IMPACT OF THE COVID-19 VIRUS ON STOCK MARKET RETURN IN INDONESIA

Authors

  • Hanna Gifani Magister of Management, Diponegoro University, Indonesia
  • Irene Rini Demi Pangestuti Magister of Management, Diponegoro University, Indonesia

DOI:

https://doi.org/10.29040/jap.v23i2.6899

Keywords:

Stock return, Covid-19, total confirmed cases, total death cases, market capitalization

Abstract

The purpose of the study was to investigates whether contagious infectious disease affect stock market outcomes. This study uses panel data analysis to test the effect of the Covid-19 virus on the Indonesia stock market. The results indicate that both the daily growth in total confirmed cases and in total cases of death causes by Covid-19 virus have significant negative effects on stock retuns across all companies on Indonesia stock exchange.

References

Al-Awadhi, A. M. et al. (2020) ‘Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns’, Journal of Behavioral and Experimental Finance. Elsevier B.V., 27, p. 100326. doi: 10.1016/j.jbef.2020.100326.

Anh, D. L. T. and Gan, C. (2020) ‘The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam’, Journal of Economic Studies. doi: 10.1108/JES-06-2020-0312.

Baker, S.R., Boom, N., Kost, K., Marco Sammon and Tasaneeya Viratyosin. (2020). “The Unprecedented Stock Market Reaction to COVID-19â€. Review of Asset Pricing Studies, 10, no. 4 (December). Earlier version published in Covid Economics: Vetted and Real-Time Papers, Issue 1

Blanchard, Oliver. (2006). Macroeconomic 4 Edition. Pearson Prentice Hall. New Jersey.

Chabachib, H. M. and Witjaksono, A. (2011) ‘Analisis Pengaruh Fundamental Makro dan Indeks Harga Global terhadap IHSG’, Jurnal Manajemen, Fakultas Ekonomika dan Bisnis, 5(17), pp. 63–72.

Guven, M., et al. (2022) ‘The effects of daily growth in COVID-19 deaths, governments’ response policies on stock markets emerging economies’, Research in International Business and Finance. Elsevier B.V., 61, p. 101659. https://doi.org/10.1016/j.ribaf.2022.101659

Ghozali, Imam. (2016). Multivariate Analysis Application with IBM SPSS 23 Program. Eighth Edition. Semarang: Diponegoro University Publishing Board.

Ningsih, E. R. and Cahyaningdyah, D. (2014) ‘Reaksi Pasar Modal Indonesia Terhadap Pengumuman Kenaikan Harga BBM 22 Juni 2013’, Management Analysis Journal, 1(3), pp. 1–5.

Samsul, M. (2015). Pasar Modal dan Manajemen Portofolio. Edisi Kedua. Jakarta: Erlangga.

Zhang, T., Du, T., & Li, J. (2019). The impact of China’s macroeconomic determinants on commodity prices. Finance Research Letters, 101323. https:/ /doi.org/10.1016/j.frl.2019.101323

Published

2022-10-24

How to Cite

Gifani, H., & Demi Pangestuti, I. R. (2022). IMPACT OF THE COVID-19 VIRUS ON STOCK MARKET RETURN IN INDONESIA. Jurnal Akuntansi Dan Pajak, 23(2). https://doi.org/10.29040/jap.v23i2.6899

Issue

Vol. 23 No. 2 (2023): JAP : Vol. 23, No. 2, Agustus 2022 - Januari 2023

Section

Articles

Citation Check

License

The copyright of the article fully belongs to the Jurnal Akuntansi dan Pajak and publishing rights belong entirely to LLPM STIE AAS Surakarta 

 Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.