The Impact of the 2024 Indonesian Presidential Election Quick Count on Stock Returns of Companies Affiliated to the Presidential Candidates

G. Oka Warmana (), Refiana Dwi Maghfiroh and I Wayan Suarjana
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G. Oka Warmana: Universitas Pembangunan Nasional Veteran Jawa Timur
Refiana Dwi Maghfiroh: Universitas Pembangunan Nasional Veteran Jawa Timur
I Wayan Suarjana: Universitas Mahasaraswati Denpasar

A chapter in Proceedings of the 3rd International Conference on Management and Business (ICOMB 2024), 2025, pp 137-144 from Springer

Abstract: Abstract Political events can have an impact on the business. This study analyses the reaction of the Indonesian capital market to the announcement of the quick count results of the presidential election on February 15, 2024. The analysis focuses on the stock of companies affiliated with the presidential candidates. This research uses an event study procedure to determine whether there is a market reaction around the announcement of the election quick count results. The test results show abnormal returns before and after the announcement of the quick count results. There is a significant difference in cumulative abnormal returns before and after the announcement of the election quick count results.

Keywords: Elections; political economics; event study; market efficiency; abnormal returns (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-698-7_15

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