The Impact of Corporate Financial Resilience And Macroeconomic Fundamentals on Stock Price Volatility With The Variable Moderation of The Covid 19 Pandemic in The Infrastructure And Telecommunications Sector
Keywords:
financial resilience, Inflation, stock returns
Abstract
This study aims to analyze the effect of corporate financial resilience and macroeconomic fundamentals on stock price volatility during the COVID-19 pandemic, focusing on the infrastructure and telecommunications sectors. The COVID-19 pandemic has significantly affected global economic conditions and financial markets, including the stock market. This study uses regression analysis methods to examine the relationship between corporate financial resilience (as measured by Current Ratio, Debt to Equity Ratio, and Return on Equity) and macroeconomic fundamentals (as measured by interest rates and Gross Domestic Product) to stock price volatility in the infrastructure and telecommunications sectors. The data used are historical stock price data and company financial data related to the COVID-19 pandemic period. The results show that Return on Equity (ROE) has a significant influence on stock price volatility in the infrastructure sector, while interest rates have a significant influence on stock price volatility in the sector. However, in the telecommunications sector, there are no variables of financial resilience or macroeconomic fundamentals that have a significant influence on stock price volatility. These results provide important insights for investors and companies in managing risk and making investment decisions during pandemic crises such as COVID-19.
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References
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Anwar. (2010). Analisis pengaruh kinerja keuangan dan kualitas pengungkapan informasi terhadap return saham. Jakarta : Universitas Indonesia
Arora, A., Belenzon, S., Patacconi, A., Suh, J., 2020. The changing structure of American innovation: some cautionary remarks for economic growth. NBER Innov. Policy Econ. 20 (1), 39–93.
Badan Pusat Statistik. (2021). Produksi Industri Manufaktur Indonesia. Jakarta: Badan Pusat Statistik.
Badan Regulasi Telekomunikasi Indonesia. (2022). Laporan Tahunan. Jakarta: Badan Regulasi Telekomunikasi Indonesia.
Bello, S., Kostis, P., & Papadopoulos, P. (2021). Financial resilience of SMEs during the Covid-19 pandemic: The role of financial management practices. Journal of Business Venturing Insights, 16, e00265.
Bing, L., Akintoye, A., Edwards, P. J., & Hardcastle, C. (2005). The allocation of risk in PPP/PFI construction projects in the UK. International Journal of Project Management, 23(1), 25-35.
Bodie, Z., Kane, A., & Marcus, A. J. (2011). Investments. McGraw-Hill/Irwin.
Bodie, Z., Kane, A., & Marcus, A. J. (2014). Investments. New York, NY: McGraw-Hill/Irwin.
Bontempi, M. E., & Golinelli, R. (2012). The effect of financial constraints on firm survival and growth. Journal of Evolutionary Economics, 22(4), 691-712.
Braverman, J., & Guzy, L. (2017). The role of financial resilience in the face of economic crises. Journal of Financial Stability, 34, 61-82.
Brigham, E. F., & Houston, J. F. (2012). Fundamentals of Financial Management. Mason, OH: South-Western Cengage Learning.
Brigham, E. F., & Ehrhardt, M. C. (2011). Financial management: Theory & Practice. Mason, OH: South-Western Cengage Learning.
Conforti, A., Giuffrida, L., Ioppolo, G., & Lo Giudice, A. (2018). Sustainability and Resilience in the European Union: A Review of the Role of the Capitals. Sustainability, 10(7), 2264.
Dalilah Ulaya, Nurfauziah (2019). Faktor Makroekonomi dan Kinerja Keuangan dalam Memprediksi Financial Distress. Yogyakarta : Uniersitas Islam Indonesia.
Darmayanti, Mildawati, Susilowati. (2020). Dampak Covid-19 Terhadap Perubahan Harga Dan Return Saham. Ekuitas: Jurnal Ekonomi dan Keuangan – Volume 4, Nomor 4, Desember 2020 : 462 – 480.
Ding, W., Levine, R., Lin, C., Xie, W., 2021. Corporate immunity to the COVID-19 pandemic. J. Financ. Econ. 141 (2), 802–830.
Donny Arsal. 2021. The Impact Of Macroeconomics, Market Return, Financial Performance, And Market Perception With Moderating Variable Of the Covid-19 Pandemic On Stock Returns Of Toll Road Companies Listed On the Indonesia Stock Exchange 2011- 2021. Jakarta: IPMI
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The review of financial studies, 15(1), 1-33.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial management, 38(1), 1-37.
Ghosh, S., & Saima, U. N. (2020). Financial resilience and COVID-19: Evidence from manufacturing companies in Indonesia. Journal of Asian Business and Economic Studies, 27(1), 89-104.
Ghozali, 2014. Aplikasi analisis Multivariate dengan Program SPSS. Badan Penerbit UNDIP , Semarang.
