Analisis Perbedaan Abnormal Return Keuangan pada Sektor Consumer Goods Industry Sebelum dan Saat Pengumuman Pandemi COVID – 19 di Bursa Efek Indonesia ( Event Study pada Sub Sektor Food and Beverages dan Sub Sektor Pharmaceuticals periode Februari – April 2020 )

Abstract

AbstractThis study aims to analyze whether there are differences in financial abnormal return to the consumer goods industry sector, especially in the food and beverages sub-sector and the pharmaceuticals sub-sector listed on the Indonesia Stock Exchange before and during the right issue. This research was conducted with 2 right issues, the first case of Covid - 19 which occurred on March 2, 2020 and the implementation of the first PSBB by the government on March 30, 2020 with observation periods of 3 days before and 3 days after the announcement respectively. This type of research is an event study using quantitative descriptive methods. Determination of the sample using purposive sampling, with a total sample of 13 food and beverages companies and 7 pharmaceuticals companies. The data used in this study include stock prices, daily closings, stock indexes. The data analysis technique used to answer the research hypothesis was paired sample t-test and Wilcoxon signed ranks test. The results of this study indicate that there is no difference in abnormal returns in the two research sub-sectors before and after the announcement of the first Covid-19 case, while before and after the implementation of PSBB by the government there are differences in abnormal returns in these two subsectors.  Key Words : Right Issue, Financial Abnormal Return, Event Study, Food and Beverages Sub                              Sector and Pharmaceuticals Sub Sector