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"Penelitian ini bertujuan untuk melihat pengaruh kasus Covid-19 yang dikonfirmasi dan kematian yang diakibatkan Covid-19 terhadap imbal hasil saham perusahaan pada sektor energi, barang konsumen primer, barang konsumen non-primer, infrastruktur, transportasi & logistik, dan properti & real estat yang terdaftar di Bursa Efek Indonesia (BEI). Dengan menggunakan metode regresi data panel fixed effect model, kasus Covid-19 yang dikonfirmasi berpengaruh negatif secara signifikan terhadap imbal hasil saham perusahaan sektor energi, barang konsumen primer, barang konsumen non-primer, infrastruktur, transportasi & logistik, dan properti & real estat di Indonesia Namun, kematian yang diakibatkan Covid-19 justru berengaruh positif tidak signifikan terhadap imbal hasil saham perusahaan pada sektor energi, barang konsumen primer, barang konsumen non-primer, infrastruktur, transportasi & logistik, dan properti & real estat di Indonesia. Hal ini karena time lag yang kurang panjang, data yang lebih fluktuaktif, dan investor di Indonesia yang masih hanya terpusat di Jawa.

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This study aims to examine the effect of confirmed cases of Covid-19 and deaths caused by Covid-19 on company stock returns in the energy, primary consumer goods, non-primary consumer goods, infrastructure, transportation & logistics, and property & real estate sectors. listed on the Indonesia Stock Exchange (IDX). Using the fixed effect model panel data regression method, confirmed cases of Covid-19 had a significant negative effect on stock returns of companies in the energy, primary consumer goods, non-primary consumer goods, infrastructure, transportation & logistics, and property & real estate sectors in Indonesia. Indonesia However, the deaths caused by Covid-19 actually had an insignificant positive impact on the company's stock returns in the energy, primary consumer goods, non-primary consumer goods, infrastructure, transportation & logistics, and property & real estate sectors in Indonesia. This is because the time lag is less long, the data is more volatile, and investors in Indonesia are still only concentrated in Java."

