ANALISIS REAKSI PASAR MODAL TERHADAP PERISTIWA POLITIK: PERGANTIAN MENTERI KEUANGAN REPUBLIK INDONESIA TAHUN 2025 (EVENT STUDY: SAHAM LQ45)

Abstract

This study aims to examine how the Indonesian capital market reacted to the political event on September 8, 2025, when Purbaya Yudhi Sadewa was appointed to replace Sri Mulyani Indrawati as the Minister of Finance of the Republic of Indonesia. This event served as public information that had the potential to influence investors' perceptions of future economic policies, as reflected in changes in stock prices and trading activities in the Indonesian capital market. This study employed a quantitative approach using the event study method and the market-adjusted model. The sample consisted of stocks listed in the LQ45 Index, with an observation period covering five trading days before the event (D–5), the event day (D0), and five trading days after the event (D+5). Data were analyzed using descriptive statistics, the One Sample t-Test, the normality test, and the Paired Sample t-Test. The results of the One Sample t-Test indicated that there was no significant abnormal return surrounding the event. In contrast, the trading volume activity variable showed significant results, indicating that market trading remained active. However, the results of the Paired Sample t-Test revealed no significant differences in abnormal return and trading volume activity before and after the event. These findings suggest that the market responded neutrally to the appointment of the new Minister of Finance and regarded the event as a normal political process that did not trigger changes in investor behavior.