COVID-19: EFEK PADA SAHAM YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII)

  • Vivi Indah Bintari Universitas Siliwangi
  • Deasy Lestary Kusnandar Universitas Siliwangi
Abstract viewed = 0 times
PDF (Bahasa Indonesia) downloaded = 0 times

Abstract

COVID-19 has affected communities, businesses and organizations globally, automatically affecting financial markets and economies. This led to a significant decline in capital market conditions in Indonesia. Therefore, the Indonesia Stock Exchange issued an announcement on the decision letter of the board of directors of the Indonesia Stock Exchange regarding changes in trading times regarding exchange transactions, regarding the development of global capital market conditions and the Indonesian capital market which are under pressure, among others, influenced by the determination of the corona virus (COVID-19) as global pandemic by WHO. With a country where the majority of the people are Muslim, the indicators or instruments of sharia shares on the IDX are interesting things to study carefully. This study aims to examine how the COVID-19 outbreak has affected companies listed on the Jakarta Islamic Index (JII). The study period was classified into the period before and after the announcement. The data consists of 30 daily price observations from 30 selected companies. The research period ranges from March 4, 2020 to April 17, 2020. The test was carried out using a different paired sample t-test with SPSS 26 software. The results of the study indicate that there is a significant difference in returns between before and after the announcement of the decision letter of the board of directors of the Indonesia Stock Exchange. regarding changes in trading times regarding exchange transactions, regarding developments in global capital market conditions and the Indonesian capital market which is under pressure, among others influenced by the determination of the corona virus (COVID-19) as a global pandemic by WHO in the Jakarta Islamic Index (JII).


COVID-19 telah memengaruhi komunitas, Bisnis, dan organisasi secara global, yang secara otomatis mempengaruhi pasar keuangan dan ekonomi. Hal tersebut menyebabkan terjadinya penurunan yang signifikan pada kondisi pasar modal di Indonesia. Sehingga Bursa Efek Indonesia mengeluarkan pengumuman surat keputusan dewan direksi Bursa Efek Indonesia mengenai perubahan waktu perdagangan tentang transaksi pertukaran, mengenai perkembangan kondisi pasar modal global dan pasar modal Indonesia yang berada di bawah tekanan, antara lain dipengaruhi oleh penentuan virus korona (COVID-19) sebagai pandemi global oleh WHO. Dengan negara yang mayoritas masyarakatnya beragama Islam menjadikan indikator atau instrumen saham syariah di BEI menjadi hal yang menarik untuk dikaji dengan teliti. Penelitian ini bertujuan untuk menguji bagaimana wabah COVID-19 telah mempengaruhi perusahaan yang terdaftar di Jakarta Islamic Index (JII). Periode studi diklasifikasikan ke dalam periode sebelum dan setelah pengumuman. Data terdiri dari 30 observasi harga harian dari 30 perusahaan terpilih. Periode penelitian berkisar dari 4 Maret 2020 hingga 17 April 2020. Pengujian dilakukan dengan menggunakan uji beda Paired Sample t-test dengan software SPSS 26. Hasil dari penelitian menunjukkan bahwa ada perbedaan return yang signifikan antara sebelum dan setelah pengumuman surat keputusan dewan direksi Bursa Efek Indonesia mengenai perubahan waktu perdagangan tentang transaksi pertukaran, mengenai perkembangan kondisi pasar modal global dan pasar modal Indonesia yang berada di bawah tekanan, antara lain dipengaruhi oleh penentuan virus korona (COVID-19) sebagai pandemi global oleh WHO pada Jakarta Islamic Index (JII).

