EL-MUHASABA
Vol 17, No 2 (2026): EL MUHASABA

Abnormal Return Saham LQ45: Sebelum dan Sesudah Demo DPR 2025

Aprilia Nurhayati (Universitas Palangka Raya)
Melania Pereira Lay (Universitas Palangka Raya)
Risca Windy Nahtalia (Universitas Palangka Raya)
Agus Satrya Wibowo (Universitas Palangka Raya)
Ade Yuniati (Universitas Palangka Raya)



Article Info

Publish Date
20 Jul 2026

Abstract

Purpose: The political case of the DPR demonstration on August 25, 2025, was used as a research gap with the aim of conducting empirical evidence whether there was a significant difference in abnormal returns before and after the event.Method: This research sampled 45 stocks in the LQ-45 Index using secondary data from daily closing stock prices and the Jakarta Composite Index (JCI). The parametric approach used was a paired simples statistical t-test, as the data were normally distributed.Results: An event study related to the August 25, 2025, House of Representatives (DPR) demonstration showed no significant abnormal returns before and after the demonstration. Investors considered this event irrelevant and material information for investment decision-making, and therefore did not trigger a systematic reaction in the Indonesian capital market.Implications: The findings of this study have practical implications for investors, urging them to avoid overreacting to specific political events and instead focus on company fundamentals. For regulators, these results demonstrate the maturity of the Indonesian capital market in responding to political turmoil.Novelty: This study addresses a previously undiscussed gap by developing a methodology that specifically analyzes the 2025 House of Representatives (DPR) demonstration, focusing exclusively on LQ-45 stocks. This study also develops a methodological approach using a combination of market-adjusted models and parametric tests that align with the characteristics of Indonesian capital market data. 

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Journal Info

Abbrev

el-muhasaba

Publisher

Subject

Economics, Econometrics & Finance

Description

El Muhasaba:Jurnal Akuntansi adalah jurnal berkala Jurusan Akuntansi Fakultas Ekonomi Universitas Islam Negeri Maulana Malik Ibrahim Malang yang terbit dua kali dalam satu tahun, yaitu Januari dan Juli. Bidang keilmuan yang diterima dalam jurnal ini adalah Akuntansi, Auditing, Sistem Informasi, ...