Reaksi Pasar Terhadap Publikasi Laporan Keuangan Perusahaan Farmasi di Masa Pandemi Covid-19
Abstract
The Covid-19 pandemic generally has an impact on decreasing stock prices, but pharmaceutical stock prices have actually increased. The research aims to find out the market reaction or response as shown through the average difference in abnormal returns before and after the publication of the 2020-2021 financial reports on the IDX. The population uses all pharmaceutical industry companies on the IDX during 2020-2021. Sampling using nonprobability sampling method through purposive sampling technique. The hypothesis test was carried out using a paired sample t-test and the Wilcoxon signed rank test, in order to test the results of differences in the average abnormal returns before and after the publication of the financial statements. The results showed that there was no market reaction as seen from the absence of an average difference in abnormal returns before and after the publication of the pharmaceutical industry's financial reports on the IDX. This indicates that published financial reports do not influence investors' perceptions in making decisions.
Keywords: Event studies; Abnormal return; Covid-19
Downloads
Download data is not yet available.
References
Alam, M. M., Wei, H., & Wahid, A. N. M. (2020). COVID-19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Australian Economic Papers, 1–14. https://doi.org/10.1111/1467-8454.12215
Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and Contagious Infectious Diseases: Impact of the Covid-19 Virus on Stock Market Returns. Journal of Behavioral and Experimental Finance, 27. https://doi.org/10.1016/j.jbef.2020.100326
Alduais, F., Ali Almasria, N. A., Samara, A., & Masadeh, A. (2022). Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies. International Journal of Financial Studies, 10(4), 104. https://doi.org/10.3390/ijfs10040104
Ashraf, B. N. (2020). Stock Markets’ Reaction to COVID-19: Cases or Fatalities? Research in International Business and Finance, 1–18. https://doi.org/10.1016/j.ribaf.2020.101249
Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. In Review of Asset Pricing Studies (Vol. 10, Issue 4, pp. 742–758). Oxford University Press. https://doi.org/10.1093/rapstu/raaa008
Hartono, J. (2018). Studi Peristiwa Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa (Edisi Pertama). BPPE.
Hawaldar, I. T. (2016). The Reaction of Bahrain Bourse to Announcement of Annual Financial Results. International Review of Business Research Papers, 12(1), 64–75.
Hindayani, N. (2020). Analisis Reaksi Pasar Saham Atas Peristiwa Covid-19 Di Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(3), 1645–1661.
Huo, X., & Qiu, Z. (2020). How Does China’s Stock Market React to the Announcement of the COVID-19 Pandemic Lockdown? Economic and Political Studies, 8(4), 436–461. https://doi.org/10.1080/20954816.2020.1780695
Ikatan Akuntansi Indonesia. (2017). Standar Akuntansi Keuangan Efektif Per 1 Januari 2017.
Iqbal, Dr. (2014). Seasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements. International Journal of Accounting and Financial Reporting, 4(2), 501–519. https://doi.org/10.5296/ijafr.v4i2.6622
Katadata.co.id. (2020, September 14). Saham Emiten BUMN Farmasi Lebih Diuntungkan di Masa Pandemi. Katadata.Co.Id. https://katadata.co.id/safrezifitra/finansial/5f5f8b25991ca/saham-emiten-bumn-farmasi-lebih-diuntungkan-di-masa-pandemi
Larasati, N. (2016). Pengaruh Pengumuman Laporan Keuangan Terhadap Return Saham Pada Pasar Modal Syariah Yang Tergabung Dalam Jakarta Islamic Index. Jurnal Unbra, 3(2).
Liyanto, F., & Mendari, A. S. (2022). Return Saham Sebelum dan Selama Masa Pandemi Covid-19 Periode Juli 2018-Oktober 2021. Jurnal Ilmiah Ekonomi Dan Bisnis Universitas Multi Data Palembang, 12(1).
