Analisis Komparatif Kinerja Saham: Abnormal Return dan Trading Volume Activity Sebelum dan Sesudah Pengumuman Kebijakan Tarif Impor Donald Trump

Devani Anas Tasya; Usep Syaipudin

doi:10.61132/jiesa.v3i1.2045

Authors

Devani Anas Tasya Universitas Lampung
Usep Syaipudin Universitas Lampung

DOI:

https://doi.org/10.61132/jiesa.v3i1.2045

Abstract

This study aims to analyze the reaction of the Indonesian capital market to the announcement of Donald Trump’s import tariff policy using an event study approach. Market reactions are measured through abnormal return and trading volume activity of exporting companies listed on the Indonesia Stock Exchange (IDX), with an event window of three trading days before and three trading days after the initial tariff announcement on April 2, 2025 and the revised tariff announcement on July 15, 2025. This study employs secondary data in the form of daily stock prices and trading volumes, analyzed using descriptive statistics, normality tests, and the Wilcoxon Signed Rank Test. The results indicate that the Indonesian capital market reacts to the announcement of Donald Trump’s import tariff policy, as reflected by differences in abnormal return and trading volume activity before and after the announcements, thereby supporting signaling theory and the semi-strong form of market efficiency.

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