Analisis hubungan ekuitas merek dan performa saham di Indonesia pada periode crash pasar saham tahun 2020

Suryadinata, Andre (2023) Analisis hubungan ekuitas merek dan performa saham di Indonesia pada periode crash pasar saham tahun 2020. Masters thesis, Universitas Pelita Harapan.

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Abstract

Pada tanggal 5 Maret 2020 – 24 Maret 2020 terjadi penurunan nilai indeks harga saham gabungan negara Indonesia, yang dalam penelitian ini disebut dengan periode crash. Mengacu pada penelitian di negara lain, disebutkan jika saham-saham dengan ekuitas merek yang tinggi mampu memiliki performa yang lebih baik pada saat crash ini. Penelitian ini dilakukan untuk melihat apakah hal yang sama juga terjadi di pasar negara Indonesia. Hasil penelitian ini menemukan jika pada saat crash, saham dengan ekuitas merek yang tinggi memiliki tingkat pengembalian yang signifikan negatif serta dengan risiko sistematis yang signifikan lebih tinggi. Untuk periode tahun 2020 di luar crash, saham dengan ekuitas merek tinggi memiliki tingkat pengembalian yang signifikan lebih tinggi dibandingkan saham yang tidak memiliki ekuitas merek tinggi, tetapi dengan risiko sistematis yang juga signifikan lebih tinggi dibandingkan saham-saham lainnya. / On March 5th – March 24th, 2020, there was a massive fall in the value of Indonesian Composite Index, which in this study is called the crash period. Referring to other research in other countries, it was found that stocks with high brand equity were able to perform better during this crash period. This research was conducted to see whether the same thing applied to the Indonesian stock market. The result of this study finds that at the time of the crash, stocks with high brand equity have significantly negative returns and with significantly higher systematic risk. For the period outside the crash in 2020, stocks with high brand equity have significantly higher returns than stocks that do not have high brand equity, but with systematic risk that is also significantly higher than other stocks.

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