Reaksi Pasar Modal Indonesia Terhadap Rencana Investasi Antara Pemerintah Indonesia dengan Pendiri Tesla dan Space X
Abstract
The high or low return received from an investment will be proportional to the risk borne. Investors can reduce this risk by analyzing the factors that cause risk from information that makes the capital market react. This research aims to determine the reaction of the Indonesian capital market to investment plans between the Indonesian government and the founders of Tesla and SpaceX by calculating abnormal returns and trading volume activity of metal and mineral industrial companies listed on the Indonesian Stock Exchange. This research uses the event study method. The observation period was carried out for 7 working days. The sampling method used was non-probability sampling with purposive sampling technique. The research results show that there are no significant abnormal returns on investment plan announcements, but the test results on trading volume activity show significant results.
Keywords: Event Study; Abnormal Return; Trading Volume Activity
Downloads
Download data is not yet available.
References
Admati, A. R., & Pfleiderer, P. (1988). A Theory of Intraday Patterns : Volume and Price Variability. The Review of Financial Studies, 1(1), 3–40.
Agatha, G.V., & Suhadak. (2019). Uji Beda Abnormal Return, Trading Volume dan Market Capitalization Sebelum dan Sesudah Pengumuman Kebijakan Harga Jual Dmo Batubara (Studi pada Perusahaan Subsektor Pertambangan Batubara yang Listing di BEI tahun 2018). Jurnal Administrasi Bisnis (JIAB), 70(1), 45-52.
Ahdiat, A. (2022a). Indonesia Jadi Lahan Investasi Kendaraan Listrik Terbesar di ASEAN. Https://Databoks.Katadata.Co.Id/. https://databoks.katadata.co.id/datapublish/2022/10/11/indonesia-jadi-lahan-investasi-kendaraan-listrik-terbesar-di-asean
Ahdiat, A. (2022b). Peluang Besar RI, Pasar Nikel Diprediksi Tumbuh Pesat sampai 2050. Https://Databoks.Katadata.Co.Id. https://databoks.katadata.co.id/datapublish/2022/07/07/peluang-besar-ri-pasar-nikel-diprediksi-tumbuh-pesat-sampai-2050
Akbar, E. P., Saerang, I. S., & Maramis, J. B (2019). Reaksi pasar modal terhadap pengumuman kemenangan Presiden Joko Widodo berdasarkan Keputusan KPU Pemilu Periode 2019-2024 (Studi pada Perusahaan BUMN yang terdaftar di BEI). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). 6(2).
Alhikam, H. A. (2021). 3 Fakta Babak Baru Proposal Investasi Tesla Tiba di Meja Luhut. Www.Detikfinance.Com. https://finance.detik.com/industri/d-5362027/3-fakta-babak-baru-proposal-investasi-tesla-tiba-di-meja-luhut
Alhussayen, H. (2022). The Relationship Between Trading Volume and Market Returns: A VAR/Granger Causality Testing Approach in the Context of Saudi Arabia. Organizations and Markets in Emerging Economies, 31(1), 260–275. https://doi.org/10.15388/omee.2022.13.79
Ante, L. (2021). How Elon Musk’s Twitter Activity Moves Cryptocurrency Markets. SSRN Electronic Journal, 16, 1–28. https://doi.org/10.2139/ssrn.3778844
Beaver, W.H (1968). The Information Content of Annual Earnings Announcements. Journal of Accounting Research, 6, 93. https://doi.org/10,2307/2490071
Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417. https://doi.org/10,1016/0002-8703(53)90182-3.
Hamdani, T. (2022). Menanti Akhir Drama Investasi Elon Musk di Indonesia. Www.Idntimes.Com. https://www.idntimes.com/business/economy/trio-hamdani/menanti-akhir-drama-investasi-elon-musk-di-indonesia#page-2
Hartono, Jogiyanto. (2017). Teori Portofolio dan Analisis Investasi (Edisi Kesebelas). In Yogyakarta: BPPE.