"Periode masa pandemi Covid-19 masih terjadi di Indonesia bahkan di seluruh dunia. Hingga tgl 16 September 2021, data kejadian konfirmasi positif Covid-19 di seluruh dunia telah mencapai 226.236.577 kasus yang tersebar di 224 negara, dengan 4.654.548 kasus diantaranya meninggal dunia (WHO, 2021). Di Indonesia, pada periode yang sama, jumlah kasus positif mencapai 4.181.309 kejadian, dengan kasus kematian sebanyak 139.919 jiwa dan kasus sembuh sebanyak 3.968.152 orang (covid19.go.id). COVID-19 adalah penyakit menular yang disebabkan oleh virus SARS-CoV-2. Berbagai kebijakan telah dilakukan pemerintah untuk mencegah dan mengendalikan penularan, namun tingginya interaksi dan mobilitas masyarakat masih menjadi faktor yang berkontribusi mengakibatkan adanya kasus baru setiap harinya. Kelompok pekerja adalah salah satu kelompok masyarakat dengan persentase yang cukup besar, yakni 69.17% (BPS, Februari 2020). Tempat kerja merupakan salah satu lokasi yang berpotensi mengakibatkan penularan COVID-19 dikarenakan interaksi dan mobilitas pekerja yang sangat tinggi. Dengan kata lain risiko penularan yang terdapat di tempat kerja akan sangat berdampak baik secara langsung maupun tidak langsung kepada lingkungan masyarakat dan rumah tangga. Sektor tempat kerja yang termasuk dalam risiko tinggi penularan COVID-19 adalah sektor transportasi publik karena menjadi tempat interaksi dan bertemunya sejumlah orang dengan berbagai kondisi yang berbeda-beda. Berdasarkan latar belakang tersebut dapat dilihat bahwa penerapan manajemen pencegahan dan pengendalian COVID-19 di lingkungan tempat kerja memiliki kontribusi yang sangat penting guna memutus rantai penularan di masyarakat. Karakteristik risiko dan proses bisnis di perusahaan PT. X yang merupakan tempat kerja sekaligus tempat umum, yakni sebagai moda transportasi publik tentu menjadi keunikan tersendiri dibandingkan dengan tempat kerja pada sektor indsutri lainnya. Selain itu lokasi tempat kerja yang berada tepat di pusat kota menjadi tantangan tersendiri. Untuk itu PT. X sangat perlu memiliki upaya-upaya pengendalian risiko yang baik dan dapat diandalkan. Kegagalan dalam pencegahan dan pengendalian infeksi COVID-19 dapat mengakibatkan berbagai kerugian, baik berupa korban jiwa, gangguan operasional, penurunan citra dan kepercayaan publik pada perusahaan, hingga gangguan bisnis yang dapat berdampak tidak hanya dalam lingkup internal PT. X namun juga ke pihak-pihak terkait lainnya. Penelitian ini ditujukan untuk melihat sejauh mana PT. X selaku perusahaan yang bergerak di sektor transportasi publik perkeretaapian melakukan upaya pencegahan dan pengendalian infeksi COVID-19 di tempat kerja. Penelitian ini menggunakan desain studi cross-sectional deskriptif analitik dengan pendekatan mixed method (kualitatif & kuantitatif) melalui metode wawancara mendalam, observasi, kuesioner dan telaah dokumen untuk meninjau penerapan manajemen pencegahan dan pengendalian infeksi COVID-19 di tempat kerja sektor transportasi publik perkeretaapian, PT. X. Data kuantitatif yang akan dikumpulkan oleh peneliti di antaranya berupa data perusahaan terkait status COVID-19 di tempat kerja, mencakup profil risiko pekerja, riwayat infeksi COVID-19 di tempat kerja, gambaran pengetahuan dan sikap terhadap upaya pengendalian risiko COVID-19, serta ketersediaan sarana-prasarana pencegahan dan pengendalian COVID-19. Penelitian ini dilakukan di PT. X yang bergerak di sektor transportasi publik perkeretaapian dan berada di Provinsi DKI Jakarta. Penelitian dilakukan pada periode bulan Oktober hingga Desember 2021. Responden penelitian adalah manajemen dan pekerja PT. X yang terlibat langsung dalam mendesain, membuat perencanaan, pelaksanaan, hingga mengevaluasi penerapan manajemen pencegahan dan pengendalian infeksi COVID-19 di perusahaan. Responden tersebut di antaranya adalah perwakilan manajemen perusahaan, unit kerja Divisi Risk, Quality, Safety, and Security Management (RQSM), Departemen Quality, Safety, Health, and Environment (QSHE), dan beberapa perwakilan pekerja worksite dari unit kerja terkait. Management pencegahan dan pengendalian infeksi COVID-19 di PT. X merupakan bagian dari komitmen dan kebijakan K3 perusahaan yang tertuang dalam Kebijakan Sistem Manajemen Terintegrasi (Keselamatan Perkeretaapian, K3, Mutu, Lingkungan, dan Pengamanan). Tujuan dari penerapan Sistem Manajemen Terintegrasi tersebut di antaranya adalah untuk meningkatkan perlindungan tenaga kerja dan orang lain yang berada di tempat kerja, menyediakan lingkungan yang aman, efisien, dan produktif untuk mencegah terjadinya kecelakaan kerja dan penyakit akibat kerja, serta komitmen untuk menghilangkan setiap potensi bahaya K3 dan mengurangi risiko K3. Risiko K3 mencakup risiko keselamatan kerja dan risiko kesehatan kerja. Salah satu risiko kesehatan yang dikelola adalah risiko penularan COVID-19 di lingkungan PT. X melalui penerapan manajemen pecegahan dan pengendalian infeksi COVID-19. Berdasarkan penelitian yang telah dilakukan, diperoleh gambaran implementasi penerapan manajemen pencegahan dan pengendalian infeksi COVID-19 di tempat kerja yang mencakup risiko terhadap pekerja, pengguna jasa, dan keberlangsungan usaha. PT. X melakukan berbagai upaya sistematis untuk mengendalikan risiko transmisi virus SARS-CoV-2 di tempat kerja dan juga di seluruh fasilitas sarana dan prasarana perkeretaapian. Pencegahan dan pengendalian risiko yang dilakukan mencakup dari beberpa pendekatan, yaitu melalui kebijakan dan upaya-upaya strategis yang ditetapkan manajemen, optimalisasi peran pekerja moda transportasi, dan juga partisipasi kerjasama dari pengguna jasa. Meskipun berbagai upaya telah dilakukan, terdapat sejumlah kasus konfirmasi positif COVID-19 di PT. X. Secara keseluruhan, ositivity rate sepanjang tahun 2021 adalah sebesar 22%, dengan kejadian tertinggi berada pada periode Juni 2021 sebesar 38% dan Juli 2021 sebesar 29% sejalan dengan tingginya trend kasus “second wave” varian delta di Indonesia. Namun sejak periode pandemi COVID-19 dimulai pada Maret 2020, tidak terjadi cluster baru transmisi SARS-CoV-2 di tempat kerja maupun di wilayah operasional PT. X. Hal ini mencerminkan upaya penerapan manajemen pencegahan dan pengendalian infeksi COVID-19 yang dilakukan di PT. X sudah cukup efektif. Pencapaian tersebut tidak terlepas dari upaya dan kerjasama berbagai pihak dalam menjalankan arahan yang ditetapkan oleh perusahaan juga penerapan prosedur 3T (testing, tracing, dan treatment) dalam setiap kasus suspect ataupun konfirmasi positif yang ditemukan, baik yang bergejala ringan, sedang, hingga berat.

