<![CDATA[This study examines the impact of the tax opsen policy implementation on the Indonesian capital market, as the capital market is often sensitive to events containing economic information. The objective of the study is to determine the market reaction to the tax opsen policy. To achieve this objective, a comparative test with a quantitative approach is used in this study. This study measures market reaction using Abnormal Return and Trading Volume Activity variables, specifically for the Automotive and Components Sub-Sector listed on the Indonesia Stock Exchange (IDX), as the opsen policy is related to motor vehicle tax. In the sample selection, Purposive Sampling was used to acquire a sample of 14 companies. The Wilcoxon Signed Ranks Test, a non-parametric technique appropriate while dealing with non-normally distributed data, is used in this study. The average abnormal return was different seven days prior and seven days following the adoption of the tax opsen policy, according to the study’s findings. However, the average trading volume activity over the seven days prior to and following the tax opsen policy’s the introduction does not differ much. This indicates the capital market reacts to events, as evidenced by fluctuations in stock prices. Therefore, it is essential that investors to be aware of news or events related to government-issued policies before making investment decisions in the capital market.]]>
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