Analysis Of Differences In Returns Of Sharia Stocks Before And After The Announcement Of The Covid-19 Pandemic In Indonesia
Abstract
Abstract
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This study aims to determine the difference in returns on Jakarta Islamic Index stocks before and after announcing the COVID-19 pandemic in Indonesia. This type of research is quantitative with an event study approach. The data used is secondary data, with a sample of 30 Sharia stocks that are constituents of JII in the research period. Based on the results of hypothesis testing with the Wilcoxon signed rank test method obtained a catatonic significance value of 0.955 > 0.05 (alpha / degree of error). This value shows no significant difference in the return value of JII's sharia stocks before and after the COVID-19 announcement in Indonesia. The results of this study show that JII's sharia stocks are following the Fatwa of the Sharia Council (DSN-MUI) No.40 / DSN-MUI / X / 2003 concerning the Principles of Sharia Transactions in the Capital Market.
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AbstrakPenelitian ini bertujuan untuk mengetahui perbedaan return saham Jakarta Islamic Index sebelum dan sesudah pengumuman pandemi COVID-19 di Indonesia. Jenis penelitian ini kuantitatif dengan pendekatan event study. Data yang digunakan merupakan data sekunder, dengan sampel sebanyak 30 saham syariah yang menjadi konstituen JII pada periode penelitian. Berdasarkan hasil pengujian hipotesis dengan metode Wilcoxon signed rank test diperoleh nilai signifikansi asimtonik sebesar 0,955 > 0,05 (alpha/degree of error). Nilai tersebut menunjukkan bahwa tidak terdapat perbedaan yang signifikan pada nilai return saham syariah JII sebelum dan sesudah pengumuman COVID-19 di Indonesia. Hasil penelitian ini menunjukkan bahwa saham syariah JII telah sesuai dengan Fatwa Dewan Syariah (DSN-MUI) No.40/DSN-MUI/X/2003 tentang Prinsip-prinsip Transaksi Syariah di Pasar Modal.
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