Comparative Analysis Abnormal Return and Trading Volume Activity Before and After the Announcement of the 2022 Fuel Price Increase (Event Study In Transportation Sub Sector Companies Listed on the Indonesia Stock Exchange)
Keywords:Event study, rise in fuel prices, abnormal return, trading volume activity
AbstractOn September 3, 2022, the government officially raised the price of Pertalite, Pertamax and diesel fuel. This policy was taken as a response to rising world oil prices and the swelling fuel subsidy budget that was borne by the government. The impact of the increase in fuel prices can be seen from the market reaction to the increase in fuel prices in the capital market. Market reaction is a signal given by investors to the company's share price in the capital market. This study aims to examine the information content of the announcement of the increase in fuel prices by analyzing the difference between abnormal returns and trading volume activity before and after the event. The method used in this research is event study. This research was conducted on transportation sector companies listed on the Indonesia Stock Exchange in 2022 by taking a sample of 19 companies using the purposive sampling. The data analysis technique used is Paried Sample T Test and Wilcoxon signed rank test. The results of this study indicate that there is no significant difference between the variables avarage abnormal return (AAR) then avarage trading volume activity (ATVA) before and after the announcement of the fuel price increase on September 3, 2022, and there is a significant difference between the variables cumulative avarage abnormal return (CAAR) before and after the announcement of the increase in fuel prices 3 September 2022.
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factor causing these price fluctuations is the minimum reserve capacity.. 2, 382–389
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