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The period of the Covid-19 pandemic still occurs in Indonesia and even throughout the world. As of September 16, 2021, positive confirmed cases of Covid-19 worldwide have reached 226,236,577 cases spread across 224 countries, with 4,654,548 death cases (WHO, 2021). In Indonesia, during the same period, the number of positive cases reached 4,181,309 cases, with 139,919 deaths and 3,968,152 recovered cases (covid19.go.id). COVID-19 is an infectious disease caused by the SARS-CoV-2 virus. Various policies have been carried out by the government to prevent and control transmission, but the high interaction and mobility of the community is still a contributing factor resulting new cases every day. Workers is one of the community groups with a fairly large percentage, namely 69.17% (BPS, February 2020). The workplace is one of the locations that has the potential to cause COVID-19 transmission due to the very high interaction and mobility among the workers. In other words, the risk of transmission in the workplace will have a direct or indirect impact on the community and household environment. The workplace sector that is included in the high risk of COVID-19 transmission is the public transportation sector because it is a place for interaction and meeting point of peoples with different conditions. Based on this background, the implementation of COVID-19 prevention and control management in the workplace environment has a very important contribution to break the chain of transmission in the community. Characteristics of risk and business processes in the company PT. X which is a workplace as well as a public place, namely as a mode of public transportation, is certainly unique compared to workplaces in other industrial sectors. In addition, the location of the workplace which is in the city center is a huge challenge. For that PT. X really needs to have good and reliable risk control efforts. Failure to prevent and control COVID-19 infection can result in various losses, both in the form of fatalities, operational disruptions, a decline in public image and trust in the company, to business disruptions that can have an impact not only within the of PT. X internally but also to other related parties. This research is intended to see how PT. X, as a company engaged in the railway public transportation sector, has made efforts to prevent and control COVID-19 infections in the workplace. This study uses an analytical descriptive cross-sectional study design with a mixed method approach (qualitative & quantitative) through in-depth interviews, observation, questionnaires and document review methods to review the implementation of COVID-19 infection prevention and control management in the workplace of the railway public transportation sector, PT. X. Quantitative data that will be collected by researcher include company data regarding the status of COVID-19 in the workplace, including worker risk profiles, history of COVID-19 infection in the workplace, description of knowledge and attitudes towards COVID-19 risk control efforts, and availability of COVID-19 prevention and control facilities. This research was conducted at PT. X which is engaged in the railway public transportation sector located in DKI Jakarta Province. The research was conducted in the period from October to December 2021. The research respondents were the management and workers of PT. X who is directly involved in designing, planning, implementing, and evaluating the implementation of COVID-19 infection prevention and control management in the company. The respondents included representatives of company management, the work unit of the Risk, Quality, Safety, and Security Management (RQSM) Division, the Department of Quality, Safety, Health, and Environment (QSHE), and several representatives of worksite workers from related work units. Management of prevention and control of COVID-19 infection at PT. X is part of the company's Occupational Health and Safety (OSH) commitments and policies as stated in the Integrated Management System Policy (Railway Safety, OSH, Quality, Environment, and Security). The objectives of implementing the Integrated Management System include increasing the protection of workers and other people in the workplace, providing a safe, efficient, and productive environment to prevent work accidents and occupational diseases, as well as a commitment to eliminate any potential hazards related OSH and reduce the risk of OSH, innclude occupational safety risks and occupational health risks. One of the health risks that is managed is the risk of transmission of COVID-19 in the PT. X through the implementation of management of prevention and control of COVID-19 infection. Based on the research that has been carried out, an overview of the implementation of the management of prevention and control of COVID-19 infection in the workplace is obtained, which includes risks to workers, passengers, and business continuity. PT. X made various systematic efforts to control the risk of transmission of the SARS-CoV-2 virus in the workplace and in all railway facilities and infrastructure. The risk prevention and control carried out cover several approaches, namely through policies and strategic efforts determined by management, optimizing the role of workers in transportation modes, as well as collaborative participation from passengers. Although various efforts have been made, there are a few positive confirmed cases of COVID-19 at PT. X. Overall, the positivity rate throughout 2021 is 22%, with the highest percentage was occurred in the period of June 2021 at 38% and July 2021 at 29% in line with the high trend of “second wave” delta variant cases in Indonesia. However, since the COVID-19 pandemic period began in March 2020, there have been no new clusters of SARS-CoV-2 transmission in the workplace or in the operational area of ​​PT. X. This reflects the efforts to implement the management of prevention and control of COVID-19 infection carried out at PT. X is already quite effective. This achievement is inseparable from the efforts and cooperation of various parties in carrying out the directions set by the company as well as the implementation of 3T procedures (testing, tracing, and treatment) in every suspect or positive confirmed cases, whether with minor, moderate, to severe symptoms."

