REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN JOKOWI SEBAGAI CALON PRESIDEN 2014

Tan, Jennifer Wongso (2014) REAKSI PASAR MODAL INDONESIA TERHADAP PENGUMUMAN JOKOWI SEBAGAI CALON PRESIDEN 2014. Undergraduate thesis, Universitas Katolik Musi Charitas Palembang.

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Abstract

This research aims to observe the market reaction to the declaration of Joko Widodo as a presidential candidate on 14 March 2014 by comparing average abnormal return pre- and post-declaration. This research uses event study as its methodology to analyse 99 out of 100 companies listed on index of Kompas 100, which are selected based on purposive sampling method. The hypothesis of this research is tested by using paired sample t test in SPSS 16.0. This research confirms its hypothesis that there are significant differences in average abnormal return before and after the declaration of Jokowi as a presidential candidate is supported. In other words, there is a notable relation between market reaction and this political event as the former is influenced by the latter. This research also conducts a statistic test to assess and evaluate the significances of abnormal return during the event period by using one sample t test for normal distribution and wilcoxon signed rank test for non-normal distribution. The results of statistical test show that there are significant reactions especially on the first and the second day after the declaration, which can be considered as "faster reaction". These results also indicate that the capital market is semi-strong efficient to this information.

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