Reaksi Pasar Modal Atas Program Makanan Bergizi Gratis
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Abstract
Pasar modal cerminan dari harapan investor terhadap peristiwa yang terjadi salah satunya dengan menganalisis reaksi pasar modal terhadap pengumuman program Makanan Bergizi Gratis pada perusahaan sektor consumer non-cyclicals menggunakan pendekatan studi peristiwa dengan market adjusted model, bertujuan untuk menguji perbedaan dalam Cumulative Abnormal Return (CAR) dan Trading Volume Activity (TVA) dalam jendela peristiwa (-20 hingga +20 hari). Sampel terdiri dari 17 perusahaan, dianalisis secara kuantitatif melalui uji paired sample t-test pada SPSS. Hasilnya menunjukkan tidak ada perbedaan pada CAR sebelum dan setelah acara (0,969 > 0,05) dan TVA sebelum dan setelah acara (0,686 > 0,05). Temuan menunjukkan bahwa pasar modal Indonesia tidak bereaksi terhadap program MBG, meskipun awalnya dianggap sebagai sinyal positif, dan ada sedikit peningkatan dalam TVA setelah acara tersebut. Namun, secara statistik, tidak ada perbedaan dalam CAR dan TVA sebelum dan setelah pelaksanaan program MBG.
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