REAKSI PASAR MODAL TERHADAP GERAKAN BOYCOTT, DIVESTMENT, AND SANCTION (BDS) SERTA FATWA MUI: EVENT STUDY PADA PERUSAHAAN TERAFILIASI ISRAEL DI BEI TAHUN 2023

Abstract

The genocidal actions in Palestine in October 2023 triggered global social media protests, including in Indonesia. As a result of this humanitarian response, the Boycott, Divestment, and Sanctions (BDS) movement emerged. This movement targets various multinational brands and products alleged to have ties with Israel. Negative sentiment surrounding this boycott can potentially reduce the stock prices of the affected companies in the capital market. This study seeks to determine whether there are significant differences in the combined stock prices of PT Fast Food Indonesia Tbk, PT Mitra Adiperkasa Tbk, and PT Sarimelati Kencana Tbk before, during, and after the issuance of MUI Fatwa Number 83 of 2023.. This event study employs a quantitative method, utilizing a Paired Samples t-Test for hypothesis testing since the data is normally distributed. The testing of Hypothesis 1 yielded a t-statistic of 1.663 with a significance value (Sig. 2-tailed) of 0.115, which is greater than 0.05, indicating that stock prices did not differ significantly between the pre- and post-announcement phases of the BDS movement. The results for Hypothesis 2 revealed a significant decline in stock prices between the pre-BDS movement period and the post-MUI Fatwa period, with a t-statistic of 11.938 and a significance value of 0.000 < 0.05. Furthermore, Hypothesis 3 generated a t-statistic of 6.524 with a significance value of 0.000 < 0.05, indicating a significant stock price correction between the onset of the BDS movement and the release of the MUI Fatwa. This study concludes that the BDS movement initially had no significant impact on stock prices. However, a significant decline in stock prices only occurred after the issuance of the MUI Fatwa supporting the Palestinian struggle, which served as a catalyst that triggered the actual market reaction.