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All Journal Contemporary Studies in Economic, Finance and Banking (CSEFB)
Huwaidi, Miqdad
Unknown Affiliation
Economics, Econometrics & Finance Social Sciences

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Leverage, Firm Size, and Institutional Ownership on Coal Firms' Stock Price Synchronicity Huwaidi, Miqdad; Satria, Dias
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study analyzes stock price synchronicity in emerging markets, where firm-specific information is often overshadowed by market movements, specifically within the Indonesian coal sector during 2020–2024. The research aims to examine the impact of leverage, firm size, and institutional ownership on stock price synchronicity. Using the Common Effect Model (CEM) panel regression on 20 sampled companies, results show that leverage and profitability have a significant negative effect on synchronicity. This indicates that financial risk and fundamental performance drive stock prices to be more informative and idiosyncratic. Conversely, firm size has a significant positive effect as large companies align more with market dynamics. Institutional ownership was found to have no significant impact. The study concludes that leverage and firm size significantly influence stock price synchronicity, while institutional ownership does not. The implications suggest that investors must perform deep fundamental analysis, while regulators are encouraged to strengthen transparency policies to enhance market efficiency.
Co-Authors Dias Satria