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All Journal Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam Optimum: Jurnal Ekonomi dan Pembangunan
Andini, Nova Riza Ayu
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Market Reaction to The Palestinian-Israeli Conflict: Analysis of PT. Unilever Nazmi, Redha Alfin; Andini, Nova Riza Ayu; Amal, Muhammad Ahsanul; Iftitah, Insiyatul
Li Falah: Journal of Islamic Economics and Business Vol. 9 No. 2 (2024): December 2024
Publisher : Institut Agama Islam Negeri Kendari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31332/lifalah.v9i2.11474

Abstract

This study aims to analyze the impact of the Palestinian-Israeli conflict on stock market reactions, particularly at PT. Unilever Indonesia, focusing on changes in stock prices and abnormal returns before and after the boycott of Unilever products. This study employs a quantitative approach using an event study method conducted over 14 days, seven days before and seven days after the boycott issue emerged. The analytical techniques used include descriptive statistical tests, the Shapiro-Wilk normality test, and hypothesis testing using the paired sample t-test and the Wilcoxon signed-rank test. The study's results indicate significant differences in stock prices and abnormal returns of PT. Unilever Indonesia before and after the boycott issue, while trading volume activity did not differ significantly. The decline in stock prices and abnormal returns after the boycott issue indicates an adverse reaction from investors toward the company's involvement in the conflict. The implications of this study can provide insights to multinational companies on how global political conflicts can affect corporate image and financial performance through stock market reactions and the importance of more cautious communication strategies and policies in managing corporate involvement in global political issues.
Market volatility on the balance of payments in ASEAN countries Andini, Nova Riza Ayu
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 14 No. 1 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v14i1.9577

Abstract

This research aims to determine the effect of volatility on the stock market proxied by stock indices and financial markets proxied by exchange rates on the balance of payments proxied by direct investment (FDI) in ASEAN member countries for the period 2013 to 2022. The balance of payments is a systematic record of economic transactions involving one country with another country in a certain period of time, therefore the balance of payments can be influenced by various components, one of which is the market. This research is important because the results of previous research are inconsistent and over time many economic phenomena occur that will affect a country's balance of payments. The novelty of this study lies in its particular focus on the effect of market turmoil on the balance of payments in ASEAN countries. This study used quantitative methods using secondary data. This research uses panel data analysis techniques with a Fixed Effect Model (FEM) approach. The results of this study show that partially the stock index has a significant positive effect and the exchange rate has a significant negative effect on the balance of payments. This research can provide important insights for business decision makers, governments, and international institutions to understand and respond to rapid economic developments in ASEAN.
Co-Authors amal, Muhammad ahsanul Iftitah, Insiyatul Nazmi, Redha Alfin