Stock Market Reaction to the 2025 Finance Minister Change: Abnormal Return, Trading Volume, and Frequency in LQ-45
DOI:
https://doi.org/10.54518/ebh.5.5.2026.1625Keywords:
Abnormal Return, Finance Minister Change, LQ-45 Index, Stock Market Reaction, Trading Volume ActivityAbstract
The Indonesian capital market is sensitive to political and economic events, particularly changes in key government positions that affect investor expectations. This study aims to analyze the stock market reaction to the announcement of the change of the Minister of Finance of the Republic of Indonesia in 2025, focusing on abnormal returns, trading volume activity, and stock trading frequency. The study examines 45 companies included in the LQ-45 index and listed on the Indonesia Stock Exchange, using an 11-day observation period from T−5 to T+5. Using a quantitative approach, this study analyzed secondary data consisting of daily stock prices, shares outstanding, trading volume, and trading frequency through one-sample and paired-sample t-tests. The results of the one-sample t-test indicate significant abnormal returns during the event period, confirming that the market reacted to the announcement. However, the paired-sample t-test shows no significant differences in abnormal return, trading volume activity, or stock trading frequency between the periods before and after the announcement. These findings indicate that the market reaction was temporary and did not persist after the event. The study contributes empirical evidence that political announcements can generate short-term market reactions, while investors should consider corporate fundamentals and macroeconomic conditions in investment decisions.
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