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Market Reactions To Domestic And Global Policy Events: An Event Study Of The Indonesian Capital Market In Early 2025 Said Aryonindito; Saskia Salmana Dahyar; Adisti Gilang Cempaka; Vecco Suryahadi Saputro
International Journal of Management and Business Economics Vol. 4 No. 1 (2025): October
Publisher : CV Putra Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58540/ijmebe.v4i1.1011

Abstract

This study examined the reactions of the Indonesian capital market to selected domestic and global policy events during January–February 2025, a period marked by the early phase of a new administration and heightened policy uncertainty. Using an event study approach, the analysis focused on five key events: the implementation of the Biodiesel B40 policy, the announcement of a foreign exchange retention requirement for export earnings, the Federal Open Market Committee (FOMC) statement, the release of January 2025 inflation data, and Bank Indonesia’s monetary policy decision. Results indicated that the Biodiesel B40 policy and low inflation release generated positive sentiment, reflected in rising prices, higher trading activity, and increased foreign buying. Conversely, the export earnings retention policy triggered negative market responses, particularly increased foreign selling in export-oriented sectors. Findings suggested that the market displayed characteristics of semi-strong form efficiency, responding promptly to public information but with some delayed adjustments. The study concluded that both domestic and global policy events significantly shaped short-term market dynamics, though reactions varied by event type. Future research was recommended to employ statistical tests on abnormal returns and trading activity for stronger empirical validation
TRANSFORMASI DIGITAL SISTEM PEMERINTAHAN INDONESIA: ANALISIS LONGITUDINAL DOMAIN SPBE TAHUN 2018-2024 Sugianto, Larasati Puspa Martani; Dahyar, Saskia Salmana; Saputro, Vecco Suryahadi; Aryonindito, Said; Rahmat, Kamaluddin
Journal of Information System, Informatics and Computing Vol 9 No 2 (2025): JISICOM (December 2025)
Publisher : Sekolah Tinggi Manajemen Informatika dan Komputer Jayakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52362/jisicom.v9i2.2091

Abstract

Dalam rangka menuju pemerintah digital, diundangkannya Preaturan Presiden Nomor 95 Tahun 2018 tentang Sistem Pemerintahan Berbasis Elektronik (SPBE) menjadi titik awal konvergensi layanan digital antar instansi pemerintah di Indonesia. Sebagai upaya untuk memahami perkembangan indeks SPBE dalam periode 2018-2024, penelitian ini mengevaluasi tingkat pertumbuhan empat domain SPBE yang mencakup Kebijakan, Tata Kelola, Manajemen, dan Layanan SPBE. Dilakukan pula analisis untuk mengidentifikasi kesenjangan antar instansi dan antar tingkat pemerintahan. Penelitian ini menggunakan metode deskriptif komparatif berbasis data sekunder dengan teknik purposive sampling dalam memilih delapan instansi pemerintah yang terdiri dari empat instansi Kementerian dan empat instansi pemerintah daerah sebagai objek penelitian. Data sekunder diperoleh dari laporan hasil evaluasi SPBE yang dipublikasikan oleh Kementerian Pendayagunaan Aparatur Negara dan Reformasi Birokrasi (KemenPAN-RB), kemudian dianalisis secara longitudinal. Hasil penelitian mengindikasikan peningkatan signifikan dalam hal tata kelola digital pemerintahan melalui peningkatan capaian indeks SPBE. Secara agregat, dalam periode observasi, indeks SPBE mengalami konvergensi melalui harmonisasi kebijakan, integrasi, dan standarisasi. Namun, analisis domain SPBE menunjukkan bahwa masih terdapat kesenjangan kelembagaan sehingga dapat dilakukan pergeseran dari “harmonisasi struktural” menuju “optimalisasi fungsional”.