Reaksi Pasar Terhadap Peluncuran IQOS ILUMA Pada PT Hanjaya Mandala Sampoerna Tbk


  • Era Saskia Putri Politeknik Negeri Jakarta
  • Ali Masjono Muchtar Politeknik Negeri Jakarta


The occurrence of Covid-19 and the increase in cigarette excise rates caused a decline in HMSP shares over the past three years, resulting in PT Hanjaya Mandala Sampoerna Tbk creating and launching IQOS ILUMA, an innovative smoke-free tobacco product. This launch is expected to generate a positive market reaction so that HMSP's shares have the potential to increase. However, events in the capital market do not always give a positive reaction. Therefore, this study aims to find out whether the existence of IQOS ILUMA can give a positive or negative reaction or even no reaction to HMSP shares. In this study, we will compare market reactions according to the theory of event studies and in real terms. According to the event study theory, market reaction is measured by abnormal returns, and trading volume activity is tested by paired sample t-test. Meanwhile, if seen in real terms, it is measured from the price and trading volume of HMSP shares. The results of this study, namely, in theory, the event study shows that the launch of IQOS ILUMA did not cause a market reaction to HMSP shares. But in real market, it shows that the launch of IQOS ILUMA gave a positive market reaction to HMSP shares.

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