REAKSI PASAR MODAL TERHADAP PENGUMUMAN TARIF TRUMP UNTUK INDONESIA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DALAM INDEKS LQ45
DOI:
https://doi.org/10.35794/jmbi.v13i1.67048Abstract
This study aims to analyze the capital market reaction to events before and after the announcement of the 32% US tariff on Indonesia on manufacturing companies listed on the LQ45 index. Market reaction is measured through Abnormal Return and Trading Volume Activity with a quantitative approach using the Event Study method. The sample was determined using purposive sampling, with a sample size of six manufacturing companies listed on the LQ45 index for the period May-July 2025. The testing was conducted using a paired sample t-test and Wilcoxon signed rank test with an observation period of 7 days before and 7 days after the announcement. The results showed that there was no significant difference in abnormal return or trading volume activity before and after the tariff announcement. Thus, the announcement of a 32% tariff by the United States on Indonesia did not cause a significant reaction in the Indonesian capital market
References
Brealey, R. A., Myers, S. C., Allen, F., & Edmans, A. (2022). Principles of Corporate Finance (14th ed.). McGraw-Hill. https://ebin.pub/corporate-finance-principles-and-practice-7th-edition-9781292103037-9781292103082-9781292144245-1292103035-1292103086.html?utm_source=chatgpt.com
Dirotsaha, I. G. N. A. B., & Dewi, S. K. S. (2024). ANALISIS REAKSI PASAR MODAL INDONESIA TERHADAP PERISTIWA PENGUMUMAN PENGHENTIAN EKSPOR KOMODITAS SAWIT TAHUN 2022. E-Jurnal Manajemen Universitas Udayana, 13(3). https://doi.org/10.24843/EJMUNUD.2024.v13.i03.p02
Elga, R., Murni, S., & Tulung, J. E. (2022). Reaksi Pasar Modal Terhadap Peristiwa Sebelum Dan Sesudah Pengumuman Covid-19 Di Indonesia (Event study Pada Indeks LQ45). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 10(1), 1052-1060. https://doi.org/10.35794/emba.v10i1.38703
Fitria, A., & Hidayati, A. N. (2024). Reaksi Pasar Modal Syariah Sebelum dan Sesudah COVID-2019 pada Perusahaan Sub Sektor Pertambangan yang terdaftar dalam Indeks Saham Syariah Indonesia. Journal of Management and Bussines (JOMB), 6(01), 30-4. https://doi.org/10.31539/jomb.v6i1.7606
Hartono, J. (2020). Teori portofolio dan analisis investasi (Edisi 3). Universitas Terbuka. https://opac.ut.ac.id/detail-opac/index?id=38887
Kassapa, J., & Ayu Darmayanti, N. (2024). REAKSI PASAR MODAL TERHADAP PERISTIWA PUNCAK KTT G20 INDONESIA 2022. E-Jurnal Manajemen, 13(11), 1646 - 1658. https://doi.org/10.24843/EJMUNUD.2024.v13.i11.p02
Lim, K. G. (2022). Theory and econometrics of financial asset pricing. De Gruyter. https://doi.org/10.1515/9783110673951
Manampiring, G. L., Saerang, I. S., & Samadi, R. L. (2023). REAKSI PASAR MODAL TERHADAP KENAIKAN HARGA BBM PADA PERUSAHAAN SUB SEKTOR TRANSPORTASI DARAT DI BURSA EFEK INDONESIA. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 11(4), 294-301. https://doi.org/10.35794/emba.v11i4.51763
Mavruk, T. (2025). Quantitative research methods in corporate finance: Event studies. Cambridge University Press. ISBN 978-1009307413.
Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1).
Nawangsari, F. Y., & Iswajuni, I. (2019). The effects of auditor switching towards Abormal Return in manufacturing company. Asian Journal of Accounting Research, 4(1), 157-168. https://doi.org/10.1108/AJAR-05-2019-0040
Ningrum, N. M. N. R., & Masdiantini, P. R. (2023). Reaksi Pasar atas Pengumuman Asia Sustainability Reporting Rating Periode 2020-2021. Jurnal Akuntansi Profesi, 14(03), 513-522. https://doi.org/10.23887/jap.v14i03.50330
Pondaag, G. R. M., Mangantar, M., & Tasik, H. H. D. (2020). Analisis reaksi pasar modal Indonesia terhadap krisis finansial global (Studi kasus China’s black monday). Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi (JMBI UNSRAT), 7(2), 272-285. https://doi.org/10.35794/jmbi.v7i2.30270
Rumokoy, L. J., Lengkong, V., Chung, R., & Liu, B. (2025). Geopolitical risk and IPO underpricing: Evidence from China. Finance Research Letters, 108784. https://doi.org/10.1016/j.frl.2025.108784
Rumokoy, L. J., Liu, B., & Chung, R. (2024). Do board networks matter for corporate cash holdings? Evidence from Australian firms. Corporate Governance: The International Journal of Business in Society, 24(7), 1695-1723. https://doi.org/10.1108/CG-05-2023-0216
Rumokoy, L. J., Neupane, S., Chung, R. Y., & Vithanage, K. (2019). Underwriter network structure and political connections in the Chinese IPO market. Pacific-Basin Finance Journal, 54, 199-214. https://doi.org/10.1016/j.pacfin.2017.10.005
Rumokoy, L. J., Omura, A., & Roca, E. (2023). Geopolitical risk and corporate investment in the metals and mining industry: Evidence from Australia. Pacific-Basin Finance Journal, 79, 101991. https://doi.org/10.1016/j.pacfin.2023.101991
Sari, P. O., & Taufiq, A. R. (2020). Buku ajar pasar modal: Teori dan implikasi [E-book]. UNIPMA Press. ISBN 978-602-0725-83-3. https://eprint.unipma.ac.id/123/1/62.%20Buku_ajar_pasar_modal_-_teori_dan_implikasi.pdf?utm_source=chatgpt.com
Shabila, H. H., Karim, N. K., & Hudaya, R. (2022). Analisis Abormal Return Dan Trading volume activity Sebelum Dan Sesudah Pemberlakuan Pembatasan Kegiatan Masyarakat (Ppkm) Darurat Pada Perusahaan Sektor Transportasi. Jurnal Riset Mahasiswa Akuntansi, 2(3), 381-393. https://jurnal.fe.unram.ac.id/index.php/risma/article/view/254
Sugiono. (2022). Metode penelitian kuantitatif, kualitatif, dan R&D (Edisi ke 2, Cetakan ke 2). Bandung: Alfabeta.
Trivedi, S. R., & Kyal, A. H. (2020). Effective Trading in Financial Markets Using Technical Analysis. Taylor & Francis.
Yonggara, Y., Murni, S., & Tulung, J. E. (2021). Analisis Komparatif Kinerja Keuangan Berbasis Tingkat Struktur Modal Pada Industri Barang Konsumsi Yang Terdaftar Di BEI. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 8(1).
