Reaksi Pasar Saham terhadap Peristiwa Politik “Peringatan Darurat”

Annirul Marfu’atun Nisa; Mirzam Arqy Ahmadi

doi:10.61132/manuhara.v3i1.1518

Authors

Annirul Marfu’atun Nisa Universitas Muhammadiyah Surakarta
Mirzam Arqy Ahmadi Universitas Muhammadiyah Surakarta

DOI:

https://doi.org/10.61132/manuhara.v3i1.1518

Keywords:

Stock Market Reaction, Political events, Abnormal Return, Event Study

Abstract

Political events often affect investors' decisions in taking wise steps. This paper analyses the impact of the political event "Emergency Alert" on the abnormal returns of IDX-listed infrastructure stocks using an event study methodology. Using a sample of 55 infrastructure stocks,the secondary data used are stock prices observed during the observation period. The difference in average returns before and after the event was assessed by analysing the estimated average abnormal return (AAR) and comparing the sample t-test statistics. The results of the analysis showed that a one-sample t-test (p < 0.05) indicated that abnormal returns were significant both before and after the event. However, a paired sample t-test showed that the difference between the average abnormal return rates of the two periods was not statistically significant (p > 0.05). This result suggests that although the "extraordinary alert" event has a significant impact on each period, its impact is not strong enough to cause a significant difference between periods. This study provides insights into stock market reactions to political uncertainty and serves as a reference for investors to address similar effects in the future.

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