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All Journal ProBisnis : Jurnal Manajemen Economics and Business Journal International Journal of Management and Business Economics
Nila Rahayu
Universitas Mataram, Indonesia
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Market Reaction to the Latest Appointment of The Finance Minister: Empirical Evidence Through Abnormal Return, Trading Activity and Stock Volatility on The LQ45 Index I Ketut Tri Anansa; Siti Aisyah Hidayati; Nila Rahayu
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026): July
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.478

Abstract

This study examines the Indonesian capital market reaction to the announcement of the appointment of Purbaya Yudhi Sadewa as Minister of Finance on September 8, 2025. Using an event study approach, the analysis focuses on companies included in the LQ45 index and observes market reaction within an eleven-day event window from five trading days before to five trading days after the announcement. Market reaction is measured using abnormal return, trading volume activity, and stock volatility. The data consist of daily stock prices, trading volume, outstanding shares, and market index data obtained from capital market data sources. Because the normality test indicates that the data are not normally distributed, the hypotheses are tested using the Wilcoxon Signed Rank Test. The findings show significant differences in abnormal return, trading volume activity, and stock volatility before and after the announcement. These results indicate that the appointment of the Minister of Finance contains information value for investors and is associated with changes in price reaction, trading intensity, and perceived market risk among LQ45 stocks. The study contributes to event study literature by documenting market responses to a strategic fiscal leadership event in an emerging capital market
Pengaruh Quantitative Easing Amerika Serikat terhadap Pergerakan Harga Saham Indonesia melalui Capital Inflow dan Capital Outflow Adrianda Anwar; Nila Rahayu; Zamroni Alpian Muhtarom; Adika Paranata
ProBisnis : Jurnal Manajemen Vol. 16 No. 06 (2025): December: Management Science
Publisher : Lembaga Riset, Publikasi dan Konsultasi JONHARIONO

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kebijakan Quantitative Easing (QE) Amerika Serikat terhadap pergerakan harga saham Indonesia, dengan menempatkan Capital Inflow dan Capital Outflow (CICO) sebagai variabel mediasi yang merepresentasikan dinamika arus modal asing. Menggunakan data runtun waktu bulanan 32 observasi dari Januari 2023 sampai Agustus 2025, penelitian ini mengaplikasikan metode regresi linier berganda dan Sobel Test untuk menilai jalur transmisinya. Hasil utama menunjukkan bahwa QE Amerika Serikat memiliki pengaruh negatif signifikan terhadap harga saham Indonesia, mengindikasikan bahwa ekspansi likuiditas global tidak selalu direspons positif oleh pasar domestik, terutama ketika dipersepsikan sebagai sinyal meningkatnya ketidakpastian ekonomi global. Sementara itu, CICO terbukti memiliki pengaruh positif signifikan terhadap harga saham, menegaskan peran dominan arus modal asing sebagai pendorong utama aktivitas pasar modal Indonesia. Selain itu, CICO terbukti memediasi sebagian hubungan antara QE dan pergerakan harga saham, meskipun pengaruh langsung QE terhadap pasar masih lebih kuat dibandingkan efek tidak langsungnya melalui arus modal. Temuan ini menunjukkan bahwa transmisi QE Amerika Serikat terhadap pasar saham Indonesia berlangsung melalui mekanisme yang kompleks, melibatkan saluran likuiditas global dan perubahan sentimen risiko investor. Penelitian ini memberikan kontribusi penting bagi literatur spillover kebijakan moneter global serta implikasi strategis bagi regulator dan pelaku pasar dalam mengantisipasi volatilitas pasar modal Indonesia di tengah dinamika kebijakan moneter Amerika Serikat.
Customer Perceptions Of Service Quality At NTB Syariah Bank (A Case Study Of Students At The Nurul Hakim Islamic Institute Nur Fazillah Milawati; Nila Rahayu; Evrita Putri Azzahroh; Eny Widiaty
International Journal of Management and Business Economics Vol. 4 No. 2 (2026): February
Publisher : CV Putra Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58540/ijmebe.v4i2.2360

Abstract

This study aims to determine the perceptions of IAI Nurul Hakim students, as customers, regarding the service quality of Bank NTB Syariah, as well as their perceptions of the five dimensions of SERVQUAL: tangibles, reliability, responsiveness, assurance, and empathy. The study employed a descriptive qualitative approach using field research. Informants were selected through purposive sampling, specifically 10 active IAI Nurul Hakim students who held accounts and had used the services of Bank NTB Syariah. Data were collected through observation, semi-structured in-depth interviews, and documentation. Data analysis involved the stages of data condensation, data presentation, and the drawing and verification of conclusions. Data validity was strengthened through triangulation of sources, techniques, and time. The results of the study indicate that students generally have a positive perception of the service quality at Bank NTB Syariah. The tangible dimension was rated as convenient and adequate; reliability was assessed as capable of meeting transaction needs despite disruptions in mobile banking; responsiveness was evident in the speed with which staff assisted customers; assurance was established through clear information and staff’s ability to build trust; while empathy was reflected in the staff’s friendliness and attentiveness. Aspects that still need improvement include the stability of digital services and the expansion of electronic payment integration.
Co-Authors Adika Paranata Adrianda Anwar Eny Widiaty Evrita Putri Azzahroh I Ketut Tri Anansa Nur Fazillah Milawati Siti Aisyah Hidayati Zamroni Alpian Muhtarom