The Indonesian Government has put in place policies that are quite bold and that highly impact on both companies and the economy. This includes the endorsement tax amnesty policy in 2016. This study aims to investigate the reaction of the stock market against the policy. The dataset of this research was 100 companies listed on the Indonesian Islamic Stock Index (ISSI). Research methods used the event study market adjusted model to look at changes in the Average Abnormal Return (AAR) and Trading Volume Activity (TVA) during the announcement. The results of this research show there is a difference in the AAR and TVA before and after the announcement. The investors positively viewed the information content of the tax amnesty policy. The government has made a very good policy and it supports the improvement in the quality of corporate governance and company performance.

中文翻译：

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股市对税收大赦公告的反应

印度尼西亚政府制定了非常大胆的政策，对公司和经济都产生了深远的影响。这包括2016年的背书税收大赦政策。本研究旨在调查股市对此政策的反应。这项研究的数据集是印度尼西亚伊斯兰股票指数（ISSI）上列出的100家公司。研究方法使用事件研究市场调整模型来查看公告期间的平均异常收益（AAR）和交易量活动（TVA）的变化。这项研究的结果表明，公告前后AAR和TVA有所不同。投资者对税收大赦政策的信息内容持积极态度。