Kebijakan Pangan Nasional dan Efisiensi Pasar: Studi Peristiwa Reaksi Investor dan Fundamental Keuangan Subsektor Food and Beverage
Abstract
This study examines the capital market reaction to the announcement of the Free Nutritious Meal (MBG) program and assesses its subsequent impact on corporate financial growth performance. Utilizing a quantitative approach with an event study methodology, this research analyzes 219 observations from food and beverage companies listed consecutively on the Indonesia Stock Exchange (IDX) from 2022 to 2025. The empirical findings reveal that the announcement of the MBG program did not trigger a meaningful market reaction, as reflected by the absence of significant shifts in abnormal return (AR) and trading volume activity (TVA) around the event window. Furthermore, the implementation of the program yielded mixed results on fundamental growth performance; while it stimulated statistically significant growth in sales during the initial quarter, its overall impact on net profit growth remained insignificant. Consequently, the MBG policy has delivered a limited and uneven impact on both investor responses and corporate financial outcomes within the studied subsector.
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DOI: https://doi.org/10.24167/jab.v24i2.16019
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