• I Gst. Agung Pramesti Dwi Putri STMIK Primakara, Jln. Tukad Badung, Renon, Denpasar, Bali, Indonesia
  • Jasmine Priscilla Kho STMIK Primakara, Jln. Tukad Badung, Renon, Denpasar, Bali, Indonesia



Digital Banking Stock, Stock Performance, JCI, Covid-19


The Covid-19 pandemic has catalyzed a dramatic change in entire banking operations. However, not a few banks have transformed into digital banks to continue providing top services to customers. This study aims to identify Indonesia's banking market reaction to the Covid-19 pandemic especially for digital banking industries. The market reaction is seen from the movement in stock prices and stock trading volumes. The research was conducted using qualitative research methods. The sample is PT Bank Jago Tbk. (ARTO) with observation period from January 2020 to December 2021. The results of this study indicate that the market reacts to information entering the market quickly. The speed of information entering the market also accelerates market reactions that occur. The market reacts negatively to negative events and reacts positively to positive events. In addition to confirming the efficient market theory, the results of this study also confirm the signal theory. The president's announcement of the first case of Covid-19 in Indonesia is a bad signal for investors regarding cash flow and the company's future. This study also found that stock prices and volume did not only react to Covid- 19 conditions but also corporate actions. Several corporate actions that have an impact on price movements and volume of ARTO stocks are the issuance of rights issues, changes in the company's business processes, and the entry of the new investors. Based on the results of this study, investors in the stock market can pay attention to certain events that can provide buy or sell signals.


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How to Cite

I Gst. Agung Pramesti Dwi Putri, & Kho, J. P. (2023). DIGITAL BANKING STOCK PERFORMANCE: THE IMPACT OF COVID-19. International Journal of Industrial Management, 17(4), 224–230.



Research Article