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All Journal E-JURNAL AKUNTANSI
Kadek Ayu Esa Pratiwi
Fakultas Ekonomi dan Bisnis Universitas Udayana, Indonesia
Economics, Econometrics & Finance

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Market Response to Policy Announcements: An Analysis of Capital Market Reactions to the Introduction of Battery Electric Vehicle Incentives in Indonesia Kadek Ayu Esa Pratiwi; I Wayan Gde Wahyu Purna Anggara
E-Jurnal Akuntansi Vol 34 No 8 (2024)
Publisher : Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2024.v34.i08.p02

Abstract

Information entering the market can influence investor behavior, as reflected in abnormal returns and fluctuations in trading volume activity. This study aims to analyze the market's reaction to the announcement of Minister of Finance Regulation Number 38 of 2023. Drawing on the efficient market hypothesis, specifically the semi-strong form, this research employs an event study methodology over a 15-day window (t-7 to t+7). The sample consisted of 10 companies within the automotive and components subsectors, evaluated using one-sample t-tests, one-sample Wilcoxon signed-rank tests, and paired-sample Wilcoxon signed-rank tests. The findings revealed significant abnormal returns and changes in trading volume activity surrounding the announcement. These outcomes suggest that the market perceived the announcement positively, significantly impacting investor reactions. Keywords: Capital market reactions; government regulations; battery electric vehicles; abnormal return; trading volume activity.
Co-Authors I Wayan Gde Wahyu Purna Anggara