Pengaruh Political Connection terhadap Cumulative Abnormal Return dan Trading Volume Activity pada Pemilihan Presiden 2019

https://doi.org/10.35912/jastaka.v1i1.290
Published: Jul 25, 2021

Abstract:

Purpose: This study aimed to identify the impact of Political Connection on Cumulative Abnormal Return (CAR) and Trading Volume Activity (TVA) for companies that associate with political figures in the presidential election of 2019.

Research methodology: This study used quantitative methods, with a population of 25 companies on the Indonesian stock exchange, through daily stock prices.

Result: This investigation showed no significant difference in the Cumulative Abnormal Return between before and after the announcement of the Constitutional Court. Then, there was no significance value on Trading Volume Activity and Cumulative Abnormal Return between before and after the announcement of General Election Commissions.

Limitations: In this study, the limitation is observation time which is only 36 days. The number of samples is limited, which only 25 companies with the scope of research of companies that have affiliations with the winners of the 2019 general election.

Contribution: This research implicates companies affiliated with politics. This is in the 2019 general election against the winners of the general election in 2019.

Keywords:
1. Political Connection
2. Cumulative Abnormal Return
3. Trading Volume Activity
Authors:
1 . Eldam Pradana
2 . Sudrajat
3 . Pigo Nauli
4 . Yuliansyah Yuliansyah
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How to Cite
Pradana, E., Sudrajat, Nauli, P., & Yuliansyah, Y. (2021). Pengaruh Political Connection terhadap Cumulative Abnormal Return dan Trading Volume Activity pada Pemilihan Presiden 2019. Jurnal Studi Pemerintahan Dan Akuntabilitas, 1(1), 83–95. https://doi.org/10.35912/jastaka.v1i1.290
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Vol. 1 No. 1 (2021): Juli
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References

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    Ang, James S., David K. Ding, and Tiong Yang Thong. (2013). Political connection and firm value. Asian Development Review 30.2 (2013): 131-166.

    Asmita, Melia. (2005). Reaksi pasar modal Indonesia terhadap pemilu 2004 (Studi kasus saham lq 45 dibursaef fek Jakarta). Masters thesis, program pascasarjana Universitas Diponegoro.

    Bianchi, MariaT., Rui Couto V. (2014). Political connections: Evidence from listed companies in Portugal. International Journal of Economics and Accounting, 5(1):75.

    Budiarto, Arif dan Zaki Baridwan. 1999. Pengaruh Pengumuman RightIssue Terhadap Tingkat Keuntungan dan Likuiditas Saham di Bursa Efek Jakarta Periode 1994-1996. Jurnal Riset Akuntansi Indonesia Vol.2 No.1 (Januari): 91-116.

    Chen,Y., Luo,D. AndLi,W., (2014). Political connections, entry barriers, and firm performance. Chinese management studies, 8 (3), pp. 473-486.

    Coulumb, Renaud, dan Marc Sangnier. (2014). The impact of political majorities on firm value: Do electoral promises or friendship connections matter? Journal of public economics 115 (2014): 158-170.

    Darendeli, I. S., & Hill, T. L. (2016). Uncovering the complex relationships between political risk and MNE firm legitimacy: Insights from Libya. Journal of International Business Studies, 47(1), 68-92.

