Analysis of the impact of the Work From Home Policy on Changes in Stock Prices and Transaction Volume Study of Telecommunications Companies at IDX

ABSTRAK Kata kunci: WorK From Home Stock Price Volume Telecomunication Kebijakan work from home akibat pandemic covid 19 merupakan salah satu alternative dalam mencegah penyebaran virus covid 19. Masyarakat secara umum harus membiasakan bekerja dan belajar dengan memanfaatkan jaringan telekomunikasi dalam menunjang pekerjaan. Kenaikan trafik jaringan internet diharapkan memberikan stimulus terhadap perusahaan telekomunikasi. Penelitian ini menguji mengenai sentiment wotk from home terhadap perubahan harga dan volume transaksi saham dua perusahaan yakni PT. Telkom Indonesia Tbk dan PT. XL Axiata. Tbk. Teknik analisis pada penelitian ini menggunakan teknik analisis kuantitatif dengan uji sample paired t-test. Data yang dikumpulkan dari Bursa Efek Indonesia dengan jenis data sekunder. Peneliti menggunakan uji sample paired t-test menggunakan software SPSS 21. Hasil penelitian diketahui PT Telkom Indonesia Tbk mengindikasikan terjadi perubahan harga yang signifikan sebesar Rp 343 sebelum kebijakan namun volume transaksi meningkat sesudah pengumuman kebijakan work from home. PT XL Axiata Tbk terjadi perubahan signifikan sebesar Rp 126 lebih tinggi sebelum kebijakan work from home namun volume transaksi tidak ada pengaruh signifikan sebelum dan sesudah kebijakan work from home.


INTRODUCTION
Coronavirus Disease 2019  has become a world epidemic. Until the first week of May 2020, there were at least 4.1 million people (276 thousand of them died) from 212 infected countries (Amanani, 2020). The outbreak has also caused more than 8.9 billion people in Asia, America, Europe, Australia, Africa, and Antarctica to feel worried. Some of them have to go through a social distancing phase (maintaining a safe distance, staying at home, working at home, even praying at home) for months. To prevent, or at least suppress, the rate of transmission of a number of the main affected countries have implemented lockdowns, regional quarantine, to large-scale social restrictions (PSBB) Indonesia is one of the countries affected. The first announcement of the Covid-19 case was on March 2, which was announced directly by the president on March 2, 2020. After this announcement, the government on March 13, 2020, immediately formed a Task Force for the acceleration of handling Covid-19. This task force prepares all policies in coordination with the Ministry of Health (Kompas, 2020b). This has resulted in various policies carried out by the government to prevent the spread of the Covid-19 outbreak, including by carrying out physical distancing, wearing masks, dismissing schools, doing work from home, and regulating daily health protocols (Junaedi & Salistia, 2020) Work from home is one of the policies recommended by the government. In the first week, positive cases of Covid-19 were found, namely the 15th in several government agencies and followed by companies (Kompas, 2020a). The general definition of work from home is a term working remotely using the media of information technology, more precisely working from home. So workers do not need coming to the office face to face with other workers. Work from home is familiar to freelancers, but they often call it remote working or remote working. Work from home and remote working is the same, the only difference is the regulations of the company or institution they works. Some apply normal working hours 8 am to 4 pm or free work hours as long as work is done and communication can be a fast ISSN 2527-3906 (Online) Arie Setyo Dwi Utomo/ Akuntabilitas 13(2) 2020, 30-38 ISSN 1978-6255 (Print) Analisys This study will look at the correlation regarding the work from a home policy on changes in stock prices of telecommunications companies and the volume of stock price transactions amid the Covid-19 pandemic. This was done because the Covid-19 pandemic was a disease that could paralyze the world economy from a health risk aspect The formulation of the problem in this study can be explained as follows: 1. What is there a significant difference in the share price of PT. Telkom Indonesia Tbk before and after the national announcement regarding the work from home policy? The method used in this research is the t-test, namely the parametric onesample t-test. Assuming the data is normally distributed. In table 2 using paired sample t-test data using the SPSS 21 application. From the results of the analysis, the significance value is 0.00 which is smaller than the 0.05 significance. These results indicate that there is a significant difference in changes in the share price of PT Telkom Indonesia before and after the work from home policy is implemented in Indonesia. The value of change in stock prices is also positive, which has an interpretation that the price has a difference of Rp. 343. This indicates that the initial average value before the WFH policy has a higher price than after the announcement of work from home.

Source: SPSS 21
While in the aspect of change in transaction volume, it has a significant value of 0.091 which is smaller than the significant of 0.05. This result is significant at the  The Changes in share prices and transaction volume at PT XL Axiata Tbk on the IDX before and after the announcement of WFH policies The data in this study were drawn from the 30 days before and after the announcement of the policy work from home.
In Table 4 using a paired sample test data processing using SPSS 21. From the analysis of the significance of 0,026 is worth less than the 0.05 significance. These results indicate that there is a significant difference in changes in the share price of PT XL Axiata Tbk before and after the work from home policy is implemented in Indonesia. Value changes in stock prices are also a positive value which has the interpretation that the price has a difference of Rp 126 higher. This shows that the initial average value before the work from home policy has a higher price than after the work from the home announcement. This policy has not been able to provide a positive sentiment on the performance of PT. XL Axiata Tbk. This is influenced by the company's performance that is less than PT. Telkom Indonesia Tbk. This is ISSN 2527-3906 (Online) Arie Setyo Dwi Utomo/ Akuntabilitas 13 (2)   While the transaction volume change aspects have a significant value of 0.000 is smaller than the significance of 0:05. These results indicate that there is no significant difference in the total transaction volume of PT XL Axiata Tbk shares after and before the announcement of the work from home policy. The value of 1133780 has an interpretation that the average value of the share price transaction volume before the announcement of the work from home policy is higher than after the policy was implemented. So it can be said that the sentiment of market players towards this company has not been able to increase market volume.

SUMMARY
The conclusion obtained from the paired-sample t-test in this study, the stock price of PT Telkom Indonesia Tbk and PT XL Axiata Tbk. Before and after the announcement of the work from home policy, it shows a significant difference. This is indicated at the level of significance value below 5% or 0.05.
Likewise, the transaction volume for PT XL Axiata Tbk shows a significant difference between before and after the announcement of work from home.
Meanwhile, PT Telkom Indonesia found no significant changes at the level of significance below 5% or 0.05.