Pola Abnormal Return Saham Sektor Pertanian Dalam Indeks IDNONCYC Pada Peristiwa Kenaikan Harga Bahan Bakar Minyak 3 September 2022

Muhammad Haikal, Dhany Esperanza, Sulistyodewi Nur Wiyono, Pandi Pardian

Abstract


The increase in fuel prices announced on September 3, 2022, has the potential to create impacts on the economy, such as inflation, rising production factor costs, and income effects, which, in turn, affect the returns that investors will receive. This research was conducted with the aim of understanding the influence of the fuel price increase on September 3, 2022, on the movement of stock prices in the primary industry sector index (IDXNONCYC) and to determine the return patterns in the primary industry sector (IDXNONCYC). The sample used in this study was purposively selected from sub-industries relevant to the components of the agribusiness subsystem, resulting in 25 samples from the Retail & Food Distribution, Supermarket, Processed Milk, Processed Food, Meat Processing, Plantation, and Tobacco sub-industries, and was analyzed over a 21-day observation period. The analysis process using descriptive statistics shows the distribution of actual returns with 36% positive, 41% negative, and 23% zero actual returns. Additionally, a positive abnormal return pattern was found, accounting for 40% with a total of 209 occurrences, and a negative abnormal return pattern accounted for 60% with a total of 316 occurrences. Furthermore, a consecutive negative abnormal return pattern was identified for 17 days, and a varied positive abnormal return pattern was also observed.

Keywords


stock market; abnormal return; event study; fuel price

References


Alamgir, F., & Amin, S. B. (2021, January). The nexus between oil price and stock market: Evidence from South Asia. Energy Reports, 7, 693-703. Retrieved September 2022

Anggela, N. L. (2022, September 4). Harga BBM Naik, Inflasi Diproyeksi 6-7 Persen di Akhir 2022. Retrieved September 2022, from Bisnis.com: https://ekonomi.bisnis.com/read/20220904/9/1573858/harga-bbm-naik-inflasi-diproyeksi-6-7-persen-di-akhir-2022

Aprayuda, R., & Misra, F. (2020, May). Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. e-Jurnal Akuntansi, 30(5), 1084-1098. Retrieved September 2022, from https://ojs.unud.ac.id/index.php/Akuntansi/article/download/58683/34774

Ardani, N. M. (2018). Studi Komparatif Reaksi Pasar Sebelum Dan Sesudah Kenaikan Harga Bbm Atas Saham Lq-45 Di Bei (Even Study Pada Peristiwa Kenaikan Bbm Tanggal 5 Januari 2017). Jurnal Pendidikan Ekonomi Undiksha, 10(2), 616-625. Retrieved 2022, from https://ejournal.undiksha.ac.id/index.php/JJPE/article/view/20142

Asmara, I. P., & Suarjaya, A. A. (2018). PENGARUH VARIABEL MAKRO EKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN. E-Jurnal Manajemen Unud, 7(3), 1397-1425. doi:https://doi.org/10.24843/EJMUNUD.2018.v7.i03.p010

Bank Indonesia. (2022, Novermber 1). INFLASI OKTOBER 2022 LEBIH RENDAH DARI PRAKIRAAN AWAL. Retrieved from Bank Indonesia: https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2429522.aspx#:~:text=Secara%20tahunan%2C%20inflasi%20inti%20Oktober,%2C21%25%20(yoy).

Bank Indonesia. (2022, October 3). PENYESUAIAN HARGA BBM DORONG INFLASI IHK SEPTEMBER 2022. Retrieved from Bank Indonesia: https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2426222.aspx

Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. SAGE Publications.

Katti, S. W. (2018, March). Pengaruh Peristiwa Politik (Pemilu Presiden dan Pengumuman Susunan Kabinet) Terhadap Saham Sektor Industri Di Bursa Efek Indonesia. CAPITAL, 1(2), 125. Retrieved November 2022, from https://pdfs.semanticscholar.org/fa07/0f33455f05ba745e367d98a5585fd0074898.pdf

Khayati, A., Sari, R. D., & Giovanni, A. (2022). Nilai Tambah Modal Manusia dan Keberlangsungan Bisnis Perusahaan Sektor Consumer Non-Cyclicals. Borobudur Management Review, 2(2), 169-189. Retrieved 2023, from https://journal.unimma.ac.id/index.php/bmar/article/download/7377/3627/#:~:text=Dewi%20(2018)%20dalam%20penelitiannya%20mengatakan,pertumbuhan%20penduduk%20dan%20peningkatan%20pendapatannya.

Mensi, W., Rehman, M. U., Hammoudeh, S., & Vo, X. V. (2021, January 17). Spillovers between natural gas, gasoline, oil, and stock markets: Evidence from MENA countries. Resources Policy, 71(101983), 1-33. Retrieved October 2022, from http://www.elsevier.com/locate/resourpol

Saputra, I. K., Purbawangsa, I. B., & Artini, L. G. (2017). Reaksi Pasar Di Sekitar Peristiwa Kenaikan Harga Bbm Pada Return Saham IDX30 Di Bursa Efek Indonesia. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 6(3), 963-990.

Sarbaini, & Nazaruddin. (2023). Pengaruh Kenaikan BBM Terhadap Laju Inflasi di Indonesia. Jurnal Teknologi dan Manajemen Industri Terapan (JTMIT), 2(1), 25-33.

Suryadi. (2015). Dampak Kenaikan Harga Bbm Dan Elastisitas Konsumsi Bbm Sektor Angkutan Studi Perbandingan Pada Beberapa Sektor Ekonomi. Warta Penelitian Perhubungan, 27(2), 95-102. Retrieved 2022, from http://ojs.balitbang.dephub.go.id/index.php/warlit/article/view/776

Tandelilin, E. (2010). Portfolio dan Investasi. Kanisius.

Trisnawati, F. (2011, November). Pengaruh Peristiwa Politik Terhadap Perubahan Harga Saham. Pekbis Jurnal, 3(3), 528-535. Retrieved 2022, from https://pekbis.ejournal.unri.ac.id/index.php/JPEB/article/view/418

Utami, N. K., & Purbawangsa, I. B. (2021). Dampak Pengumuman Penurunan Harga Bbm Terhadap Abnormal Return Pada Perusahaan Yang Tergabung Dalam IDX30. E-Jurnal Manajemen, 10(8), 738-758. doi:https://doi.org/10.24843/EJMUNUD.2021.v10.i08.p01

Zakiyah, T. (2017, January). Analisis konflik Agency Teory dan pengaruhnya terhadap kebijakan Dividen pada perusahaan yang tergabung dalam LQ 45 (Studi kasus tahun 2011-2015). Jurnal Ilmiah Akuntansi dan Keuangan, 6(1), 1-28. Retrieved September 2022, from http://journal.stieputrabangsa.ac.id/index.php/jiak/article/view/124




DOI: http://dx.doi.org/10.25157/ma.v10i1.11504

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Mimbar Agribisnis : Jurnal Pemikiran Masyarakat Ilmiah Berwawasan Agribisnis

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

___________________________________________________________________________________

Diterbitkan Oleh :

Fakultas Pertanian Universitas Galuh

Jl. RE Martadinata No. 150 Ciamis 46274

Telepon: 0265-7602739

Email: mimbaragribisnis@gmail.com

 

Ciptaan disebarluaskan di bawah Lisensi Creative Commons Atribusi 4.0 Internasional.

 __________________________________________________________________________________

Mimbar Agribisnis: Jurnal Pemikiran Masyarakat Ilmiah Berwawasan Agribisnis diindeks oleh: