Analisis Reaksi Pasar Sebelum dan Selama Isu Geopolitik di Eropa
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https://doi.org/10.24843/EJA.2024.v34.i04.p03
Abstrak
Various events occurring in the world have had an impact on the capital market. One of these events is the Russian geopolitical invasion of Ukraine on February 24 2022. The aim of this research is to determine the influence of geopolitical dynamics in Europe on the market capitalization of energy sector companies. The observation period was carried out 1 quarter before the incident and 3 quarters during the incident. This type of research is quantitative research with a descriptive approach. The sampling method used was purposive sampling with 52 companies as samples. Data analysis took the form of a Wilcoxon Sign Rank difference test using IBM SPSS 26. The results of this research were that there was a significant difference in market capitalization in the 2 periods before and during the geopolitical issue in Europe, and there was no significant difference in market capitalization in 1 period during the geopolitical issue in Europe.
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Referensi
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https://www.weforum.org/agenda/2022/04/europe-russia-energy-alternatives/
Chestney, N. (2022). Putin wants 'unfriendly' countries to pay for Russian gas in roubles. Diakses pada 12 Oktober 2023, dari
https://www.reuters.com/business/energy/putin-says-russia-will-start-selling-gas-unfriendly-countries-roubles-2022-03-23/
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https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20220307-1
Eurostat. (2022). Energy inflation rate continues upward hike, hits 27%. Diakses pada 12 Oktober 2023, dari
https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20220307-1
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Maddani, A., Boak, J. (2022). White House: US, allies to ban new investments in Russia. Diakses pada 12 Oktober 2023, dari
https://apnews.com/article/russia-ukraine-europe-war-crimes-7691fc0fc900c5a34cea968fb2521548.
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https://www.cfr.org/backgrounder/ukraine-conflict-crossroads-europe-and-russia.
Maulia, M. (2021). Apa Saja yang Mempengaruhi Harga Saham?. Diakses pada 12 Oktober 2023, dari
https://snips.stockbit.com/investasi/apa-saja-faktor-yang-mempengaruhi-harga-saham.
Mekel, C. G., Saerang, I. S., & Maramis, J. B. (2023). Reaksi Pasar Modal Cina (Shanghai Stock Exchange) Terhadap Peristiwa Perang Rusia Dan Ukraina. Jurnal EMBA, 11(1), 1199–1207. https://doi.org/10.35794/emba.v11i1.47248
Mesra, B. (2017). Statistika Ekonomi dan Bisnis. Yogyakarta: Deepublish
Nerlinger, M., Utz, S. (2022). The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective. Finance Research Letters, 50, 103243. https://doi.org/10.1016/j.frl.2022.103243
Pandey, A. (2022). Can the EU survive without Russian coal?. Diakses pada 12 Oktober 2023, dari
https://www.dw.com/en/how-can-the-eu-survive-without-russian-coal/a-61379128#:~:text=Russian%20metallurgical%20coal%2C%20used%20to%20make%20iron%20and,in%202020%20from%20less%20than%2010%25%20in%201990.
Purwanza dkk. (2022). Metodologi Penelitian Kuantitatif, Kualitatif dan Kombinasi. Bandung: Media Sains Indonesia
Puspita, A., Damayanti, D. (2022). Reaksi Pasar Modal terhadap Pemilihan Umum Serentak Tanggal 17 April 2019 di Indonesia (Studi Kasus Perusahaan Property dan Real Estate yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi, 1(3), 356-362. https://doi.org/10.34152/emba.v1i3.637
Polityuk, P., Twidale, S. (2022). Ukraine to halt key Russian gas transit to Europe, blames Moscow. Diakses pada 12 Oktober 2023, dari
https://www.reuters.com/business/energy/ukraine-gas-system-operator-declares-force-majeure-sokhranivka-entry-point-2022-05-10/
Ray, M. (2023). Russia-Ukraine War. Diakses pada 12 Oktober 2023, dari
https://www.britannica.com/event/2022-Russian-invasion-of-Ukraine.
