Indonesia's Capital Market Reaction Election Events

Authors

  • Chalimatuz Sa'diyah Universitas Muhammadiyah Malang
  • Bambang Widagdo Universitas Muhammadiyah Malang

DOI:

https://doi.org/10.33506/sl.v9i2.872

Keywords:

Capital Market Reaction, Election, Abnormal Return, Trading Volume Activity

Abstract

Penelitian ini bertujuan untuk mengetahui apakah  terdapat peningkatan/penurunan aktivitas pasar modal sebelum pengumuman hasil Pemilihan Umum Presiden 2019, apakah  terdapat  peningkatan/penurunan aktivitas pasar modal setelah Pemilihan Umum Presiden 2019 dan sebelum pengumuman hasil Pemilihan Umum Presiden 2019, dan apakah  terdapat  peningkatan/penurunan aktivitas pasar modal setelah pengumuman hasil Pemilihan Umum Presiden 2019. Data yang digunakan dalam penelitian ini adalah data sekunder. Dari analisis yang dilakukan pada 45 perusahaan yang tergabung dalam LQ45 yang dimulai dari 15 Maret sampai dengan 21 Juni 2019. Alat analisis yang digunakan adalah uji statistik parametrik Repeated ANOVA. Hasil penelitian menunjukan bahwa pengumuman hasil pemilu 2019 tidak memberikan pengaruh yang kuat terhadap pergerakan aktivitas pasar modal pada sebelum, saat dan sesudah hasil pemilu diumumkan, ini dibuktikan dari nilai Abnormal Return dan Trading Volume Activity dengan signifikansi sebesar 0,173 dan 0,520 yang lebih besar dari nilai α sebesar 0,05, sehingga dapat dikatakan bahwa tidak terdapat perbedaan yang signifikan Abnormal Return dan Trading Volume Activity pada kondisi sebelum, saat dan sesudah pengumuman hasil pemilu. Berdasarkan hasil tersebut, maka pengumuman hasil pemilu tidak memberikan pengaruh yang kuat terhadap pergerakan aktivitas pasar modal di bursa efek Indonesia. Para investor merasa yakin bahwa siapapun presiden yang terpilih akan memberikan dampak yang positif bagi negara.


This study aims to Determine Whether there is an Increase / Decrease in capital market activity before the announcement of the results of the 2019 Presidential Election from, whether there is an Increase / Decrease in capital market activity after the 2019 Presidential Election and before the announcement of the results of the 2019 Presidential Election, and Whether there is an Increase / Decrease in capital markets activity after the announcement of the results of the 2019 Presidential Election. The Data used in this study are secondary data. From the analysis conducted on 45 companies incorporated in LQ45 starting from March 15 until June 21, 2019. The analytical tool used was the Repeated ANOVA parametric statistical tests. Results showed that the announcement of the 2019 election results did not have a strong influence on the movement of capital market activities before, when and after the election results were announced, this was evidenced from the Abnormal Return and Trading Volume Activity with a significance of 0,173 and 0,520 which was greater than the α value of 0:05, so it can be said that there is no significant difference Abnormal Return and Trading Volume Activity in conditions before, during and after the announcement of election results. Based on Reviews These results, the announcement of election results did not have a strong influence on the movement of capital market activities on the Indonesian stock exchange. Investors feel confident that whoever is Elected will have a positive impact on the country.

 


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Published

2020-06-30

How to Cite

Sa’diyah, C., & Widagdo, B. (2020). Indonesia’s Capital Market Reaction Election Events. SENTRALISASI, 9(2), 97–107. https://doi.org/10.33506/sl.v9i2.872

Issue

Vol. 9 No. 2 (2020): Sentralisasi

Section

Articles

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