PENGARUH COVID-19 TERHADAP RETURN SAHAM PADA PERUSAHAAN CONSUMER GOODS
Main Article Content
Abstract
This study aims to determine the effect of Covid-19, PSBB, market capitalization, and
trading volume on stock returns in consumer goods companies listed on the Indonesia
Stock Exchange (IDX) starting on March 2, 2020 until December 31, 2020. This study
using 50 samples and 10900 data on consumer goods companies that have been
selected using the purposive sampling method. This study uses secondary data and the
data is managed using Microsoft Excel and Eviews version 10 software. The results
show that the growth of positive Covid-19 cases has a negative effect on stock returns,
the PSBB policy has no effect on stock returns, and market capitalization and trading
volume have a positive effect. to stock returns. The implication of this research is the
need for companies to increase awareness of situations that affect stock returns.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a Jurnal Komunikasi Creative Commons Attribution-ShareAlike 4.0 International License.
References
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.
(4), 836-851.
Cai, Y., Tao, Y., & Yan, Z. (2020). Stock Market Trading Volumes And Economic
Uncertainty Dependence: Before And During Sino-U.S. Trade Friction. Economic
Research, 33 (1), 1711-1728.
Darmayanti, N., Mildawati, T., & Susilpwati, F. D. (2020). Dampak Covid-19 Terhadap
Perubahan Harga Dan Return Saham. Jurnal Ekonomi dan Keuangan, 4 (4), 462-
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), 204-214.
Gunawan. (2018). Stock Liquidity and Market Capitalization: Investment Challenges in
Indonesian Capital Markets. SSRG International Journal of Economics
Management Studies, 5 (11), 11-20.
Haryanto. (2020). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan
Indeks Harga Saham Gabungan (IHSG). The Indonesian Journal of Development
Planning, 4 (2), 151- 165.
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The
Impact of Covid-19 Pandemic on Stock Markets : An Empirical Analysis of
World Major Stock Indices. Journal of Asian Finance, 7 (7), 463-474.
Kusnandar, D. L. & Bintari Vivi I. (2020). Perbandingan Abnormal Return Saham
Sebelum dan Sesudah Perubahan Waktu Perdagangan Selama Pandemi Covid-19.
Jurnal Pasar Modal Dan Bisnis, 2 (2), 195-202.
Lestari, M. I. (2020). Signifikansi Pengaruh Sentimen Pemberlakuan PSBB Terhadap
Aspek Ekonomi: Pengaruh Pada Nilai Tukar Rupiah dan Stock Return (Studi
Kasus Pandemi Covid-19). Jurnal Bina Akuntansi, 7 (2), 223-239.
Liwe, C. T. S., Tommy, P., & Maramis, J. B. (2018). Investors Reaction In The Capital
Market To The Strengthening Of Us Dollar Against Rupiah On August 26th 2015.
Jurnal EMBA, 6 (3), 1058-1067.
Mailangkay, F. A., Mangantar, M., & Tulung, J. E. (2021). Reaction Of The Capital
Market To The Implementation Of The Psbb Policy In The Hotel Industry That
Listed On The Indonesian Stock Exchange. Jurnal EMBA, 9 (3), 640-647.
Majanga, B. B. (2018). Corporate CAPEX and Market Capitalization Of Firms On
Malawi Stock Exchange: An Empirical Study. Journal of Financial Reporting
and Accounting, 16 (01), 108-119.
Mulyani, R., Yusup, D. K., Sobana, D. H., & Effendi, D. (2020). Pengaruh Trading
Volume Activity dan Market Capitalization Terhadap Stock Return pada
Perusahaan yang Terdaftar di Jakarta Islamic Index.
Nasution, L. Z., Sulistyo, S., & halim, A. (2016). Pengaruh Volume Perdagangan
Saham, Frekuensi Perdagangan Saham, Volatilitas Harga Saham, Dan Kapitalsiasi
Pasar Terhadap Return Saham Perusahaan Makananan Dan Minuman Yang
Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Mahasiswa Akuntansi, 4 (2).
Nguyen, C. T., Hai, P. T., & Nguyen, H. K. (2021). Stock Market Returns And
Liquidity During The COVID-19 Outbreak: Evidence From The Financial
Services Sector In Vietnam. Asian Journal of Economics and Banking, 5 (3), 324-
Ngwakwe, C. C. (2020). Effect of COVID-19 Pandemic on Global Stock Market
Values: A Differential Analysis. Danubius Journals, 16 (2), 261-275.
Pathirawasam, C. (2011). The Relationship Between Trading Volume and Stock
Returns. Journal of Competitiveness, 1 (3), 41-49.
Pavone, P. (2019). Market Capitalization and Financial Variables: Evidence from Italian
Listed Companies. International Journal of Academic Research Business and
Social Sciences, 9 (3), 1356–1371.
Pitaloka, H., Umar, Ahmad U. A. A., Hartati, E. R., & Fitria, D. (2020). The Economic
Impact of the Covid-19 Outbreak : Evidence from Indonesia. Jurnal Inovasi
Ekonomi, 5 (2), 71-76.
Puspitaningtyas, Z. (2019). Empirical Evidence Of Market Reactions Based On
Signalling Theory In Indonesia Stock Exchange. Investment Management and
Financial Innovations, 16 (2), 66-77.
Siahaya, S. L., & Litamahuputty, Jacomina V. (2021). Analisis Return Sebelum dan
Sesudah Kebijakan Pembatasan Sosial Berskala Besar Pada Perusahaan Sektor
Perbankan BUMN Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ekonomi,
Sosial & Humaniora, 2 (06), 8-17.
Suhadak., Kurniaty., Handayani, S. R., & Rahayu, S. M. (2018). Stock Return And
Financial Performance As Moderation Variable In Influence Of Good Corporate
Governance Towards Corporate Value. Asian Journal of Accounting Research, 4
(1), 18-34.
Tandelilin, E. (2017). Pasar Modal Manajemen Portofolio dan Investasi Edisi Pertama.
Yogyakarta: FEB UGM.
Varamini, H., & Kalash, S. (2008). Testing Market Efficirncy for Different Market
Capitalization Funds. American Journal of Business, 23 (2), 17-26.
Yusra, M. (2019). Pengaruh Frekuensi Perdagangan , Trading Volume, Nilai
Kapitalisasi Pasar, Harga Saham, Dan Trading Day Terhadap Return Saham Pada
Perusahaan Kosmetik Dan Keperluan Rumah Tangga Di Bursa Efek Indonesia.
Jurnal Akuntansi dan Keuangan. 7 (1), 65-74.