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All Journal Management Analysis Journal Competitive Jurnal Akuntansi dan Keuangan Jurnal Ilmu Manajemen Retail Universitas Muhammadiyah Sukabumi (JIMAT UMMI) Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Fokus Abdimas Jurnal Bisnis
Nurcahyono Nurcahyono, Nurcahyono
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Journal : Jurnal Dinamika Akuntansi dan Bisnis (JDAB)

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The COVID-19 Outbreak and Stock Market Return: Evidence from Indonesia Nurcahyono, Nurcahyono; Hanum, Ayu Noviani; Sukesti, Fatmasari
Jurnal Dinamika Akuntansi dan Bisnis Vol 8, No 1 (2021): March 2021
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v8i1.18934

Abstract

This study investigates the impact of Coronavirus disease 2019 (COVID-19) outbreak on stock market returns in Indonesia stock exchange. Number of positive cases, mortality, recovery, and capital market data were collected for 136 days since the first case was announced in Indonesia (2 March 2020). Panel data regression was employed to test the research hypothesis. The results show that COVID-19 has a negative impact on Indonesian stock market returns. The growth of positive case and deaths decreased the market returns. Meanwhile, the increase of recovered cases is a positive signal for the capital market but it has not contributed to the rise of stock prices and market returns.
Co-Authors Ayu Noviani Hanum Fatmasari Sukesti Hardiwinoto Hardiwinoto, Hardiwinoto Ketut Sudharma, Ketut Kristiana, Ida Maknun, Kholifatul Afwah Luluul Santosa, R Ery Wibowo Agung Subkhi, Muhammad