The Impact of the Covid-19 Pandemic on the Market Reaction in the Telecommunications Sector on the Indonesia Stock Exchange

Indar Budi Utami, Sudarto Sudarto, Intan Shaferi


The purpose of study is to find out the impact of the COVID-19 pandemic as a national emergency on
returns in the telecommunications sector stocks listed on the Indonesia Stock Exchange as seen from the
difference in average abnormal returns of stocks before and after the Government determined the
implementation of Emergency Community Activity Restrictions (PPKM) on 3-20 July 2021 on the
islands of Java and Bali. The population in this study is the telecommunications industry sector
companies on the Indonesia Stock Exchange. By using the census sampling method covers the entire
population. The study focused on the window period, namely 10 days before and 10 days after the event
date. Data were analyzed using paired sample t-test. From the research conducted, it is known that there is
no difference before and after the COVID-19 emergency PPKM was applied to the Market Reaction in
the Telecommunications Sector at the Jakarta Stock Exchange.
Keywords: Capital Market; Event Study; Abnormal Return; Pandemic COVID-19

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