The Impact of the Change of Finance Minister on the Volatility of Banking Sector Stocks on the Indonesia Stock Exchange

Authors

  • Ridho Dyan Alvionta Universitas Palangkarya
  • Jhonny Ferlion Universitas Palangkaraya
  • Frenly Saputra Universitas Palangkaraya
  • Ade Yuniati Universitas Palangkaraya
  • Agus Satrya Wibowo Universitas Palangkaraya

DOI:

https://doi.org/10.21009/wahana.20.0211

Keywords:

Stock Volatility, Event Study, Capital Market, Market Efficiency

Abstract

This study analyzes the impact of the change of Minister of Finance on stock volatility on the Indonesia Stock Exchange (IDX) using an event study approach. The event observed was the inauguration of the Minister of Finance on September 8, 2025, with an observation period of seven days before and after. The sample consists of 47 companies in the banking sector selected based on their liquidity and sensitivity to fiscal policy. Analysis using the Wilcoxon Signed Rank Test shows no significant difference between the two periods. These results indicate that the market did not overreact to the change of finance minister and viewed it as part of normal government dynamics. These findings support the semi-strong form efficient market hypothesis, in which public information is quickly absorbed without triggering extreme price fluctuations. The implications of this study show that the banking sector is highly resilient to short-term policy changes and emphasize the importance of fiscal policy credibility and consistency in maintaining investor confidence and information efficiency in the Indonesian capital market.

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Published

2025-12-01

How to Cite

Ridho Dyan Alvionta, Jhonny Ferlion, Frenly Saputra, Ade Yuniati, & Agus Satrya Wibowo. (2025). The Impact of the Change of Finance Minister on the Volatility of Banking Sector Stocks on the Indonesia Stock Exchange . Jurnal Ilmiah Wahana Akuntansi, 20(2), 146–156. https://doi.org/10.21009/wahana.20.0211

Issue

Vol. 20 No. 2 (2025): Jurnal Ilmiah Wahana Akuntansi

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