Analisis Reaksi Pasar Modal Indonesia Terhadap Pengumuman Terjadinya Invasi Antara Rusia Dan Ukraina

Abstract

One consideration for investors in making investment decisions, whether to sell or buy instruments in the capital market, is the adequacy of information received by investors. Measurement of information can be carried out using an event study. This research aims to analyze the capital market's reaction to announcements related to the Russia-Ukraine invasion. The population used consists of all stocks included in the LQ-45 index. Furthermore, the sample determination technique is a saturated sample because the entire population is used as the sample. The research results show that based on the one-sample T-test, there is abnormal return at the time of the first announcement of the Russia-Ukraine invasion. This indicates that the capital market is informationally and decisionally semi-strong efficient, meaning that the capital market responds to the events under study. Thus, this information can be a consideration for investors in their buying and selling actions of the invested stocks.