Document Type : Original Research

Authors

Department of Accounting, University of Mataram, Mataram, Indonesia

Abstract

This research aims to observe how the Indonesian capital market reacts, especially in the mining sector, to the export ban resulting from the Russian invasion of Ukraine, particularly on coal exports. This study uses the event study method by collecting closing stock price data 5 days before and 5 days after the Russian invasion of Ukraine which occurred on February 24, 2022. This research indicates that the Russian invasion of Ukraine had a significant impact on the market, as evidenced by the disparities in average abnormal returns before and after the events, as well as the fluctuations in stock prices and substantial abnormal returns when comparing the days surrounding the events. The theories employed in this study include the Efficient Market Hypothesis and Signal Theory. This study only uses mining company as a sample and abnormal returns and stock prices as variables. This research does not only look at the average difference before and after the Russian invasion of Ukraine. But also compare the difference in stock prices and abnormal returns between each day before and after the event. The results of the research conducted are in line with previous research conducted by Theiri et al., (2022).

Keywords

Main Subjects

COPYRIGHTS

©2024 The Author(s). This is an open access article distributed under the terms of the Creative Commons Attribution (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, as long as the original authors and source are cited. No permission is required from the authors or the publishers.

Abdul Malik. (2022). Harga Batu Bara Diprediksi Terus Naik Hingga Akhir Tahun, Reksadana Ini Makin Cuan. https://www.dw.com/id/dampak-invasi-rusia-imf-revisi-proyeksi-ekonomi-global/a-61518620
CNN. (2022). Serangan Rusia ke Ukraina Menular ke IHSG, Jeblok 2 Persen.
Gavalas, D., Syriopoulos, T., & Tsatsaronis, M. (2022). COVID–19 impact on the shipping industry: An event study approach. Transport Policy, 116, 157–164. https://doi.org/10.1016/j.tranpol.2021.11.016
Handini, & Astawinetu. (2020). Teori Portofolio dan Pasar Modal Indonesia. Scopindo Media Pustaka.
Hartono, J. (2022). Portofolio dan Analisis Investasi Pendekatan Modul (Edisi 2) (Edisi 2). Penerbit Andi.
Isa. (2022). Putin Ungkap Alasan Utama Perintahkan Rusia Serang Ukraina  .
Jensen, & Jones. (2019). Investments: Analysis and Management, 14th Edition (14th Edition). Wiley.
Nugroho. (2022). Dampak Konflik Rusia dan Ukraina Terhadap Indonesia, Apa Saja?
Permana, S. (2022). Dampak Perang Rusia-Ukraina Terhadap Perekonomian Indonesia.
Prasasti. (2022). Pengaruh Profitabilitas Terhadap Harga Saham Pada Perusahaan Sektor Barang Konsumsi Yang Terdaftar Di Bei Periode 2019-2021. Sekolah Tinggi Ilmu Ekonomi (Stie) Pgri Dewantara Jombang.
Putri, R., Fonna, N., Diantimala, Y., & Priantana, R. D. (2022). Corporate Factors Influencing Holding Period of Stock: An Analysis of Market Capitalization Threshold. http://jurnal.usk.ac.id/JAROE
Safitri, R. (2021). Analisis Perbandinganreturn Saham Dan Volume Perdagangan Sebelum Dan Sesudah Pengumuman Covid-19 Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Analisis Perbandingan Return Saham Dan Volume Perdagangan Sebelum Dan Sesudah Pengumuman Covid-19 Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia.
Setiawan. (2022). Boy Thohir Blak-blakan Efek Perang Rusia-Ukraina ke Adaro.
Tambunan, A. M., Saerang, I. S., & Wenas, R. (2023). Reaksi Pasar Modal Indonesia Terhadap Invasi Rusia Ke Ukraina Pada Perusahaan Yang Terdaftar Dalam Sektor Energi Bursa Efek Indonesia Indonesian Capital Market Reaction To Russian Invasion In Ukraine In Companies Registered In The Energy Sector Indonesia Stock Exchange. Wenas 902 Jurnal EMBA, 11(1), 902–909.
Theiri, S., Nekhili, R., & Sultan, J. (2022). Cryptocurrency liquidity during the Russia–Ukraine war: the case of Bitcoin and Ethereum. Journal of Risk Finance. https://doi.org/10.1108/JRF-05-2022-0103
Welley, M., Oroh, F. N. S., Walangitan, M. C. B., Harga…, P., Welley, M. M., Oroh, F. N. S., Donald, M., & Walangitan, B. (2020). Perbandingan Harga Saham Perusahaan Farmasi Bumn Sebelum Dan Sesudah Pengembangan Vaksin Virus Corona (Covid-19).