{"title":"Analysis of the Effect of Islamic Holidays on Stock Returns in the Indonesian Capital Market","authors":"Edon Ramdani","doi":"10.33884/jimupb.v11i2.7276","DOIUrl":null,"url":null,"abstract":"This study aims to examine the effect of Islamic religious holidays on stock returns in the Indonesian Capital Market. Islamic holidays in Indonesia consist of Eid al-Fitr, Eid al-Adha, Isra Miraj, Maulid Nabi Muhammad SAW and the Hijri New Year. The study used a different test, with a non-parametric Wilcoxon signed rank test because the data were not normally distributed. The research data uses the Composite Stock Price Index (CSPI) for the period 2006 to 2021. The test results show that Islamic religious holidays in Indonesia have no effect on the capital market. For further research, it is recommended to also examine the impact on trading volume and stock prices, to test whether Islamic religious holidays really have no effect on the Indonesian Capital Market. \n \nKeywords: Analysis, Effect, Holidays Islam, Stock Return, Indonesian Capital Market","PeriodicalId":326664,"journal":{"name":"JIM UPB (Jurnal Ilmiah Manajemen Universitas Putera Batam)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"JIM UPB (Jurnal Ilmiah Manajemen Universitas Putera Batam)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.33884/jimupb.v11i2.7276","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
This study aims to examine the effect of Islamic religious holidays on stock returns in the Indonesian Capital Market. Islamic holidays in Indonesia consist of Eid al-Fitr, Eid al-Adha, Isra Miraj, Maulid Nabi Muhammad SAW and the Hijri New Year. The study used a different test, with a non-parametric Wilcoxon signed rank test because the data were not normally distributed. The research data uses the Composite Stock Price Index (CSPI) for the period 2006 to 2021. The test results show that Islamic religious holidays in Indonesia have no effect on the capital market. For further research, it is recommended to also examine the impact on trading volume and stock prices, to test whether Islamic religious holidays really have no effect on the Indonesian Capital Market.
Keywords: Analysis, Effect, Holidays Islam, Stock Return, Indonesian Capital Market
本研究旨在检验伊斯兰宗教节日对印尼资本市场股票收益的影响。印度尼西亚的伊斯兰节日包括开斋节、宰牲节、Miraj节、moliid Nabi Muhammad SAW和Hijri新年。由于数据不是正态分布,该研究使用了一种不同的检验,即非参数Wilcoxon符号秩检验。研究数据使用2006年至2021年期间的综合股票价格指数(CSPI)。检验结果表明,印尼的伊斯兰宗教节日对资本市场没有影响。对于进一步的研究,建议还考察对交易量和股票价格的影响,以检验伊斯兰宗教节日是否真的对印尼资本市场没有影响。关键词:分析,效果,假期伊斯兰,股票收益,印尼资本市场