Main Article Content
Abstract
Objective: This study analyzes the South Korean stock market reaction to HYBE stock before and after Park Ji Min's solo debut on March 24, 2023.
Research Design and Methodology: The analytical techniques applied are the paired sample t-test for normally distributed data, the Wilcoxon signed rank test for non-normally distributed data, and the single index model technique for beta risk variables.
Findings and Discussion: The results showed significant differences in abnormal returns, stock prices, and beta risk of HYBE shares before and after Park Ji Min's solo debut.
Implications: This research makes a unique contribution to the accounting and financial management field by providing insights into international investment and its relation to signaling theory and event study. It can significantly advance our understanding in these areas and pave the way for further research.
Keywords
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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- Hotimah, H., & Astawinetu, E. D. (2020). Analisis Perbedaan Return Dan Abnormal Return Saham Sebelum Dan Setelah Adanya Protes Dari Greenpeace Tentang Sampah Plastik Pada PT. Unilever. 5, 47–58. https://doi.org/10.30996/jem17.v5i1.3621
- Katembo, A. (2024). Effect of Interest Rate Changes on Stock Market Volatility in Congo. American Journal of Finance, 10(3), 1–12. https://doi.org/10.47672/ajf.2168
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- Maginn, J. L., Tuttle, D. L., McLeavey, D. W., & Pinto, J. E. (2007). Managing investment portfolios: a dynamic process (Vol. 3). John Wiley & Sons.
- Messerlin, P. A., & Shin, W. (2013). The K-pop Wave : An Economic Analysis. 2, 1–41. https://doi.org/10.2139/ssrn.2294712
- Pardiansyah, E., Najib, M. A., & Abduh, M. (2023). Comparative Analysis of Sharia Stock Prices and Returns in the Health Sector Before and During the Covid-19 Pandemic. Journal of Islamic Economics and Finance Studies Volume, 4(1), 99–113. https://doi.org/10.47700/jiefes.v4i1.5813
- Parveen, S., & Siddiqui, M. A. (2017). Decision making and behavioral heuristics of investors in non-financial sector: A case of Pakistan Stock Exchange. Journal of Managerial Science, 11(3), 109–126. https://www.qurtuba.edu.pk/jms/default_files/JMS/special_edition/1 EIEF/07 109-126 Shagufta Parveen.pdf.
- Puspitaningtyas, Z. (2015). Prediksi Risiko Investasi Saham. Pandiva Buku.
- Rachmawati, A. (2022). Untuk Pertama Kalinya, Harga Saham HYBE Anjlok di Bawah IPO, Karena Berita Wamil BTS? - Notif Indonesia.
- Santoso, A. B., & Silitonga, N. (2023). Analisis Likuiditas Saham dan Abnormal Return Sebelum dan Sesudah Stock Split Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jurnal Informatika Ekonomi Bisnis, 5, 4–7. https://doi.org/10.37034/infeb.v5i3.617
- Shleifer, A. (2000). Inefficient markets: An introduction to behavioural finance. Oup Oxford.
- Sivarajan, S. S. (2019). Risk tolerance, return expectations and other factors impacting investment decisions. The University of Manchester (United Kingdom).
- Soraya, N. (2023). An Event Study: Indonesian Capital Market Reaction To The Russia-Ukraine War Announcement. Jurnal Riset Akuntansi Kontemporer, 15(1), 114–120. https://doi.org/10.23969/jrak.v15i1.6676
- Suteja, N. T. (2023). Rilis Album FACE, Jimin BTS Resmi Debut Solo.
- Ta, V.-D., Liu, C.-M., & Tadesse, D. A. (2020). Portfolio optimization-based stock prediction using long-short term memory network in quantitative trading. Applied Sciences, 10(2), 437. https://doi.org/10.3390/app10020437
- Whan-Woo, Y. (2023). Korea posts record trade surplus for cultural products - The Korea Times.