How, C. C., & Tsen, W. H. (2019). The Effects of Stock Split Announcements on the Stock Returns in Bursa Malaysia. Jurnal Ekonomi Malaysia, 53(2), 41–53. https://doi.org/10.17576/JEM-2019-5302-4
Karpoff, J. M. (1987). The Relation Between Price Changes and Trading Volume: A Survey. The Journal of Financial and Quantitative Analysis, 22(1), 109. https://doi.org/10.2307/2330874
Kementerian ESDM. (2020). Peluang Investasi Nikel Indonesia. In Kementerian Energi dan Sumber Daya Mineral Republik Indonesia (pp. 5–10). file:///C:/Users/User/Documents/Skripsi/Skripsi Bab 4/Dokumen DS 592/Booklet-Nikel-FA.pdf
Lestari, S. Y., & Nuryatno, M. (2018). Factors Affecting the Audit Delay and Its Impact on Abnormal Return in Indonesia Stock Exchange. International Journal of Economics and Finance, 10(2), 48. https://doi.org/10.5539/ijef.v10n2p48
Lucia, M., & Anderson-O’Callaghan, B. (2018). The Impact of Brexit on the Stock Markets of the Greater China Region. International Journal of Financial Studies, MDPI, Open Access Journal, 6(2), 1–19.
Machus, T., Mestel, R., & Theissen, E. (2022). Heroes, just for one day: The impact of Donald Trump’s tweets on stock prices. Journal of Behavioral and Experimental Finance, 33, 100594. https://doi.org/10.1016/j.jbef.2021.100594
MacKinlay, A. C. (1997). Event studies in finance and economics. Journal of Economic Literature, XXXV(March), 13–39.
Muna, H., & Khaddafi, M. (2022). The Effect of Stock Split on Stock Return, Stock Trading Volume, and Systematic Risk in Companies Listed on the Indonesia Stock Exchange. International Journal of Finance, Economics and Business, 1(1), 51–56. https://doi.org/10.56225/ijfeb.v1i1.4
Nguyen, H. N. P. V. R. I. M. J. H. (2017). The Effects of Regulatory Announcements on Risk and Return: The Vietnamese. Int J Logistics Management,29 (2). https://doi.org/10.1108/09574090910954864
Raharusun, W., & Horman, J. R. (2022). Analisis Pengaruh Isu Hubungan Pemerintah Indonesia Dengan Perusahaan Mobil Listrik Tesla Terrhadap Abnormal Return Dan Trading Volume Activity Pt. Vale Indonesia Tbk. INTAN Jurnal Penelitian Tambang, 4(1), 7–13. https://doi.org/10.56139/intan.v4i1.75
Salsabella, N., Widiyanti, M., Muthia, F., & Andriana, I. (2022). Market Reactions to Emergency Community Activity Restrictions Policy. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4), 1849–1861. https://doi.org/10.47467/alkharaj.v5i4.1829
Suganda, T. R. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia. In CV. Seribu Bintang (Vol. 53, Issue 9).
Suryawijaya, M. A., & Setiawan, F. A. (1998). Reaksi pasar modal Indonesia terhadap peristiwa politik dalam negeri (event study pada peristiwa 27 Juli 1996). Kelola, 7(1998).
Suwardjono, T. A (2005). Perekayasaan Pelaporan Keuangan. Yogyakarta: BPFE.
Talumewo, C. Y., Rate, P. Van, 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) Indonesian Capital Market Reaction Before and After the Announcement of Implementation New Normal in Stated-Own Companies in That Listed on Jurnal EMBA Vol. 9 No. 4 Oktober 2021, Hal 1466-1475 9(4), 1466-1475.
Trisanti, T. (2020). Stock Split and Stock Market Reaction: the Evidence of Indonesian Public Company. Humanities & Social Sciences Reviews, 8(2), 01–07. https://doi.org/10.18510/hssr.2020.821
Wijaya, K., & Gunawan, H. (2019). Reaksi Pasar Modal Indonesia Terhadap Kesepakatan Investasi Antara Pemerintah Indonesia Dengan Pemerintah Arab Saudi. Journal of Applied Business Administration, 3(2), 306–316. https://doi.org/10,30871/jaba.v3i2.1494.