Ghozali Imam. 2011. Model Persamaan Struktural, Konsep, dan Aplikasi dengan Program PLS ver. 3.0.
Ghozali, Imam. 2018. Aplikasi Analisis Multivariate dengan Program IBM SPSS. 25. Badan Penerbit Universitas Diponegoro: Semarang
Granger, C., & Newbold, P. (2014). Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111-120.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2020). Strategic Management: Concepts and Cases: Competitiveness and Globalization (13th ed.). Boston, MA: Cengage Learning.
Kementerian Pekerjaan Umum dan Perumahan Rakyat Indonesia (2022). Rencana Kerja dan Anggaran Kementerian. Jakarta: Kementerian Pekerjaan Umum dan Perumahan Rakyat Indonesia.
Keynes, J. M. (1936). The general theory of employment, interest, and money. London: Macmillan.
Lestari, D., & Yuniarti, R. (2017). Financial performance and stock return: An empirical evidence in Indonesian stock exchange. Dinasti International Journal of Education Management And Social Science, 2(3), 429-443.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Mardiana, Faqih, (2019). Model Sem-Pls Terbaik Untuk Evaluasi Pembelajaran Matematika Diskrit Dengan Lms. Cirebon: BAREKENG: Jurnal Ilmu Matematika dan Terapan
Muhamad Fatikh Satrio Ardi1, Desmintari, Fitri Yetty (2020). Analisis Pengaruh Kinerja Keuangan Terhadap Financial Distress Pada Perusahaan Tekstil dan Garment Di BEI. Jakarta : Universitas Getaran Jakarta.
Miyakawa, D., Oikawa, K., & Ueda, K. (2021). Firm Exit during the COVID-19 Pandemic: Evidence from Japan. Journal of the Japanese and international economies, 59, 101118. https://doi.org/10.1016/j.jjie.2020.101118
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261-297.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Natenapha, Y., & Moragot, P. (2013). The Effect of Financial Ratios on Stock Return Volatility: Evidence from the Stock Exchange of Thailand. International Journal of Economics and Finance, 5(8), 179-189.
Prana, Rezzy, Hendrawati, Mery, Sunu, Robert. (2019). Partial Least Squares Path Modeling Dengan Statcal-Plspm. Medan: USU Press
PricewaterhouseCoopers. (2019). The Role of Telecommunications and Infrastructure in Economic Growth. Retrieved from
Rike Yudiawati, Astiwi Indriani1 (2016). Analisis Pengaruh Current Ratio, Debt To Total Asset Ratio, Total Asset Turnover, Dan Sales Growth Ratio Terhadap Kondisi Financial Distress. Semarang : Universitas Diponogoro
Roro Joffani Tungga Dewi, Khairunnisa, Dewa P.K Mahardika (2017). Analisis Pengaruh Likuiditas, Leverage, Dan Operating Capacity Terhadap Financial Distress Perusahaan Pertambangan. Bandung : Universitas Telkom.
Roundy, P.T., Brockman, B.K., Bradshaw, M., 2017. The resilience of entrepreneurial ecosystems. J. Bus. Ventur. Insights 8, 99–104.
Septia, Lalu, Embun.2021. Pengaruh Makroekonomi Terhadap Harga Saham Dengan Financial Distress Sebagai Variabel Mediasi : Studi Kasus Pada Kondisi Pandemi Covid-19. Jurnal EMBA Vol.9 No.2 Juni 2021 : Universitas Mataram.
Tyas.2020. Analisis Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada. Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia.
Tuti.2020. Analisis Ekspor Kertas Terhadap Produk Domestik Bruto (Pdb) Indonesia Tahun 2002-2015. JOM FEB, Volume 1 Edisi 1 (Januari – Juni 2018). Faculty of Economics and Business, Riau University, Pekanbaru, Indonesia.
Sugiyono. 2008. Metode Penelitian Kuantitatif Kualitatif dan R&D. Bandung : Alfabeta
Sugiyono. 2012. Statistika untuk penelitian. Bandung : Alfabeta
Triggs, A., Kacaribu, F., & Wang, J. (2019). Risks, resilience, and reforms: Indonesia’s financial system in 2019. Bulletin of Indonesian Economic Studies, 55(1), 1-27.
Weygandt, J. J., Kimmel, P. D ., & Kieso, D. E. (2015). Financial accounting (9th ed.). Hoboken, NJ: Wiley.
Widagdo, B., & Widayat, 2011, Pemodelan Persamaan Struktural. Aplikasi dalam Penelitian Manajemen. Malang: UMM Press.
Wooldridge, J. M. (2013). Introductory econometrics: A modern approach. South-Western Cengage Learning.
Xia, Y., Qiao, Z., & Xie, G. (2022). Corporate resilience to the COVID-19 pandemic: The role of digital finance. Pacific-Basin Finance Journal, 74, 101791. https://doi.org/10.1016/j.pacfin.2022.101791.
Published
2022-10-20
Section
Original Articles
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