Dampak Inovasi Sistem Pembayaran Terhadap Nilai Pemegang Saham Bank Dan Pengecer
DOI:
https://doi.org/10.22219/jrak.v12i2.18304Keywords:
event-study, Indonesia, national payment gateway, network externality, two-sided market modelAbstract
Artikel ini bertujuan meneliti respon pasar modal terhadap penerapan Gerbang Pembayaran Nasional Indonesia, untuk membuktikan bahwa interkoneksi dan interoperabilitas transaksi di merchant akan meningkatkan penerimaan kartu debit dan uang elektronik pada sisi permintaan, mendorong lebih banyak transaksi di merchant dan mengurangi biaya pertukaran sehingga akan meningkatkan pendapatan pedagang pada sisi penawaran. Hasil penelitian menunjukkan bahwa pasar modal merespon positif dampaknya terhadap kinerja saham bank penerbit tetapi memberikan respon negatif terhadap saham pengecer. Penelitian ini melengkapi literatur penelitian event-study terdahulu di pasar modal Indonesia serta memberikan literatur baru tentang dampak model pasar dua sisi pembayaran ritel elektronik dari sudut pandang eksternalitas jaringan antara bank penerbit dan pengecer. Penelitian ini dilakukan hanya pada pasar modal Indonesia dan hanya pada implementasi kartu debit GPN.
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