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All Journal Jurnal Manajemen dan Agribisnis Jurnal Kependidikan: Penelitian Inovasi Pembelajaran Jurnal Keuangan dan Perbankan Jurnal Ekonomi Modernisasi Jurnal Manajemen. Jurnal Ilmiah Manajemen dan Bisnis (JIMB) MIX : Jurnal Ilmiah Manajemen Jurnal Tekun Indikator: Jurnal Ilmiah Manajemen & Bisnis International Humanities and Applied Science Journal Jurnal MoZaiK Profita : Komunikasi Ilmiah dan Perpajakan Business and Finance Journal Jurnal Ilmu Kesehatan Bhakti Husada: Health Sciences Journal Jurnal Manajemen Dinasti International Journal of Digital Business Management Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) International Journal of Social and Management Studies (IJOSMAS) Warta Pendidikan : Jurnal Pendidikan dan Budaya Telaah Bisnis Wiga : Jurnal Penelitian Ilmu Ekonomi International Journal of Science and Society (IJSOC) Indonesian Journal of Business Analytics (IJBA) KEYNESIA : INTERNATIONAL JOURNAL OF ECONOMY AND BUSINESS Asean International Journal of Business Journal Research of Social Science, Economics, and Management International Journal of Indonesian Business Review
Augustina Kurniasih
Universitas Mercu Buana
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Nursing Public Health Social Sciences Other

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Journal : Indonesian Journal of Business Analytics (IJBA)

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The Reaction of the LQ45 Stock Market Listed on the Indonesia Stock Exchange to the Results of the Presidential and Vice Presidential Elections and the Factors Influencing Them Alifah Nur Hanifati; Augustina Kurniasih
Indonesian Journal of Business Analytics Vol. 5 No. 4 (2025): August 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i4.15288

Abstract

The capital market plays an important role in the global economy as an indicator of economic stability and as a means of raising funds through investment. This study aims to examine the reaction of the Indonesian capital market to the announcement of the 2024 presidential and vice-presidential election results released by the General Elections Commission on March 20, 2024, as well as the factors influencing this reaction. The research focuses on companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX). This study employs two approaches: event study and causality. The event study is conducted to determine whether there is a capital market reaction by observing abnormal return (AR) and abnormal trading volume activity (ATVA) within an 11-day event window, covering 5 days before the event, the event day itself, and 5 days after the event. Meanwhile, the causality approach is used to explore the factors affecting AR and ATVA by examining the influence of Return on Equity (ROE) and firm size on the observed AR and ATVA. The findings indicate that the event did not generate significant abnormal return (AR) or abnormal trading volume activity (ATVA) during the 11-day period. Furthermore, profitability did not have a significant effect on either AR or ATVA. In contrast, firm size significantly influenced AR and ATVA, albeit in different directions. Firm size had a positive and significant effect on AR, but a negative and significant effect on ATVA.
Co-Authors Abd Muhni Salam Abitur Asianto Achmad Nurcholik Adi, Firdaus Maulana Agus Herta Sumarto Agus Herta Sumarto Agus Setyo, Tri Ahmad Badawi Saluy Alifah Nur Hanifati Alugoro Mulyowahyudi Ashriza Kusuma Wardhana Astri Susana Maharani Astri Susana Maharani, Astri Susana Bambang Santoso Marsoem Eko Tama Putra Saratian ENDRI ENDRI Erik Priambodo Firdaus Maulana Adi Heliantono Ignatius Jeffrey Ignatius Jeffrey Isti Pujihastuti Johannes, Leonardo David Yuliandy Julianto Manihuruk Kiasatina Amalia Leni Hartati Leonardo David Yuliandy Johannes Leonardo David Yuliandy Johannes Leonardo David Yuliandy Johannes Lo, Singmin Johanes Luna Haningsih Luna Haningsih, Luna Muhammad Iqbal Mutia Wahyuningsih Nindia Destiani Aska Oktaviani, Delvi Pardomuan Sihombing, Pardomuan Pratiwi, Yeni Rianti Setyawasih Saraswati Telambanua Satiri Satiri Sundary, Zelvy Emmelya Surya Alam, Muhammad Sutarso Sutarso Sutarso Sutarso, Sutarso Syarifah Ida Farida Triwibowo, Ari Veithzal Rivai Zainal Wiwik Utami Yulia Efni Zulkifli Zulkifli