Black Swan Event on JCI Value and Sectoral Index for February-April 2020: Effects of Covid-19 in Indonesian Stock Exchange

Abstract

The purpose of this study is to determine the effect or impact of the Black Swan Event (Covid19) on the value of the IHSG and Sectoral Index on the IDX and how much the comparison of changes in the value of the IHSG and Sectoral Index before and after the existence of Covid19. This research is included in associative research. Data collection techniques used documentation study. The samples in this study were all IHSG values ​​and all Sectoral Indices on the IDX. The analytical tool used in this research is Structural Equation Modeling (SEM) with the WarpPLS Approach and the Wilcoxon Signed Rank Test. Based on the analysis results using Structural Equation Modeling (SEM) with the WarpPLS approach, it can be said that the Black Swan Event had a negative and significant effect on the movement of the IHSG value and the value of the Sekctoral Index on the Indonesia Stock Exchange. In addition, the test results using the Wilcoxon Signed Rank Test also show that there is a very significant difference between the IHSG value and the Sectoral Index value before and after the Black Swan Event or the Covid19 phenomenon in Indonesia.