REAKSI PASAR TERHADAP PENGUMUMAN KEBIJAKAN PENEMPATAN DANA PEMERINTAH PADA BANK HIMBARA: STUDI PERISTIWA BERDASARKAN KMK NOMOR 276 TAHUN 2025

This study aims to analyze the reaction of the Indonesian capital market to the announcement of the government fund placement policy in HIMBARA banking based on the Ministry of Finance Decree (KMK) Number 276 of 2025. The methodology used is quantitative with an event study approach, utilizing an observation window of 11 trading days (t-5 to t+5). The sample of this study was selected using a saturated sampling method, encompassing five banks from the HIMBARA group (BMRI, BBRI, BBNI, BBTN, and BRIS). Data analysis was conducted through the One-Sample T-Test, Wilcoxon Signed Rank Test, and Paired Samples T-Test with the assistance of SPSS version 32. The results indicate a significant daily abnormal return around the announcement, alongside a significant difference in the Average Abnormal Return (AAR), where market sentiment shifted from positive before the announcement to negative after the announcement. However, there was no significant difference found in the Average Trading Volume Activity (ATVA) before and after the announcement. Academically, the implication of this research proves that a short observation window captures spontaneous market reactions more accurately than a long observation window; practically, investors are advised not to panic sell their shares in response to policies deemed risky, as the price decline in HIMBARA banks proved to be only temporary. Keywords: Event Study, Government Fund Placement, HIMBARA, Abnormal Return, Trading Volume Activity