Faktor-Faktor yang Memengaruhi Perubahan Harga Saham Bank Syariah di Masa Pandemi Covid-19 (Studi kasus : Saham PT. Bank Tabungan Pensiunan Negara Syariah)
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Date
2021-08-03Author
Lauda, Farhan
Fitri, Resfa
Hasanah, Qoriatul
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Pandemi Covid-19 yang menyebar dengan cepat di Indonesia menyebabkan
Pemerintah memberlakukan kebijakan penanggulangan kesehatan berupa
Pembatasan Sosial Berskala Besar (PSBB) yang menyebabkan penurunan kinerja
perekonomian nasional. Namun harga saham bank syariah khususnya saham PT.
Bank Tabungan Pensiunan Negara Syariah (BTPS) tetap tumbuh bahkan melebihi
kinerja IHSG. Oleh karena itu, guna mengetahui faktor-faktor apa saja yang
memengaruhi harga saham BTPS baik itu faktor internal perusahaan maupun
faktor eksternal perusahaan, maka penelitian ini dilakukan dengan metode VECM.
Penelitian ini dilakukan dalam kurun waktu antara 2019-2020. Hasil penelitian
menunjukan bahwa dalam jangka pendek, hanya variabel IHSG yang berpengaruh
signifikan terhadap harga saham BTPS. Sementara pada jangka panjang, variabel
Price ro Book Value, Trading Volume Activity, Produk Domestik Bruto, Suku
Bunga Acuan Bank Indonesia, dan IHSG berpengaruh secara signifikan terhadap
harga saham BTPS. Harga saham BTPS merespon negatif adanya guncangan
PDB, Trading Volume Activity, dan Kurs. Sementara guncangan Earning Per
Share, Price to Book Value, Suku Bunga Acuan Bank Indonesia, dan IHSG
direspon positif oleh harga Saham BTPS. Price to Book Value memberikan
kontribusi tertinggi dalam menjelaskan keragaman harga saham BTPS. The Covid-19 pandemic that spreads rapidly in Indonesia has caused the
Government to impose a health management policy in the form of Large-Scale
Social Restrictions (PSBB) which has caused a decline in the performance of the
national economy. However, the share price of Islamic banks, especially BTPS
shares, continued to grow and even exceeded the performance of the JCI.
Therefore, using the VECM method, this research was conducted to find out what
factors influence the stock price of BTPS, both internal and external factors of the
company. This research was conducted between 2019-2020. The results showed
that in the short term, only the JCI variable had a significant effect on the stock
price of BTPS. While in the long term, the variables of PBV, TVA, GDP, Bank
Indonesia Reference Rate, and JCI have a significant effect on BTPS stock price.
The stock price of BTPS responded negatively to shocks in GDP, TVA, and the
exchange rate. Meanwhile, the shocks of EPS, PBV, Bank Indonesia Reference
Interest Rate, and JCI were responded positively by BTPS share price. PBV gives
the highest contribution in explaining the diversity of BTPS stock prices.
Collections
- UT - Syariah Economic [394]