PERUBAHAN HARGA SAHAM, RETURN SAHAM, DAN VOLUME PERDAGANGAN SAHAM AKIBAT PANDEMI COVID-19

Abstract

On March 15th, 2020, The President of Republic Indonesia Joko Widodo announced there are
restrictions on community mobility or Work from home (WFH) due to the Covid-19 Pandemic that hit
Indonesia. This activity was a sign that the increasing number of Indonesian people who have been
infected with the Covid-19 virus, it increased the need for medicines to treat patients who are
confirmed positive for Covid-19. Furthermore, The increase in demand for medicines due to the Covid-
19 pandemic can be a positive signal for pharmaceutical company investors, causing a demand for
pharmaceutical company stocks. This research aimed to analyze the stock market reaction, and
trading volume of pharmaceutical companies' shares due to the announcement of Work from home in
Indonesia. This research was quantitative, with a comparative method. The research sample used
pharmaceutical companies listed on Indonesia Stock Exchange in 2020. Furthermore, the research
sample used purposive sampling, a sample selection based on the determined criteria by the
researcher. The event research was used 80 days before and 80 days after the announcement.
Moreover, the statistical analysis used the Wilcoxon Signed Rank Test. The research result explained
that there was a significant difference in stock price before and after the announcement, there was a
significant difference in shares return and there was a significant difference in the trading volume
shares, which three of them experienced an increase after the announcement Work from home in
Indonesia.