Rizqiyana, A., & Arfianto, E. D. (2019). Pengaruh Ambiguity, Market Risk Premium, Market to Book, Size, dan Momentum terhadap Return Saham pada Perusahaan yang Terdaftar dalam Indeks LQ45 Periode 2017-2018. Diponegoro Journal of Management, 8(4), 70-79. https://ejournal3.undip.ac.id/index.php/djom/article/view/25975
Rumokoy, L. J., Omura, A., & Roca, E. (2023). Geopolitical risk and corporate investment in the metals and mining industry: Evidence from Australia. Pacific-Basin Finance Journal, 79, 101991. https://doi.org/10.1016/j.pacfin.2023.101991
S, A., K, K. H., E, S. M. (2019). Election Effect in Malaysian Stock Market: The Case of “Trump Effect”. Malaysian Journal of Science Health & Technology, 3(1), 30-34. https://doi.org/10.33102/mjosht.v3i1.60
Sambuari, I., Saerang, I. S., Maramis, J.B. (2020). Reaksi Pasar Modal Terhadap Peristiwa Virus Corona (Covid-19) Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi. 7(3), 407-415. https://doi.org/10.35794/jmbi.v7i3.30668
Shaikh, Z. A et all. (2022). Effect of the COVID-19 Pandemic on Renewable Energy Firm’s Profitability and Capitalization. Sustainability. 14(11), 6870. https://doi.org/10.3390/su14116870
Suganda, T. R. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia. Malang: CV Seribu Bintang
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Tambunan, A. M., Saerang, I. S., Wenas, R. S. (2023). Reaksi Pasar Modal Indonesia terhadap Invasi Rusia ke Ukraina pada Perusahaan yang Terdaftar dalam Sektor Energi Bursa Efek Indonesia. Jurnal EMBA, 11(1), 902-909. https://doi.org/10.35794/emba.v11i1.46574
Tanasal, C., Saerang, I. S., Maramis, J.B. (2021). Analisis Respon Pasar Terkait Peristiwa Lockdown Pandemi Covid-19 Di Kawasan Asean (Studi Perusahaan Sektor Food and Beverages Di Thailand Dan Singapura). Jurnal EMBA, 9(1), 942-952. https://doi.org/10.35794/emba.v9i1.32643
Yousaf, I., Patel, R., Yarovaya, L. (2022). The Reaction of G20+ Stock Markets to the Russia-Ukraine Conflict ‘Black-Swan’ Event: Evidence from Event Study Approach. Journal of Behavioral and Experimental Finance. 35. https://doi.org/10.1016/j.jbef.2022.100723
Yutanesy, J., Suhendah, R. (2022). Perubahan Harga, Volume Saham, dan Kapitalisasi Pasar Selama COVID-19 pada Sektor Keuangan. Jurnal Ekonomi, 27(3), 159-181. https://doi.org/10.24912/je.v27i03.871
Zaeni, L., Utama, D. (2022). Dampak Pandemi Covid-19 Terhadap Pergerakan Pasar Modal di Indonesia. Journal of Applied Accounting and Taxation, 7(1), 25-34. https://doi.org/10.30871/jaat.v7i1.3939
Ahmed, S., Hasan, M., & Kamal, M. (2022). Russia–Ukraine crisis: The effects on the European stock market. European Financial Management, 29, 1078-1118. https://doi.org/10.1111/eufm.12386
Aprillia, A. F. (2021). Pengaruh COVID-19 Terhadap Pasar Modal Indonesia Dengan Menggunakan Abnormal Return, Trading Volume Activity dan Market Capitalization (Event Study pada Perusahaan Sub Sektor Transportasi yang Terdaftar di BEI). Skripsi. Unversitas Muhammadiyah Magelang. Magelang
Bajpai, P. (2022). Top Factors That Affect the Price of Oil. Diakses pada 12 Oktober 2023, dari
Bigg, M. M. (2023). How Russia’s war in Ukraine has unfolded, month by month.. Diakses pada 12 Oktober 2023, dari
https://www.nytimes.com/article/ukraine-russia-war-timeline.html.
Binekasri, R. (2022). 4 Negara Eropa Pengimpor Batu Bara Indonesia, Siapa Terbesar?. Diakses pada 8 April 2024, dari
Broom, D. (2022). What is the EU doing to end its reliance on Russian energy?. Diakses pada 12 Oktober 2023, dari
https://www.weforum.org/agenda/2022/04/europe-russia-energy-alternatives/
Chestney, N. (2022). Putin wants 'unfriendly' countries to pay for Russian gas in roubles. Diakses pada 12 Oktober 2023, dari
https://www.reuters.com/business/energy/putin-says-russia-will-start-selling-gas-unfriendly-countries-roubles-2022-03-23/
EIA. (2022). Natural gas explained: Factors affecting natural gas prices. Diakses pada 12 Oktober 2023, dari
https://www.eia.gov/energyexplained/natural-gas/factors-affecting-natural-gas-prices.php.
