EFEK PERISTIWA DAN IMPLEMENTASI KEBIJAKAN COVID-19 TERHADAP NILAI ABNORMAL RETURN DAN PROFITABILITAS (Studi Kasus Pada Perusahaan Infrastruktur Telekomunikasi yang Terdaftar di Bursa Efek Indonesia)
Abstract
Penelitian ini bertujuan untuk menganalisis reaksi pasar terhadap peristiwa pandemi Covid-19 dan efek pandemi tersebut terhadap nilai fundamental dari beberapa perusahaan, dengan menggunakan analisa abnormal return saham dan profitabilitas. Populasi dari penelitian ini terdiri dari 11 perusahaan telekomunikasi yang terdaftar dalam Indeks Harga Saham Gabungan (IHSG). Jenis data yang digunakan dalam penelitian yaitu data sekunder. Metode event study digunakan untuk mencari perbedaan nilai rata-rata abnormal return saham sebelum dan sesudah terjadinya event. Sedangkan untuk analisis profitabilitas selama periode Covid-19 dibandingkan tahun sebelumnya. Hasil analisa perhitungan diuji dengan menggunakan uji paired sample t-test dan uji wilcoxon signed ranks. Hasil dari penelitian menunjukkan bahwa adanya perbedaan signifikan pada abnormal return sebelum dan sesudah kejadian pelonggaran Pembatasan Sosial Berskala Besar (PSBB), tetapi tidak menunjukkan perbedaan yang signifikan terhadap profitabilitas sebelum dan sementara berjalannya Covid-19.
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Brigham, E. F., & Houston, J. F. (2010). Dasar-Dasar Manajemen Keuangan 1 edisi 14. Jakarta: Selemba Empat.
Brown, S. J., & Warner, J. B. (1980). Measuring Security Price Performance. Journal of Financial Economics, 18(3), 205-258.
Chadee, D., Ren, S., & Tang, G. (2020). Is digital technology the magic bullet for performing work at home? Lessons learned for post COVID-19 recovery in hospitality management. International Journal of Hospitality Management, 92(1), 1-8.
Dewi, C. K., & Masithoh, R. (2020). JKSE and Trading Activities Before After Covid-19 Outbreak. Research Journal of Accounting and Business Management 4(1), 1-6.
Fama, E. F. (1969). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance 25(2), 383-417.
Financial Accounting Standards Board. (1980). Statement of Financial Accounting Concepts No. 2. Norwalk, Connecticut.
Fatihudin, D., & Mochklas, M. (2018). How Measuring Financial Performance. International Journal of Civil Engineering and Technology 9(6), 553-557.
Gilson, R. J., & Black, S. B. (1995). Dalam The Law and Finance of Corporate Acquisitions second edition (hal. 194-195). Foundation Press.
Gitman, L., Joehnk, M., & Smart, S. (2011). Fundamentals of Investing eleventh Edition. Pearson.
Hanafi, M. (2013). Manajemen Keuangan. Yogyakarta: BPFE.
Horne, J. C., & Wachowicz, J. M. (2008). Fundamentals of Financial Management, 13th edition. Pearson Education.
Jogiyanto. (2008). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Kesuma, Y. F. (2014). Analisa Laporan Keuangan Sebagai Dasar Dalam Penilaian Kinerja Keuangan Pt. Budi Satria Wahana Motor. Jurnal Akuntansi & Keuangan, 5(1), 93-121.
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Liu, Y. C., Kuo, R. L., & Shih, S. R. (2020). COVID-19: The first documented coronaviruspandemic in history. Biomedical Journal, 43(4), 328-333.
Maith, H. A. (2013). Analisis Laporan Keuangan dalam Mengukur Kinerja Keuangan pada Pt. Hanjaya Mandala Sampoerna Tbk. Jurnal EMBA, 1(3), 619-628.
Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89(1), 1-6.
McGraw-Hill Education. (2014). Financial Statement Analysis 11th Edition. New York: McGraw-Hill Education.
McWilliams, A., & Siegel, D. S. (1997). Event Studies In Management Research: Theoretical And Empirical Issues. The Academy of Management Journal 40(3), 626-657.
Nestary, N., Chandra, T., & Panjaitan, H. P. (2017). Analisis Pengaruh Pilkada Serentak Putaran I dan II Tahun 2017 Terhadap Abnormal Return dan Volume Perdagangan Saham pada LQ 45 di Bursa Efek Indonesia. Jurnal Ilmu Komputer dan Bisnis, 8(2), 2032-2049.
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Sawidji, W. (1996). Cara Sehat Investasi di Pasar Modal. Jakarta: Jurnalindo Aksan Grafika.
Sidik, Syahrizal. (2020a, June 11). Perusahaan Telekomunikasi Paling Cuan Saat Pandemi Covid-19. Diambil kembali dari CNBC Indonesia: https://www.cnbcindonesia.com/market/20200611154403-17-164699/perusahaan-telekomunikasi-paling-cuan-saat-pandemi-covid-19
Sidik, Syahrizal. (2020b, April 22). Work From Home & PSBB, Saham Emiten Telko Ketiban 'Berkah'. Diambil kembali dari CNBC Indonesia: https://www.cnbcindonesia.com/market/20200611154403-17-164699/perusahaan-telekomunikasi-paling-cuan-saat-pandemi-covid-19
Topcu, M., & Gulal, S. O. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 1-4.
Trochim, W. M. (2020, March 10). Design. Diambil kembali dari Research Methods Knowledge Base: https://conjointly.com/kb/research-design/
Published
2021-09-30
How to Cite
LELENGBOTO, Abraham Leslie Petir; TAN, Chinrico; LONTOH, Clinten.
EFEK PERISTIWA DAN IMPLEMENTASI KEBIJAKAN COVID-19 TERHADAP NILAI ABNORMAL RETURN DAN PROFITABILITAS (Studi Kasus Pada Perusahaan Infrastruktur Telekomunikasi yang Terdaftar di Bursa Efek Indonesia).
Klabat Accounting Review, [S.l.], v. 2, n. 2, p. 113-133, sep. 2021.
ISSN 2722-7278.
Available at: <https://ejournal.unklab.ac.id/index.php/kar/article/view/567>. Date accessed: 15 oct. 2025.
doi: https://doi.org/10.60090/kar.v2i2.567.113-133.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
