Hildayati, Intan and Sarumpaet, Susi and Sukmasari, Dewi (2021) Market Reaction on CSR Media News during Covid 19 Pandemic. In: Gadjah Mada International Conference on Economics and Business, 25 September 2021, Yogyakarta Indonesia. (Unpublished)

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Official URL: https://gamaiceb.feb.ugm.ac.id/

Abstract

Introduction/Main Objective: This research aims to examine the impact that news of corporate social responsibility actions covered by online media on the market reaction in the current global issue of Covid 19 pandemic. Background Problem: The impacts caused by Covid 19 spreading toward socio-economic condition has opened the opportunities for companies to carry out their corporate social responsibility program as a form of social care. Novelty: Generally, a company has their annual CSR programs but since the outbreak of the Covid 19 pandemic, a company is re-adapting their CSR programs according to the current situation where the targets of CSR programs are more appropriate for those who are affected. By paying the attention to the role of online media, this research is going to find whether there is a significant difference in market reaction between news of Covid CSR and news of NonCovid CSR during corona virus crisis. Research Methods: Using a sample of 42 news of corporate social responsibility from most visited online news and media ranked by SimilarWeb which are seperated into two groups based on Covid and Non-Covid purposes, this research provides an event study analysis by using Man-Whitney Test to compare both groups. Finding/Results: The result shows that sig 2-tailed value>0,05 which indicates that both Covid CSR news and Non-Covid CSR news have no significant difference in the abnormal returns received by company during the spread of Covid 19 pandemic. Moreover, this research also finds that during Covid 19 pandemic, CSR news does not contain an information that can affect the stock price of an entity around the day the CSR news was published that is proven by the value of sig 2-tailed>0,05 on each days of window period. Conclusion: This research provides an information to the shareholders and market participants regarding their investment consideration toward the published CSR news during pandemic period. However, no research has emerged to examine the difference in market reactions to CSR news with different purposes during the pandemic. Keywords: CSR news, Media, Stock price, Market reaction, Covid 19 pandemic.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Fakultas Ekonomi dan Bisnis (FEB) > Prodi Akuntansi
Depositing User: Susi Sarumpaet
Date Deposited: 23 Sep 2021 09:20
Last Modified: 23 Sep 2021 09:20
URI: http://repository.lppm.unila.ac.id/id/eprint/34144

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