DAMPAK PANDEMI COVID-19 TERHADAP HARGA SAHAM PT. INDOFARMA TBK
DOI:
https://doi.org/10.35794/jmbi.v10i1.48182Abstract
The purpose of this study is to analyze the impact of COVID-19 pandemic on the share price of PT. Indofarma Tbk (INAF), as one state-owned enterprise in healthcare sector. This study analyses the impact of COVID-19 on share price in several pandemic event in Indonesia. This study specifically focuses on three COVID-19 pandemic events, namely the announcement of first confirmed COVID-19 case in Indonesia, the imposing of the first Large Scale Social Restriction (PSBB I), and the imposing of new normal policy. By comparing share price of INAF during the 30-day period before and after each pandemic event, the result of this study shows that there is a significant different of share price between before and after COVID-19 pandemic. This study documents the impact of COVID-19 on the share price of INAF.
References
Alam, M. M., Wei, H., & Wahid, A. N. (2021). COVID‐19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Australian economic papers, 60(3), 482-495.
Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID19 virus on stock market returns. Journal of behavioral and experimental finance, 27, 1-13. https://doi.org/10.1016/j.jbef.2020.100326
Asbaniar, A., & Setiawan, S. (2022). Analisis Kinerja Saham pada Industri Farmasi Sebelum dan Setelah Adanya Pandemi COVID-19. IQTISHADequity jurnal MANAJEMEN, 4(1), 45-54.
Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101249. https://doi.org/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. The review of asset pricing studies, 10(4), 742-758.
Capelle-Blancard, G. & Desroziers, A. (2020). The Stock Market Is not the Economy? Insights from the COVID-19 Crisis. SSRN Electronic Journal. 10.2139/ssrn.3638208.
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.
Karamoy, H., & Tulung, J. E. (2020). The Effect of Financial Performance and Corporate Governance To Stock Price In Non-Bank Financial Industry. Corporate Ownership & Control, 17(2), 97-103.
Khofifah, A. N., Munandar, A., & Kartini, P. (2022). Pengaruh Pandemi COVID-19 terhadap Harga Saham Perusahaan Farmasi. Jurnal Akuntansi dan Keuangan, 13(1), 50-58.
Lyócsa, Š., Baumöhl, E., Výrost, T., & Molnár, P. (2020). Fear of the coronavirus and the stock markets. Finance research letters, 36, 101735.
Mangindaan J.V. & Manossoh, H. (2020), The comparative analysis of the stock price of PT. Garuda Indonesia before and after the COVID-19 pandemic, Jurnal Administrasi Bisnis, 10(2), 80-85.
Mangindaan, J. V., Manossoh, H., & Walangitan, O. F. C. (2022). The Impact of COVID-19 Pandemic on Stock Prices: An Empirical Study of State-Owned Enterprises in Indonesia Stock Exchange. The Journal of Asian Finance, Economics and Business, 9(3), 337-346.
Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1).
Mittal, S., & Sharma, D. (2021). The Impact of COVID-19 on Stock Returns of the Indian Healthcare and Pharmaceutical Sector. Australasian Accounting, Business and Finance Journal, 15(1), 5-21. https://doi.org/10.14453/aabfj.v15i1.2
Nurmasari, I., (2020). The impact of COVID-19 on changes of stock price and transaction volume (A case study on PT. Ramayana Lestari Sentosa, Tbk.), Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 3(3), 230-236
Phan, D. H. B., & Narayan, P. K. (2020). Country responses and the reaction of the stock market to COVID-19—A preliminary exposition. Emerging Markets Finance and Trade, 56(10), 2138-2150. https://doi.org/10.1080/1540496X.2020.1784719
Phuong, L. C. (2021). How COVID19 Affects the Stock Return of The Vietnamese Pharmaceutical Industry: Event Study Method. Entrepreneurship and Sustainability Issues 8(4)
Purnaningrum, E. & Ariyanti, V. 2020. “Pemanfaatan Google Trends untuk Mengetahui Intervensi Pandemi COVID-19 terhadap Pasar Saham di Indonesia”. Majalah Ekonomi, Vol. 25 (1), 93-101.
Siregar, N. Y., Anggraini, K. P., Meiliana, R., & Ramadhaniyah, R. (2022). New Normal COVID-19: Reaksi Pasar Modal?. Jurnal Riset Terapan Akuntansi, 6(1), 15-25.
Suhaedading, L. I. (2020). Pembatasan Sosial Berskala Besar (PSSB) saat Pandemi Covid-19 dan Dampaknya bagi Pasar Modal Indonesia. Abiwara: Jurnal Vokasi Administrasi Bisnis, 2(1), 33-37.
Taleb, N.N., 2007. “The Black Swan: The Impact of the Highly Improbable”. Random House. US. Available at: https://ssrn.com/abstract=3611587 45
Trisnowati Y. & Muditomo A. (2021). COVID-19 and Stock Market Reaction in Indonesia, Journal of Accounting and Investment, 22 (1), 23-36
Utami, B. S., & Aliyansah, P. I. (2020). COVID-19: Challenges and Opportunities in Indonesia Health sector. In E3S Web of Conferences (Vol. 202, p. 01008). EDP Sciences.
Welley, M. M, Oroh, F. S., & Walangitan, M. D. B. (2020). The comparison of stock prices of SOE in pharmaceutical sub-sector before and after the development of corona virus vaccine (COVID-19). Jurnal Ilmiah Manajemen Bisnis dan Inovasi, 7(3), 571-579
Yarovaya, L., Matkovskyy, R. and Jalan, A., 2020. “The COVID-19 Black Swan Crisis: Reaction and Recovery of Various Financial Markets” Available at SSRN: https://ssrn.com/abstract=3611587 or http://dx.doi.org/10.2139/ssrn.3611587
Zulfitra, M. T. (2020). Stock market reaction LQ45 Index, Consumer Goods Index, Manufacture Index and Finance to the COVID-19 Pandemic event in April 2020 in Indonesia, Jurnal Semarak, 3 (3), 1-10.
