CD Disertasi
Reaksi Pasar Modal Atas Kebijakan Kenaikan Cukai Di Indonesia (Event Study Pada Saham Perusahaan Rokok Yang Terdaftar Di Bursa Efek Indonesia)
This study aims to analyze the reaction of the capital market to the increase in cigarette excise tax in Indonesia. Meanwhile, there are still many cigarette users in Indonesia and the absorption of labor in the cigarette industry is still high.
This study focuses on cigarette companies listed on the Indonesia Stock Exchange as an increase in excise tax has an impact on the cigarette industry. The population in this study were all cigarette companies on the Indonesia Stock Exchange, while there were 4 companies included in the cigarette industry which were the samples of this study. This study uses an event study with an event window of 10 days before and 10 days after the announcement of the excise tax increase in Indonesia to examine the effect of Abnormal Return, Trading Volume Activity and Bid-Ask Spread before and after the increase in excise tax.
The results of this study are differences in abnormal returns both before and after the announcement of the policy on the increase in cigarette excise in 2020. Other findings indicate that there is no difference in trading volume activity both before and after the announcement of the policy for the increase in cigarette excise in 2020. Other findings indicate that there is no difference in bid-ask spread both before and after the announcement of the 2020 cigarette excise tax increase.
Keywords : Abnormal Return, Trading Volume Activity, Bid-Ask Spread and Event Study
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