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All Journal Oeconomicus Journal of Economics
Muhammad Yusril Ihza Mahendra
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Religion Economics, Econometrics & Finance Environmental Science Social Sciences

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REALIZING SUSTAINABLE ECONOMY AND ACHIEVING THE 8TH SDGS THROUGH CAPITAL MARKET INVESTMENT EVENT STUDY: english Ilmi, Muhammad Auliya' Nurul Ilmi; Hilmi Abiyya Labiib Wardhana; Muhammad Yusril Ihza Mahendra; Ade Irma Suryani Lating
OECONOMICUS Journal of Economics Vol. 10 No. 2 (2026): (June) edisi 20
Publisher : Program Studi Ilmu Ekonomi UIN Sunan Ampel Surabaya

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Abstract

This study analyzes the impact of the 2024 Indonesian Presidential Inauguration on the IDX ESG Leaders index (IDXESGL) by evaluating changes in market capitalization, trading volume activity, and abnormal returns, as well as its implications for sustainable economy and the 8th SDGs. This research departs from the importance of a sustainable economy, where political factors, especially presidential inauguration, can affect the stock market, especially the ESG-based IDXESGL index (Environmental, Social, and Governance). The novelty of this research lies in analyzing the impact of politics on IDXESGL, which has not been widely studied, as well as its relation to signaling theory. xThis study analyzed Indonesia Stock Exchange data for 14 trading days and tested differences using the Wilcoxon Signed Rank Test. The results show a significant decrease in market capitalization and abnormal return, as well as an insignificant decrease in trading volume activity, which reflects the negative market reaction to political uncertainty, so that adaptive strategies are needed from investors, government.
Co-Authors Ade Irma Suryani Lating Hilmi Abiyya Labiib Wardhana Ilmi, Muhammad Auliya' Nurul Ilmi