Analisis Pengaruh Jumlah Pemain Dan Ukuran Perusahaan Terhadap Reaksi Pasar Atas Pengumuman Peluncuran Game Baru Dan Major Update Pada Perusahaan Game Publik

Jonathan Dias Alfadeo, Harimurti Yogatama Hadipurnomo, S.E., M.Sc.

2026 | Skripsi | AKUNTANSI

Penelitian ini bertujuan untuk menganalisis pengaruh jumlah pemain (lnPLAYER) dan ukuran perusahaan (lnSIZE) terhadap reaksi pasar modal yang diproksikan dengan Cumulative Abnormal Return (CAR) pada perusahaan game publik yang mengumumkan peluncuran game baru maupun major update selama 2021 - 2025. Penelitian menggunakan pendekatan kuantitatif dengan metode event study dan regresi linear berganda OLS. Sampel dipilih melalui purposive sampling terhadap perusahaan game publik di kawasan Amerika dan Eropa yang memiliki game di platform Steam, menghasilkan 52 observasi peristiwa. Data sekunder mencakup harga saham dan indeks pasar dari Yahoo Finance, data jumlah pemain dari SteamDB, serta data total aset dari laporan keuangan perusahaan. Hasil penelitian menunjukkan bahwa jumlah pemain dan ukuran perusahaan, baik secara parsial maupun simultan, tidak berpengaruh signifikan terhadap CAR pada ketiga model regresi (tanpa lag, lag 1, dan lag 2). Temuan ini mengindikasikan bahwa investor tidak hanya mempertimbangkan tingkat aktivitas pemain dan ukuran perusahaan dalam merespons pengumuman tersebut, melainkan juga faktor lain seperti kinerja keuangan dan prospek produk perusahaan.

This research aims to analyze the effect of the number of players (lnPLAYER) and firm size (lnSIZE) on capital market reaction, as proxied by Cumulative Abnormal Return (CAR), in public gaming companies that announced new game launches or major updates during 2021 - 2025. This study employs a quantitative approach using the event study method and Ordinary Least Squares (OLS) multiple linear regression. The sample was selected through purposive sampling of public gaming companies located in the United States and Europe that have games listed on the Steam platform, resulting in 52 firm-event observations. Secondary data used include stock price and market index data from Yahoo Finance, player count data from SteamDB, and total asset data from company financial statements. The results show that both the number of players and firm size, partially and simultaneously, have no significant effect on CAR across all three regression models (no lag, lag 1, and lag 2). These findings indicate that investors do not rely solely on player activity levels and firm size when responding to such announcements, but also take into account other factors such as financial performance and the company's product prospects.

Kata Kunci : Jumlah Pemain; Ukuran Perusahaan; Cumulative Abnormal Return; Event Study; Perusahaan Game Publik, Player Count; Firm Size; Cumulative Abnormal Return; Event Study; Public Game Company