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All Journal Jurnal Maneksi (Management Ekonomi Dan Akuntansi) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)
Trimeiningrum, Eny
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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ANALISIS ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY SAHAM LQ45 ATAS PENGUMUMAN RESHUFFLE KEDUA KABINET PEMERINTAHAN PRESIDEN PRABOWO Ariyani, Natashia Amelia; Trimeiningrum, Eny
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 15 No. 1 (2026)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v15i1.3576

Abstract

Introduction: This study investigates the Indonesian stock market's reaction to the announcement of President Prabowo's second cabinet reshuffle on September 8, 2025. He primary objective is to evaluate whether this political event influences stock price fluctuations and trading volume, thereby illustrating the market's capacity to effectively integrate new public information. Methods: Utilizing a quantitative approach, the research applies an event study methodology to identify unusual returns through the Market-Adjusted Model. One sample test is utilized to determine the significance of these non-normal returns, while A Paired Samples T-test investigates differences in TVA before and after the event. The sample of equities listed in the LQ45 Index was observed within an 11-day window comprising five trading days before and after the announcement date.Results: The analysis indicates statistically significant abnormal returns on days t+1, t+2, and t+4 post-reshuffle, demonstrating investors' responsiveness to political developments. Conversely, no statistically significant changes in trading volume activity were detected between pre- and post-event periods, suggesting that investor trading behavior remained largely unaltered despite price movements.Conclusion and Suggestion: This research underscores the transient effects of political events on financial markets and emphasizes the need for investors and policymakers to prepare for potential short-term disruptions following significant political announcements. Keywords: Abnormal Returns, Cabinet, Event Study, , Information, Trading, Reshuffle, Volume Activity,
Pengaruh Pengumuman Unusual Marker Activity Terhadap Abnormal Return dan Trading Volume Activity Tarigan, Agnes Monika; Trimeiningrum, Eny
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9092

Abstract

This study aims to analyze the response of the Indonesian capital market to the announcement of Unusual Market Activity (UMA) issued by the Indonesia Stock Exchange (IDX) by examining abnormal return and trading volume activity (TVA) of listed stocks during the 2023–2024 period. The research employs a quantitative approach using an event study methodology, with an observation window of 11 days consisting of five days before the announcement, one day on the announcement date, and five days after the UMA announcement. The research sample was determined using purposive sampling, resulting in 168 UMA announcement events that met the research criteria. Data were analyzed using normality tests, followed by the Wilcoxon Signed Rank Test due to non-normal data distribution. The findings reveal a significant difference in abnormal return before and after the UMA announcement in both 2023 and 2024, indicating that UMA announcements contain information that is responded to by the market through stock price adjustments. However, the analysis of trading volume activity shows no significant difference before and after the UMA announcement in both periods. These results provide empirical evidence that UMA announcements exert an asymmetric impact on market reactions and support the notion that the Indonesian capital market exhibits characteristics consistent with semi-strong form market efficiency
Pengaruh CAR, LDR, BOPO, NIM, dan Inflasi terhadap ROA Bank Terdaftar BEI Tahun 2022-2024 Nanda, Fransiska Natalia; Trimeiningrum, Eny
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9093

Abstract

The banking sector plays a strategic role in maintaining national financial system stability and contributes significantly to overall economic growth. Therefore, bank profitability serves as a key indicator for evaluating banking performance. However, previous studies examining the determinants of return on assets (ROA) have reported inconsistent findings, particularly during the post–COVID-19 pandemic period. This study aims to analyze the effects of the capital adequacy ratio (CAR), loan to deposit ratio (LDR), operating expenses to operating income (BOPO), net interest margin (NIM), and inflation on ROA. The analysis focuses on conventional banks listed on the Indonesia Stock Exchange during the 2022–2024 period. A quantitative approach is employed, using secondary data obtained from banks’ annual financial statements and national inflation data. Multiple linear regression analysis is applied in this study. Prior to hypothesis testing, classical assumption tests are conducted, including tests for normality, multicollinearity, autocorrelation, and heteroskedasticity. The results indicate that, simultaneously, CAR, LDR, BOPO, NIM, and inflation have a significant effect on ROA. The Adjusted R-squared value of 0.764 indicates that 76.4% of the variation in ROA can be explained by these variables. Partially, BOPO has a negative and significant effect on ROA, while CAR, LDR, NIM, and inflation do not show a significant effect. These findings emphasize that operational efficiency is the primary determinant of banking profitability in Indonesia during the post-pandemic economic recovery period. Moreover, this study provides up-to-date empirical evidence that contributes to the literature on banking and financial performance.
Co-Authors Ariyani, Natashia Amelia Nanda, Fransiska Natalia Tarigan, Agnes Monika