The Influence of Indonesian Investor Sentiment on Stock Returns Before and After the Issue of the Russian-Ukrainian War in Energy Sector Companies Listed on the IDX
Hadi Ahmad Sukardi (a*), Nugraha (b), Imas Purnamasari (c), Maya Sari (d), Yayat Supriyatna (e)

a) Faculty of Economics and Business Education, Universitas Pendidikan Indonesia, Jalan Dr. Setiabudi 229, Bandung 40154, Indonesia
*hadi.ahmads[at]upi.edu

Abstract

The Russo-Ukrainian War and the resulting geopolitical tensions had a significant impact on market share and industrial energy in various countries, including Indonesia. This article examines the influence of Indonesian investor sentiment on stock returns in energy sector companies before and after the Rus-sia-Ukraine war. This study aims to understand how investor sentiment changes in the face of this geopolitical conflict and its impact on stock prices and stock returns of companies in Indonesia^s energy sector.
This article examines several factors that affect investor sentiment, including the number of keyword searches on Google Trend, trading volume, consumer confi-dence, and mutual fund flows. The results showed that the number of keyword searches related to the Russia-Ukraine war has a negative effect on the return on shares of energy sector companies. In addition, trading volume has a positive effect on stock returns, while consumer confidence and mutual fund flows have a positive effect on stock returns of companies in the energy sector.
In the context of the Russian-Ukrainian war, investor sentiment became an im-portant factor influencing company stock prices and stock returns. This article also discusses the influence of the media on investor sentiment and changes in investor perceptions of market stability and security. In facing changes in inves-tor sentiment, energy sector companies need to manage and respond with the right strategy.
This research provides insight into the importance of understanding investor sen-timent in dealing with geopolitical conflicts and how this affects market shares in the energy sector. The results of this study can be used as a basis for companies and investors in making wiser investment decisions and minimizing risks in sit-uations of political and economic uncertainty.

Keywords: Investor Sentiment, Stock Return, Trading Volume, Consumer Con-fidence, Mutual Fund Flows

Topic: Financial Management and Accounting