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All Journal JAM International Research Journal of Business Studies
Hartanto, Fransisca Tharia
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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Dampak COVID-19 Pada Saham Perusahaan Farmasi di Bursa Efek Indonesia: Analisis Pasar Modal Indonesia Hartanto, Fransisca Tharia; Kusno, John Iwan
Akuntansi dan Manajemen Vol. 19 No. 2 (2024): Jurnal Akuntansi dan Manajemen
Publisher : Jurusan Akuntansi Politeknik Negeri Padang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30630/jam.v19i2.289

Abstract

The pharmaceutical industry has demonstrated resilience and potential for growth within the ongoing COVID-19 pandemic. Hence, pharmaceutical sub-sector stocks in Indonesia Stock Exchange emerge as a viable stock investment option for investors within the ongoing epidemic. The objective of this study is to establish empirical evidence regarding the notable market response from pharmaceutical stocks following the announcement of the first COVID-19 case in Indonesia. The research methodology employed in this study is an event study. The findings indicated a negative market reaction in one day before the first COVID-19 case was announced. On the day of the first COVID-19 case announcement, a statistically significant and favourable market response was found. Nonetheless, a negative reaction also found in H+7 after the first COVID-19 announcement. The present investigation also identified a positive cumulative abnormal return throughout the time period from H+1 to H+3, followed by a subsequent shift to a negative cumulative abnormal return from H+4 to H+7. The mixed market reaction was attributed on the market uncertainty in the beginning of COVID-19 pandemic.
ESG Scores’ Impact on Portfolio Performance, An Evidence from Indonesia Kusno, John Iwan; Hartanto, Fransisca Tharia; Trilaksono, Teddy
International Research Journal of Business Studies Vol. 17 No. 2 (2024): August - November 2024
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.17.2.199-212

Abstract

This study is to determine the effect of using the Refinitiv ESG score in stock picking and its impact on portfolio performance using the ESG Score. Methodology for this research using a two-sample t-test of Net Asset Value (NAV) price-return portfolios and the Sharpe ratio as a proxy for risk adjustment return for portfolio evaluation. The results of this study indicate that the use of a Refinitiv rating may serve as a suitable metric for stock selection strategy because companies with higher ESG scores tend to exhibit superior performance. Since ESG ratings in Indonesia are still difficult to obtain, those with access to ESG ratings will have more advantages. Greater return performance is followed by an increased level of risk. Given the assumption of a well-diversified portfolio, it is hypothesized that the increased risk can be attributed to a larger variance coefficient. So that the Sharpe ratio must be used for portfolio evaluation to measure risk-adjusted returns.
Co-Authors John Iwan Kusno Teddy Trilaksono