Capital Market’s Reaction Towards 2014 Working Cabinet Announcement (Indonesian Case Study)

Abstract

The purpose of this study is to examine the market reaction regarding the announcement of working cabinet following the election of Jokowi as the President of Indonesia. Political events such as presidential election, government change, cabinet announcement, and other events are very influential towards price and trade volume at the stock exchange since the political events are closely related to the state economy stability. The Sample in this study is stock which was listed as issuers in Indonesia Stock Exchange (IDX) which included in LQ45 company group during this research period from 20 October-3 November 2014. The result shows that there was significant effect towards abnormal return difference before and after the cabinet announcement on the companies listed in LQ 45. The existence of this significant difference means that market reacted with the cabinet announcement event. Info Artikel REAKSI PASAR MODAL TERHADAP PENGUMUMAN KABINET 2014 (STUDI KASUS INDONESIA) AbstrakPenelitian ini bertujuan untuk menguji reaksi pasar khususnya investor di pasar modal terhadap penguman kabinet di pemerintahan presiden Jokowi. Kejadian politik seperti pemilu presiden, pemilihan legislatif, pemilihan gubernur, pengumuman kabinet, dan kejadian-kejadian lain nasional sangat berpengaruh terhadap harga dan volumen perdagangan di bursa saham. Sampel dalam penelitian ini adalah saham dari perusahaan yang terdaftar di BEI yang masuk dalam LQ45 selama periode 20 Oktober-3 November 2014. Hasil penelitian menunjukkan bahwa terdapat perbedaan signifikan abnormal return pada saat sebelum dan sesudah pengumaman kabinet dilakukan. Keberadaan abnormal return menunjukkan bahwa investor terpengaruh oleh situasi politik.

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“…Penelitian ini didukung dengan penelitian yang dilakukan oleh (Nugraha and Suroto 2019;Zulfikar and Mayvita 2017) yang menyatakan ada perbedaan rata-rata trading volume activity saham sebelum daan setelah acara politik. Namun penelitian ini bertentangan dengan penelitian yang dilakukan oleh (Ardiansari and Saputra 2015;Lehander and Lönnqvist 2011) yang menyatakan tidak terdapat perbedaan rata-rata trading volume activity sebelum dan setelah event.…”

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