EIA. (2022). Coal explained: Coal prices and outlook. Diakses pada 12 Oktober 2023, dari
https://www.eia.gov/energyexplained/coal/prices-and-outlook.php
Eurostat. (2022). Energy represented 62% of EU imports from Russia. Diakses pada 12 Oktober 2023, dari
https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20220307-1
Eurostat. (2022). Energy inflation rate continues upward hike, hits 27%. Diakses pada 12 Oktober 2023, dari
https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20220307-1
Fernando, J. (2023). Market Capitalization: How Is It Calculated and What Does It Tell Investors?. Diakses pada 11 April 2023, dari https://www.investopedia.com/terms/m/marketcapitalization.asp.
Hidayat, A. K., Firdaus, M., & Sanim, B. (2019). Pengaruh Kapitalisasi Pasar Saham dan Variabel Makroekonomi terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 5(2). 332-345. https://doi.org/10.17358/jabm.5.2.332
IEA. (2022). IEA Member Countries agree to new emergency oil stock release in response to market turmoil. Diakses pada 12 Oktober 2023, dari
https://www.iea.org/news/iea-member-countries-agree-to-new-emergency-oil-stock-release-in-response-to-market-turmoil
Irfani, A. S. (2020). Manajemen Keuangan dan Bisnis: Teori dan Aplikasi. Jakarta: Gramedia Pustaka Utama
Kumar, M. P. & Kumara, N. V. M. (2021). Market capitalization: Pre and post COVID-19 analysis. Materials Today: Proceedings 37: 2553–2557. https://doi.org/10.1016/j.matpr.2020.08.493
Kusumawati, D. A., Asandimitra, N. (2017). Impact of Global Index, Gold Price and Macro Economic Variable for Indonesia Composite Index. Journal of Finance and Accounting, 8(2), 53-62.
Lavalley, J. (2023). Warm weather and energy efficiency decreased electricity consumption in Europe - 2022 review. Diakses pada 12 Oktober 2023, dari
Maddani, A., Boak, J. (2022). White House: US, allies to ban new investments in Russia. Diakses pada 12 Oktober 2023, dari
https://apnews.com/article/russia-ukraine-europe-war-crimes-7691fc0fc900c5a34cea968fb2521548.
Masters, J. (2023). Ukraine: Conflict at the Crossroads of Europe and Russia. Diakses pada 12 Oktober 2023, dari
https://www.cfr.org/backgrounder/ukraine-conflict-crossroads-europe-and-russia.
Maulia, M. (2021). Apa Saja yang Mempengaruhi Harga Saham?. Diakses pada 12 Oktober 2023, dari
https://snips.stockbit.com/investasi/apa-saja-faktor-yang-mempengaruhi-harga-saham.
Mekel, C. G., Saerang, I. S., & Maramis, J. B. (2023). Reaksi Pasar Modal Cina (Shanghai Stock Exchange) Terhadap Peristiwa Perang Rusia Dan Ukraina. Jurnal EMBA, 11(1), 1199–1207. https://doi.org/10.35794/emba.v11i1.47248
Mesra, B. (2017). Statistika Ekonomi dan Bisnis. Yogyakarta: Deepublish
Nerlinger, M., Utz, S. (2022). The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective. Finance Research Letters, 50, 103243. https://doi.org/10.1016/j.frl.2022.103243
Pandey, A. (2022). Can the EU survive without Russian coal?. Diakses pada 12 Oktober 2023, dari
https://www.dw.com/en/how-can-the-eu-survive-without-russian-coal/a-61379128#:~:text=Russian%20metallurgical%20coal%2C%20used%20to%20make%20iron%20and,in%202020%20from%20less%20than%2010%25%20in%201990.
