UNIMAL Open Conference System, 2nd International Conference on Finance Economics and Business (ICOFEB)

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The Influence of Eid Al-Fitr on Abnormal Returns of LQ45 Shares in 2019-2021 on the Indonesian Stock Exchange
Egry Dwiyana Tambunan, wardhiah abd

Last modified: 2023-11-17

Abstract


This study was conducted with the aim of determining how Eid al-Fitr affects the abnormal return  of LQ45 shares in 2019-2021 on the Indonesia Stock Exchange. The data used in this study is secondary data obtained from  the investing.com website  in the form of historical reports on the stock prices of each company used as a sample in this study. The samples used in this study are as many as 45 companies registered in LQ45 until 2023, where the data analysis technique used is a comparison  test using an independent sample t-test using the help of SPSS software version 26. The results showed that there was no significant difference between abnormal stock returns before and after the Eid al-Fitr holiday. However,  abnormal stock returns before Eid al-Fitr holidays  are slightly better than abnormal stock returns after Eid al-Fitr holidays   in companies listed in LQ45 for the 2019-2021 period. So it can be concluded that the Eid al-Fitr holiday does not have an impact on price changes or  stock returns in companies listed on LQ45 during the 2019-2021 period.


Keywords


Abnormal stock return, Stock return, Eid mubarak holiday, and Independent sample t-test.