Effect of the Covid-19 Pandemic on Stock Market Return with Macro Indicators as Control Variable in Indonesia and Malaysia

Ega Arminta
Irene Rini Demi Pangestuti

Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences
Vol 5, No 3 (2022): Budapest International Research and Critics Institute August

This research aims to examine the positive COVID-19 variable, the COVID-19 death variable, the COVID-19 vaccination variable, and the currency exchange rate variable as a control variable for stock market returns in Indonesia and Malaysia. The population in the test is a combination of the main indexes of the Indonesian and Malaysian stock exchanges. Sample selection using a purposive sampling method. The analytical tool used in this study is multiple linear regression analysis with 104 observational data for the period 2021-2022. The test results show that the positive COVID-19 confirmation variable has no significant effect, the COVID-19 death confirmation variable has a significant positive effect, and the COVID-19 vaccination variable has no significant effect on stock market returns.