Analysis of Abnormal Returns on Sharia Stocks Following the Enactment of Law No. 20 of 2025 on the Criminal Procedure Code: An Event Study on the JII

Syifa Rohmah; Arifti Nauvalia; Khoirul Attiq

doi:10.61132/jepi.v4i2.2580

Authors

Syifa Rohmah Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan
Arifti Nauvalia Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan
Khoirul Attiq Universitas BPD

DOI:

https://doi.org/10.61132/jepi.v4i2.2580

Keywords:

Abnormal Return, Event Study, Jakarta Islamic Index (JII), Law Number 20 of 2025, Signaling Theory

Abstract

Law Number 20 of 2025 constitutes an important legal and political development that could shape investor expectations and influence stock-market behavior. This research examines the response of Indonesia’s Islamic equity market to the enactment of the law, with particular attention to issuers included in the Jakarta Islamic Index (JII). The study evaluates abnormal returns and determines whether average abnormal returns changed significantly between the periods before and after the enactment. A quantitative event-study approach was employed using an eleven-trading-day observation window, covering five trading days before the event through five trading days afterward (t-5 to t+5). The sample was obtained through purposive sampling, using secondary data comprising daily share prices and relevant market-index observations. Abnormal returns were estimated and the data were examined through the Shapiro–Wilk normality test, followed by the Wilcoxon Signed-Rank Test or Paired Sample t-Test according to the distributional characteristics. The results indicate that the enactment did not generate a statistically significant overall response among JII constituents. The comparison of average abnormal returns before and after the event also produced no significant difference. Thus, the enactment appears to have had insufficient information content to create a measurable short-term response in Islamic shares traded within the JII.

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