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  2. Ang, James S., David K. Ding, and Tiong Yang Thong. (2013). Political connection and firm value. Asian Development Review 30.2 (2013): 131-166.
  3. Asmita, Melia. (2005). Reaksi pasar modal Indonesia terhadap pemilu 2004 (Studi kasus saham lq 45 dibursaef fek Jakarta). Masters thesis, program pascasarjana Universitas Diponegoro.
  4. Bianchi, MariaT., Rui Couto V. (2014). Political connections: Evidence from listed companies in Portugal. International Journal of Economics and Accounting, 5(1):75.
  5. Budiarto, Arif dan Zaki Baridwan. 1999. Pengaruh Pengumuman RightIssue Terhadap Tingkat Keuntungan dan Likuiditas Saham di Bursa Efek Jakarta Periode 1994-1996. Jurnal Riset Akuntansi Indonesia Vol.2 No.1 (Januari): 91-116.
  6. Chen,Y., Luo,D. AndLi,W., (2014). Political connections, entry barriers, and firm performance. Chinese management studies, 8 (3), pp. 473-486.
  7. Coulumb, Renaud, dan Marc Sangnier. (2014). The impact of political majorities on firm value: Do electoral promises or friendship connections matter? Journal of public economics 115 (2014): 158-170.
  8. Darendeli, I. S., & Hill, T. L. (2016). Uncovering the complex relationships between political risk and MNE firm legitimacy: Insights from Libya. Journal of International Business Studies, 47(1), 68-92.
  9. Deegan, C. (2004). Environmental disclosures and share prices—a discussion about efforts to study this relationship. Accounting forum (Vol.28, No.1, pp.87-97). Taylor & Francis.
  10. Deegan,C.(2004).Financial accounting theory. McGraw-Hill book company, Sydney.
  11. Do,Quoc-Anh,Yen-TeikLee, Nguyen. (2012). Political connections and firm value: Evidence from close gubernatorial elections. SSRN electronic journal: 1-53.
  12. Faccio, Mara. (2006). Politically connected firms. American economic review 96 (1): 369–386.
  13. Fauzia, mutia. (2018). Kebijakan-kebijakan trump mengancam ekonomi global.19 Juli 2018. Jakarta.
  14. Fisman, Raymond. (2001). Estimating the value of political connections. American economic review 91(4):1095–1102.
  15. Foster, F.D., & Viswanathan, S. (1993). Variations in trading volume, return volatility, and trading costs: Evidence on recent price formation models. The Journal of Finance, 48(1), 187-211.
  16. Goldman, E., J. Rocholl, dan J.So. (2009). Do politically connected boards affect firm value?. The review of financial studies 22(6):2331-2360.
  17. Gomez, T., & Jomo, K.S. (1997). The political economy of Malaysia.
  18. Gudono & Sugeng. (1998). Reaksi pasar modal terhadap regulasi yang berkaitan dengan bantuan sosial. Kompak, Nomor 17 Oktober Hal 61-78.
  19. Habib, A., Muhammadi, A.H., & Jiang, H. (2017). Political connections related party transactions, and auditor choice: Evidence from Indonesia. Journal of contemporary accounting and economics.
  20. Harijono. (1999). Event study. Cetakan pertama. Fakultas Ekonomi Universitas Kristen Satya Wacana. Salatiga.
  21. Harjito, A., dan Martono. (2005). Manajemen keuangan.Yogyakarta.
  22. Hartono, Jogiyanto.(2010). Teori portofolio dan analisis investasi. Yogyakarta: BPFE UGM, edisi7.
  23. Hendrawijaya Dj, M. (2009). Analisis perbandingan harga saham, volume perdagangan saham, dan abnormal return saham sebelum dan sesudah pemecahan saham (Studi pada perusahaan gopublic yang melakukan pemecahan saham antara tahun 2005–2008 di BEI) (Doctoraldissertation, program Pascasarjana Universitas Diponegoro).
  24. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
  25. Jogiyanto H.M. (2009). Teori portofolio dan analisis investasi. Edisi ketiga. Yogyakarta: BPFE.
  26. Lee, Y. T., Nguyen, B. D., & Do, Q. A. (2013). Political connections and firm value: evidence from the regression discontinuity design of close gubernatorial elections (No. 15). Sciences Po Departement of Economics.
  27. Luhur,S.(2010). Reaksi pasar modal Indonesia seputar pemilihan umum 8 Juli 2009 pada saham LQ-45. Jurnal keuangan dan perbankan,14(2), 249-262.
  28. Mansur, F., & Jumaili,S. (2014). Reaksi pasar modal terhadap peristiwa pemilihan umum tahun 2014 pada perusahaan terdaftar dibursa efek Indonesia. Jurnal penelitian Universitas Jambi: seri humaniora, 16(2), 43448.
  29. Maulana, A., & Wati, L. N. (2019). Pengaruh koneksi politik dan struktur kepemilikan manajerial terhadap nilai perusahaan. Jurnal Akuntansi, 8(1), 1-12.
  30. Mobarak, A.M., & Purbasari, D.P. (2006).Corrupt protection for sale to firms: Evidence from Indonesia. Unpublished manuscript. University of Colorado at Boulder, Colorado.
  31. Neni & Mahendra Harimawan, (2004). Pengaruh pemilihan umum legislatif Indonesia tahun 2003 terhadap return saham dan volume perdagangan saham LQ-45 di PT. Bursa Efek Jakarta (BEJ). Sinergi: Kajian bisnis dan manajemen, vol.7, No.1, 2004, hal.89-101.
  32. Pahala, I., Jaya, T.E., & Meilisa, G.O. (2012). Pengaruh perbedaan laba akuntansi dan laba fiskal serta roa terhadap Cumulative Abnormal Return pada perusahaan manufaktur yang terdaftar dibursa efek Indonesia pada tahun2009. Jurnal ilmiah econosains, 10(2), 170-192.
  33. Pamungkas, A. (2015). Pengaruh pemilu presiden Indonesia tahun 2014 terhadap abnormal return dan Trading Volume Activity (studi pada perusahaan pada perusahaan yang tercatat sebagai anggota indeks kompas 100). Jurnal administrasi bisnis, 21(2).
  34. Pronayuda, Teddi. (2006). Analisis reaksi pasar terhadap peristiwa pengumuman kabinet Indonesia bersatu. Skripsi Fakultas Ekonomi Universitas Islam Indonesia, Yogyakarta.
  35. Spence, A.M. (1973). Job market signaling. Quarrterly journal of economics.
  36. Suaryana, A. (2008). Pengaruh konservatisme laba terhadap koefisien respon laba. Jurnal akuntansi dan bisnis, 3(1).
  37. Suryawijaya, M. A., dan Setiawan. (1998). Reaksi pasar modal Indonesia terhadap peristiwa politik dalam negeri, event study pada peristiwa 27 juli 1996. Kelola No. 18/VII/1998, h 137-153
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  39. Wang, Fangjun, Luying Xu, Junrui Zhang, WeiShu. (2018). Political connection, internal control and firm value: Evidence from China’s anti-corruption campaign. Journal of business research 86(1): 53-67.
  40. Wulandari, Tri, Raharja.(2013).Analisis pengaruh political connection dan struktur kepemilikan terhadapkinerjaperusahaan. Diponegoro Journal of Accounting 2(1):1-12.
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