Dampak Covid-19 Pada Kinerja Saham Sektor Perdagangan, Jasa & Investasi Dan Aneka Industri
Abstract
The COVID-19 pandemic has hit almost all countries in the world, including Indonesia. For this reason, Indonesia has implemented PSBB measures to overcome the spread of the virus. This study intends to explore the impact of Covid-19 on stock returns in the trade, services & investment sectors and various industries and see the relationship between these sectors. The data used are financial report data, stock prices and the number of confirmed cases of Covid 19 with an observation period of 14 days before the PSBB was implemented, namely from 27 March 2020 and 14 during PSBB. The total sample is 163 companies. This research methodology adopts a panel data regression approach. Research shows that the increase in the number of confirmed cases of Covid-19 has no effect on stock returns. However, during the PSBB period, the trade, services and investment sectors showed a significant positive effect on stock performance. In addition, the two sectors studied also showed different results.
Keywords: Covid-19; PSBB; Stock Returns.
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References
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Thomas, T. C., Sankararaman, G., & Suresh, S. (2020). IMPACT OF COVID-19 ANNOUNCEMENTS ON NIFTY STOCKS, 7(13), 471–475.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36(March), 101528. https://doi.org/10.1016/j.frl.2020.101528
Alam, M. N., Alam, M. S., & Chavali, K. (2020). Stock market response during COVID-19 lockdown period in India: An event study. Journal of Asian Finance, Economics and Business, 7(7), 131–137. https://doi.org/10.13106/jafeb.2020.vol7.no7.131
Anggraini, D. (2021). Dampak Covid-19 Terhadap Perubahan Harga Saham, Jurnal Bisnis, Ekonomi, Manajemen, Dan Kewirausahaan, 1(1), 1–13. https://doi,org/10,52909/jbemk,v1i1,22
Anh, D, L, T,, & Gan, C, (2020), The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam, Journal of Economic Studies, https://doi.org/10.1108/JES-06-2020-0312
Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/10.1016/j.ribaf.2020.101249
Baek, S., Mohanty, S. K., & Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37(September), 101748. https://doi.org/10.1016/j.frl.2020.101748
Baig, A., Butt, H. A., Haroon, O., & Rizvi, S. A. . (2020). Deaths, panic, lockdowns and US equity markets: the case of COVID-19 Pandemic, https://doi.org/10.2139/ssrn.3584947
Chen, C. (2002). Statistics and Data Robust Regression and Outlier Detection with the ROBUSTREG Procedure. Statistics and Data Analysis, January 2002, 265–27.
Chen, M. H., Jang, S. C. (Shawn). & Kim. W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach. International Journal of Hospitality Management, 26(1), 200–212. https://doi.org/10.1016/j.ijhm.2005.11.004
Chia, R. C., Liew, V. K., & Rowland, R. (2020). DAILY NEW COVID-19 CASES , THE MOVEMENT CONTROL ORDER , AND MALAYSIAN STOCK MARKET. 21(2), 553–568.
Darmayanti, N., Mildawati, T., & Dwi Susilowati, F. (2021). Dampak Covid-19 Terhadap Perubahan Harga Dan Return Saham. EKUITAS (Jurnal Ekonomi Dan Keuangan), 4(4), 462–480. https://doi.org/10.24034/j25485024.y2020.v4.i4.4624
Draper, N. R., & Smith, H. (1992). Analisis Regresi Terapan (I. B. Sumantri (ed.); Kedua). Gramedia Pustaka Utama.
Eleftheriou, K., & Patsoulis, P. (2020). COVID-19 Lockdown Intensity and Stock Market Returns: A Spatial Econometrics Approach (No, 100662).
Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak. Finance Research Letters, 36, 101671. https://doi.org/10.1016/j.frl.2020.101671
Febriyanti, G. A. (2020). Dampak pandemi Covid-19 terhadap harga saham dan aktivitas volume perdagangan (Studi kasus saham LQ-45 di Bursa Efek Indonesia). Indonesia Accounting Journal, 2(2), 204. https://doi.org/10.32400/iaj.30579
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (Kesembilan). BPFE-Yogyakarta.
