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Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.12703

Abstract

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.
Reaksi Pasar Modal Indonesia terhadap Pergantian Menteri Keuangan Baru: Analisis Event study pada Perusahaan yang Terdaftar dalam LQ45. Kania Ilma Wisada; Riki Fahmi; Amalia Nur Chasanah; Vicky Oktavia; Rudi Kurniawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 8 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i8.12703

Abstract

The change of the Minister of Finance has the potential to create uncertainty that could affect the capital market response. This study aims to analyze the Indonesian capital market's reaction to the change of the Minister of Finance in 2025 using an event study approach. The study sample consisted of 45 companies included in the LQ45 index with observation periods of 7, 14, and 30 days before and after the event. The variables used included abnormal returns, trading volume activity, and security return variability. Data analysis was performed using the Shapiro-Wilk normality test and the Wilcoxon signed-rank test. The results showed no significant differences in abnormal returns, trading volume activity, or security return variability across the observation periods. This finding indicates that the change of the Minister of Finance in 2025 did not generate a significant market reaction, either in terms of changes in stock returns, trading activity, or stock volatility. Therefore, information regarding the change of the Minister of Finance does not contain information content strong enough to significantly influence investor decisions in the Indonesian capital market.
Environmental Performance, Environmental Disclosure, dan Economic Performance: Perspektif Model Persamaan Simultan: Studi Empiris Pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar pada BEI Usman Alfaruq; Usman Usman; Vicky Oktavia; Pradana Jati Kusuma
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i8.12521

Abstract

                This study aims to examine the simultaneous relationship between environmental performance, environmental disclosure, and economic performance in manufacturing companies in the basic and chemical industries listed on the Indonesia Stock Exchange during the 2021–2023 period. This study applies a quantitative approach using the Three-Stage Least Squares (3SLS) method to 30 companies with a total of 90 observations. The results show that environmental performance has a significant positive effect on economic performance, while environmental disclosure has a significant negative effect on economic performance. Furthermore, economic performance has been shown to significantly influence both environmental performance and environmental disclosure. These findings indicate a reciprocal relationship between variables in supporting corporate sustainability. Overall, environmental performance is an important factor in improving economic performance, but environmental disclosure still creates cost pressures in the short term. This study implies that companies need to balance environmental responsibility and economic efficiency.
PENGARUH STRUKTUR MODAL, PROFITABILITAS, GOOD CORPORATE GOVERNANCE TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR INFRASTUKTUR Fandy Jonathan; Maria Safitri; Vicky Oktavia; Rudi Kurniawan
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.2991

Abstract

Introduction: This study aims to analyze the effect of Capital Structure, Profitability, and Good Corporate Governance on stock prices. Methods: This study uses a quantitative research method, where data is obtained through the 2021 to 2023 financial reports of infrastructure and transportation sector companies listed on the Indonesia Stock Exchange. The data is processed using the IBM SPSS Statistics program. Results: The results of this study indicate that Capital Structure has a positive effect on stock prices. Profitability has a positive effect on stock prices, and Good Corporate Governance has a positive effect on stock prices, which can be seen from the multiple linear regression test with a positive role in each variable from capital structure, profitability, and institutional ownership to stock prices. Which can be concluded that capital structure, profitability, and good corporate governance have a positive effect on stock prices.. Keywords: Capital structure, Profitability, Good Corporate Governance, Stock Price
PERAN STRUKTUR MODAL, PROFITABILITAS, DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM Vina Wahyuning Triyas; Linda Ayu Oktoriza; Lenni Yovita; Vicky Oktavia
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 14 No. 2 (2025): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v14i2.3138

Abstract

Introduction: This research aims to export the impact of Capital Structure, Profitability, and Dividend Policy on Stock Prices in banking sub-sector issuers verified on the Indonesia Stock Exchange in 2019-2023. Method: This research is a quantitative study using secondary data with the population being banking sub-sector issuers verified on the IDX in 2019-202 and sampling using purposive sampling, thus determining 22 samples that meet the criteria. The data analysis method uses multiple linear regression analysis with the help of the IBM SPSS Statistics program. Results: The output of this research reveals that Capital Structure, Profitability, and Dividend Policy simultaneously have a significant effect on Stock Prices. Partially, all variables, namely Capital Structure, Profitability, and Dividend Policy, have a significant positive effect on Stock Prices in banking sub-sector companies listed on the Indonesia Stock Exchange in 2019-2023. Conclusion and suggestions: Capital Structure as measured by Debt to Equity Ratio (DER), Profitability as measured by Return on Asset (ROA), and Dividend Policy as measured by Dividend Payout Ratio (DPR) have a significant positive effect on stock prices in banking issuers verified on the Indonesia Stock Exchange in 2019-2023. Therefore, Hypothesis 1 to Hypothesis 4 are accepted. Further research, is expected to consider other proxy variables in this research besides the variables used by the author in this research that can affect stock prices. Keywords: Capital Structure, Profitability, Dividend Policy, Stock Price