References

Andreas, & Ria, D. (2011). January Effect pada Perusahaan LQ-45 Bursa Efek Indonesia 2003-2008. Jurnal Ekonomi, 19(3), 11–21.
Anisah, N., Pujiati, L., Anisah, N., Pujiati, L., & Widiarti, D. S. (2017). Pengaruh Perubahan Harga Bahan Bakar Minyak Terhadap Investasi Saham Perusahaan Transportasi Darat. 12(1), 9–20.
Badjra, B., & Saputro, N. (2016). Kinerja portofolio saham berdasarkan strategi investasi momentum pada industri manufaktur. E-Jurnal Manajemen Unud, 5(1), 623–649.
Bhootra, A. (2018). Gross profitability and momentum. Emerald Insight.
Chen, Q., Hua, X., & Jiang, Y. (2015). Contrarian strategy and herding behaviour in the Chinese stock market. The European Journal of Finance.
De Bondt, M. F. W., & Thaler, R. (1985). Does the Stock Market Overreact? The Journal of Finance.
Deva, I. M. H. P., & Putri, I. G. A. M. D. (2018). Analisis reaksi pasar sebelum dan sesudah pengumuman kemenangan Donald trump sebagai Presiden Amerika. E- Journal Akuntansi Universitas Udayana, 23(1), 430.
Dewi, R. M., & Sasmikadewi, A. I, . (2017). Perbandingan kinerja portofolio saham winner- loser berdasarkan strategi investasi momentum. E-Jurnal Manajemen Unud, 6(2), 2302–8912.
Doan, M. P., & Brooks, R. (2014). Concurrent momentum and contrarian strategies in the Australian stock market. Australia Journal of Management, 1–30.
Forner, C., & Marhuenda, J. (2003). Contrarian and Momentum Strategies in the Spanish Stock Market. European Financial Management, 9(1), 67–88. https://doi.org/10.1111/1468-036X.00208
Galariotis, C. E. (2014). Contrarian and momentum trading : a review of the literature. Review of Behavioral Finance, Emerald Insight., 6(1), 63–82.
Gunasekarage, A., & Kot, W. H, . (2007). Article information :Return-based investment strategies in the New Zealand stock market: momentum wins. Accounting Review, Emerald Insight, 19(2), 108–124.
Hadi, N. (2020). Uji Event Studies : Dampak Peristiwa Aksi Bela Islam ( Aksi 212 ) Terhadap Abnormal Return dan Trading Volume Activity ( Saham Syariah di Jakarta Islamic Index ) A . PENDAHULUAN Investor merupakan pihak yang rasional , sehingga keputusan investasi yang di. Jurnal Iqtisad, 7(1), 23–43.
Hartono, J. (2010). . 2010. Teori Portofolio dan Analisis Investasi. Yogyakarta BPFE.
Hartono, J. (2014). . 2014.” Metode Penelitian Bisnis”. Edisi Ke-6. Yogyakarta.Universitas Gadjah Mada. Universitas Gajahmada.
Hinawati, T. (2016). Efek Hari Libur Idul Fitri Terhadap Abnormal Return Saham Di Bursa Efek Indonesia. Cakrawala, XI(1), 34–50.
Ibrahim Eldomiaty, T., Anwar, M., Magdy, N., & Nabil Hakam, M. (2020). Evaluation of Long Term Performance for Initial Public Offerings using Market Adjusted Cumulative Abnormal Returns (MACAR): A Case Study of Islamic Finance in Malaysia. European Research on Management and Business Economics, 25(1), 51–58. https://doi.org/10.31695/ijasre.2019.33050
Investing. (2022). Data Harga Saham. Https://Id.Investing.Com.
Jegadeesh, N., & Titman, S. (1993). Return to Buying Winners and Selling Losers: Implications for Stock Market Efficiency. The Journal of Finance, 48(1), 65–91.
Jones, P. C. (2010). Investments Principles and Concepts (11 rd ed). John Wiley & Sons.
Krichene, N. (2013). (2013). Islamic Caital Markets Theory and Practice. . Willey Finance.
Leung, K. W., Fung, G. H., & Yu, L. (2019). Momentum and contrarian trading strategy: Which one works better in Chinese stock market. International Review of Economics and Finance, 62, 87–105.
Liao, C. C. (2017). Momentum Trading, Contrarian Trading and Smart Money Manipulation. International Business Research, 10(2), 1913–9004.
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., Agha, M., & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International Journal of Surgery, 78(March), 185–193. https://doi.org/10.1016/j.ijsu.2020.04.018
Our World In Data. (2022). Coronavirus (COVID-19) Cases. Https://Ourworldindata.Org/Covid-Cases.
Permata, C. P., & Ghoni, M. A. (2019). Peranan Pasar Modal Dalam Perekonomian Negara Indonesia. Jurnal Akun Stie, 5(2), 50–61.
Scrimgeor, F., Locke, S., & Gupta, K. (2013). Profitability of momentum returns under alternative approaches. International Journal of Managerial Finance, 9(3), 219–246.
Service, M. I. (2020). Policy measures may not offset Covid-19 economic damage in APAC: Moody’s. Moody’s Investor Service. https://newschant.com/money/policy-measures-may-not-offset-covid-19-economic-damage-in-apac-moodys/
Stork, A. P. (2013). ,. (2013). “The intertemporal mechanics of European stock price momentum. Studies in Economics and Finance”, Vol. 28 Iss 3 pp. . Emerald Insight, 28(3), 217–232.
Susilowati, Y., & Turyanto, T. (2011). 192-Article Text-383-1-10-20120202. Dinamika Keuangan Dan Perbankan, 3(1), 17–37.
Tanna, S., & Nnadi, M. (2017). . (2017). “Accounting analyses of momentum and contrarian strategies in emerging markets”. . ISSN: . Asia-Pacifik Journal of Accounting & Economics, 1608–1625.
Wilson, J. (2020). The economic impact of coronavirus. Imperial News; https://www.imperial.ac.uk/news/19
Witiastuti, S., & Maharani, S. (2015). Fenomena market overreaction di Bursa Efek Indonesia. Management Analysis Journal, 4(1).
Wulandari, A. (2014). Analisis Fenomena January Effect pada Saham LQ 45 yang Listing di BEI Periode 2009-2013. Jurnal Elektronik Universitas Padang, 15(3), 1–18.
Yap, W. C. (2020). China’s factories struggle to resume operations after virus shutdown. Wall St. J. https://www.wsj.com/articles/chinas-factories-struggle-to-resume-operations-after-virus-shutdown-11581157800
Yethindra, V. (2020). Role of GS-5734 (Remdesivir) in inhibiting SARS-CoV and MERS-CoV: The expected role of GS-5734 (remdesivir) in COVID-19 (2019-nCoV)-VYTR hypothesis. International Journal of Research in Pharmaceutical Sciences, 11(Special Issue 1), 1–6. https://doi.org/10.26452/ijrps.v11iSPL1.1973
Published
2022-03-31
How to Cite
BINTARI, Vivi Indah; KUSNANDAR, Deasy Lestary. COVID-19: EFEK PADA SAHAM YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII). Procuratio : Jurnal Ilmiah Manajemen, [S.l.], v. 10, n. 1, p. 35-47, mar. 2022. ISSN 2580-3743. Available at: <https://ejournal.pelitaindonesia.ac.id/ojs32/index.php/PROCURATIO/article/view/1641>. Date accessed: 07 dec. 2022. doi: https://doi.org/10.35145/procuratio.v10i1.1641.

Most read articles by the same author(s)

Obs.: This plugin requires at least one statistics/report plugin to be enabled. If your statistics plugins provide more than one metric then please also select a main metric on the admin's site settings page and/or on the journal manager's settings pages.