ANALISIS REAKSI PASAR SEBELUM DAN SESUDAH PELANTIKAN KABINET INDONESIA MAJU PADA PERUSAHAAN BUMN DI BURSA EFEK INDONESIA

Authors

  • Abdullah Kango Universitas Sam Ratuangi
  • Ivonne S. Saerang Universitas Sam Ratulang
  • Maryan Mangantar Universitas Sam Ratulangi

DOI:

https://doi.org/10.35794/jmbi.v7i3.30295

Abstract

President Joko Widodo had been inaugurated ministers in the Advanced Indonesia Cabinet that will help him to undergo the wheels of government in the 2019-2024 period on October 23, 2019. The inauguration is one of the important event in the capital market shows that there are some reactions of the event. The aims of this study to see how the reaction of capital market by looking at the differences of the variabels abnormal return, trading volume activity and trading frequency of stock before and after the event. The research object is 20 companies of state-owned corporation on period during September–November 2019. The analytical method used to test is compares two means from each variables. The observation period is 14 days which is 7 days before and 7 days after event. This hypothesis test used paired sample t-test analysis. The result of this research shows that there is significant differences between abnormal return before and after of event, there is no significant differences between trading volume activity before and after of event, and there is a significant differences between trading frequency before and after event.

 

Keywords: Event Study, Abnormal Return, Trading Volume Activity, Frequency of Stock Trading

Author Biographies

Abdullah Kango, Universitas Sam Ratuangi

Fakultas Ekonomi dan Bisnis

Ivonne S. Saerang, Universitas Sam Ratulang

Fakultas Ekonomi dan Bisnis

Maryan Mangantar, Universitas Sam Ratulangi

Fakultas Ekonomi dan Bisnis

References

Akbar, E. P., Saerang, I. S., dan 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)†Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi, 6 (2), 123-131.

BBC News Indonesia (24 Oktober 2019) "Menteri-menteri Ekonomi Jokowi, Bagaimana Pasar Merespons?", BBC Indonesia, Diakses 7 April 2020 dari https://www.vivanews.com/bisnis/ekonomi/15084-menteri-menteri-ekonomi-jokowi-bagaimana-pasar-merespons?medium=autonext

Biggy, B. dan Jao, R. (2019) “Analisis Reaksi Pasar atas Pengumumuman Annual Report Award Tahun 2014-2016†Jurnal Bisnis & Kewirausahaan, 8(1), 95-107.

Bramesta, R. (2020) “Pengujian Reaksi Investor Terhadap Pengumuman Kabinet Indonesia Maju†Jurnal Bina Akuntansi, 7 (1), 21-40

Bursa Efek Indonesia, (2020), “Ringkasan Sahamâ€, diakses 30 Nov. 2019, <https://www.idx.co.id/data-pasar/ringkasan-perdagangan/ringkasan-saham>

Fama, Eugene F. (1970) “Efficient Capital Markets: a Review of Theory and Empirical Work,†Jurnal of Finance, 25 (2), 383-417.

Herlianto, D. (2013) "Manajemen Investasi Plus Jurus Mendeteksi Investasi Bodong". Cetakan Pertama 2013, Yogyakarta, Mei 2013. Gosyen.

Jogiyanto, H. (2015), “Teori Portofolio dan Analisis Investasiâ€, Edisi Kesepuluh, Yogyakarta, Juli 2015, BPFE.

Kabiru, J. N. (2015), "The Effect Of General Elections On Stock Returns At The Nairobi Securities Exchange", 11 (28), 435-460.

Kammoun, N. et al. (2018) “Financial market reaction to cyberattacks†Cogent Economics & Finance, 7, 1-20.

Kementerian BUMN Republik Indonesia, “Statistik Jumlah BUMN†Diakses Diakses 30 Nov. 2019, <http://www.bumn.go.id/halaman/0-Statistik-Jumlah-BUMN>

Levis, Mario (1979) “Does Political Instability in Developing Countries Affect Foreign Investment Flow? An Empirical Examinationâ€, Management International Review, 19 (3), 59-68.

