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Effects of corporate actions on market dynamics during the COVID-19 pandemic: An event study on the Indonesia Stock Exchange

Jurnal Perspektif Pembiayaan dan Pembangunan Daerah · Vol. 11 No. 4 (2023) · hlm. 253–268

DOI
10.22437/ppd.v11i4.17027
ISSN
2355-8520, 2338-4603
Terbit
2023-10-31
Penerbit
Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

The COVID-19 pandemic has precipitated unprecedented uncertainty within the stock market, eliciting adverse reactions within the capital market. This environment compelled companies to engage in corporate actions. This research aimed to develop a model assessing the impact of corporate actions during the COVID-19 pandemic on the Indonesia Stock Exchange. This study employed an event study methodology to analyze corporate actions from March 1 to March 30, 2021, identifying four key actions: Stock Splits, Pre-emptive Rights (Rights Issues), Partial Delisting, and Warrants. These corporate actions influenced various metrics, including the frequency of stock returns, actual returns, stock returns, and trading volume activity. The outcomes of these actions varied, presenting differences before and after their execution. The study's findings categorize the impact of corporate actions during the pandemic into two distinct groups: insignificant and significantly negative. This research contributes to understanding the ramifications of corporate decisions during periods of heightened market volatility, specifically within the context of the Indonesia Stock Exchange during the COVID-19 pandemic.

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  • Hasanuddin University
  • Universitas Gadjah Mada
  • Universitas Ahmad Dahlan
  • Institut Teknologi Sepuluh Nopember
  • Sriwijaya University
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Syahmardi YacobAfiliasi tidak diketahui11
Dahmiri DahmiriAfiliasi tidak diketahui7
Muhammad Haris SaputraAfiliasi tidak diketahui6
Ahmad Nur Budi UtamaAfiliasi tidak diketahui6
Dessy ElliyanaAfiliasi tidak diketahui5
Ade OctaviaAfiliasi tidak diketahui5
Syamsurijal TanAfiliasi tidak diketahui4
Pradita Eko Prasetyo UtomoUniversitas Gadjah Mada4
Agus SolikhinAfiliasi tidak diketahui4
Agus SyarifAfiliasi tidak diketahui4
ZULKIFLI ZULKIFLIAfiliasi tidak diketahui3
Daffa Rizqi PrayudyaAfiliasi tidak diketahui2
Abdul FadlilUniversitas Ahmad Dahlan2
Rusydi UmarAfiliasi tidak diketahui2
JUNAIDI JUNAIDIAfiliasi tidak diketahui2
Asep MachpuddinAfiliasi tidak diketahui2
M. Syurya HidayatAfiliasi tidak diketahui2
Rosmeli RosmeliAfiliasi tidak diketahui2
Fitri ChairunnisaAfiliasi tidak diketahui2
Rizqa Raaiqa BintanaInstitut Teknologi Sepuluh Nopember2
Dawam SuprayogiAfiliasi tidak diketahui2
Yenny YuniartiAfiliasi tidak diketahui2
Huntari HarahapAfiliasi tidak diketahui2
Ely SusantiAfiliasi tidak diketahui2
Dwi KurniawanAfiliasi tidak diketahui2
Asep MachpudinAfiliasi tidak diketahui2
Sigit IndrawijayaAfiliasi tidak diketahui2
Muhammad SafriAfiliasi tidak diketahui2
Tona LubisAfiliasi tidak diketahui2
Rike SetiawatiAfiliasi tidak diketahui2
Novika SukmaningthiasAfiliasi tidak diketahui1
Somakim SomakimAfiliasi tidak diketahui1
Desi SafitriAfiliasi tidak diketahui1
Nyimas AisyahSriwijaya University1
Steven KurniawanAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/JES/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Effects of corporate actions on market dynamics during the COVID-19 pandemic: An event study on the Indonesia Stock Exchange</dc:title>
	<dc:creator xml:lang="en">Lubis, Tona Aurora</dc:creator>
	<dc:creator xml:lang="en">Fitriaty, Fitriaty</dc:creator>
	<dc:creator xml:lang="en">Sari, Novita</dc:creator>
	<dc:creator xml:lang="en">Firmansyah, Firmansyah</dc:creator>
	<dc:creator xml:lang="en">Ningsih, Maryati</dc:creator>
	<dc:subject xml:lang="en">Corporate action</dc:subject>
	<dc:subject xml:lang="en">COVID-19</dc:subject>
	<dc:subject xml:lang="en">Even study</dc:subject>
	<dc:subject xml:lang="en">Indonesia Stock Exchange </dc:subject>
	<dc:description xml:lang="en">The COVID-19 pandemic has precipitated unprecedented uncertainty within the stock market, eliciting adverse reactions within the capital market. This environment compelled companies to engage in corporate actions. This research aimed to develop a model assessing the impact of corporate actions during the COVID-19 pandemic on the Indonesia Stock Exchange. This study employed an event study methodology to analyze corporate actions from March 1 to March 30, 2021, identifying four key actions: Stock Splits, Pre-emptive Rights (Rights Issues), Partial Delisting, and Warrants. These corporate actions influenced various metrics, including the frequency of stock returns, actual returns, stock returns, and trading volume activity. The outcomes of these actions varied, presenting differences before and after their execution. The study's findings categorize the impact of corporate actions during the pandemic into two distinct groups: insignificant and significantly negative. This research contributes to understanding the ramifications of corporate decisions during periods of heightened market volatility, specifically within the context of the Indonesia Stock Exchange during the COVID-19 pandemic.</dc:description>
	<dc:publisher xml:lang="en">Program Magister Ilmu Ekonomi  Pascasarjana Universitas Jambi</dc:publisher>
	<dc:date>2023-10-31</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://online-journal.unja.ac.id/JES/article/view/17027</dc:identifier>
	<dc:identifier>10.22437/ppd.v11i4.17027</dc:identifier>
	<dc:source xml:lang="en">Jurnal Perspektif Pembiayaan dan Pembangunan Daerah; Vol. 11 No. 4 (2023): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah; 253 - 268</dc:source>
	<dc:source>2355-8520</dc:source>
	<dc:source>2338-4603</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/JES/article/view/17027/17497</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2023 Tona Aurora Lubis, Fitriaty Fitriaty, Novita Sari, Firmansyah Firmansyah, Maryati Ningsih</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>