Purwanza dkk. (2022). Metodologi Penelitian Kuantitatif, Kualitatif dan Kombinasi. Bandung: Media Sains Indonesia
Puspita, A., Damayanti, D. (2022). Reaksi Pasar Modal terhadap Pemilihan Umum Serentak Tanggal 17 April 2019 di Indonesia (Studi Kasus Perusahaan Property dan Real Estate yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi, 1(3), 356-362. https://doi.org/10.34152/emba.v1i3.637
Polityuk, P., Twidale, S. (2022). Ukraine to halt key Russian gas transit to Europe, blames Moscow. Diakses pada 12 Oktober 2023, dari
https://www.reuters.com/business/energy/ukraine-gas-system-operator-declares-force-majeure-sokhranivka-entry-point-2022-05-10/
Ray, M. (2023). Russia-Ukraine War. Diakses pada 12 Oktober 2023, dari
https://www.britannica.com/event/2022-Russian-invasion-of-Ukraine.
Rizqiyana, A., & Arfianto, E. D. (2019). Pengaruh Ambiguity, Market Risk Premium, Market to Book, Size, dan Momentum terhadap Return Saham pada Perusahaan yang Terdaftar dalam Indeks LQ45 Periode 2017-2018. Diponegoro Journal of Management, 8(4), 70-79. https://ejournal3.undip.ac.id/index.php/djom/article/view/25975
Rumokoy, L. J., Omura, A., & Roca, E. (2023). Geopolitical risk and corporate investment in the metals and mining industry: Evidence from Australia. Pacific-Basin Finance Journal, 79, 101991. https://doi.org/10.1016/j.pacfin.2023.101991
S, A., K, K. H., E, S. M. (2019). Election Effect in Malaysian Stock Market: The Case of “Trump Effect”. Malaysian Journal of Science Health & Technology, 3(1), 30-34. https://doi.org/10.33102/mjosht.v3i1.60
Sambuari, I., Saerang, I. S., Maramis, J.B. (2020). Reaksi Pasar Modal Terhadap Peristiwa Virus Corona (Covid-19) Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi. 7(3), 407-415. https://doi.org/10.35794/jmbi.v7i3.30668
Shaikh, Z. A et all. (2022). Effect of the COVID-19 Pandemic on Renewable Energy Firm’s Profitability and Capitalization. Sustainability. 14(11), 6870. https://doi.org/10.3390/su14116870
Suganda, T. R. (2018). Event Study Teori dan Pembahasan Reaksi Pasar Modal Indonesia. Malang: CV Seribu Bintang
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Tambunan, A. M., Saerang, I. S., Wenas, R. S. (2023). Reaksi Pasar Modal Indonesia terhadap Invasi Rusia ke Ukraina pada Perusahaan yang Terdaftar dalam Sektor Energi Bursa Efek Indonesia. Jurnal EMBA, 11(1), 902-909. https://doi.org/10.35794/emba.v11i1.46574
Tanasal, C., Saerang, I. S., Maramis, J.B. (2021). Analisis Respon Pasar Terkait Peristiwa Lockdown Pandemi Covid-19 Di Kawasan Asean (Studi Perusahaan Sektor Food and Beverages Di Thailand Dan Singapura). Jurnal EMBA, 9(1), 942-952. https://doi.org/10.35794/emba.v9i1.32643
Yousaf, I., Patel, R., Yarovaya, L. (2022). The Reaction of G20+ Stock Markets to the Russia-Ukraine Conflict ‘Black-Swan’ Event: Evidence from Event Study Approach. Journal of Behavioral and Experimental Finance. 35. https://doi.org/10.1016/j.jbef.2022.100723
Yutanesy, J., Suhendah, R. (2022). Perubahan Harga, Volume Saham, dan Kapitalisasi Pasar Selama COVID-19 pada Sektor Keuangan. Jurnal Ekonomi, 27(3), 159-181. https://doi.org/10.24912/je.v27i03.871
Zaeni, L., Utama, D. (2022). Dampak Pandemi Covid-19 Terhadap Pergerakan Pasar Modal di Indonesia. Journal of Applied Accounting and Taxation, 7(1), 25-34. https://doi.org/10.30871/jaat.v7i1.3939
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2024-04-30
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LUNTUNGAN, Deilamy Nigel; MAWIKERE, Lidia; MINTALANGI, Syermi.
Analisis Reaksi Pasar Sebelum dan Selama Isu Geopolitik di Eropa.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 4, p. 875-888, apr. 2024.
ISSN 2302-8556.
Tersedia pada: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/110925>. Tanggal Akses: 17 may 2024
doi: https://doi.org/10.24843/EJA.2024.v34.i04.p03.
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