Studi Peristiwa: Dampak Demonstrasi DPR Dan Pergantian Menteri Keuangan Pada Volatilitas Saham

This study analyzes the reaction of the Indonesian capital
market to political events, namely the House of Representatives (DPR) demonstration on August 29, 2025,
and the Minister of Finance reshuffle on September 8, 2025.
The research is motivated by increasing political uncertainty

that may affect stock market volatility, particularly the
Composite Stock Price Index (IHSG). A quantitative event
study approach was employed using Abnormal Return (AR)
and Trading Volume Activity (TVA) as the main variables. The
observation period covered 10 trading days, consisting of five
days before and five days after the events. The sample
included cross-sector companies listed on the Indonesia
Stock Exchange, selected through purposive sampling.
Secondary data on stock prices and trading volumes were
analyzed using SPSS software. The results indicate no
significant difference in abnormal returns before and after the
political events, while trading volume activity shows a
statistically significant difference. These findings suggest that
political events have a greater impact on trading activity than
on short-term stock price movements. This study contributes
empirical evidence to event study research in Indonesia and
provides insights for investors and policymakers in
responding to political uncertainty in the capital market.