MARKET REACTION OF STATE-OWNED PHARMACEUTICAL COMPANIES ON THE INDONESIA STOCK EXCHANGE TO NEWS REGARDING COVID-19 VACCINATION

For almost 2 years, the world community has been hit by fear and crisis both in the health and economic fields due to the COVID-19 pandemic. The government's intensive health protocol campaign with the 3M jargon, namely wearing masks, maintaining distance and washing hands has not been able to stop the pandemic. To truly end the pandemic, it is necessary to create herd immunity. It is said that there are two ways to achieve herd immunity, namely by as many people as possible infected with the virus or by vaccination. Many studies have examined the market reaction to the COVID-19 pandemic, but very few studies have examined the market reaction to the development of a COVID-19 vaccine or the market reaction after the vaccination program started. This study examines whether there is a market reaction after the news regarding vaccinations in state-owned pharmaceutical companies on the Indonesia Stock Exchange. The test used in this study is the one sample t-test. The results of this study found (1) There was a positive market reaction in BUMN pharmaceutical companies to the arrival of vaccine raw materials for phase III clinical trials on July 19, 2020, (2) There was no positive market reaction in BUMN pharmaceutical companies to the events of Phase III vaccine clinical trials. para 11 August 2020 (3) There is no significant market reaction in state-owned pharmaceutical companies after the arrival of the first phase vaccine in Indonesia on 6 December 2020 (4) There is no positive market reaction in state-owned pharmaceutical companies to the administration of the first vaccine in Indonesia on 13 January 2021