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All Journal Economic and Business Horizon
Esi Fitriani Komara
Universitas Jenderal Achmad Yani, Indonesia
Economics, Econometrics & Finance

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The Effect of Financial Performance Indicators on Stock Prices of Energy Companies Listed on the Indonesia Stock Exchange Septia Eka Putri; Esi Fitriani Komara
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1458

Abstract

Stock prices serve as an important indicator of corporate performance and investor confidence in the capital market. However, stock price movements in Indonesia’s energy sector during the 2021–2024 period exhibited considerable volatility, suggesting that variations in companies’ financial performance may influence investor valuation and market prices. This study analyzes the effect of return on assets, return on equity, net profit margin, and debt-to-equity ratio on stock prices of energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. A quantitative explanatory approach was employed using secondary data from 30 purposively selected companies, yielding 120 observations. Panel data regression was conducted using EViews 14. The findings reveal that return on assets, return on equity, net profit margin, and debt-to-equity ratio do not individually have a significant effect on stock prices. However, these variables jointly exert a significant influence. The coefficient of determination (10.54%) indicates that financial performance explains a limited proportion of stock price variation, while 89.46% is attributable to factors outside the model. These findings suggest that stock prices in the energy sector are shaped not only by financial performance but also by external factors, including macroeconomic conditions, commodity price fluctuations, and market sentiment.
Co-Authors Septia Eka Putri