BAGAIMANA SAHAM BUMN BEREAKSI TERHADAP PEMINDAHAN IBUKOTA | Purwanti | Academica : Journal of Multidisciplinary Studies


Fitria Mayang Purwanti(1*), Ahmad Fadholi(2)
(1) IAIN Surakarta
(2) IAIN Surakarta
(*) Corresponding Author


The purpose of this study was to determine the market reaction to the announcement of the planned move of the capital to East Kalimantan by President Joko Widodo (16/8) of shares listed in the IDXBUMN20 index by observing differences in average abnormal returns between before and after the D-day (August 16 2019). This research is a quantitative study using secondary data sources taken from the sites,, and The population in this study are companies that are included in the IDXBUMN20 index in 2019. The data collection technique in this study uses documentation techniques. While the data analysis technique uses the Wilcoxon Signed Rank Test. The results of this study indicate that there was a positive market reaction after President Joko Widodo announced plans to relocate the capital to East Kalimantan during his speech at the Senayan Parliament Complex, Jakarta (16/8). This positive reaction especially affected SOE companies listed in the IDXBUMN20 index.

Keyword: moving capital; market reaction; average abnormal return


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