pasar Pada Regulasi Loan To Value. E-Jurnal Akuntansi, 10(1), 107–120.
Shaikh, I. (2019). The U.S. Presidential Election 2012/2016 and Investors’ Sentiment: The Case of CBOE Market Volatility Index. SAGE Open, 9(3), 1–18. https://doi.org/10.1177/2158244019864175
Silaban, D. P., & I.B Panji Sedana. (2018). Jurnal Buletin Studi Ekonomi. Vol. 23 No. 1, Februari 2018. Jurnal Buletin Studi Ekonomi, 23(1), 92–107.
Yuniarthi, N., & Sujana, I. (2016). Reaksi Pasar Modal Terhadap Pencalonan Jokowi Menjadi Presiden Republik Indonesia. E-Jurnal Akuntansi Universitas Udayana, 16(2), 951–977.
Published
2020-11-28
How to Cite
PUTRA SUBAWA, I Gede; SRI HARTA MIMBA, Ni Putu.
Reaksi Pasar Atas Pengumuman Hasil Pemilihan Kabinet Kerja Jilid II Presiden Indonesia Tahun 2019.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 11, p. 2852 - 2863, nov. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/61702>. Date accessed: 20 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i11.p11.
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