Luhur, S. (2010) “Reaksi Pasar Modal Indonesia Seputar Pemilihan Umum 8 Juli 2009†Jurnal Keuangan dan Perbankan : 14 (2), Mei : 249–262.

Milliani, A. (2010) “Analisis Pengaruh Pengumuman Deviden Terhadap Return, Volume dan Frekuensi Perdagangan Saham di Sekitar Tanggal Ex-Deviden†Tesis Pascasarjana. Universitas Indonesia.

Ndekugri, A. and G. Pesakovic (2017), "Using Event Studies to Evaluate Stock Market Return Performance", Global Journal of Management and Business Research: C Finance, 17 (5), 42-58.

Obradovic, S. and N. Tomic (2017), "The effect of presidential election in the USA on stock return flow – a study of a political event, Economic Research-Ekonomska Istrazivanja, 30 (1), 112-124.

Pradana, Y. H. (2015) “Reaksi Pasar Modal Indonesia Atas Pelantikan Kabinet Kerja Jokowi-JK (Event Study pada Anggota Indeks LQ45 di Bursa Efek Indonesia)†1-12.

Purba, F. dan 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.

Putra, R.S. et al. (2020), Uji Beda Abnormal Return dan Trading Volume Activity Akibat Peristiwa Asian Games 2018 Jakarta-Palembang (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ-45 di BEI Tahun 2018), ,Jurnal Administrasi Bisnis (JAB), 78 (1), 1-9.

Ross, S. A. (1977) "The Determination of Financial Structure: The Incentive-Signalling Approach", The Bell Journal of Economics, 8 (1), 23-40.

Rumbia, H. (2010) “Reaksi Pasar Saham Atas Pemilu Presiden Tanggal 8 Juli 2009 di Indonesia (Studi Pada Beberapa Bank Go Public di Indonesia), Universitas Sam Ratulangi Manado.

Rundengan, J. M., Mangantar, M., Maramis, J. B. (2017) “Reaksi Pasar atas Pelantikan Sri Mulyani sebagai Menteri Keuangan pada 27 Juli 2016 (Studi pada Saham LQ45)â€, Jurnal EMBA Universitas Sam Ratulangi Manado, 5 (2), 2731-2741.

Sari, P. N. (2015) “Pengaruh Pengumuman Kabinet Kerja Joko Widodo terhadap Perubahan Reaksi Pasar Modal pada Perusahaan Manufaktur di Bursa Efek Indonesiaâ€, eprints UMS, 1-16.

Silviyani, Ni Luh N.T.K. et al. (2014) “Pengaruh Likuiditas Perdagangan Saham dan Kapitalisasi Pasar terhadap Return Saham Perusahaan yang Berada pada Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2009-2013 (Studi Empiris pada Perusahaan LQ45 di Bursa Efek Indonesiaâ€, e-Jurnal Universitas Pendidikan Ganesha, 2 (1), 1-10.

Sugiyono (2013) “Statistika Untuk Penelitianâ€, Bandung, Alfabeta.

Supriadi, M. J., Fathoni, A. dan Andrianingsih, V. (2017) “Aktivitas Perdagangan Saham Sebelum dan Sesudah Perusahaan Melakukan Pemecahan Saham dan Penggabungan Saham di Bursa Efek Indonesia (Studi Komparatif Pada Harga, Likuiditas, Volume & Frekuensi Perdagangan Saham)â€, Jurnal “Performance†Bisnis & Akuntansi, 7 (2), 149-159.

Tandelilin, E. (2010), “Portofolio dan Investasiâ€, Edisi Pertama, Yogyakarta: Kanisius.

Yadav, P. K., et al. (1999), Non-linear Dependence in Stock Returns: Does Trading Frequency Matter, Journal of Business Finance & Accounting, 26 (5-6), 651-679.

Downloads

Published

2020-09-18

How to Cite

Kango, A., Saerang, I. S., & Mangantar, M. (2020). ANALISIS REAKSI PASAR SEBELUM DAN SESUDAH PELANTIKAN KABINET INDONESIA MAJU PADA PERUSAHAAN BUMN DI BURSA EFEK INDONESIA. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 7(2). https://doi.org/10.35794/jmbi.v7i3.30295

Most read articles by the same author(s)