Dataset on political connections, Sharia, and abnormal returns surrounding M&A announcement in the Indonesian stock market

Abstract

This article presents a dataset on political connections, Sharia, and abnormal returns surrounding the M&A announcement of listed firms on Indonesia Stock Exchange (IDX) during the period 2010–2016. The dataset provides both short-run and long-run abnormal returns. Using an event study methodology, I calculate cumulative abnormal returns (CAR) as short-run abnormal returns and buy-and-hold abnormal returns (BHAR) as long-run abnormal returns. This dataset may be useful for researchers who study political connections, Sharia, and M&A performance. The data presented in this article are related to the research article entitled “Political connections, Sharia and M&A performance: Evidence from Indonesia” (Wahyono, 2021) [1].