Machmuddah, Z., Utomo, S. D., Suhartono, E., Ali, S., & Ghulam, W. A. (2020). Stock market reaction to COVID-19: Evidence in customer goods sector with the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–13. https://doi.org/10.3390/joitmc6040099
Mallikarjunappa, T., & Dsouza, J. J. (2014). A Study of Quarterly Earnings Announcement and Stock Price Reactions. The IUP Journal of Applied Finance. https://www.researchgate.net/publication/317012246
Masdupi, E., & Thursina, W. (2015). Analisis Respon Pasar Sebelum dan Sesudah Pengumuman Laporan Keuangan Pada Perusahaaan yang Termasuk dalam Indeks LQ-45 Di Bursa Efek Indonesia (BEI). http://fe.unp.ac.id/
Menike, M. G. P. D., & Man, W. (2013). Stock Market Reactions to the Release of Annual Financial Statements Case of the Banking Industry in Sri Lanka. European Journal of Business and Management, 5(31), 75–86. www.iiste.org
Mittal, S., & Sharma, D. (2021). The Impact of COVID-19 on Stock Returns of the Indian Healthcare and Pharmaceutical Sector. Australasian Accounting Business Finance Journal, 15(1), 6–21. https://www.ibef.org/download/Pharmaceuticals-October-
Ngwakwe, C. C. (2020). Effect of COVID-19 Pandemic on Global Stock Market Values: A Differential Analysis. 16(2), 255–269.
Niruja, R. (2015). Stock Market Reaction to the Release of Annual Financial Statements: A Study on Selected Listed Banking Finance and Insurance Companies In Sri Lanka. SSRN, 1–17. https://ssrn.com/abstract=3321020
Novita, & Suryani, A. W. (2022). Covid-19 Dan Abnormal Return Saham Industri farmasi. Jurnal PETA, 7(2).
Paramita, R. W. D., & Rizal, N. (2015). Internet Financial Report: Respons Pasar Sebelum dan Sesudah Tanggal Publikasi Internet Financial Report: Market Response Before and After The Date of Publication. Jurnal Ekonomika, 8(2), 68–74.
Purnomo, D. T. (2021). Apakah Saham Farmasi di Bursa Efek Indonesia Mengikuti Hipotesis Random Walk Saat Pandemi Covid-19? Jurnal Riset Ekonomi Dan Bisnis, 14(1), 18–28. http://journals.usm.ac.id/index.php/jreb
Putra, I. S. (2022). Reaksi Pasar Modal Setahun Setelah Pandemi Covid-19 (A. Khanafi, Ed.; Cetakan Pertama). Penerbit Deepublish.
Sagara, A. B., Pramseti, N., Mimanjuntak, L. N. S., Damayanti, F. F., Mawarni, R., & Rachman, R. T. (2021). Analysis Of Stock Prices Movement of Pharmaceutical Companies Listed on The Indonesian Stock Exchange Before and During a Pandemic (2019-2020). Review of International Geographical Education Online, 11(5), 3150–3165.
San Marino, W., & Rohanah, A. S. (2021). Pengaruh Covid-19 Terhadap Pasar Modal Di Indonesia. Jurnal Perbankan Dan Keuangan, 2(2), 98–104. http://jurnal.unsil.ac.id/index.php/banku
Semitayani, N. K. A., & Rasmini, N. K. (2020). Reaksi Pasar terhadap Publikasi Opini Wajar Tanpa Pengecualian dengan Paragraf Penekanan Suatu Hal. E-Jurnal Akuntansi, 30(12), 3136. https://doi.org/10.24843/eja.2020.v30.i12.p11
Sharif, A., Aloui, C., & Yarovaya, L. (2020). Covid-19 Pandemic, Oil Prices, Stock Market, Geopolitical Risk and Policy Uncertainty Nexus in the US Economy: Fresh Evidence From the Wavelet-Based Approach. International Review of Financial Analysis, 70. https://doi.org/10.1016/j.irfa.2020.101496
Swaleh, B. A., & Elly, D. O. (2022). Effect of Earnings Announcement on Share Price among Firms Listed at the Nairobi Securities Exchange. African Development Finance Journal, 3(2), 139–162. http://journals.uonbi.ac.ke/index.php/adfjhttp://journals.uonbi.ac.ke/index.php/adfj
Tandelilin, E. (2017). Pasar Modal Manajemen Portfolio & Investasi (Ganjar Sudibyo, Ed.). PT Kanisius.
Vahini, Y. P., & Putra, N. W. A. (2015). Event Study: Analisis Reaksi Investor Pada Publikasi Laporan Keuangan Tahunan. E-Jurnal Akuntansi Universitas Udayana, 13(2), 387–404.
Welley, M., Oroh, F. N. S., & Walangitan, M. C. B. (2020). Perbandingan Harga saham Perusahaan Farmasi BUMN Sebelum Dan Sesudah Pengembangan Vaksin Virus Corona (Covid-19). Jurnal Ilmiah Manajemen Bisnis Dan Inovasi, 7, 571–579.