Yulita, I. K. (2017). Reaksi Pasar Modal Terhadap Pengumuman Keputusan Investasi Raja Salman di Indonesia. Jurnal Penelitian, 21(1), 95–106.
Agatha, G.V., & Suhadak. (2019). Uji Beda Abnormal Return, Trading Volume dan Market Capitalization Sebelum dan Sesudah Pengumuman Kebijakan Harga Jual Dmo Batubara (Studi pada Perusahaan Subsektor Pertambangan Batubara yang Listing di BEI tahun 2018). Jurnal Administrasi Bisnis (JIAB), 70(1), 45-52.
Ahdiat, A. (2022a). Indonesia Jadi Lahan Investasi Kendaraan Listrik Terbesar di ASEAN. Https://Databoks.Katadata.Co.Id/. https://databoks.katadata.co.id/datapublish/2022/10/11/indonesia-jadi-lahan-investasi-kendaraan-listrik-terbesar-di-asean
Ahdiat, A. (2022b). Peluang Besar RI, Pasar Nikel Diprediksi Tumbuh Pesat sampai 2050. Https://Databoks.Katadata.Co.Id. https://databoks.katadata.co.id/datapublish/2022/07/07/peluang-besar-ri-pasar-nikel-diprediksi-tumbuh-pesat-sampai-2050
Akbar, E. P., Saerang, I. S., & Maramis, J. B (2019). Reaksi pasar modal terhadap pengumuman kemenangan Presiden Joko Widodo berdasarkan Keputusan KPU Pemilu Periode 2019-2024 (Studi pada Perusahaan BUMN yang terdaftar di BEI). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). 6(2).
Alhikam, H. A. (2021). 3 Fakta Babak Baru Proposal Investasi Tesla Tiba di Meja Luhut. Www.Detikfinance.Com. https://finance.detik.com/industri/d-5362027/3-fakta-babak-baru-proposal-investasi-tesla-tiba-di-meja-luhut
Alhussayen, H. (2022). The Relationship Between Trading Volume and Market Returns: A VAR/Granger Causality Testing Approach in the Context of Saudi Arabia. Organizations and Markets in Emerging Economies, 31(1), 260–275. https://doi.org/10.15388/omee.2022.13.79
Ante, L. (2021). How Elon Musk’s Twitter Activity Moves Cryptocurrency Markets. SSRN Electronic Journal, 16, 1–28. https://doi.org/10.2139/ssrn.3778844
Beaver, W.H (1968). The Information Content of Annual Earnings Announcements. Journal of Accounting Research, 6, 93. https://doi.org/10,2307/2490071
Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383-417. https://doi.org/10,1016/0002-8703(53)90182-3.
Hamdani, T. (2022). Menanti Akhir Drama Investasi Elon Musk di Indonesia. Www.Idntimes.Com. https://www.idntimes.com/business/economy/trio-hamdani/menanti-akhir-drama-investasi-elon-musk-di-indonesia#page-2
Hartono, Jogiyanto. (2017). Teori Portofolio dan Analisis Investasi (Edisi Kesebelas). In Yogyakarta: BPPE.
How, C. C., & Tsen, W. H. (2019). The Effects of Stock Split Announcements on the Stock Returns in Bursa Malaysia. Jurnal Ekonomi Malaysia, 53(2), 41–53. https://doi.org/10.17576/JEM-2019-5302-4
Karpoff, J. M. (1987). The Relation Between Price Changes and Trading Volume: A Survey. The Journal of Financial and Quantitative Analysis, 22(1), 109. https://doi.org/10.2307/2330874
Kementerian ESDM. (2020). Peluang Investasi Nikel Indonesia. In Kementerian Energi dan Sumber Daya Mineral Republik Indonesia (pp. 5–10). file:///C:/Users/User/Documents/Skripsi/Skripsi Bab 4/Dokumen DS 592/Booklet-Nikel-FA.pdf
Lestari, S. Y., & Nuryatno, M. (2018). Factors Affecting the Audit Delay and Its Impact on Abnormal Return in Indonesia Stock Exchange. International Journal of Economics and Finance, 10(2), 48. https://doi.org/10.5539/ijef.v10n2p48
Lucia, M., & Anderson-O’Callaghan, B. (2018). The Impact of Brexit on the Stock Markets of the Greater China Region. International Journal of Financial Studies, MDPI, Open Access Journal, 6(2), 1–19.
