Konfrontasi Rusia-Ukraina: Bagaimana Pengaruhnya Pada Reaksi Pasar dan Kinerja Saham Sub Sektor Mining?

Mohammad Fauzan Alghifari (Pascasarjana Universitas Widyatama, Indonesia)
Apriwandi Apriwandi (Pascasarjana Universitas Widyatama, Indonesia)
Egita Nur Fadila (Fakultas Ekonomi dan Bisnis Universitas Telkom)

E-JURNAL AKUNTANSI
Vol 34 No 11 (2024)

This research aims to empirically demonstrate the divergence of capital market responses measured by abnormal returns, trading volume, volatility of security returns, and stock performance measured by returns in the mining subsector listed on the IDX due to the Russia-Ukraine war. This research is vital because geopolitical conflicts such as the Russia-Ukraine War affect financial markets, especially commodity-dependent sectors, thus providing insights for investors and policymakers in the face of uncertainty. Using an event study method for 10 days pre-and post-war, this research used 29 companies with paired sample t-tests in the hypothesis testing. This study is the first to combine the four variables AR, TVA, SRV, and R to analyze the impact of the Russia-Ukraine conflict, thus becoming a novelty in this research. This study revealed a significant change in TVA. At the same time, no considerable divergence was found in AR, SRV, and R in mining subsector companies listed on the IDX, both before and after the Russia-Ukraine war.