FINANCIAL DEVELOPMENT, GROWTH ECONOMIC, STOCK PRICE VOLATILITY PERUSAHAAN ENERGI DALAM GEJOLAK PANDEMI
DOI:
https://doi.org/10.35590/jeb.v9i1.4142Keywords:
Pandemi, Rantai Pasokan, Sektor Keuangan, Pertumbuhan Ekonomi, Volatilitas Harga Saham, EnergiAbstract
Pandemi telah menjadi sebuah krisis yang menjadikan mobilasasi masyarakat terbatas karena peningkatan penyebaran virus dan angka kematian di berbagai negara. Memicu terputusnya rantai pasokan sehingga menurunkan produktivitas perusahaan. Penurunan produksi yang terjadi berakibat pada perlambatan ekonomi. Kondisi ekonomi didorong oleh peranan sektor keuangan sebagai financial intermediary yang akan memberikan suntikan modal bagi perusahaan dan memicu aktivitas perdagangan saham di pasar modal. Perekonomian diukur melalui proksi PDB sedangkan financial development melalui proksi rasio kredit sektor swasta dan kapitalisasi pasar terhadap PDB. Sementara, dependen utama pada model mediasi adalah volatilitas harga saham. Dari penelitian ini, ditemukan bahwa rasio kredit sektor swasta dan kapitalisasi pasar terhadap PDB memiliki pengaruh tidak langsung terhadap volatilitas harga saham pada perusahaan sektor energi tahun 2018-2020. Penyebabnya adalah prioritas masih dalam kredit konsumtif sehingga jumlahnya mengalami kenaikan dan rendahnya literasi keuangan masyarakat indonesia untuk melakukan aktivitas investasi pada perusahaan domestik. Model estimasi regresi yang digunakan adalah common effect model dengan metode pooled least square. Jumlah sampel penelitian sebanyak 10 perusahaan dalam kurun waktu kuartal 1 tahun 2018 hingga kuartal 4 tahun 2020. Penelitian ini diharapkan dapat membantu para investor dalam memberikan informasi mengenai faktor yang dibutuhkan saat melakukan analisis fundamental. Juga memberikan kritikan kepada pemerintah karena pemulihan ekonomi belum selesai dan dibutuhkan goodwill dalam merumuskan dan mengimplementasikan kebijakan moneter dan fiskal dalam upayanya melindungi jumlah investasi yang ada di Indonesia.
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