Reaksi Pasar Modal terhadap Pengumuman Pemberlakuan Undang-Undang Nomor 7 Tahun 2021 tentang Harmonisasi Peraturan Perpajakan
Abstract
The announcement of the implementation of government policies, especially reform of tax regulations, indicates a change in tax management and the amount of tax obligations that must be borne. The aim of this research is to obtain empirical evidence that the capital market reacted to the announcement of the implementation of Law Number 7 of 2021 concerning Harmonization of Tax Regulations. This research is an event study with a window period of 7 trading days. The location of this research is the Indonesian Stock Exchange with a population of 728 companies. Samples were taken using a proportioned stratified random sampling technique of 258 companies. The analysis technique used is the one sample t-test on cumulative abnormal return (CAR). The test results show that there is no market reaction as seen from the absence of significant abnormal returns around the event date.
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References
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Sitthipongpanich, T. (2011). Understanding the event study. Journal of Business Administration, 34(130), pp. 59–68.
Wardhani, R. S., Yunita, A., Awaluddin, M., Purbolakseto, H. V., & Islaha, U. (2021). Event Study of the Tourism Sector Share Price Movement on the Implementation of Stimulus Tax Policy Interpretations Covid-19. Annals of the Romanian Society for Cell Biology, 25(6), pp. 5568–5581.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. New Jersey: Prentice-Hall Inc. https://ssrn.com/abstract=928677
Wibowo, A. (2017). Reaksi Investor Pasar Modal Indonesia Terhadap Paket Kebijakan Ekonomi Tahap I Jokowi–JK (Studi pada Saham LQ 45 Periode Agustus 2015–Pebruari 2016). Media Ekonomi Dan Manajemen, 32(1). http://dx.doi.org/10.24856/mem.v32i1.452
Xiao, X., & Gao, Y. (2017). An event study of the effects of regulatory changes on the food industry: the case of the Food Safety Law of China. China Agricultural Economic Review. 9(1), pp. 81–92. https://doi.org/10.1108/CAER-01-2014-0006
Alhakim, I. A., Waskito, J., & Subroto, S. (2017). Analisis Reaksi Pasar Modal Dilihat Dari Abnormal Return (AR) dan Trading Volume Activity (TVA) Terhadap Kebijakan Tax Amnesti Pada Saham Perusahaan Yang Terdaftar Di Saham Indeks LQ 45. Permana: Jurnal Perpajakan, Manajemen, Dan Akuntansi, 9(1), hal. 105-120.
Beaver, W. H. (1968). The information content of annual earnings announcements. Journal of Accounting Research, pp. 67–92. https://doi.org/10.2307/2490070
Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), pp. 205–258. https://doi.org/10.1016/0304-405X(80)90002-1
Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), pp. 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
Bursa Efek Indonesia. (2021) IDX INDUSTRIAL CLASSIFICATION PERUSAHAAN TERCATAT DI BURSA EFEK INDONESIA. Diakses pada 5 Januari 2023, dari di http://www.idx.co.id.
Deng, T., Xu, T., & Lee, Y. J. (2022). Policy responses to COVID-19 and stock market reactions - An International Evidence. Journal of Economics and Business, 119, pp. 106043. https://doi.org/10.1016/j.jeconbus.2021.106043
Dinia, Z., & Firnanti, F. (2021). Stock market returns dan faktor yang mempengaruhi. E-Jurnal Akuntansi TSM, 1(1), hal. 33–42.
Fajarwati, P. Y. (2020). Capital Market Reaction Analysis Before and After Bank Indonesia’s Decision Regarding Interest Rates. Academia Open, 3, pp. 10–21070. https://doi.org/10.21070/acopen.3.2020.1149
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), pp. 383–417. https://doi.org/10.2307/2325486
Foster, G. (1986). Financial Statement Analysis (Second Edition). Pearson Education India.
Halim, A. (2015). Analisis Investasi di Aset Keuangan (Vol. 12, Issue 210). Jakarta: Mitra Wacana Media.
Hartono, J. (2015). Studi Peristiwa: Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa. Yogyakarta: BPFE.
