REAKSI PASAR PADA PUTUSAN MAHKAMAH KONSTITUSI NOMOR 90/PUU-XXI/2023 DAN REVISI UNDANG UNDANG PILKADA 2024

Ni Made Yesica Moneysia (Universitas Udayana)
Ni Luh Putu Wiagustini

E-Jurnal Manajemen
Vol. 15 No. 7 (2026)

This study aims to analyze the Indonesian capital market's reaction to two political events: the Constitutional Court Decision No. 90/PUU-XXI/2023 regarding the age limit for presidential and vice-presidential candidates, and the 2024 Regional Election Law Amendment. The study employs an event study method to measure abnormal return and trading volume activity (TVA) of LQ45 index stocks over an 11-day observation period (5 days before, the event day, and 5 days after the event). The findings indicate that both political events had a significant impact on the market, with notable changes in abnormal return and trading volume activity observed before and after the events. These results support the semi-strong form of the efficient market hypothesis and signaling theory, suggesting that political information serves as an important signal for investors.