International Journal of

Business & Management Studies

ISSN 2694-1430 (Print), ISSN 2694-1449 (Online)
DOI: 10.56734/ijbms
The Impact of the Covid-19 Pandemic Crisis on the Performance of Pharmaceutical Companies' Stock Price Case Study of Pharmaceutical Companies in Indonesia


This thesis analyzes the impact of the COVID-19 pandemic on the performance of pharmaceutical company stock prices, in which research was conducted on pharmaceutical company stocks in Indonesia. The impact of the COVID-19 pandemic felt by the community is a decrease in income. The decrease in income has also been felt by investors and owners of industries in various manufacturing sectors. Some companies have even closed factories and laid off their workers. Thus this also affects the stock market of the manufacturing industry in Indonesia. In this study, we will analyze the effect of the increase in the rate of positive daily cases and the death rate from COVID- 19 on the performance of pharmaceutical companies' stock prices. The selection of the research sample of 5 (five) pharmaceutical industry stock prices is based on the size of the market capitalization value that is included in the top 10 pharmaceutical industries in Indonesia. In analyzing the performance of pharmaceutical stock prices, the most appropriate GARCH model will be selected by comparing the symmetric model (SGARCH) to the a-symmetric model (TGARCH and EGARCH) and the most appropriate model is the Exponential General Autoregressive Conditional Heteroskedastic (EGARCH) model. Daily positive (dailycase) and daily cases of death (deathcase) have a positive coefficient value, which means that the impact of the COVID-19 pandemic has had a significant effect on the price of these pharmaceutical stocks.