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All Journal ETIKONOMI Tazkia Islamic Finance and Business Review Jurnal Ilmiah Edunomika (JIE) EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Pengabdian kepada Masyarakat Jurnal Bisnis dan Manajemen (JBM) juremi: jurnal riset ekonomi Journal of Innovation Research and Knowledge Jurnal Teknologi dan Manajemen Industri Terapan Journal of Accounting and Finance Management (JAFM)
Hardiansyah
Universitas Paramadina
Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Journal : Dinasti International Journal of Economics, Finance

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Impact of Indonesia Presidential Election Quick Count on Political Connected Stock Volatility: An Event Study Hardiansyah, Hardiansyah
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 5 (2024): Dinasti International Journal of Economics, Finance & Accounting (November - De
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i5.3525

Abstract

This study assesses the impact of the 2024 Indonesia Presidential Election quick count results on the stock volatility of politically connected firms listed on the Indonesia Stock Exchange. An event study methodology is employed, analyzing four politically affiliated companies—PMMP, TOBA, BRMS, and WIRG—across a six-day event window (T-3 to T+3). A market-adjusted return model calculated abnormal returns (AR) and cumulative abnormal returns (CAAR). The findings reveal a significant market reaction before the event, particularly on T-2, where the average abnormal return (AAR) peaked at 5.82%, mainly driven by PMMP’s strong return of 16.66%. However, the AAR fell sharply to -3.91% on T+3, indicating a market correction. The cumulative abnormal return (CAAR) reached a high of 6.63% on T-2 before declining to 1.48% on T+3. A T-test yielded a p-value of 0.092 at a 10% significance level, showing a statistically weak significance in pre-and post-event returns. While the quick count results impacted stock performance, the market reaction was moderate. This study provides valuable insights for investors, helping them understand the influence of political uncertainty on politically connected firms in emerging markets and make informed investment decisions.
Co-Authors Aam Rusydiana, Aam Abdul Hamid Ade Ananto Terminanto Ade Wirman Ahmad Azmy Ahmad Hidayat Bambang Amir Alhakim Citra Fitria Damayanti Didin Hikmah Perkasa Eljawati Euis Amalia Feryansyah Gusmanto, Bambang Hanif, Syarifa Husnul Khatimah Husnul Khatimah Jacomina Vonny Litamahuputty Junus Paulus Patty Khofifah Salma Mardati Riza Putri Fatimah Monika Balqis Pratiwi Nulhakim, Irvan Oktaviani, Yeyen Perangin Angin, Matius Qizwini, Jimmi Rifanda Yulio Difelani Rika Lidyah Saputra, Dana Handika Dwi Sepgiono, Sepgiono Septiano Abdillah Baysonni Simbolon, David Hamonangan Sri Wahyuni Nur Tubagus A. Micail Farqu Sibqi Wirman, Wirman