Indonesian Stock Market Reaction to U.S. Liberation Day Tariff on Export Firms
Artikel
Jun 10, 2026
Abstract
Purpose: This study examines the reaction of Indonesia's capital market to the U.S. Liberation Day Tariff announcement on April 2, 2025, focusing on export-exposed firms listed on the Indonesia Stock Exchange (IDX).
Methodology: An event study is applied across 62 IDX-listed firms over a 21-trading-day window, analyzing abnormal returns and trading volume activity using the market-adjusted model and Wilcoxon signed rank test.
Results: The tariff announcement produced a significant negative difference in abnormal returns, with investors perceiving the policy as bad news for export-oriented firms. The average abnormal return was partially significant, with an immediate event-day response and persistent negative reactions post-announcement. Trading volume activity showed no significant difference, reflecting the caution of investors.
Conclusions: Price movements support semi-strong market efficiency, while the absence of a volume response confirms that price and volume reactions do not always co-move under the same informational events.
Limitations: The Market Adjusted Model assumes homogeneous firm risk, sector-level comparative analysis was not conducted, and domestic macroeconomic variables were not controlled for.
Contribution: This study provides novel multisector evidence on how an emerging market responds to unilateral trade protectionism, contributing to the literature on event studies, signaling theory, and trade policy reactions.
Keywords
Abnormal Return
Emerging Market
Event Study
Indonesia Stock Exchange
Liberation Day Tariffs
Market Efficiency
Signaling Theory
Trading Volume Activity
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How to Cite
Nurhasan, A., & Susilowati, R. Y. N. . (2026). Indonesian Stock Market Reaction to U.S. Liberation Day Tariff on Export Firms. Studi Akuntansi Dan Bisnis Indonesia, 2(2), 107–119. https://doi.org/10.61401/sabi.v2i2.495
Section
Artikel
Authors
A
Arya Nurhasan
Universitas Lampung
R
Retno Yuni Nur Susilowati
Universitas Lampung
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Published
Jun 10, 2026
