Reaksi pasar modal Indonesia atas pelantikan menteri keuangan 2025 pada subsektor perbankan

Erbean, Sherif Prast and Choiruddin, Muhammad Nanang (2026) Reaksi pasar modal Indonesia atas pelantikan menteri keuangan 2025 pada subsektor perbankan. Dialektika: Jurnal Ekonomi dan Ilmu Sosial, 11 (2). pp. 341-350. ISSN 2598-781X

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Abstract

This study examines the Indonesian capital market reaction to the 2025 cabinet reshuffle and inauguration of the Minister of Finance, focusing on banking companies listed on the Indonesia Stock Exchange. An event study was conducted using a saturated sample of 44 banking issuers, a 30-trading-day estimation period, and an 11-day event window from t-5 to t+5, with 8 September 2025 as t0. Market reaction was measured through abnormal return, cumulative abnormal return, trading volume activity, security return variability, and bid-ask spread. Data were analyzed using descriptive statistics, the Shapiro–Wilk normality test, and the nonparametric Wilcoxon Signed Rank test. The results show no significant differences in abnormal return, cumulative abnormal return, trading volume activity, or security return variability before and after the event, while bid-ask spread differed significantly. These findings indicate that the event mainly affected market liquidity and investor caution rather than returns, trading activity, or stock volatility.

Item Type:	Journal Article
Keywords:	event study; cabinet reshuffle; market reaction; banking; bid-ask spread
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150299 Banking, Finance and Investment not elsewhere classified 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1503 Business and Management
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Muhammad Nanang Choiruddin
Date Deposited:	30 Sep 2026 11:25

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