REAKSI PASAR MODAL TERHADAP KEBIJAKAN MAKAN BERGIZI GRATIS STUDI KASUS PERUSAHAAN SAWIT DI BURSA EFEK INDONESIA

The Free Nutritious Meal Policy, targeted at school students, toddlers, and pregnant
women, is implemented as an effort to reduce stunting and produce high-quality human
resources. The reaction of investors in the capital market to this program remains unknown,
even though the program directly increases the volume of food that will be consumed, such as
palm cooking oil. Therefore, this research aims to test whether investors react to the MBG
program by analyzing the abnormal returns of palm oil company stocks that are expected to
receive direct positive impacts from the program. To this end, we examine this market reaction
by conducting an event study based on the market model. The analysis utilizes return data from
24 palm oil company stocks listed on the BEI. We found that positive and significant abnormal
returns occurred a few days before and after the event date, indicating an investor reaction to
the MBG program. The variable abnormal returns suggest that the market reaction tends to be
slow and spreads gradually and indirectly. The inconsistency in significant patterns indicates
that market information is still developing, while also reflecting investors' cautious attitude
toward government policies with broad impacts.