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Factors Impact of the Stock Market Performance During the Covid-19 Crisis

ETIKONOMI · Vol. 23 No. 1 (2024) · hlm. 47–62

DOI
10.15408/etk.v23i1.32005
ISSN
2461-0771, 1412-8969
Terbit
2024-04-11
Penerbit
Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Bahasa
eng

Abstrak

Research originality: This research adds the exchange rate variable and the use of the Vector Autoregressive (VAR) model that can add to the financial literature.Research Objectives: This study examines how macroeconomics can impact a business during a crisis. The stock market has associated access with new COVID-19 cases and new deaths in Indonesia. During the pandemic, the exchange rate is critical, so this study observes the exchange rate of IDR against USD. This paper investigates the relationship between new cases, new deaths, and the exchange rate with the stock market index.Research Methods: The study retrieves the daily data from March 2, 2020, to June 30, 2022, from Our World in Data, Indonesia's stock exchange, and Indonesia's Statistic Central Bureau. We have used the ADF, Vector Autoregressive (VAR) Model, impulse response function, and the Toda Yamamoto causality test. Empirical Results: The findings reveal a significant negative impact of new COVID-19 cases, new deaths, and exchange rates on the stock market. Toda Yamamoto's causality analysis reveals substantial evidence of unidirectional daily growth of new COVID-19 deaths in the stock market and a bidirectional causality of new COVID-19 cases and new COVID-19 deaths.Implications: The policy implications of this study are to stabilize markets, impact overall financial stability, support entrepreneurship, and develop a competitive market environment that can encourage innovation. JEL Classification: C5, E31, F31How to Cite:Goh, T. S., Henry, H., & Erika, E. (2024). Factors Impact of the Stock Market Performance During the Covid-19 Crisis. Etikonomi, 23(1), 47 – 62. https://doi.org/10.15408/etk.v23i1.32005

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14 penulis · 33 tautan kepenulisan bersama · 23 lintas organisasi

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  • Universitas Methodist Indonesia
  • Sekolah Tinggi Ilmu Ekonomi Professional Manajemen College Indonesia
  • Universitas Sumatera Utara
  • Multimedia Nusantara University
  • Binus University
  • Universitas Raharja
  • Universitas Pasundan
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  • Afiliasi tidak diketahui
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Rekan penulisOrganisasiArtikel bersama
Erika ErikaSekolah Tinggi Ilmu Ekonomi Professional Manajemen College Indonesia2
Albert AlbertUniversitas Gadjah Mada2
Efa Ayu NabilaUniversitas Raharja1
Felix SutisnaMultimedia Nusantara University1
Tiurida Lily AnitaBinus University1
Ahmed KhanAfiliasi tidak diketahui1
Mary AngelAfiliasi tidak diketahui1
Arthur SimanjuntakUniversitas Methodist Indonesia1
Jaja SutejaUniversitas Pasundan1
Erika ErikaRiau University1
Aldo Hermaya Aditiya Nur KarsaPoliteknik Siber Cerdika Internasional1

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Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en">Factors Impact of the Stock Market Performance During the Covid-19 Crisis</dc:title>
	<dc:creator xml:lang="en">Goh, Thomas Sumarsan</dc:creator>
	<dc:creator xml:lang="en">Henry, Henry</dc:creator>
	<dc:creator xml:lang="en">Erika, Erika</dc:creator>
	<dc:subject xml:lang="en">stock market</dc:subject>
	<dc:subject xml:lang="en">COVID-19</dc:subject>
	<dc:subject xml:lang="en">exchange rate</dc:subject>
	<dc:subject xml:lang="en">VAR</dc:subject>
	<dc:description xml:lang="en">Research originality: This research adds the exchange rate variable and the use of the Vector Autoregressive (VAR) model that can add to the financial literature.Research Objectives: This study examines how macroeconomics can impact a business during a crisis. The stock market has associated access with new COVID-19 cases and new deaths in Indonesia. During the pandemic, the exchange rate is critical, so this study observes the exchange rate of IDR against USD. This paper investigates the relationship between new cases, new deaths, and the exchange rate with the stock market index.Research Methods: The study retrieves the daily data from March 2, 2020, to June 30, 2022, from Our World in Data, Indonesia's stock exchange, and Indonesia's Statistic Central Bureau. We have used the ADF, Vector Autoregressive (VAR) Model, impulse response function, and the Toda Yamamoto causality test. Empirical Results: The findings reveal a significant negative impact of new COVID-19 cases, new deaths, and exchange rates on the stock market. Toda Yamamoto's causality analysis reveals substantial evidence of unidirectional daily growth of new COVID-19 deaths in the stock market and a bidirectional causality of new COVID-19 cases and new COVID-19 deaths.Implications: The policy implications of this study are to stabilize markets, impact overall financial stability, support entrepreneurship, and develop a competitive market environment that can encourage innovation. JEL Classification: C5, E31, F31How to Cite:Goh, T. S., Henry, H., &amp;amp; Erika, E. (2024). Factors Impact of the Stock Market Performance During the Covid-19 Crisis. Etikonomi, 23(1), 47 – 62. https://doi.org/10.15408/etk.v23i1.32005</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2024-04-11</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/32005</dc:identifier>
	<dc:identifier>10.15408/etk.v23i1.32005</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 23 No. 1 (2024); 47-62</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/32005/pdf</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Thomas Sumarsan Goh, Henry Henry, Erika Erika</dc:rights>
</oai_dc:dc>