Research Paper
Year: 2021 | Month: March | Volume: 8 | Issue: 3 | Pages: 71-82
Determinant of Stock Return in Plastic and Packaging Subsector Before and During COVID-19 Pandemic
Lulu Nike Gunawan1, Sri Hartoyo2, Hendro Sasongko3
1,2School of Business, IPB University, Bogor, Indonesia
3Faculty of Economics, Pakuan University, Bogor, Indonesia
Corresponding Author: Lulu Nike Gunawan
ABSTRACT
It is feared that the excise issue will have an impact on plastic sales. While the excise issue has not subsided yet, in 2020 the Covid-19 pandemic has hit the world, including Indonesia. This study aims to analyze the effect of excise issues and the Covid-19 pandemic on stock returns in the plastic and packaging subsectors. The method used in this research is descriptive analysis and panel data regression with one macroeconomic variable, which is inflation, nine financial performance variables, and two partially calculated dummy variables, which are the issue of plastic excise and the Covid-19 pandemic. This research was conducted at 9 companies listed on the Indonesia Stock Exchange (IDX). The data used are quarterly data from 2012 to 2020. The research period is divided into three periods. They are before and after the emergence of excise issues, the continuation period until the Covid-19 pandemic, and finally before and during the pandemic. The test results show that the excise issue has a negative effect on stock returns in the plastic and packaging subsector. In the second period, the negative effect of the excise issue on stock returns was higher than before the Covid-19 pandemic. The presumption of the influence of the Covid-19 pandemic in the second period was strengthened by the results of the prediction model in the third period. As a result, the Covid-19 pandemic has a negative effect on stock returns.
Keywords: covid-19 pandemic; excise issue; financial report; plastic and packaging.
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