Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 8 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

ANALISIS RESPON INVESTOR TERHADAP HARGA SAHAM DAN TRADING VOLUME SAAT PENGUMUMAN TARIF RESIPROKAL AMERIKA SERIKAT PADA PERUSAHAAN LQ45

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  • Nur Huliyah,
  • Ade Widiyanti
Nur Huliyah
Universitas Lampung
Ade Widiyanti
Universitas Lampung
DOI: https://doi.org/10.2238/qxqmvd32

Published 2026-07-13

Keywords

  • stock prices,
  • Trading Volume Activity,
  • United States reciprocal tariff,
  • event study,
  • LQ45

How to Cite

ANALISIS RESPON INVESTOR TERHADAP HARGA SAHAM DAN TRADING VOLUME SAAT PENGUMUMAN TARIF RESIPROKAL AMERIKA SERIKAT PADA PERUSAHAAN LQ45. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(8). https://doi.org/10.2238/qxqmvd32

Abstract

This study aims to analyze investor responses to the announcement of the United States reciprocal tariff policy through changes in stock prices and Trading Volume Activity (TVA) of companies listed in the LQ45 Index on the Indonesia Stock Exchange. The announcement of the U.S. reciprocal tariff policy is considered a global economic event that may influence investor sentiment and the stability of the Indonesian capital market. This study employed a quantitative approach using the event study method to examine market reactions over an ten-day event window, consisting of five days before the announcement, and five days after the announcement. The research utilized secondary data in the form of daily stock prices and trading volumes of LQ45 companies. Data were analyzed using descriptive statistics and the Paired Sample t-Test to examine differences in stock prices and Trading Volume Activity before and after the announcement of the U.S. reciprocal tariff policy. The results indicate a significant decline in stock prices after the announcement, with a significance value of 0.000 (p < 0.05). The findings also reveal a significant increase in Trading Volume Activity, with a significance value of 0.000 (p < 0.05). These results suggest that the announcement contained information relevant enough to influence investor behavior in the Indonesian capital market. The findings support the semi-strong form of the Efficient Market Hypothesis (EMH) and the event study approach, indicating that public information is rapidly reflected in stock prices and trading activities. This study is expected to provide valuable insights for investors, academics, and policymakers in understanding the impact of international trade policies on the dynamics of the Indonesian capital market
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