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eISSN: 2581-9615 || CODEN: WJARAI || Impact Factor 8.2 ||  CrossRef DOI

Research and review articles are invited for publication in April 2026 (Volume 30, Issue 1) Submit manuscript

Reaction of the Indonesian capital market to the conflict between Russia and Ukraine: Event study approach to abnormal returns and trading volume activity of coal issuers' shares on the IDX

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  • Reaction of the Indonesian capital market to the conflict between Russia and Ukraine: Event study approach to abnormal returns and trading volume activity of coal issuers' shares on the IDX

Exa Alief Fairuzzabadi Sahl *, Andi Wijayanto and Sari Listyorini

Faculty Of Social Science and Political Science, Universitas Diponegoro, Indonesia.
 
Research Article
World Journal of Advanced Research and Reviews, 2023, 18(01), 197-205
Article DOI: 10.30574/wjarr.2023.18.1.0576
DOI url: https://doi.org/10.30574/wjarr.2023.18.1.0576
 
Received on 25 February 2023; revised on 03 April 2023; accepted on 06 April 2023
 
The peak of tensions between Russia and Ukraine occurred on 24 February 2022, the day the first attacks were carried out. This event caused turmoil on global financial markets, especially the G20 countries including Indonesia. Commodity sectors such as coal on the IDX gained sentiment from the outbreak of this event. This research uses an event study approach and will focus on the reaction of the Indonesian capital market in the coal sub-sector when the military conflict between Russia and Ukraine broke out. Market reaction in this study will be measured by abnormal returns and trading volume activity. This study used 29 samples from coal issuers. Data obtained from the IDX.CO.ID website. This study found that abnormal returns and trading volume activity in the coal sub-sector experienced significant differences between before and after the conflict occurred.
 
Event Study; Abnormal Return; Trading Volume Activity; Capital Market; Coal Sector
 
https://wjarr.com/sites/default/files/fulltext_pdf/WJARR-2023-0576.pdf

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Exa Alief Fairuzzabadi Sahl, Andi Wijayanto and Sari Listyorini. Reaction of the Indonesian capital market to the conflict between Russia and Ukraine: Event study approach to abnormal returns and trading volume activity of coal issuers' shares on the IDX. World Journal of Advanced Research and Reviews, 2023, 18(1), 197-205. Article DOI: https://doi.org/10.30574/wjarr.2023.18.1.0576

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