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All Journal Dinasti International Journal of Education Management and Social Science International Journal of Social Service and Research
Avianuari, Fanny
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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MARKET REACTIONS TO BOYCOTT ANNOUNCEMENTS: ANALYZING THE IMPACT ON TARGETED COMPANIES IN INDONESIA Avianuari, Fanny; Hendranastiti, Nur Dhani
International Journal of Social Service and Research Vol. 4 No. 10 (2024): International Journal of Social Service and Research
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/ijssr.v4i10.1026

Abstract

This research aims to examine the changes in abnormal returns (AR) and trading volume activity (TVA) before and after the announcement of MUI Fatwa Number 83 of 2023, which targets companies for boycott due to their alleged affiliation with Israel. This study employed an event study approach, using a 5-day event window, 10-day event window, 20-day event window and 30-day event window before and after the Fatwa's announcement to measure abnormal returns and trading volume activity. The analysis began by examining the normality of the data to determine whether it was normally distributed. For normally distributed data, a Paired Sample T-test was used, while the Wilcoxon Signed Rank test was applied to non-normally distributed data. The analysis reveals a significant difference in AR during the initial 5-day window, indicating a strong short-term market reaction driven by investor sentiment and uncertainty. However, for longer windows (10, 20, and 30 days), no significant differences in AR were found, suggesting that the market stabilized as new information was absorbed, consistent with the Efficient Market Hypothesis (EMH) by Eugene Fama (1970). Conversely, TVA showed significant increases across all event windows, indicating sustained investor interest and heightened trading activity. This suggests that while the impact on stock prices was short-lived, the boycott had a lasting influence on trading volume, reflecting continued portfolio adjustments.
The Influence of Boycott Threats on Abnormal Returns and Trading Volume: Evidence from the Israel-Palestine Conflict Avianuari, Fanny; Dhani Hendranastiti, Nur
Dinasti International Journal of Education Management And Social Science Vol. 6 No. 2 (2025): Dinasti International Journal of Education Management And Social Science (Decem
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v6i2.3679

Abstract

This study examines the impact of the October 7, 2023 escalation of the Israel-Palestine conflict on companies targeted by boycott threats due to their alleged ties to Israel. Using abnormal returns (AR) and trading volume activity (TVA) as key indicators of stock performance, the research analyzes changes across 5-day, 30-day, and 120-day event windows. An event study methodology is applied to assess shifts in these indicators before and after the boycott threat. The results show a significant difference in TVA in the 5-day and 30-day event windows, indicating notable changes in trading behavior following the boycott. However, significant differences in abnormal returns were observed only in the 5-day window, with no significant changes in the 30-day and 120-day windows. Similarly, no significant difference in TVA was found in the 120-day event window, suggesting that the effects of the boycott diminished over time. These findings suggest that while the boycott influenced trading volume in the short term, its impact on stock prices, as measured by abnormal returns, was brief and faded over time.
Co-Authors Nur Dhani Hendranastiti