Ho, K. C., Gao, Y., Gu, Q., & Yang, D. (2022). Covid-19 vaccine approvals and stock market returns: The case of Chinese stocks. Economics Letters, 215, pp. 110466. https://doi.org/10.1016/j.econlet.2022.110466
Lestari, M. I. (2020). Signifikansi Pengaruh Sentimen Pemberlakuan Psbb Terhadap Aspek Ekonomi: Pengaruh Pada Nilai Tukar Rupiah Dan Stock Return (Studi Kasus Pandemi Covid-19). Jurnal Bina Akuntansi, 7(2), hal. 223–239. https://doi.org/10.52859/jba.v7i2.98
Mulyani, S., Darminto, E., & Endang, M. G. W. (2014). Pengaruh karakteristik perusahaan, koneksi politik dan reformasi perpajakan terhadap penghindaran pajak (studi pada perusahaan manufaktur yang terdaftar di bursa efek tahun 2008-2012). Jurnal Mahasiswa Perpajakan, 2(1), hal. 1–9.
Ningsih, E. R., & Cahyaningdyah, D. (2014). Reaksi pasar modal Indonesia terhadap pengumuman kenaikan harga BBM 22 Juni 2013. Management Analysis Journal, 3(1). https://doi.org/10.15294/maj.v3i1.3352
Oanh, T. T. K. (2022). The impact of COVID-19 vaccination on stock market: is there any difference between developed and developing countries? Heliyon, 8(9), e10718. https://doi.org/10.1016/j.heliyon.2022.e10718
Pemerintah Indonesia. (2021). Undang-Undang Nomor 7 Tahun 2021 tentang Harmonisasi Peraturan Perpajakan. Lembaran Negara RI Tahun 2021, No 246. Sekretariat Negara. Jakarta.
Pandiangan, L. (2008). Modernisasi & reformasi pelayanan perpajakan: berdasarkan UU terbaru. Elex Media Komputindo.
Pratama, A. (2021). Market Reaction to Tax Amnesty Information: Survey on Indonesian Public Listed Companies. AFEBI Accounting Review, 6(1), pp. 10–19. https://doi.org/10.47312/aar.v6i01.338
Setiadi, S. (2022). Harmonisasi UU HPP Perpajakan Indonesia Dengan tax center jilid 2. Jurnal Bisnis & Akuntansi Unsurya, 7(1). https://doi.org/10.35968/jbau.v7i1.970
Sitthipongpanich, T. (2011). Understanding the event study. Journal of Business Administration, 34(130), pp. 59–68.
Wardhani, R. S., Yunita, A., Awaluddin, M., Purbolakseto, H. V., & Islaha, U. (2021). Event Study of the Tourism Sector Share Price Movement on the Implementation of Stimulus Tax Policy Interpretations Covid-19. Annals of the Romanian Society for Cell Biology, 25(6), pp. 5568–5581.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory. New Jersey: Prentice-Hall Inc. https://ssrn.com/abstract=928677
Wibowo, A. (2017). Reaksi Investor Pasar Modal Indonesia Terhadap Paket Kebijakan Ekonomi Tahap I Jokowi–JK (Studi pada Saham LQ 45 Periode Agustus 2015–Pebruari 2016). Media Ekonomi Dan Manajemen, 32(1). http://dx.doi.org/10.24856/mem.v32i1.452
Xiao, X., & Gao, Y. (2017). An event study of the effects of regulatory changes on the food industry: the case of the Food Safety Law of China. China Agricultural Economic Review. 9(1), pp. 81–92. https://doi.org/10.1108/CAER-01-2014-0006
Published
2024-01-30
How to Cite
HARI PUTRI, Ni Made Dini; ASTIKA, Ida Bagus Putra.
Reaksi Pasar Modal terhadap Pengumuman Pemberlakuan Undang-Undang Nomor 7 Tahun 2021 tentang Harmonisasi Peraturan Perpajakan.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 1, p. 67-77, jan. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/99692>. Date accessed: 12 sep. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i01.p06.
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