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All Journal MABIS: Manajemen dan Bisnis Journal of Management - Small and Medium Enterprises (SME's) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Ekonomi Trend : Pemasaran, Produksi, Keuangan, SDM, Akuntansi dan Sistem Informasi Manajemen Jurnal Ilmu Manajemen Advantage Golden Ratio of Mapping Idea and Literature Format Golden Ratio of Finance Management Jurnal Akuntansi Dan Bisnis Indonesia (JABISI)
Risendy, Rian
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Library & Information Science Social Sciences

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Capital Market Reaction to Free Nutritious Food Policy: A Case Study of Palm Oil Companies on Indonesia Stock Exchange Putri, Jihan Eka; Nofal, Muhammad; Husnah, Husnah; Risendy, Rian
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 5 (2025): 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.v6i5.5142

Abstract

The Free Nutritious Meal Policy, targeted at school students, toddlers, and pregnant women, is implemented as an effort to reduce stunting and produce high-quality human resources. The reaction of investors in the capital market to this program remains unknown, even though the program directly increases the volume of food that will be consumed, such as palm cooking oil. Therefore, this research aims to test whether investors react to the MBG program by analyzing the abnormal returns of palm oil company stocks that are expected to receive direct positive impacts from the program. To this end, we examine this market reaction by conducting an event study based on the market model. The analysis utilizes return data from 24 palm oil company stocks listed on the BEI. We found that positive and significant abnormal returns occurred a few days before and after the event date, indicating an investor reaction to the MBG program. The variable abnormal returns suggest that the market reaction tends to be slow and spreads gradually and indirectly. The inconsistency in significant patterns indicates that market information is still developing, while also reflecting investors' cautious attitude toward government policies with broad impacts.
Co-Authors Ali, Muhammad Haikhal Darman Darman Darman, Darman Erwan Sastrawan Febiastini, Ni Made Husnah Husnah Juliana Kadang K Bidin, Cici Rianti Lamusu, Faruq Mahmud, Yulita Moh. Ali Murad Munawarah Munawarah, Munawarah Muslimin, M. Nini Andriani Nofal, Muhammad Nurul Hikmah Puspita Dewi, Puspita PUTRI, Jihan Eka Reskiyah, Reskiyah Saputra, Muh. Rangga Sitriani, Afifah Syamsiar, Syamsiar Zainuddin, Fatlina