- Wicaksono, C. A. (2022). Reaksi Investor Sebelum dan Sesudah Deklarasi Vladimir Putin Tentang Operasi Militer Khusus di Ukraina. 677–689. https://doi.org/10.24843/EJA.2023.v33.i03.p07
- Yousaf, I., Patel, R., & Yarovaya, L. (2022). The reaction of G20+ stock markets to the Russia–Ukraine conflict “black-swan” event: Evidence from event study approach. Journal of Behavioral and Experimental Finance, 35, 100723. https://doi.org/10.1016/j.jbef.2022.100723
- Zakhidov, G. (2024). Economic indicators: tools for analyzing market trends and predicting future performance. International Multidisciplinary Journal of Universal Scientific Prospectives, 2(3), 23–29. https://www.researchgate.net/profile/Gofurjon
References
Alves, C. F., & Silva, A. L. (2021). Corporate communication and media coverage of abnormal returns – evidence from the Portuguese capital market. Corporate Communications: An International Journal, 26(2), 248–264. https://doi.org/10.1108/CCIJ-11-2019-0132
Andriansyah, E., & Irwandi, S. A. (2023). Announcement of The Russian Invasion In Ukraine and Its Impact on Market Reactions In the Food and Beverage Sub-Sector. Pengumuman Invasi Rusia Ke Ukraina Dan Dampaknya Pada Reaksi Pasar Di Sub Sektor Makanan Dan Minuman. Management Studies and Entrepreneurship Journal, 4(3), 3101–3109. https://doi.org/10.37385/msej.v4i4.1524
Azis, A., & Hartono, D. U. (2017). Pengaruh good corporate governance, struktur modal, dan leverage terhadap kinerja keuangan perusahaan pada sektor pertambangan yang terdaftar di bursa efek indonesia tahun 2011-2015. Jurnal Lmu Manajemen, 5. https://core.ac.uk/download/pdf/230762998.pdf
Azzahra, N., Purnomo, D. E., & Hidayah, R. (2022). The Reaction of The South Korean Stock Market to Big Hit Entertainment ’ s Initial Public Offering ( IPO ) Announcement ( A Case Study Of South Korean Entertainment Industry Companies Listed on Korea Exchange ( KRX )) Reaksi Pasar Modal Korea Selatan terh. 647–657. https://repository.urecol.org/index.php/proceeding/article/view/2366
Bahri, S., & Fatchurrohman, M. (2023). Reaksi Pasar Modal terhadap Pengumuman Pelarangan Peredaran Obat Sirup Saiful. Jurnal Ekonomi Dan Bisnis, 18(1), 19–23. https://doi.org/10.31942/akses.v18i1.8593
Baker, D. (2024). Factors Influencing Stock Market Volatility in the United States. American Journal of Statistics and Actuarial Sciences, 5(1), 1–11. https://doi.org/10.47672/ajsas.1991
Chofifah, H. N., & Suryani, A. W. (2022). korean music awards and abnormal stock returns. Copernican Journal of Finance & Accounting, 11(4). https://doi.org/10.12775/CJFA.2022.017
Cirisano, T. (2020). BTS Label Big Hit Entertainment Doubles Shares in Smash Stock Market Debut Billboard.
Constantinides, G. M., & Malliaris, A. G. B. T.-H. in O. R. and M. S. (1995). Chapter 1 Portfolio theory. In Finance (Vol. 9, pp. 1–30). Elsevier. https://doi.org/https://doi.org/10.1016/S0927-0507(05)80045-3
Cung, D., & Rakhmat, A. S. (2022). Apakah Terdapat Perbedaan Harga Saham , Volume Perdagangan , Abnormal Return Antara Sebelum dan Sesudah Merger PT Indosat ? 5(3), 65–71. http://journals.upi-yai.ac.id/index.php/IKRAITH-EKONOMIKA/article/download/2442/1830.
Dewi, R. K., Budianto, E., & Dhevyanto, B. (2022). Analysis Of Abnormal Return And Trading Volume Activity Before And After The LQ45 Company Cash Dividend Announcement For The 2020 Period. Journal Of Humanities, Social Sciences And Business (JHSSB), 2(1). https://doi.org/10.55047/jhssb.v2i1.418
Diderich, J. (2023). Exclusive: Dior Signs BTS Member Jimin as Global Ambassador.
Hampton, J. (2009). Fundamentals of enterprise risk management: How top companies assess risk, manage exposure, and seize opportunity. Amacom.
