ANALISIS REAKSI PASAR MODAL PADA PERUSAHAAN TERDAMPAK GERAKAN BOYCOTT, DIVESTMENT, AND SANCTIONS (BDS)

RIAFAJRI MITAYANINGTYAS, . (2025) ANALISIS REAKSI PASAR MODAL PADA PERUSAHAAN TERDAMPAK GERAKAN BOYCOTT, DIVESTMENT, AND SANCTIONS (BDS). Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk mengetahui reaksi pasar modal Indonesia terhadap rangkaian peristiwa terkait gerakan Boycott, Divestment, and Sanctions (BDS) yang terjadi selama empat peristiwa. Sampel penelitian terdiri dari delapan saham perusahaan yang masuk dalam daftar boikot dan terdaftar di Bursa Efek Indonesia (BEI), yang ditetapkan melalui purposive sampling. Data sekunder dikumpulkan dari situs resmi BEI dan dianalisis menggunakan pendekatan event study dengan periode jendela H-10 hingga H+10. Uji hipotesis dilakukan menggunakan Wilcoxon Signed-Rank Test. Secara keseluruhan, hasil penelitian menunjukkan tidak terdapat perbedaan signifikan pada indeks saham, harga saham, abnormal return, dan trading volume activity antara sebelum dan sesudah adanya Gerakan BDS. Namun pada peristiwa kedua yaitu saat pengumuman Fatwa MUI No. 83 Tahun 2023 tentang hukum dukungan terhadap perjuangan Palestina, terlihat reaksi pasar yang lebih menonjol, di mana indeks saham dan harga saham menunjukkan perubahan signifikan, serta abnormal return berada pada sisi negatif. Hal ini terjadi tidak sepenuhnya disebabkan oleh fatwa tersebut, melainkan bertepatan dengan kondisi ekonomi makro seperti kebijakan The Fed dan Bank Indonesia yang sama-sama menahan suku bunga, serta meningkatnya aktivitas politik menjelang pemilu. Dengan demikian, hasil ini diduga menunjukkan bahwa pergerakan pasar modal Indonesia selama periode penelitian lebih dipengaruhi oleh kombinasi faktor ekonomi makro dan sentimen domestik dibandingkan oleh isu BDS itu sendiri. Penelitian ini diharapkan dapat menjadi masukan bagi investor untuk lebih selektif dan mempertimbangkan faktor-faktor lain dalam pengambilan keputusan investasi, serta bagi pemangku kebijakan agar lebih peka terhadap potensi dampak pasar dari peristiwa global. ***** This study aims to examine the reaction of the Indonesian capital market to a series of events related to the Boycott, Divestment, and Sanctions (BDS) movement, observed across four major events. The research sample consists of eight stocks of companies included in the boycott list and listed on the Indonesia Stock Exchange (IDX), which were selected using a purposive sampling technique. Secondary data were collected from the official IDX website and analyzed using an event study approach, with an observation window of H-10 to H+10. The hypothesis was tested using the Wilcoxon Signed-Rank Test. Overall, the results indicate no significant differences in stock index, stock prices, abnormal returns, and trading volume activity before and after the BDS Movement. However, during the second event, The Announcement of the Indonesian Ulema Council (MUI) Fatwa No. 83 of 2023 concerning the legal ruling on support for the Palestinian struggle, a more notable market reaction was observed, where stock index and stock prices showed significant changes, while abnormal returns turned negative. This reaction was not entirely caused by the fatwa but coincided with macroeconomic conditions such as the Federal Reserve and Bank Indonesia maintaining their interest rates, as well as the rising political activity ahead of the general election. Therefore, it is suspected that movements in the Indonesian capital market during the research period were more influenced by a combination of macroeconomic factors and domestic sentiment rather than by the BDS Movement. This research is expected to provide insight for investors to be more selective and consider other influencing factors in their investment decisions, as well as for policymakers to be more aware of potential market impacts arising from global events.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Adam Zakaria, S.E., M.Si., Ph.D., Ak., CA., CFrA., QIA., CRP. 2). Hafifah Nasution, SE,M.S.Ak.
Subjects:	Ilmu Sosial > Perdagangan, e-commerce > Akuntansi Ilmu Sosial > Keuangan
Divisions:	FE > S1 Akuntansi
Depositing User:	Users 31715 not found.
Date Deposited:	17 Nov 2025 05:58
Last Modified:	17 Nov 2025 05:58
URI:	http://repository.unj.ac.id/id/eprint/62819

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