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2016). Market Reaction to the Positiveness of Annual Report Narratives. British Accounting Review, 48(4), 415–430. https://doi.org/10.1016/j.bar.2015.12.001
Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected Markets: Novel Coronavirus, Government Interventions, and Stock Return Volatility Around the Globe. Finance Research Letters, 35. https://doi.org/10.1016/j.frl.2020.101597
Zhang, D., Hu, M., & Ji, Q. (2020). Financial Markets Under the Global Pandemic of COVID-19. Finance Research Letters, 36. https://doi.org/10.1016/j.frl.2020.101528
Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and Contagious Infectious Diseases: Impact of the Covid-19 Virus on Stock Market Returns. Journal of Behavioral and Experimental Finance, 27. https://doi.org/10.1016/j.jbef.2020.100326
Alduais, F., Ali Almasria, N. A., Samara, A., & Masadeh, A. (2022). Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies. International Journal of Financial Studies, 10(4), 104. https://doi.org/10.3390/ijfs10040104
Ashraf, B. N. (2020). Stock Markets’ Reaction to COVID-19: Cases or Fatalities? Research in International Business and Finance, 1–18. https://doi.org/10.1016/j.ribaf.2020.101249
Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. In Review of Asset Pricing Studies (Vol. 10, Issue 4, pp. 742–758). Oxford University Press. https://doi.org/10.1093/rapstu/raaa008
Hartono, J. (2018). Studi Peristiwa Menguji Reaksi Pasar Modal Akibat Suatu Peristiwa (Edisi Pertama). BPPE.
Hawaldar, I. T. (2016). The Reaction of Bahrain Bourse to Announcement of Annual Financial Results. International Review of Business Research Papers, 12(1), 64–75.
Hindayani, N. (2020). Analisis Reaksi Pasar Saham Atas Peristiwa Covid-19 Di Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(3), 1645–1661.
Huo, X., & Qiu, Z. (2020). How Does China’s Stock Market React to the Announcement of the COVID-19 Pandemic Lockdown? Economic and Political Studies, 8(4), 436–461. https://doi.org/10.1080/20954816.2020.1780695
Ikatan Akuntansi Indonesia. (2017). Standar Akuntansi Keuangan Efektif Per 1 Januari 2017.
Iqbal, Dr. (2014). Seasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements. International Journal of Accounting and Financial Reporting, 4(2), 501–519. https://doi.org/10.5296/ijafr.v4i2.6622
Katadata.co.id. (2020, September 14). Saham Emiten BUMN Farmasi Lebih Diuntungkan di Masa Pandemi. Katadata.Co.Id. https://katadata.co.id/safrezifitra/finansial/5f5f8b25991ca/saham-emiten-bumn-farmasi-lebih-diuntungkan-di-masa-pandemi
Larasati, N. (2016). Pengaruh Pengumuman Laporan Keuangan Terhadap Return Saham Pada Pasar Modal Syariah Yang Tergabung Dalam Jakarta Islamic Index. Jurnal Unbra, 3(2).
Liyanto, F., & Mendari, A. S. (2022). Return Saham Sebelum dan Selama Masa Pandemi Covid-19 Periode Juli 2018-Oktober 2021. Jurnal Ilmiah Ekonomi Dan Bisnis Universitas Multi Data Palembang, 12(1).
Machmuddah, Z., Utomo, S. D., Suhartono, E., Ali, S., & Ghulam, W. A. (2020). Stock market reaction to COVID-19: Evidence in customer goods sector with the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–13. https://doi.org/10.3390/joitmc6040099
Mallikarjunappa, T., & Dsouza, J. J. (2014). A Study of Quarterly Earnings Announcement and Stock Price Reactions. The IUP Journal of Applied Finance. https://www.researchgate.net/publication/317012246
Masdupi, E., & Thursina, W. (2015). Analisis Respon Pasar Sebelum dan Sesudah Pengumuman Laporan Keuangan Pada Perusahaaan yang Termasuk dalam Indeks LQ-45 Di Bursa Efek Indonesia (BEI). http://fe.unp.ac.id/
Menike, M. G. P. D., & Man, W. (2013). Stock Market Reactions to the Release of Annual Financial Statements Case of the Banking Industry in Sri Lanka. European Journal of Business and Management, 5(31), 75–86. www.iiste.org
Mittal, S., & Sharma, D. (2021). The Impact of COVID-19 on Stock Returns of the Indian Healthcare and Pharmaceutical Sector. Australasian Accounting Business Finance Journal, 15(1), 6–21. https://www.ibef.org/download/Pharmaceuticals-October-
Ngwakwe, C. C. (2020). Effect of COVID-19 Pandemic on Global Stock Market Values: A Differential Analysis. 16(2), 255–269.
