THE IMPACT OF INDONESIAN PRESIDENTIAL ELECTION THE 2019 ON ABNORMAL RETURN AND STOCK TRADING VOLUME ACTIVITY ON IDX (EMPIRIST EVENT STUDY ON STOCK LISTED IN THE LQ 45 INDEX IN 2019)

Main Article Content

Ahmad Amrulah Arif
Sudjono Sudjono

Abstract

Political events can affect stock prices in economic or non-economic terms. The political events of the general election are quite interesting topics for testing the information content of stock prices on the IDX which is intended to measure market response using abnormal returns, average abnormal returns and trading volume activity as well as average trading volume activity. The purpose of this research is to be able to prove the difference between abnormal return, average abnormal return and trading volume activity as well as average trading volume activity after and before the 2019 Indonesian presidential election. The population of this study is the index published by the IDX and the sample in this study is 45 companies listed in the LQ 45 index. The type of research conducted is quantitative research and secondary data in this study were obtained from the Indonesia Stock Exchange (IDX) and Yahoo Finance. Analysis of the test data using the normality Kolmogrov-Smirnov test and the Ranking Test Wilcoxon because the observation time in the test is 7 days after and 7 days before the 2019 Indonesian presidential election. 2019 there is no significant difference to the average abnormal return and average trading volume activity.

Article Details

How to Cite
Amrulah Arif, A., & Sudjono, S. (2021). THE IMPACT OF INDONESIAN PRESIDENTIAL ELECTION THE 2019 ON ABNORMAL RETURN AND STOCK TRADING VOLUME ACTIVITY ON IDX (EMPIRIST EVENT STUDY ON STOCK LISTED IN THE LQ 45 INDEX IN 2019). Dinasti International Journal of Education Management And Social Science, 2(6), 966-976. https://doi.org/10.31933/dijemss.v2i6.972
Section
Articles

References

Tandelilin, Eduardus. (2010). Portofolio dan Investasi: Teori dan Aplikasi Edisi Pertama. Yogyakarta: Kanisius.
Bintarti, S. (2015). Metodologi Penelitian Ekonomi Manajemen. Jakarta: Mitra Wacana Media.
Bakri, S. W. (2018). Pengaruh Peristiwa Politik (Pemilu Presiden dan Pengumuman Susunan Kabinet) Terhadap Saham Sektor Industri di BEI. Fakultas Ekonomi, Universitas Merdeka Madiun Capital, Vol.1, No.2, 2018.
T. Renald Suganda. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia Edisi Pertama. Malang.
Ramesh A, and Savita. (2015). Return Volatility Around National Elections: Evidence From India. Elsevier Ltd Science Direct.com 163-168.
Diany Ayudana Anggraini (2012), Analisis Pengaruh Kondisi Politik dalam Negeri terhadap Abnormal Return Indeks LQ 45 (Studi Kasus Pergantian Kepemimpinan di Indonesia Tahun 1999, 2001, 2004, dan 2009), Fakultas Ekonomi UI, 2012.
Ananto, D. (2014), Pengaruh Pemilu Legislatif terhadap Abnormal Return dan Trading Volume Activity Saham di Jakarta Islamic Index, Skripsi Sarjana Studi Keuangan Islam Ekonomi Universitas Islam Negeri Sunan Kalijaga, Yogyakarta.
Hutami, Rizkia N., & Ardiyanto (2015), Abnormal Return dan Trading Volume Activity Sebelum dan Setelah Pemilihan Presiden Secara Langsung 9 Juli 2014 (Studi Kasus Pada Saham LQ-45), Diponegoro Journal Of Accounting, Vol.4 No.2.
Hartono, Jogiyanto. (2017), Teori Portofolio dan Analisis Investasi Edisi Kesebelas, Yogyakarta: BPFE.
Lestari Dyah P. F, Nuzula Nila F. (2018), Dampak Britain Exit (Brexit) Terhadap Abnormal Return dan Trading Volume Activity pada Indeks LQ 45, JAB Vol. 55, No 03.
Zulfitra, Muliahadi Tumaggor (2019), Pemilu Serentak 2019 Di Indonesia Memberikan Pengaruh Terhadap Likuiditas Saham Return Saham dan Harga Saham LQ45 Dibursa Efek Indonesia, Jurnal Ekonomi Efektif; Vol. 2, No. 1, 2019.
Kadek Krisna Adhitya, I Made Pradana Adiputra (2020), Analisis Perbedaan Abnormal Return, Trading Volume Activity, Dan Security Return Variability Pada Perusahaan LQ 45 Pra Dan Pasca Pengumuman Kabinet Indonesia Maju Periode 2019-2024, Jurnal Ilmiah Mahasiswa Akuntansi; Vol. 11, No : 2, 2020.
I Gede Andika S Wibawa, Ni Putu Santi Suryantini (2019), Perbedaan Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Pengumuman Right Issue di BEI, E-Jurnal Manajemen; Vol. 8, No. 4, 2019.
Ni Made Ayu Windika Saraswati, I Ketut Mustanda (2018), Reaksi Pasar Modal Indonesia terhadap Peristiwa Pengumuman Hasil Perhitungan Suara Pemilihan Umum dan Pelantikan Presiden Amerika Serikat, E-Jurnal Manajemen Unud; Vol. 7, No. 6, 2018.
Intan Zoraya, Trisna Murni, Fachri Eka Saputra, Syamsul Bahri, Paulus Suluk Kananlua (2020), Dampak Pilkada Serentak 27 Juni 2018 terhadap Abnormal Return dan Aktivitas Volume Perdagangan Saham di BEI, Jurnal Riset Manajemen dan Bisnis Uniat; Vol. 5, No. 1, 2020.
Ni Nyoman Wahyu Suryani, Ni Ketut Rasmini (2019), Reaksi Pasar atas Peristiwa Pilkada Serentak Tahun 2018, E-Jurnal Akuntansi Unud; Vol. 27, No. 2, 2019.
Cindy Sutanto, Dion Dewa Barata, Diyan Lestari (2019), Analisis Perbedaan Abnormal Return dan Trading Volume Activity Saham Sebelum dan Sesudah Pilkada Serentak 9 Desember 2015, Kalbisocio; Vol. 6, No. 1, 2019.
Aryo Pamungkas, Suhadak, M.G Wi Endang N.P (2019), Pengaruh Pemilu Presiden Tahun 2014 terhadap Abnormal Return dan Trading Volume Activity (Suti Pada Perusahaan yang Tercatat sebagai Anggota Indeks Kompas100, Jurnal Administrasi Bisnis; Vol. 20, No. 1, 2015.
Saša Obradović & Nenad Tomić (2017), The effect of presidential election in the USA on stock return flow – a study of a political event, Economic Research-Ekonomska Istraživanja, 30:1, 2017, DOI:10.1080/1331677X.2017.1305802.
Jamal Bouoiyour, Refk Selmi. (2017). The Price of Political Uncertainty: Evidence from the 2016 U.S.Presidential Election and the U.S. Stock Markets. 2017. HAL Id: hal-01419295.
Hakan Altin, Associate Professor Dr. (2015). EFFICIENT MARKET HYPOTHESIS, ABNORMAL RETURN AND ELECTION PERIODS. European Scientific Journal December 2015 edition vol.11, No.34 ISSN: 1857 – 7881.