Proceedings of the 4th International Conference of Economics, Business, and Entrepreneurship, ICEBE 2021, 7 October 2021, Lampung, Indonesia

Research Article

COVID-19 Pandemic: Evidence from JII Stocks

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  • @INPROCEEDINGS{10.4108/eai.7-10-2021.2316220,
        author={Erna  Listyaningsih and Wiewiek  Indriani and Rizki Putri Mayangsari},
        title={COVID-19 Pandemic: Evidence from JII Stocks},
        proceedings={Proceedings of the 4th International Conference of Economics, Business, and Entrepreneurship, ICEBE 2021, 7 October 2021, Lampung, Indonesia},
        publisher={EAI},
        proceedings_a={ICEBE},
        year={2022},
        month={4},
        keywords={covid-19 pandemic jii stocks event study},
        doi={10.4108/eai.7-10-2021.2316220}
    }
    
  • Erna Listyaningsih
    Wiewiek Indriani
    Rizki Putri Mayangsari
    Year: 2022
    COVID-19 Pandemic: Evidence from JII Stocks
    ICEBE
    EAI
    DOI: 10.4108/eai.7-10-2021.2316220
Erna Listyaningsih1,*, Wiewiek Indriani1, Rizki Putri Mayangsari1
  • 1: Universitas Malahayati
*Contact email: ernatya04@yahoo.com

Abstract

The purpose of this study is to analyze the reaction of the Jakarta Islamic Index (JII) stocks to the announcement of COVID-19 as a national disaster in Indonesia. The sample used is 30 of JII stocks and an event study methodology applied. The results of the study found that there were in the second and the fourth day after the event date having significant on abnormal return at 1 % level. Additionally, there was the pretty strong impact of the event on Trading Volume Activity and Bid-Ask Spread of JII stocks. In addition, based on the regression test indicated that the event has a significant effect on JII stocks, so that the result remain robust. It indicated that the announcement of COVID-19 as a national disaster in Indonesia has affected market stock.