Analysis of Stock Prices and Profitability Level in the Before and After the Covid-19 Pandemic (Case Study PT. Garuda Indonesia)

Rahima Br Purba, Herlina Nasution

Abstract


This study aims to determine and analyze whether there are significant differences in stock prices and profitability levels before and after the announcement of the Covid-19 Pandemic case in Indonesia at PT. Garuda Indonesia, Tbk. the first to third quarters of 2019 and 2020. The type of data used is quantitative data in the form of daily closing prices (closing prices) and profitability ratios measured by Net Profit Margin (NPM), Return On Assets (ROA), and Return On Equity (ROE) for the first to the third quarter of 2019 and 2020, the data source is secondary data obtained from the Indonesia Stock Exchange (IDX) and the official website of PT. Garuda Indonesia, Tbk. namely www.garuda-indonesia.com. The analytical tool used to prove the hypothesis in this study is the paired sample t-test, which was previously tested for normality using SPSS.16. The results of this study indicate that there is no significant difference in stock prices and profitability levels as measured by Net Profit Margin (NPM), Return On Assets (ROA), and Return On Equity (ROE) between before and after the announcement of the Covid-19 pandemic.


Keywords


stock price, NPM, ROA, ROE, covid-19 pandemic, PT. Garuda Indonesia

Full Text:

PDF

References


Alatas, Syed Hussein. (1987). Corruption, Nature, Causes and Functions, Jakarta, LP3ES

Barata, Kimberly, Piers Cain, Anne Thurston. (1999). From Accounting to accountability, Managing Accounting Records as a Strategic Resource, International Records Management Trust, World Bank infoDEV Program

Belkaoui, Ahmed. (1993). Accounting Theory, Hoarcourt Brace, Jovanovich, New York.

Ben Olken / Abhijit Banerjee (2007) Harvard Univ, MIT, & J-Poverty, 2007, “The social cost of corruption”.

Campos, Edgardo and Pradhan, Sanjay. (1999). “The impact of corruption on investment: predictability matters”.

Carlin, Tyrone M. (2001). Performance and Transparency, Are Australia's Leading Edge System Really Working?

Eliot, Kimberly Ann. (1997). Corruption and the Global Economy, Washington, DC, Institute for International Economics.

Eigen. (2001). Global Corruption Report, echoes a clarion call for a worldwide coalition that will tolerate no safe haven for corruption and money laundering, Transparency International, Washington DC.

Floridi, Luciano. (2004). Open Problems in the Philosophy of Information, Metaphilosophy LLC and Blackwell Publishing Ltd, Vol. 35, No. 4, July 2004

Kaufmann, Daniel, Aart Kraay, and Pablo Zoido-Lobaton.(1999)."Governance Matters," World Bank Policy Research Working Paper No. 2196.

Langseth, Petter. (1999). Prevention, An Effective Tool to Reduce Corruption, Vienna

Klitgaard, Robert. (1988). Controlling Corruption, Oxford, England, University of California Press.

Partnership for Governance Reform in Indonesia, February. (2002). National Survey on Corruption in Indonesia-Final Report.

Marshal, Ian E. (2001). Survey of Corruption Issues in The Mining and Mineral Sector, Mining, Mineral and Sustainable Development Project, London.

Moses GD. (1987). Income Smoothing and Incentives, Empirical Test Using Accounting Changes, Accounting Review, April: 358-377.

Moeler, Robert and Herbert N. Witt. (1999). Internal Auditing, 5th ed. New York, John Willey & Son, Inc.

Moeler, Robert N. (2004). Sarbanes Oxley and the New Internal Auditing Rules, Canada, John Wiley and Son.

Mauro, Paolo (1995), “Corruption and Growth”, The Quarterly Journal of Economics, August 1995.

Mulford, Charles W. and Eugene E. Comiskey. (2002). The Financial Numbers Game, New York, NY, John Willey and Son inc.

Pavarala, Vinod. (1996). Interpreting Corruption Elite Perspstives in India, London, Sage Publication.

Pope, J. (2000). TI Source Book 2000 Confronting Corruption, The Elements of a National Integrity System. Germany: Transparency International.

Reinikka, Ritva and Jacob Svenson. (2003). Survey Techniques to Measure and Explain Corruption, World Bank Policy Research, Washington DC.

Romney, Marshall B.. and Paul John Steinbart. (2003). Accounting Information System, 9th ed, PrenticeHall Sanfrancisco, California , Joset-Bas Inc, Publisher.

Saleh, Sirajuddin H, Aslam Iqbal. (1995). Accountability, The Endless Prophecy'. The Asian and Oceanic Development Center

Susilawati, et al. (2020). Impact of COVID-19’s Pandemic on the Economy of Indonesia. Budapest International Research and Critics Institute-Journal (BIRCI-Journal).P.1147-1156.

Tanzi, Vito. (1998). Corruption Around the World. IMF Staff Papers. Washington, DC International Monetary Fund.

Tradeway, James C. Jr et al. (1987). Report of The national Commission on fraudulent Financial Reporting, National Commission on Fraudulent Financial Reporting

Transparency International (2008), Transparency International 2008 Corruption Perceptions Index – Immediate Release.

Law of the Republic of Indonesia Number 31 of 1999 as amended by Law Number 20 of 2001 concerning Eradication of Criminal Acts of Corruption.

Law of the Republic of Indonesia Number 30 of 2002 concerning the Corruption Eradication Commission.

Wei, Shang-Jin; Smarzynska, Beata. (2000). Corruption and the Composition of Foreign Direct Investment: firm-level evidence, World Bank Working Paper No. 2360

Zeune, Gary D. (1994). The CEO's Complete Guide to Committing Fraude, Columbus, Ohio, Lori Pingel and Association.




DOI: https://doi.org/10.33258/birci.v4i4.3098

Article Metrics

Abstract view : 2 times
PDF - 3 times

Refbacks

  • There are currently no refbacks.


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

 

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