Differentiation Analysis Of Abnormal Stock Return Amid Political Contestation And Pandemic In Indonesia

  • Berwin Anggara Institut Agama Islam Negeri Metro
  • Uchi Wina Pratama Universitas Teknokrat Indonesia


Political events frequently affect the condition of the stock market and industrial sectors anywhere in the world, Indonesia is no exception. Regarding the political year, the manufacturing industry is expected to perform the best. The two manufacturing industry sectors are expected to gain the highest performance growth, namely the food and beverage industry and textile product industry. Due to the increasing demand for election campaign activities in local Indonesia, both are likely to achieve positive growth. The condition of pandemic of Covid-19 strike combined political events are an event that could have implications for capital market turbulence, this hypothesis is developed on the assumption that major events can affect the macroeconomics so that corporate actions in the form of dividend announcements can affect stock returns, this will certainly be avoided by investors. However, in this research using event study data set for 2018-2020 based on the corporate actions of dividend announcements, it was revealed that this was not an influential factor. Using the event study research method and the paired sample t-test, the results show that there is no difference in stock returns before and after the announcement of dividends, even though the corporate action was carried out during the Covid-19 pandemic which was happened consecutively after political events. From the results of the research conducted by the writers, which results in the premise that cash dividend announcements do not provide a good signal for investors in Indonesia, there is an assumption that investors do not notice dividend announcements as a distortion of interest in investing


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How to Cite
ANGGARA, Berwin; PRATAMA, Uchi Wina. Differentiation Analysis Of Abnormal Stock Return Amid Political Contestation And Pandemic In Indonesia. Adzkiya : Jurnal Hukum dan Ekonomi Syariah, [S.l.], v. 10, n. 01, p. 29-50, may 2022. ISSN 2355-4215. Available at: <https://e-journal.metrouniv.ac.id/index.php/adzkiya/article/view/4732>. Date accessed: 02 june 2023. doi: https://doi.org/10.32332/adzkiya.v10i01.4732.

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