Reaksi Pasar Modal Terhadap Perubahan Menteri Keuangan Purbaya Yudhi Sadewa: Studi Peristiwa pada Saham Sektor Perbankan Yang Terdaftar di Bursa Efek Indonesia

This study aims to analyze the reaction of the Indonesian capital market to the appointment of Purbaya Yudhi Sadewa as Minister of Finance. Market reaction is measured through changes in stock prices and abnormal returns of companies
listed on the Indonesia Stock Exchange (IDX). This research employs an Event study approach with a nine-day event window, covering four trading days before the event (t−4) and four trading days after the event (t+4). The sample consists of 46 companies selected based on predetermined criteria. The study uses secondary data in the form of daily stock prices obtained from the Indonesia Stock Exchange and other capital market data sources. Data analysis was conducted by calculating abnormal returns and testing the differences in stock prices and abnormal returns before and after the event using the Wilcoxon Signed Rank Test.The results indicate significant differences in stock prices before and after the appointment of Purbaya Yudhi Sadewa as Minister of Finance. Furthermore, the findings reveal significant differences in abnormal returns before and after the event. These results suggest that the Indonesian capital market reacted to the change in the Minister of Finance,
indicating that the event contained information content that influenced investors' decision-making processes. Keywords: Capital Market Reaction, Minister of Finance Change, Stock Price, Abnormal Return, Event study, Wilcoxon Signed Rank Test.