REAKSI PASAR MODAL TERHADAP PENYELENGGARAAN PEMILU TAHUN 2024 (EVENT STUDY PADA PERUSAHAAN INDEKS LQ45)
DOI:
https://doi.org/10.31539/costing.v7i5.10549Keywords:
Pasar Modal, Pemilu 2024Abnormal Return, Trading VolumeAbstract
Pemilu 2024 menjadi perhatian publik yang akan berpontensi pasar modal bereaksi, maka penelitian dilakukan untuk menguji reaksi pasar modal terhadap Pemilu tahun 2024 pada perusahaan yang tergabung dalam indeks LQ-45 tanggal 14 Februari 2024. Pendekatan yang digunakan dalah kuantitatif serta menggunakan metode penelitian event study dengan periode pengamatan selama 10 hari yaitu 5 hari sebelum Pemilu 2024 dan 5 hari sesudah Pemilu 2024 melalui pengamatan abnormal return dan trading volume activity. Pemilihan sampel dengan teknik non-probability sampling yaitu teknik sensus. Data sekunder digunakan dan diperoleh dari website Bursa Efek Indonesia (BEI). Teknik Paired Sample t-Test dan Wilcoxon Sign Rank Test digunakan untuk uji hipotesis. Hasil penelitian menunjukkan tidak terdapat perbedaan abnormal return 5 hari sebelum dan 5 hari sesudah Pemilu 2024 yang signifikan. Di samping itu, tidak ditemukan perbedaan trading volume activity 5 hari sebelum dan 5 hari sesudah Pemilu 2024. Hal ini dapat dikatakan bahwa informasi terkait pemenang Pemilu 2024 yang belum diumumkan menjadi penyebab investor cenderung berantisipasi untuk bertransaksi di pasar modal.
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Wibowo, A., & Darmanto, S. (2019). Impact of Quick Count Result of President Election on Stock Prices and Trade Activities in the Indonesian Capital Market. Saudi J Bus Manag Stud, 487–493.
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309–1335.
Yunus Kasim, M., Muslimin, & Dwijaya, I. K. B. (2022). Market reaction to the Covid-19 pandemic: Events study at stocks listed on LQ45 index. Cogent Business and Management, 9(1).
Akhadiyah, L., & Isbanah, Y. (2021b). Analisis Komparatif Abnormal Return danTrading Volume Activity Emiten Sektor Mining Berdasarkan Pengumuman Kasus Pasien Covid-19 Pertama di Indonesia. Jurnal Ilmu Manajemen, 9(3).
Bailey, W., & Chung, Y. P. (1995). Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence from an Emerging. In Source: The Journal of Financial and Quantitative Analysis (Vol. 30, Issue 4).
Brigham, E. F. , dan J. F. H. (2019). Dasar-Dasar Manajemen Keuangan (14th edition). Salemba Empat .
Cahyani, F. S., & Karim, A. (2023). The Effect Of Trading Frequency, Trading Volume And Market Capitalization on Stock Returns on The Lq45 Company Listed At Idx In The Period 2017-2021. In International Social Sciences and Humanities UMJember Proceeding Series (Vol. 2).
Christhoper, D., & Layyinaturrobaniyah. (2019). Indonesian Capital Market Reactions For The Election of Donald Trump As United States President (Empirical Study on Multinational Companies Listed on The Indonesia Stock Exchange). Journal of Management and Business, 18(1), 32–41.
Diaconaşu, D., Mehdian, S., & Stoica, O. (2023). The Global Stock Market Reactions to the 2016 U.S. Presidential Election. SAGE Open, 13(2), 1–12.
Dio Alfallah, M., Novalia, N., & Kristiastuti, F. (2022). Analisis Reaksi Pasar Modal Indonesia Pada Peristiwa Reshuffle Menteri Kabinet Indonesia Maju Tahun 2020. MANNERS Management and Entrepreneurship Journal, 5(2), 109–118. =
Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review, 11(3), 316–326.
Fidiana, F. (2020). Market Reaction on the Announcement of Elected President. Journal of Accounting and Strategic Finance, 3(1), 71–87.
Hartono, J. (2019a). Teori Portofolio dan Analisis Investasi (11th ed.). BPFE Yogyakarta.
Hartono, J. (2019b). Teori Portofolio dan Analisis Investor (11th ed). BPFE.
Issn R, G. F., Oping, M. G. F., & Mangantar, P. V. (2023). Indonesia Capital Market Reaction to The Announcement of Covid-19 In Automotive Companies In The Indonesia Stock Exchange. In Rate 241 Jurnal EMBA (Vol. 11, Issue 1).
Listyaningsih, E., Sariningsih, E., & Mudrikah, R. (2020). Stock Market Reaction to Indonesia Presidential and Legislative Election. Binus Business Review, 11(2), 91–96.
Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1–19.
Malkiel, B. G., & Fama, E. F. (1970). Efficient Capital Markets: A Review Of Theory And Empirical Work*. The Journal of Finance, 25(2), 383–417.
Manurung, H. (2019). Pengaruh Pemilu Serentak Terhadap Return Saham Di Indonesia (Studi Kasus Saham LQ-45 Di Bursa Efek Indonesia). Jounal for Business and Entrepreneur, 3(1), 12–28. www.journal.uta45jakarta.ac.id
Mishkin, F. S., Eakins, S. G., York, N., Francisco, S., & Kong, H. (2018). Global Edition Financial Markets And Institutions (9th Edition). Pearson Education. www.myfinancelab.com
Muhamad Nabila. (2023, July 5). KPU: Pemilih Pemilu 2024 Didominasi oleh Kelompok Gen Z dan Milenial. Katadata.Id. https://databoks.katadata.co.id/datapublish/2023/07/05/kpu-pemilih-pemilu-2024-didominasi-oleh-kelompok-gen-z-dan-milenial
Nugraha, C. H. A., & Suroto. (2019). Abnormal Return and Trading Volume Activity Before and After Presidential Election 2019 (Study on LQ-45 stock on February-July 2019). Media Ekonomi Dan Manajemen, 34(2), 229–241.
Raya, C. J., & Paramita, R. A. S. (2019). Analisis Perbedaan Abnormal Return Dan Cumulative Abnormal Return Emiten Sektor Keuangan Sekitar Pemilu 17 April 2019. Jurnal Ilmu Manajemen, 8(3), 852–863.
Ross, S. A. R. W. W. B. D. J. J. L. dan R. T. (2018). Pengantar Keuangan Perusahaan: Fundamental Halim s of Corporate Finance: Vol. Buku 1 (Edisi Global Asia). Salemba Empat.
Setiawan, R., & Izzatin Nisa, Z. (2020). Reaksi Pasar Terhadap Hasil Quick Count Pemilu Presiden Indonesia 2019 (Studi Pada Saham Indeks LQ-45). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(1), 288–296.
Solihin, I., Shinta, G., Ugut, S., & Hulu, E. (2022). LQ45 Stock Index Abnormal Return Reaction to The Covid-19 Pandemic: The Event Study Methodology. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(1), 2621–606.
Tandelilin, E. (2017). Pasar Modal: Manajemen Portofolio dan Investasi. Kanisius.
Wibowo, A., & Darmanto, S. (2019). Impact of Quick Count Result of President Election on Stock Prices and Trade Activities in the Indonesian Capital Market. Saudi J Bus Manag Stud, 487–493.
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309–1335.
Yunus Kasim, M., Muslimin, & Dwijaya, I. K. B. (2022). Market reaction to the Covid-19 pandemic: Events study at stocks listed on LQ45 index. Cogent Business and Management, 9(1).
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2024-09-19
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