Pengaruh Cash Holdings, Leverage, dan Financial Constraint Terhadap Return Saham Pada Masa Awal Pandemi COVID-19
DOI:
https://doi.org/10.35837/subs.v6i2.2040Kata Kunci:
Covid-19, Event Study, Cash Holdings, Leverage, Financial ConstraintAbstrak
Tujuan penelitian – Penelitian ini bertujuan untuk menganalisis pengaruh kondisi keuangan perusahaan berupa cash holdings, leverage, dan financial constraint terhadap return saham selama masa awal pandemi Covid-19.
Metode – Penelitian dilakukan dengan metode kuantitatif berbasis event study. Penelitian ini memiliki dua periode pengamatan: periode kolaps dan periode stimulus.
Temuan penelitian – Hasil penelitian menunjukkan bahwa leverage dan financial constraint berpengaruh terhadap return saham pada periode kolaps. Pada periode stimulus, leverage dan financial constraint tidak berpengaruh terhadap return saham, sedangkan cash holdings bukan informasi yang relevan bagi investor baik saat periode kolaps dan stimulus sehingga tidak berpengaruh terhadap return saham.
Implikasi praktis – Penelitian ini memberikan kontribusi bagi investor bahwa dampak dari pandemi Covid-19 terhadap return saham dapat diantisipasi melalui kondisi keuangan perusahaan.
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