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All Journal Jurnal Hukum Ekonomi Syariah Journal of Institution And Sharia Finance
Hishaly GH, Nur
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Economics, Econometrics & Finance

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The Effect of Boycotts on Stock Volatility: An Event Study Hishaly GH, Nur; Ginanjar, Muh; Nurhadi N, Muhammad; Asizah, Wafiq
Jurnal Hukum Ekonomi Syariah Vol 8, No 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16501

Abstract

This research investigates the impact of the MUI (Majelis Ulama Indonesia) fatwa number 83 of 2023, which calls for a boycott of products affiliated with Israel, on the stock performance of targeted companies. The primary objective is to analyze market reactions to the fatwa announcement, employing an event study approach to measure abnormal stock returns before and after the announcement. Data was collected using purposive sampling from companies identified as boycott targets, including PT. Fast Food Indonesia Tbk, PT. Map Boga Adiperkasa Tbk, PT. Sarimelati Kencana Tbk, and PT. Unilever Indonesia Tbk. The findings reveal a significant decline in abnormal returns for the targeted companies following the fatwa announcement, indicating a negative investor reaction that led to increased selling activity. This study highlights the strategic implications for companies facing boycotts, emphasizing the need for risk mitigation strategies in response to consumer sentiment. Additionally, it suggests further research incorporating qualitative methods to delve deeper into investor behavior regarding such fatwas.
Impact of Accounts Receivable Write-Off Policy on Stock Fluctuations of State-Owned Bank Companies Rahmawati; Hishaly GH, Nur; Damirah, Damirah; Wahyuni Nur, Sri; Maricar, Rezvanny; Arismunandar, Andi Patotori
Journal of Institution and Sharia Finance Vol. 8 No. 1 (2025): JUNI
Publisher : Program Studi Perbankan Syariah, IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/joins.v8i1.6982

Abstract

This study aims to examine the impact of the announcement of debt write-off policy on the abnormal returns of state-owned banking stocks. A quantitative method with an event study approach is employed to analyze market reactions to the announcement. The research sample consists of four state-owned banks listed on the Indonesia Stock Exchange, with stock price data collected from December 29, 2023, to November 19, 2024. The findings indicate a negative impact of the debt write-off policy announcement on the cumulative average abnormal return (CAAR), suggesting that investors perceive the policy as unfavorable. This reaction is associated with potential moral hazard in its implementation. The study underscores the importance of transparency and government assurances regarding financial performance in the context of such policies. It also recommends that financial practitioners consider the implications of policy announcements on stock market reactions. This research contributes to the understanding of market efficiency theory in responding to new information and provides insights for policymakers and investors. Future studies are encouraged to explore long-term impacts and incorporate qualitative approaches or additional variables, such as global economic events, to offer a more comprehensive analysis.
Co-Authors Arismunandar, Andi Patotori Asizah, Wafiq DAMIRAH DAMIRAH, DAMIRAH Ginanjar, Muh Maricar, Rezvanny Nurhadi N, Muhammad Rahmawati Wahyuni Nur, Sri