THE VALUE RELEVANCE ANALYSIS OF EARNINGS, BOOK VALUE OF EQUITY, AND R&D ON STOCK PRICE BEFORE AND DURING COVID-19 PANDEMIC (Empirical Study on Manufacturing Companies Listed on the IDX in 2018 – 2021)

Doherty, Sheren (2022) THE VALUE RELEVANCE ANALYSIS OF EARNINGS, BOOK VALUE OF EQUITY, AND R&D ON STOCK PRICE BEFORE AND DURING COVID-19 PANDEMIC (Empirical Study on Manufacturing Companies Listed on the IDX in 2018 – 2021). S1 thesis, Universitas Atma Jaya Yogyakarta.

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Abstract

The purpose of this research is to provide empirical evidence regarding the value relevance of earnings, book value, and R&D in explaining the company’s market value and observing the condition around the Covid-19 pandemic. The samples used are all manufacturing companies listed in Indonesia Stock Exchange that disclose consistent R&D expenditures during the observation period (2018-2021). The findings indicate that earnings and R&D have no significant impact on stock price in both periods while the book value of equity has a positive relationship and significant impact on the stock price. The value relevance of book value of equity also increases during the pandemic. This research concludes that in the time of financial crisis, investors rely on the information about book value of equity more than earnings and R&D.

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