Machus, T., Mestel, R., & Theissen, E. (2022). Heroes, just for one day: The impact of Donald Trump’s tweets on stock prices. Journal of Behavioral and Experimental Finance, 33, 100594. https://doi.org/10.1016/j.jbef.2021.100594
MacKinlay, A. C. (1997). Event studies in finance and economics. Journal of Economic Literature, XXXV(March), 13–39.
Muna, H., & Khaddafi, M. (2022). The Effect of Stock Split on Stock Return, Stock Trading Volume, and Systematic Risk in Companies Listed on the Indonesia Stock Exchange. International Journal of Finance, Economics and Business, 1(1), 51–56. https://doi.org/10.56225/ijfeb.v1i1.4
Nguyen, H. N. P. V. R. I. M. J. H. (2017). The Effects of Regulatory Announcements on Risk and Return: The Vietnamese. Int J Logistics Management,29 (2). https://doi.org/10.1108/09574090910954864
Raharusun, W., & Horman, J. R. (2022). Analisis Pengaruh Isu Hubungan Pemerintah Indonesia Dengan Perusahaan Mobil Listrik Tesla Terrhadap Abnormal Return Dan Trading Volume Activity Pt. Vale Indonesia Tbk. INTAN Jurnal Penelitian Tambang, 4(1), 7–13. https://doi.org/10.56139/intan.v4i1.75
Salsabella, N., Widiyanti, M., Muthia, F., & Andriana, I. (2022). Market Reactions to Emergency Community Activity Restrictions Policy. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4), 1849–1861. https://doi.org/10.47467/alkharaj.v5i4.1829
Suganda, T. R. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia. In CV. Seribu Bintang (Vol. 53, Issue 9).
Suryawijaya, M. A., & Setiawan, F. A. (1998). Reaksi pasar modal Indonesia terhadap peristiwa politik dalam negeri (event study pada peristiwa 27 Juli 1996). Kelola, 7(1998).
Suwardjono, T. A (2005). Perekayasaan Pelaporan Keuangan. Yogyakarta: BPFE.
Talumewo, C. Y., Rate, P. Van, 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) Indonesian Capital Market Reaction Before and After the Announcement of Implementation New Normal in Stated-Own Companies in That Listed on Jurnal EMBA Vol. 9 No. 4 Oktober 2021, Hal 1466-1475 9(4), 1466-1475.
Trisanti, T. (2020). Stock Split and Stock Market Reaction: the Evidence of Indonesian Public Company. Humanities & Social Sciences Reviews, 8(2), 01–07. https://doi.org/10.18510/hssr.2020.821
Wijaya, K., & Gunawan, H. (2019). Reaksi Pasar Modal Indonesia Terhadap Kesepakatan Investasi Antara Pemerintah Indonesia Dengan Pemerintah Arab Saudi. Journal of Applied Business Administration, 3(2), 306–316. https://doi.org/10,30871/jaba.v3i2.1494.
Yulita, I. K. (2017). Reaksi Pasar Modal Terhadap Pengumuman Keputusan Investasi Raja Salman di Indonesia. Jurnal Penelitian, 21(1), 95–106.
Published
2023-09-30
How to Cite
DEWI, Ni Putu Ary Puspita; PUTRA, I Made Pande Dwiana.
Reaksi Pasar Modal Indonesia Terhadap Rencana Investasi Antara Pemerintah Indonesia dengan Pendiri Tesla dan Space X.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 9, p. 2326-2339, sep. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/99036>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i09.p06.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