Haritha, P. H., & Uchil, R. (2020). Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique. Management Research Review, 43(11), 1441–1459. https://doi.org/10.1108/MRR-06-2019-0254
Hotimah, H., & Astawinetu, E. D. (2020). Analisis Perbedaan Return Dan Abnormal Return Saham Sebelum Dan Setelah Adanya Protes Dari Greenpeace Tentang Sampah Plastik Pada PT. Unilever. 5, 47–58. https://doi.org/10.30996/jem17.v5i1.3621
Katembo, A. (2024). Effect of Interest Rate Changes on Stock Market Volatility in Congo. American Journal of Finance, 10(3), 1–12. https://doi.org/10.47672/ajf.2168
Linnainmaa, J. T., & Zhang, Y. C. (2021). The earnings announcement return cycle. Available at SSRN 3183318. https://doi.org/10.2139/ssrn.3183318
Lubis, R., Simanjuntak, M. S. O., Hayati, K., & Aliah, N. (2023). Analysis of The Capital Market Reaction To The Anouncement of The Stock Split. Jurnal Ipteks Terapan, 17(3), 597–604. https://doi.org/10.22216/jit.v17i3.2450
Machfudi, M., & Isynuwardhana, D. (2023). Analisis Reaksi Pasar Modal terhadap Peristiwa Perang Rusia dan Ukraina (Studi Kasus pada Saham Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia ) Analysis of Capital Market Reaction to the Events of the Russia and Ukraine War ( Case Study. 10(4), 2073–2079. https://doi.org/10.22216/jit.v17i3.2450
Maginn, J. L., Tuttle, D. L., McLeavey, D. W., & Pinto, J. E. (2007). Managing investment portfolios: a dynamic process (Vol. 3). John Wiley & Sons.
Messerlin, P. A., & Shin, W. (2013). The K-pop Wave : An Economic Analysis. 2, 1–41. https://doi.org/10.2139/ssrn.2294712
Pardiansyah, E., Najib, M. A., & Abduh, M. (2023). Comparative Analysis of Sharia Stock Prices and Returns in the Health Sector Before and During the Covid-19 Pandemic. Journal of Islamic Economics and Finance Studies Volume, 4(1), 99–113. https://doi.org/10.47700/jiefes.v4i1.5813
Parveen, S., & Siddiqui, M. A. (2017). Decision making and behavioral heuristics of investors in non-financial sector: A case of Pakistan Stock Exchange. Journal of Managerial Science, 11(3), 109–126. https://www.qurtuba.edu.pk/jms/default_files/JMS/special_edition/1 EIEF/07 109-126 Shagufta Parveen.pdf.
Puspitaningtyas, Z. (2015). Prediksi Risiko Investasi Saham. Pandiva Buku.
Rachmawati, A. (2022). Untuk Pertama Kalinya, Harga Saham HYBE Anjlok di Bawah IPO, Karena Berita Wamil BTS? - Notif Indonesia.
Santoso, A. B., & Silitonga, N. (2023). Analisis Likuiditas Saham dan Abnormal Return Sebelum dan Sesudah Stock Split Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jurnal Informatika Ekonomi Bisnis, 5, 4–7. https://doi.org/10.37034/infeb.v5i3.617
Shleifer, A. (2000). Inefficient markets: An introduction to behavioural finance. Oup Oxford.
Sivarajan, S. S. (2019). Risk tolerance, return expectations and other factors impacting investment decisions. The University of Manchester (United Kingdom).
Soraya, N. (2023). An Event Study: Indonesian Capital Market Reaction To The Russia-Ukraine War Announcement. Jurnal Riset Akuntansi Kontemporer, 15(1), 114–120. https://doi.org/10.23969/jrak.v15i1.6676
Suteja, N. T. (2023). Rilis Album FACE, Jimin BTS Resmi Debut Solo.
Ta, V.-D., Liu, C.-M., & Tadesse, D. A. (2020). Portfolio optimization-based stock prediction using long-short term memory network in quantitative trading. Applied Sciences, 10(2), 437. https://doi.org/10.3390/app10020437
Whan-Woo, Y. (2023). Korea posts record trade surplus for cultural products - The Korea Times.
Wicaksono, C. A. (2022). Reaksi Investor Sebelum dan Sesudah Deklarasi Vladimir Putin Tentang Operasi Militer Khusus di Ukraina. 677–689. https://doi.org/10.24843/EJA.2023.v33.i03.p07
Yousaf, I., Patel, R., & Yarovaya, L. (2022). The reaction of G20+ stock markets to the Russia–Ukraine conflict “black-swan” event: Evidence from event study approach. Journal of Behavioral and Experimental Finance, 35, 100723. https://doi.org/10.1016/j.jbef.2022.100723
Zakhidov, G. (2024). Economic indicators: tools for analyzing market trends and predicting future performance. International Multidisciplinary Journal of Universal Scientific Prospectives, 2(3), 23–29. https://www.researchgate.net/profile/Gofurjon