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Journal : FINANCE : International Journal Of Management Finance

Does the boycott affect Israel-affiliated companies in Indonesia? Nurman Ilham Fadzilah; Lenni Yovita; Dwi Eko Waluyo; Vicky Oktavia
Finance : International Journal of Management Finance Vol. 1 No. 4 (2024): June
Publisher : Publikasi Inspirasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62017/finance.v1i4.48

Abstract

This study aims to analyze changes in abnormal returns and trading volume Activity (TVA) before and after the announcement of MUI Fatwa Number 83 of 2023 on companies that are targeted for boycott and allegedly affiliated with Israel. The researcher used an event study approach with an event window of 100 days before and 100 days after the announcement of MUI Fatwa Number 83 of 2023 to calculate abnormal returns and trading volume activity. The analysis step carried out in this study is to test the normality of the data first to see if the data has been distributed normally or not, then to test the hypothesis. For normally distributed data, the Paired Sample T-test will be used and the normally undistributed data will use Wilcoxon Signed Rank. The results of this study showed that there was no significant difference in abnormal returns before and after the boycott, but there was a significant difference in trading volume activity before and after. These findings reflect that the boycott has no significant impact and the impact of the boycott is only temporary. However, the action reacted to changes in market sentiment due to the boycott that affected the trading of shares of the boycotted target companies.
Co-Authors Agus Prayitno Alifa Mei Ajeng Rahayu Amalia, Fariza Amron Amron Amron Amron, Amron Anggaini, Fitria Anggraini , Fitria Dewi Puspita Anggraini, Fitria Aprianti Aprianti, Aprianti Aryanto, Vincent Didiek Wiet Banu, Azlina Batara David Martin Siregar Belladiena, Alfiena Nisa Belzara, Ghea Syahnita Brian Au Batuwael Cahya, Handy Nur Chasanah, Amalia Nur Choirunisha, Zalfa Adira Cinantya Paramita Dewi Agustini Dewi Pergiwati Dewi Pergiwati Dian Prawitasari Diana Aqmala Diana Puspitasari Dwi Nurul Izzhati Edi Noersasongko Eli Martohap Sinaga Fakhmi Zakaria Fariza Amalia Fauzi Adi Rafrastara Febriana, Artha Goh, Gerald Guan Gan Guruh Fajar Shidik Handy Nur Cahya Hayu Wikan Kinasih Hayu Wikan Kinasih Herlambang, Maulana Yusuf Hernanti, Sania Bunga Pradani Herry Subagyo Herry Subagyo Ilyas, Kamal Jumanto Jumanto, Jumanto Kurniawati, Firlia Ayuk Kusuma, Pradana Jati Lenni Yovita Makhbub Zunaidi Mega Ayu Lestari Mila Elmeida Minghat, Asnul Dahar Bin Mochammad Eric Suryakencana Wibowo Muhammad Alvinnur Budiansyah Muhammad Lukmanul Hakim Nadiyatul Mustaufidah Nohan, Rajendra Nurman Ilham Fadzilah Paramita, Cinantya Perdana, Reza Kresna Pergiwati, Dewi Permatasari, Noviana Putri Pitaloka Andry Kirana Pradana Jati Kusuma Pramudianto, Chori Baskoro Prawitasari, Dian Puji Purwatiningsih, Aris Pulung Nurtantio Andono Purnomo, Ardiansyach Maulana PUTRI, YESHA NU'MA ARULA Raden Arief Nugroho Rahayu, Alifa Mei Ajeng Ramasamy, Suganthi ramayanti, ismarita Respati Wulandari Retno Indah Hernawati Sarah Setyaningrum Sasongko, Teguh Haryo Setiawan, Aries Setyani, Putri Desti Setyo Wahyu Sulistyono Setyo Wahyu Sulistyono Shabira, Azra Salma Sih Darmi Astuti Sih Darmi Astuti Sintaruli Siahaan Siti Fitriyyatul Jamilah Uci Yuliati udzma, Dyah Safa’atul Usman Usman v, Amalia Nur Vicky Oktavia Vivia Irvani Widhi, B. Andini Nugrahaning Yani Parti Astuti Zakaria, Fakhmi Zamani, Daffa Ulya