Islamic Capital Market Reaction on Presidential Election 2019 (Case Study of the Jakarta Islamic Index)

Syintia Dwi Utami, Abdul Qoyum

Abstract


General Election (GE) is one of the most important political issues which has an impact on the economic condition. This research aims to reveal the effect of General Election 2019 on the capital market reaction. Specifically, the study compares the impact of three events in the GE 2019, namely, The General Election 2019, the announcement of Elected President 2019, and Mahkamah Konstitusi (MK) decision. By employing Abnormal Return with t-test analysis, the study reveals that the publication of the elected-president has the most significant impact on the Islamic Capital Market compares to the two other events. While using Trading Volume Activity (TVA), all the three events of GE 2019 affects the TVA. This finding suggests that for the Islamic capital market investor, the announcement of the elected president is seen as the most significant event that determines the whole of economic condition for the next five years. Hence, for the policy-makers, they must focus on the date of the announcement by preparing such a policy to maintain the market condition.   


Keywords


General Election 2019, Event Study, Abnormal Return, Trading Volume Activity, Jakarta Islamic Index.

Full Text:

PDF

References


Ardiansyah, Misnen dan Abdul Qoyum. (2011). "Testing The Semi-Strong Form Efficiency Of Islamic Capital Market With Response To Information Content Of Dividend Announcement- A Study In Jakarta Islamic Index" dalam International Conference On Management (ICM).

Bailey, W., dan Chung Y.P. (1995). Exchange Rate Fluctuations, Political Risk, and Stock Returns: Some Evidence From an Emerging Market. Journal of Financial and Quantitatives Analysis. Vol. 30, No. 4.

Bloomberg News oleh Harry Suhartono. (2019). “How Investors Can Prepare for a Surprise Indonesia Election Outcome” dalam https://www.bloomberg.com/news/articles/2019-04-08/how-investors-can-prepare-for-a-surprise-indonesia-poll-outcome dirilis pada 9 April 04.00 WIB.

Bowman, R. (1983). "Understanding and Conducting Event Studies" dalam Journal of Business Finance & Accounting.

CCN Indonesia. (2019). "Moody’s Sebut Hasil Hitung Cepat Pilpres Dukung Investasi" dalam

https://m.cnnindonesia.com/ekonomi/moodys-sebut-hasil-hitung-cepat-pilpres-dukung-investasi dirilis pada 18 April diakses pada 31 Oktober 2019.

Darmadji, Tjiptono dan Hendy M Fakhruddin. (2001). Pasar Modal di Indonesia: Pendekatan Tanya Jawab. Jakarta: Salemba Empat.

Fama, Eugene F. (1970)." Efficient Capital Market: A Review of Theory and Empirical Work". Journal of Finance, Desember Vol. XLVI No.5.

Husnan, Suad. (2005). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: UPPAMP-YKPN.

Ipotnews oleh Marjudin. (2019). "Usai Pengumuman KPU, Laju Pertumbuhan Industri dan Investasi Diyakini Membaik" dalam https://www.indopremier.com/ipotnews/Usai-Pengumuman-KP-Laju-Pertumbuhan-Industri-dan-Investasi-Diyakini-Membaik dirilis pada 21 Mei diakses pada 31 Oktober 2019.

Hartono, Jogiyanto. (2010). Studi Peristiwa: Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa.Yogyakarta: BPFE.

_______. (2010). Teori Portofolio dan Analisis Investasi Edisi 3. Yogyakarta: BPFE.

Kontan.co.id oleh Yusuf Imam Santoso. (2019). "Begini Prospek Investasi Pasca Putusan MK" dalam https://amp.kontan.co.id/news/begini-prospek-investasi-pasca-putusan-mk dirilis pada 27 Juni diakses pada 31 Oktober 2019.

Manurung, Adler Haymans dan Cahyanti Ira K. (2005). "Pengaruh Peristiwa Politik (Pengumuman Hasil Pemilu Legislatif, Pengumuman Hasil Pemilihan Presiden, Pengumuman Susunan Kabinet, Reshuffle Kabinet) Terhadap Sektor-Sektor Industri di Bursa Efek Jakarta" dalam Jurnal Perbankan.

Napitupulu, Veronica dan Syahyunan. (2012). "Pengaruh Return Saham, Volume Perdagangan dan Volatilitas Harga saham terhadap Bid- Ask Spread pada perusahaan yang melakukan stock split di Bursa Efek Indonesia". Journal.

Otoritas Jasa Keuangan. (2016). Pasar Modal. Seri Literasi Keuangan Perguruan Tinggi. Jakarta: Bidang Edukasi dan Perlindungan Konsumen, Otoritas Jasa Keuangan.

Setyowati, Hasanah dan Riyanti Ningsih. (2016). " Pengaruh Faktor Fundamental, Risiko Sistematis dan Ekonomi Makro Terhadap Return Saham Syariah yang Tergabung di Jakarta Islamic Index (JII) pada Periode 2010 – 2014". Jurnal Kajian Bisnis Vol. 24, NO. 1, 54 - 70.

Suryawijaya, Asri Marwan, dan Setiawan Faizal Arief. (1998). “Reaksi Pasar Modal Indonesia Terhadap Peristiwa Politik Dalam Negeri (Event Study pada Peristiwa 27 Juli 1996)”, dalam Kelola No. 18.

Tecualu, Melitina dan Megge Rianny. (2009). "Reaksi Pasar Modal Indonesia Terhadap Peristiwa BOM Kuningan 2009" dalam Ilmiah Manajemen dan Bisnis Vol 10 No10.

Tanjung, H., & Martua Siregar, T. A. (2018). Analisis Votalitas Saham di Jakarta Islamic Index (JII) periode Januari 2015-Januari 2018. Ihtifaz: Journal of Islamic Economics, Finance, and Banking, 1(1), 147. https://doi.org/10.12928/ijiefb.v1i1.270

Widodo, Saniman. (2007). “Analisis Pengaruh Rasio Aktivitas, Rasio Profitabilitas, dan Rasio Pasar, Terhadap Return Saham Syariah Dalam Kelompok Jakarta Islamic Index (JII) Tahun 2003 – 2005”. Tesis. Semarang: Universitas Diponegoro.




DOI: https://doi.org/10.12928/ijiefb.v3i2.2638

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.


Ihtifaz : Journal of Islamic Economics, Finance, and Banking

Kampus 4 Universitas Ahmad Dahlan
Jl. Ring Road Selatan, Tamanan, Banguntapan, Bantul, Daerah Istimewa Yogyakarta 55191
Telp. (0274) 563515; Fax. (0274) 564604
E-mail : ihtifaz@uad.ac.id 


p-ISSN: 2622-4755 | e-ISSN: 2622-4798


View My Stats