Analysis of the Capital Market Reaction to the First Java-Bali Community Activity Restriction Policy Announcement Event (Case Study of Food and Beverage Companies Listed on the Indonesia Stock Exchange)
Journal Title: Journal of Economics, Finance and Management Studies - Year 2023, Vol 6, Issue 01
Abstract
This research is an event study that aims to analyze the reaction of the capital market to the announcement of the Pemberlakuan Pembatasan Kegiatan Masyarakat Jawa-Bali (PPKM Jawa Bali) based on abnormal returns and trading volume activity. The data in this study are secondary data with quantitative data types. The population in this study includes 28 Food and Beverage companies listed on the IDX with the window period taken in the study being 5 days before and after the PPKM Jawa Bali Policy Announcement. In the statistical test analysis, this study used a paired sample t-test difference test because the prerequisites for the different tests, namely the data in the study were normally distributed, were met. The results of the paired sample t-test analysis significantly was not found to be different in Average Abnormal Return (AAR) and Average Trading Volume Activity (ATVA) before and after the PPKM Jawa Bali Policy Announcement event, was not found of differences in the study, which give us a conclusion that the PPKM Jawa-Bali Policy Announcement event did not have a certain information content so that the capital market did not react to the policy.
Authors and Affiliations
Erni Suci Budi Rahayu, Abdul Malik Kumar
Keywords
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- EP ID EP726679
- DOI 10.47191/jefms/v6-i1-20
- Views 48
- Downloads 0
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