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Journal : JURNAL ECONOMIA

COVID-19 Pandemic and Performance of Indonesian Stock Market: An Event Study Analysis Andhyka Tyaz Nugraha; Yusro Hakimah; Agung Masyad Fawzi
Jurnal Economia Vol 18, No 2: October 2022
Publisher : Faculty of Economics Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (538.487 KB) | DOI: 10.21831/economia.v18i2.38821

Abstract

AbstractThe aims of study are to analyze and evaluate the impact of COVID-19 outbreak on Indonesia Stock Exchange (IDX) performance before, during, and after the official announcement day on March 2nd, 2020. Five industry sectors were observed, i.e agriculture, property, manufacture, consumer, and mining sector. Event study analysis method is used to value the short-term influence of the announcement day on the selected stock market performance in Indonesia. The findings of the study indicated that manufacturing and consumer sectors had better stock performance with positive results of their abnormal return, unlike the agriculture and property sectors which showed the opposite result of their stock performance. The stock performance in the mining sector remained stable even after the announcement day. Indonesian Government, particularly the companies’ management, is expected to pay more attention to the aggrieved industries because of the negative effect of outbreaks, especially on the agriculture and property sector. Keywords: COVID-19, Event Study, Abnormal Return, Stock Performance, Indonesia Stock Exchange Pandemi COVID-19 dan Kinerja Pasar Saham Indonesia: Analisis Studi Peristiwa AbstrakPenelitian ini bertujuan untuk menganalisis dan mengevaluasi dampak wabah COVID-19 terhadap kinerja Bursa Efek Indonesia (BEI) sebelum, selama, dan setelah hari pengumuman resmi pada tanggal 2 Mei 2020. Lima sektor industri yang diamati yaitu sektor pertanian, properti, manufaktur, konsumen, dan pertambangan. Kami menggunakan metode analisis studi peristiwa dalam penelitian ini untuk menilai pengaruh jangka pendek hari pengumuman terhadap kinerja pasar saham terpilih di Indonesia. Hasil studi empiris menunjukkan bahwa sektor konsumen dan manufaktur memiliki kinerja saham yang lebih baik dengan hasil yang positif dari abnormal return-nya, tidak seperti sektor properti dan pertanian yang menunjukkan hasil sebaliknya dari kinerja sahamnya. Kinerja saham di sektor pertambangan tetap stabil bahkan setelah hari pengumuman. Pemerintah Indonesia, khususnya manajemen perusahaan, diharapkan lebih memperhatikan industri yang dirugikan akibat dampak negatif wabah, terutama pada sektor pertanian dan properti. Kata kunci: COVID-19, Studi Peristiwa, Abnormal Return, Kinerja Saham, Bursa Efek Indonesia.
Co-Authors Agung Masyad Fawzi Agung Masyad Fawzi Alam Fathurochman, Alam Andi Yakub AZMI, MUHAMMAD AKMAL FARIS MAHADI Bambang Priyo Cahyono BASKARAN, DENISH KUMAR Christianus Manihuruk Christy, Nisa Novia Avien DERAOH, AHMAD AL-SYUKRI Destian, Risya Devia Gahana Cindi Alfian Dicky J. Silitonga Dio Arief Utama Dwiki Subagdja Darmawan Elfrida Ratnawati Elmanizar . Endang Pandamdari Fatin Saffanah Didin Fitri, Hadiati Fitriani, Risa Frimmi Rabiul Duripa Gusvita, Rinda Hermawan, Andre Aqshal Hutajulu, Àn De Alvaro Tiopilus Inova Klara Saragih Intan Mulia Hati Islami, Mouna Sabira Nurul KHOIRUL ANAM Kinasih, Anjas Sukma Linda Afriani Makitsuna, Farhand Mardiyah, Reza Annisa Aina’il Marlina Widiyanti Masnilam Hasibuan Mochammad Imron Awalludin MOHLIM, MUHAMMAD FAUZAN MOHD Muhammad Iqbal Muhyi, Abdul Muslim, M.Raihan Huzhaifi Nabilah Sugiarto Nia Sastra Permata Nordin, Amir Haziq Bin NORSHAMSURI, MUHAMMAD AIMAN TAHFIZ Noviantoro, Tri Nurazizah, Novalina Pasaribu, Sondang Asinauli Paundra, Fajar Perwira, Rizky Agung Puspitawati, Ni Made Ratih Putri, Ananda Hapsari Rafi Gredita Ferdana Rahmad Guntoro Rizqi Wahyudi Romanus Renaldo Nerfando Garamba ROSLAN, RAIMI AFIF BIN Sembiring, Dessy Siar Rehulina Br Sigalingging, Adrian Reinaldy Sindhu, I Gede Pande Naraya Siti Komariah Hildayanti Sulastri . Sunarti Sunarti Sunarti Suryaneta Susanto, Vania Putri Syuwi, Delima Tobing, Celvin Johnatan Lumban YAMIN, NUR KHALIDAH YASMIN BINTI KABUL Yolanda, Feby Yusro Hakimah Yusro Hakimah Yusro Hakimah Yusro Hakimah