"Penelitian ini bertujuan untuk mengetahui pengaruh dari pertumbuhan kasus harian terkonfirmasi Covid-19 terhadap imbal hasil pasar saham dengan peran moderasi dari budaya nasional (Uncertainty Avoidance, Individualism, Collectivism, dan Long-term Orientation/Future Orientation). Penelitian dilaksanakan pada 22 negara berkembang di dunia, pada periode hari pertama kasus Covid-19 terkonfirmasi di negara tersebut hingga satu tahun kemudian (2020-2021). Pengujian dilakukan dengan menggunakan metode random-effect. Hasil penelitian menunjukkan bahwa pertumbuhan kasus harian terkonfirmasi Covid-19 memiliki pengaruh negatif dan signifikan terhadap imbal hasil pasar saham. Peran uncertainty avoidance dinilai negatif dan signifikan, Collectivism dinilai signifikan dan positif, sedangkan individualism, Long-term Orientation/Future Orientation dinilai tidak signifikan terhadap hubungan antara pertumbuhan kasus harian terkonfirmasi Covid-19 dan imbal hasil pasar saham.

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This paper investigates the effect of daily growth of confirmed cases of Covid-19 on stock market returns with the moderating role of national culture (Uncertainty Avoidance, Individualism, Collectivism, and Long-term Orientation/Future Orientation). The sample includes 22 emerging countries in the world, for the period from the first day of confirmed cases of Covid-19 in that country until one year later (2020-2021). The test was carried out using the random-effect method. The results show that the daily growth of confirmed cases of Covid-19 has a negative and significant effect on stock market returns. The role of uncertainty avoidance is considered negative and significant, Collectivism is considered significant and positive, while individualism, Long-term Orientation/Future Orientation are considered insignificant to the relationship between the growth of daily confirmed cases of Covid-19 and stock market returns."

"Pandemi COVID-19 telah berlangsung selama Januari 2020 hingga Juni 2021 dan memengaruhi perekonomian Indonesia. Nilai tukar Rupiah Indonesia terhadap Dollar Amerika Serikat (IDR/USD) mengalami perubahan nilai selama periode COVID-19 Januari 2020 – Juni 2021. Pengaruh pada perubahan nilai tukar harus dianalis karena pentingnya fungsi nilai tukar dalam perdagangan internasional, investasi, dan stabilitas ekonomi. Tujuan dari penelitian ini adalah mengetahui faktor-faktor yang memengaruhi nilai tukar IDR/USD serta mengetahui signifikansi pandemi COVID-19 terhadap perubahan nilai tukar IDR/USD. Metode penelitian menggunakan regresi time series dengan memasukkan lag serta dilakukannya uji autokorelasi dan heteroskedastisitas. Hasil dari penelitian menunjukkan suku bunga Bank Indonesia, terms of trade, dan jumlah kasus COVID-19 memberikan dampak signifikan, namun tingkat inflasi tidak signifikan. Hasil penelitian juga menunjukkan suku bunga Bank Indonesia dan terms of trade memberikan dampak negatif yang akan membuat rupiah apresiasi terhadap dollar. Jumlah kasus COVID-19 memberikan dampak positif yang membuat rupiah depresiasi terhadap dollar. Kesimpulan dari penelitian adalah suku bunga Bank Indonesia yang memberikan dampak paling besar terhadap perubahan nilai tukar IDR/USD dan suku bunga Bank Indonesia dapat menjadi insrumen menjaga nilai tukar IDR/USD selama pandemi COVID-19.

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COVID-19 Pandemic has occured from January 2020 until June 2021 and the pandemic affects Indonesia’s economy. Rupiah Indonesia- Dollar United States exchange rate (IDR/USD) has been changing value in January 2020 – June 2021 period. Factors that affecting exchange rate have to be analyzed because exchange rate has important effect on international trade, investment, and economic stability. The purposes of this research are to find factors that affecting IDR/USD exchange rate and also to find COVID-19 Pandemic significancy on value changing of IDR/USD exchange rate. This research used time series regression method with lag on it and also running autocorrelation and heteroscedasticity test. Research’s results show that Bank Indonesia interest rate, terms of trade, COVID-19 total cases are significant, meanwhile inflation rate is insignificant. Research’s results also show that Bank Indonesia interets rate and terms of trade give negative effect that led to appreciation of rupiah in terms of dollar. COVID-19 total cases give positive effect that led to depreciation of rupiah in term of dollar. The conclusion of this research are Bank Indonesia interest give the most significant effect on changing value of IDR/USD exchange rate and Bank Indonesia interest rate can be one of the instrument to protect IDR/USD exchange rate in this COVID-19 Pandemic.

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