The Impact of The 2020 Health Crisis on Exchange Rates and Stock Prices in Indonesia

(Study on PT. Jasa Marga (Persero) Tbk.)

Authors

  • Rofik Efendi Institut Agama Islam Negeri Kediri
  • Yuliani Institut Agama Islam Negeri Kediri
  • Sri Anugrah Natalina Institut Agama Islam Negeri Kediri

DOI:

https://doi.org/10.30762/almuhasib.v3i2.734

Keywords:

Exchange Rate, Stock Price, Health Crisis

Abstract

The infrastructure sector during the health crisis had an impact by declining by around 12% until the end of 2020. One that can cause a decrease in stock prices is the exchange rate. PT Jasa Marga (Persero) Tbk. is one of the companies that showed active stock price activity during the health crisis period. The data sample of this study is to take daily data from exchange rates and stock prices during 2020 with a sample number of 242. Empirical results show that the correlation coefficient is -0.89, hence the relationship between the exchange rate and stock price is very strong and contradictory. Ha's partial test results were accepted and Ho was rejected, i.e. the exchange rate was partially significant and affected the stock price. The R square results of 79.8 percent that the exchange rate .

References

Abdul Aziz, Manajemen Investasi Syariah (Bandung: Alfabeta, 2010), 86.

Adiwarman Karim, Makro Ekonomi Islam – Cetakan Ketiga (Jakarta: Rajawali Pers, 2010), 167-168.

Dewi Kartikaningsih, Nugraha, dan Sugiyanto, “Pengaruh Nilai Tukar terhadap Harga Saham Sektor Infrastruktur pada Masa Pandemi Covid-19” (Jurnal: Universitas Pendidikan Indonesia Bandung, 2020), 1

Eduardus Tandelilin, Portofolio dan Investasi, 56.

Jasa Marga. Laporan Tahunan Jasa Marga 2020, 74.

Khaerul Umam, Pasar Modal Syariah dan Praktik Pasar Modal Syariah

Lailatul Maghfiroh “Analisis Pengaruh Inflasi, Tingkat Suku Bunga, dan Nilai Tukar Rupiah terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia Selama Pandemi” (Skripsi: Universitas Islam Malang, 2021), 54.

Paul A. Samuelson dan William D. Nordhous, Makro Ekonomi Edisi 14 (Jakarta: Erlangga, 1995), 469.

Sadono Sukirno, Makro Ekonomi. In Teori Pengantar - Edisi Ketiga. Cetakan ke 21, 402.

Serena Sila Sebo dan H. Moch. Nafi, Jurnal “Pengaruh Inflasi, Nilai Tukar, Suku Bunga, dan Volume Transaksi terhadap Harga Saham Perusahaan pada Kondisi Pandemi Covid-19” (Akuntansi dan Perpajakan Universitas Merdeka Malang, 2020), 1.

Siamat Dahlan, Manajemen Lembaga Keuangan. Edisi Ketiga (Jakarta. Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia, 2001), 54.

Sisca Septyani Devi, Jurnal “Pengaruh Inflasi dan Nilai Tukar terhadap Indeks Harga Saham Gabungan yang Terdaftar di Bursa Efek Indonesia pada Masa Pandemi Covid-19 Bulan Januari-Desember Tahun 2020” (Fakultas Ekonomi Universitas Dirgantara Marsekal Suryadarma, 2021), 1

Sugeng Raharjo, Jurnal “Pengaruh Inflasi, Nilai Kurs Rupiah, dan Tingkat Suku Bunga terhadap Harga Saham di Bursa Efek Indonesia” (Surakarta: STIE “AUB” Surakarta, 2009), 19

Tery Herlambang, dkk, Ekonomi Makro – Teori, Analisis, dan Kebijakan (Jakarta: PT. Gramedia Pustaka Utama, 2011), 4.

Wiratna Sujarweni, Metodologi Penelitian Bisnis dan Ekonomi (Yogyakarta: Pustaka Baru Press, 2015), 39.

Z. Iskandar Alwi, Pasar Modal: Teori dan Aplikasi Edisi Pertama, 87

Downloads

Published

2023-12-30

How to Cite

Efendi, R. ., Yuliani, & Natalina, S. A. (2023). The Impact of The 2020 Health Crisis on Exchange Rates and Stock Prices in Indonesia : (Study on PT. Jasa Marga (Persero) Tbk.). Al-Muhasib: Journal of Islamic Accounting and Finance, 3(2), 113–123. https://doi.org/10.30762/almuhasib.v3i2.734

Issue

Vol. 3 No. 2 (2023)

Section

Articles

License

Copyright (c) 2023 Rofik Efendi, Yuliani, Sri Anugrah Natalina

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.