Niruja, R. (2015). Stock Market Reaction to the Release of Annual Financial Statements: A Study on Selected Listed Banking Finance and Insurance Companies In Sri Lanka. SSRN, 1–17. https://ssrn.com/abstract=3321020
Novita, & Suryani, A. W. (2022). Covid-19 Dan Abnormal Return Saham Industri farmasi. Jurnal PETA, 7(2).
Paramita, R. W. D., & Rizal, N. (2015). Internet Financial Report: Respons Pasar Sebelum dan Sesudah Tanggal Publikasi Internet Financial Report: Market Response Before and After The Date of Publication. Jurnal Ekonomika, 8(2), 68–74.
Purnomo, D. T. (2021). Apakah Saham Farmasi di Bursa Efek Indonesia Mengikuti Hipotesis Random Walk Saat Pandemi Covid-19? Jurnal Riset Ekonomi Dan Bisnis, 14(1), 18–28. http://journals.usm.ac.id/index.php/jreb
Putra, I. S. (2022). Reaksi Pasar Modal Setahun Setelah Pandemi Covid-19 (A. Khanafi, Ed.; Cetakan Pertama). Penerbit Deepublish.
Sagara, A. B., Pramseti, N., Mimanjuntak, L. N. S., Damayanti, F. F., Mawarni, R., & Rachman, R. T. (2021). Analysis Of Stock Prices Movement of Pharmaceutical Companies Listed on The Indonesian Stock Exchange Before and During a Pandemic (2019-2020). Review of International Geographical Education Online, 11(5), 3150–3165.
San Marino, W., & Rohanah, A. S. (2021). Pengaruh Covid-19 Terhadap Pasar Modal Di Indonesia. Jurnal Perbankan Dan Keuangan, 2(2), 98–104. http://jurnal.unsil.ac.id/index.php/banku
Semitayani, N. K. A., & Rasmini, N. K. (2020). Reaksi Pasar terhadap Publikasi Opini Wajar Tanpa Pengecualian dengan Paragraf Penekanan Suatu Hal. E-Jurnal Akuntansi, 30(12), 3136. https://doi.org/10.24843/eja.2020.v30.i12.p11
Sharif, A., Aloui, C., & Yarovaya, L. (2020). Covid-19 Pandemic, Oil Prices, Stock Market, Geopolitical Risk and Policy Uncertainty Nexus in the US Economy: Fresh Evidence From the Wavelet-Based Approach. International Review of Financial Analysis, 70. https://doi.org/10.1016/j.irfa.2020.101496
Swaleh, B. A., & Elly, D. O. (2022). Effect of Earnings Announcement on Share Price among Firms Listed at the Nairobi Securities Exchange. African Development Finance Journal, 3(2), 139–162. http://journals.uonbi.ac.ke/index.php/adfjhttp://journals.uonbi.ac.ke/index.php/adfj
Tandelilin, E. (2017). Pasar Modal Manajemen Portfolio & Investasi (Ganjar Sudibyo, Ed.). PT Kanisius.
Vahini, Y. P., & Putra, N. W. A. (2015). Event Study: Analisis Reaksi Investor Pada Publikasi Laporan Keuangan Tahunan. E-Jurnal Akuntansi Universitas Udayana, 13(2), 387–404.
Welley, M., Oroh, F. N. S., & Walangitan, M. C. B. (2020). Perbandingan Harga saham Perusahaan Farmasi BUMN Sebelum Dan Sesudah Pengembangan Vaksin Virus Corona (Covid-19). Jurnal Ilmiah Manajemen Bisnis Dan Inovasi, 7, 571–579.
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2016). Market Reaction to the Positiveness of Annual Report Narratives. British Accounting Review, 48(4), 415–430. https://doi.org/10.1016/j.bar.2015.12.001
Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected Markets: Novel Coronavirus, Government Interventions, and Stock Return Volatility Around the Globe. Finance Research Letters, 35. https://doi.org/10.1016/j.frl.2020.101597
Zhang, D., Hu, M., & Ji, Q. (2020). Financial Markets Under the Global Pandemic of COVID-19. Finance Research Letters, 36. https://doi.org/10.1016/j.frl.2020.101528
Published
2023-07-30
How to Cite
PUSPITA DEWI, Putu Diah Meilani; PUTRA, I Made Pande Dwiana.
Reaksi Pasar Terhadap Publikasi Laporan Keuangan Perusahaan Farmasi di Masa Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 7, p. 1961-1971, july 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/96513>. Date accessed: 04 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i07.p20.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
