Study of Energy Sector Financial Fundamentals in the Context of Import Policy
Studi Fundamental Keuangan Sektor Energi dalam Konteks Kebijakan Impor Nasional
DOI:
https://doi.org/10.21070/ups.10113Keywords:
Profitability, Liquidity, Activities, Stock Price, Energy SectorAbstract
This study analyzes the impact of profitability, liquidity, and activity on the stock prices of energy sector companies listed on the Indonesia Stock Exchange from 2020 to 2024. Given the capital-intensive nature of the energy sector and its sensitivity to government energy policies, investor responses to financial performance are increasingly complex. Using a quantitative approach with panel data and the Random Effect Model (REM), this study employs Return on Assets (ROA), Current Ratio (CR), and Total Asset Turnover (TATO) as proxies for profitability, liquidity, and activity. The results indicate that ROA and TATO have a significant effect on stock prices, while CR shows no significant influence. These findings suggest that investors prioritize profitability and asset efficiency over short-term liquidity when making investment decisions in the energy sector. From a Signaling Theory perspective, ROA and TATO provide stronger performance signals, whereas liquidity signals are less relevant for long-term investment considerations
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