He, P., Sun, Y., Zhang, Y., & Li, T. (2020). COVID–19’s Impact on Stock Prices Across Different Sectors—An Event Study Based on the Chinese Stock Market. Emerging Markets Finance and Trade, 56(10), 2198–2212. https://doi.org/10.1080/1540496X.2020.1785865
He, Q., Liu, J., Wang, S., & Yu, J. (2020). The impact of COVID-19 on stock markets. Economic and Political Studies, 0(0), 1–14. https://doi.org/10.1080/20954816.2020.1757570
Ichev, R., & Marinč, M. (2017). Stock prices and geographic proximity of information: Evidence from the Ebola outbreak. International Review of Financial Analysis. https://doi.org/10.1016/j.irfa.2017.12.004
Idham, M. A. (2020). Update Corona 30 Maret 2020: Data di Indonesia, 31 Provinsi & Dunia. Tirto.Id. https://www.google.com/amp/s/amp.tirto.id/update-corona-30-maret-2020-data-di-indonesia-31-provinsi-dunia-eJJx
Jiang, Y., Ma. C., Wang, Q., Donovan, C., Ali, G., Xu, C., Xu, T., & Sun, W. (2017). Marketing, 2(1), 1–7. https://doi.org/10.25196/adcp201711.H7N9
Lathifah, H. M., Febrianti, D. S., Utami, A. P., Ulhaq, A. A., Tulasmi, T., & Mukti, T. (2021). Dampak Pandemi Covid-19 Terhadap Nilai Harga Saham Syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 7(1), 223. https://doi.org/10.29040/jiei.v7i1.1772
Meilani, M., Diana, N., & Mawardi, M. C. (2019). Dampak Covid-19 terhadap Harga Saham Gabungan yang Terdaftar di Bursa Efek Indonesia. E-Jra. 10(05). 78–89.
Nippani, S., & Washer, K. M. (2004). SARS: A non-event for affected countries’ stock markets? Applied Financial Economics. 14(15), 1105–1110. https://doi.org/10.1080/0960310042000310579
Pebrianto, F. (2019). Sri Mulyani Tutup Perdagangan Saham 2019, IHSG Malah Melemah. Tempo.Co. https://www.google.com/amp/s/bisnis.tempo.co/amp/1289356/sri-mulyani-tutup-perdagangan-saham-2019-ihsg-malah-melemah
Rahmani, A. N. (2020). Dampak Covid-19 Terhadap Harga Saham dan Kinerja Keuangan Perusahaan. Kajian Akuntansi, 21(2), 252–269. https://doi.org/10.29313/ka.v21i2.6436
Safitri, K. (2020). 6 Bulan Pandemi Covid-19, Bagaimana Dampaknya ke Pergerakan Saham di Indonesia? Kompas. https://www.google.com/amp/s/amp.kompas.com/money/read/2020/09/02/155619126/6-bulan-pandemi-covid-19-bagaimana-dampaknya-ke-pergerakan-saham-di-indonesia
Santoso, S. (2005). Menguasai statistik di era informasi dengan SPSS 12. Media Komputindo.
Saraswati, H. (2019). Dampak Pandemi Covid-19 Terhadap Pasar Saham Di Indonesia. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(2), 153–163. https://doi.org/10.26533/jad.v3i2.696
Thomas, T. C., Sankararaman, G., & Suresh, S. (2020). IMPACT OF COVID-19 ANNOUNCEMENTS ON NIFTY STOCKS, 7(13), 471–475.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36(March), 101528. https://doi.org/10.1016/j.frl.2020.101528
Published
2022-06-26
How to Cite
NOVIANTI, Neva et al.
Dampak Covid-19 Pada Kinerja Saham Sektor Perdagangan, Jasa & Investasi Dan Aneka Industri.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 6, p. 1661-1674, june 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/82239>. Date accessed: 02 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i06.p20.
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