ANALYSIS OF STOCK MARKET REACTION TO LARGESCALE SOCIAL RESTRICTIONS POLICY ANNOUNCEMENT

This study aims to analyze stock market reactions large-scalesocial restrictions policy implementation announcements. Themethod used is event study. 7, 5, and 3 daysevent window 120 days estimation for calculatingabnormal return. The samples of this are 32 companies inthe tourism, hotel, restaurant sub-sector listed in IndonesiaStock Market which were determined by purposive samplingmethod. results indicate that 1) there was nosignificant negative reaction indicated andinsignificant average abnormal return accumulation averageabnormal around the announcement date Large-ScaleSocial Restrictions (PSBB) meansthat does not react 2) difference before afterthe Large-Scale Social (PSBB)policy implementation.