Journal of Economics, Business, Management, Accounting And Social Sciences (JEBMASS)
Vol. 3 No. 5 (2025): JULY 2025

Event Study Pandemi Covid-19 dan Kinerja Keuangan terhadap Harga Saham Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI)

Fathin Amirah (Sekolah Tinggi Ilmu Ekonomi Mahardhika Surabaya, Indonesia)
Ali Farhan (Sekolah Tinggi Ilmu Ekonomi Mahardhika Surabaya, Indonesia)
Kusuma Adi Rahardjo (Sekolah Tinggi Ilmu Ekonomi Mahardhika Surabaya, Indonesia)



Article Info

Publish Date
10 Aug 2025

Abstract

This research raises the issue of the impact of the Covid-19 pandemic and financial performance on stock prices. The aim of this research is to determine the effect of financial performance proxied by the variables Return on Assets (ROA), Debt to Equity Ratio (DER) and Dividend Payout Ratio (DPR) on stock prices. And to find out whether there are significant differences in stock prices and financial performance before the Covid-19 pandemic and during the Covid-19 pandemic. The research method used is quantitative with an event study approach and sample used in this research was 15 companies representing 5 business sectors. The analysis technique used is panel data regression analysis and the classical assumption tests used include multicollinearity tests and heteroscedasticity tests. Meanwhile, hypothesis testing uses the t test and paired sample t-test or the Wilcoxon signed ranked test. From the results of hypothesis testing, it was found that there was no significant difference in stock prices before the pandemic and during the Covid-19 pandemic. Meanwhile, ROA has a significant effect on stock prices, but there is no difference between before the pandemic and during the Covid-19 pandemic. Meanwhile, DER and DPR do not have a significant effect on stock prices and there is no difference between before the pandemic and during the Covid-19 pandemic.

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Journal Info

Abbrev

jebmass

Publisher

Subject

Description

The scope of topics that are most interesting to Journal of Economics, Business, Management, Accounting and Social Studies (JEBMASS) readers include the following: Financial markets, financial practices and sustainability; Values, culture and international finance; Common pool resources management ...