دانلود مقاله بررسی تاثیر جریان سرمایه گذاری خارجی و اعتماد بیش از حد بر حرکت قیمت سهام
خلاصه
1. معرفی
2. مواد و روشها
3. نتایج
4. بحث
منابع
Abstract
1. Introduction
2. Materials and Methods
3. Results
4. Discussion
References
چکیده
این مطالعه بررسی کرد که آیا جریان سرمایه گذاری خارجی و اعتماد بیش از حد می تواند بر حرکت قیمت سهام در میان شرکت های سهامی عام در اندونزی تأثیر بگذارد. متعاقباً، این مطالعه تعیین کرد که آیا تفاوت معنی‌داری در تأثیر جریان سرمایه‌گذاری خارجی و اعتماد بیش از حد بر حرکت قیمت سهام قبل و بعد از قرنطینه COVID-19 در اندونزی وجود دارد یا خیر. این مطالعه بر شرکت‌های تولیدی فهرست شده در بورس اوراق بهادار اندونزی برای دوره 2020 متمرکز بود که داده‌ها در دوره 10 روز قبل و 10 روز پس از اجرای قرنطینه COVID-19 در اندونزی جمع‌آوری شدند. با استفاده از تحلیل محتوا بر روی داده‌های ثانویه، این مطالعه نشان داد که تفاوت معنی‌داری بین قیمت سهام قبل و بعد از قرنطینه COVID-19 وجود دارد. با این حال، این مطالعه نشان داد که جریان سرمایه گذاری خارجی و اعتماد بیش از حد عوامل اصلی تأثیرگذار بر حرکت قیمت سهام قبل و بعد از قرنطینه نبودند. یافته ها نشان می دهد که عوامل دیگری نیز وجود دارد که به حرکت قیمت سهام در اندونزی کمک می کند. این مطالعه به ادبیات موجود در مورد اینکه آیا جریان سرمایه گذاری خارجی و اعتماد بیش از حد بر حرکت قیمت سهام در یک دنیای همه گیر تأثیر می گذارد کمک می کند.
Abstract
This study examined whether foreign investment flow and overconfidence can influence stock price movement among the publicly listed companies in Indonesia. Subsequently, this study determined whether there was any significant difference in the influence of foreign investment flow and overconfidence on stock price movement before and after the COVID-19 lockdown in Indonesia. This study focused on the manufacturing companies listed on the Indonesian Stock Exchange for the 2020 period of which the data were taken in a period of 10 days before and 10 days after the implementation of the COVID-19 lockdown in Indonesia. Using content analysis on secondary data, this study showed that there was a significant difference between the stock prices before and after the COVID-19 lockdown. However, this study showed that foreign investment flow and overconfidence were not the main factors influencing stock price movement before and after the lockdown. The findings indicate that there are other factors that contribute to stock price movement in Indonesia. This study contributes to the existing literature on whether foreign investment flow and overconfidence influence stock price movement in a pandemic world.
Introduction
The COVID-19 pandemic has had an effect not only on the health sector but also on the economic sector all over the world (Ghani et al. 2022). Indonesia is not an exception to this situation. The Central Statistics Agency (BPS) revealed that Indonesia’s economic development in the first quarter of 2020 witnessed a growth of 2.97%, which is a significant change from the 5.02% growth that was recorded in 2019. In Indonesia, the pandemic had a negative impact on the capital market including a change in trading hours on the Indonesian Stock Exchange (BEI) (Kusnandar and Bintari 2020) which, consequently, affected stock price movement. On 8 April 2020, the Combined Stock Price Index (IHSG), which shows the aggregate change in the share price of companies listed on the BEI, showed a decrease in stock prices by around 1.34% at 4704.58. However, upon the government’s announcement of imposing the COVID-19 lockdown, trading hours resumed, causing a steady movement in the stock prices. The existence of unstable stock price movement results exposed investors to increasing risk and uncertainty (Kartika 2008).
Results
5.1. Analyses before COVID-19 Lockdown
Table 3 presents the results of the normality test before the COVID-19 lockdown. The Asymp. Sig. (two-tailed) result was 0.346, which is greater than 0.05. Therefore, it can be concluded that the data were normally distributed, or, in other words, the data passed the normality test.
Table 4 presents the results of the normality test after the COVID-19 lockdown. The table shows the value of Asymp. Sig (two-tailed) to be 0.349, which is greater than 0.05. Therefore, it can be concluded that the data were normally distributed, or, in other words, the data passed the normality test.