The Role of Overreaction in Consumer Goods Industry Sector - Cosmetics & Home Supplies on the Indonesia Stock Exchange


  • Siti Komariah Universitas Widyatama
  • Safruji Nurbastian Universitas Widyatama



Overreaction, Stock Price, Indonesia Stock Exchange


This study aims to see whether there is an overreaction effect on the company's stock price in the Consumer Goods Industry Sector - Cosmetics & Home Supplies which are listed in the period January 2019 - February 2022 on the Indonesia Stock Exchange. Sampling in this study was carried out using purposive sampling method. This method has the criteria that the shares are always listed in the research period. The researcher uses data analysis in the form of simple linear regression and to answer normality using the Central Limit Theorem which is to find out whether the data submitted is normal. This study proves empirically that overreaction has an influence on stock prices, so that in its implications for stock investment investors do not have adequate understanding and are easy to accept information that is not necessarily true.


Download data is not yet available.


Ali, S. E. A., Lai, F.-W., Dominic, P. D. D., Brown, N. J., Lowry, P. B. B., & Ali, R. F. (2021). Stock market reactions to favorable and unfavorable information security events: A systematic literature review. Computers & Security, 110, 102451.

Apriyono, A., & Taman, A. (2013). Jurnal Nomina / Volume Ii Nomor Ii / Tahun 2013 76 Analisis Overreaction Pada Saham Perusahaan Manufaktur Di Bursa Efek Indonesia (Bei) Periode. Jurnal Nimona, 2(2), 76–96.

Brown, K. C., Harlow, W. V., & Tinic, S. M. (1988). Risk Aversion, Uncertain Information, and Market Efficiency. Journal of Financial Economics, 22(2) 355-385.

DeBondt, W., & Thaler, R. (1985). Does the stock market overreact?. Journal of Finance, 40, 793-807.

Elton, E. J., Gruber, M. J., & Blake, C. R. (2005). Marginal Stockholder Tax Effects and Ex-Dividend-Day Price Behavior: Evidence From Taxable Versus Nontaxable Closed-End Funds. The Review of Economics and Statistics, 87(3), 579-586.

Fischer, D. E. & Jordan, R. J. (1995). Security Analysis and Portfolio Management. Prentice Hall

Gumanti, T, A., & Utami, E. S. (2002). Bentuk Pasar Efisien dan Pengujiannya. Jurnal Akuntansi dan Keuangan, 4(1), 54-68.

Isnawati, E. (2015). Analisis Overreaction terhadap Harga Saham. Ilmu Dan Riset Akuntansi, 4(11), 1–20.

Jogiyanto, H. M. (2008). Teori Portofolio dan Analisis Investasi (3rd ed.). Yogyakarta: BPFE.

Kusumawardani, S. (2001). Analisis Reaksi Berlebihan, Efek Bid-Ask, Firm Size, dan Likuiditas dalam Fenomena Price Reversal di Bursa Efek Jakarta. Thesis. Program Pascasarjana Universitas Diponegoro

Margareta, L., & Meilani, S. E. R. (2018). Analisis Overreaction Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Indeks Saham Syariah Indonesia (ISSI) Tahun 2014-2016. Thesis. IAIN Surakarta.

Murtini, U., & Widyatmadja, Y, K. (2011). Pengaruh Overreaction Terhadap Harga Saham. Jurnal Riset Akuntansi Dan Keuangan, 7(1), 31-37.

Nofsinger, J. R. (2001). Investment Madness: How Psychology Affects Your Investing and What to Do About It. Nueva York: Financial Times Prentice Hall.

Paramita, R. W. D., Rizal, N., & Sulistyan, R. B. (2021). Metode Penelitian Kuantitatif Edisi 3. Lumajang: Widya Gama Press.

Pratama, I. G. S., Purbawangsa, I. B. A., & Artini, L. G. S. (2016). Analisis Overreaction Pasar Pada Saham Winner Dan Loser Di Bursa Efek Indonesia. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5(12), 4387-4414.

Puspita, N. V., & Yuliari, K. (2019). Analisis Pengaruh Stock Split Terhadap Harga Saham, Abnormal Return Dan Risiko Sistematik Saham Perusahaan (Studi Pada Perusahaan Yang Terdaftar Di Bei 2016-2018). Jurnal Ekonika: Jurnal Ekonomi Universitas Kadiri, 4(1), 95-110.

Robiyanti, R., Santoso, M. A., Atahau, A. D. R., & Harijono, H. (2019). The Indonesia stock exchange and its dynamics: An analysis of the effect of macroeconomic variables. Montenegrin Journal of Economics, 15(4), 59-73.

Shefrin, & Hersh. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and Psychology of Investing. Harvard Business School Press.

Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta.

Sutopo, E. Y., & Slamet, A. (2017). Statistik Inferensial. Bandung: Penerbit Andi.

Swandewi, G. A. E., & Mertha, I. M. (2013). Abnormal Return Portofolio Winner-Loser Saham Manufaktur di PT. Bursa Efek Indonesia. E-Journal Akuntasi Universitas Udayana, 5(1), 85-99.




How to Cite

Komariah, S., & Nurbastian, S. (2022). The Role of Overreaction in Consumer Goods Industry Sector - Cosmetics & Home Supplies on the Indonesia Stock Exchange. Jurnal Ilmu Manajemen Advantage, 6(1), 79–87.