Abstract
This study aims to analyze sharia downloading which returns shares on the Indonesian Stock Exchange. This study uses a study program to see the average abnormal returns around the sharia promulgation date (sukuk) and the average difference in abnormal returns before and after sharia withdrawal (sukuk). The population in this study were all sharia negotiations published in the 2014-2019 period. and still published in February 2020. The window period is 60 days (t - 30 and t + 30) with a sample of 15 publication events. The method used in this study was the t test and Wilcoxon signed rank test. The results showed that there was an average significant abnormal return around the date of promulgation of sharia (sukuk), namely on the 29th and 1st days before the promulgation of sharia (sukuk). And the results of the Wilcoxon sign rank test show that the significance level is 0.003, which means that H0 is accepted so that there is a significant difference in average returns between before and after the announcement of the sharia withdrawal (sukuk) announcement.
Highlights
According to the fatwa of the National Sharia Council (FDN) in 2002, Islamic bonds are longterm debt securities using the sharia system issued by the issuer to bondholders with a profit sharing system and the repayment of bond funds according to maturity
This study uses secondary data obtained from stock price data of banking companies that issue Islamic bonds which are listed on the Indonesia Stock Exchange
The Wilcoxon signed rank test was conducted to determine whether there was a significant difference in average abnormal return between before and after the issuance of Islamic bonds for 60 days of observation
Summary
According to the fatwa of the National Sharia Council (FDN) in 2002, Islamic bonds are longterm debt securities using the sharia system issued by the issuer to bondholders with a profit sharing system and the repayment of bond funds according to maturity. Since the first issuance of Islamic bonds (sukuk), it has continued to develop with the increasing number of companies issuing Islamic bonds (sukuk). Information can be used as an indicator of the company's development and future risks for investors. Information that comes in can come from within the company (internal) and outside the company (external). Information sourced from within the company (internal) will receive a response from investors with fluctuations in price and trading volume. Information from external sources will receive a response from investors with an increase or decrease in the company's stock price (Sukirno, 2003)
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