<![CDATA[Purpose – This study aims to analyze the effects of profitability, leverage, market value, energy commodity prices, and exchange rates on stock price volatility among Indonesian energy companies during the period of 2021–2024. The research seeks to identify key financial and macroeconomic factors influencing stock price fluctuations amid global geopolitical conflicts and post-pandemic economic uncertainty. Design/Methodology/Approach – This study employs a quantitative research approach using panel data regression analysis. The research sample consists of 25 energy companies listed in the IDXENERGY sector. Secondary data were collected from company financial reports and market data during the 2021–2024 period. The analysis was conducted using a random effect model to examine the relationship between independent variables and stock price volatility. Findings – The findings reveal that profitability, energy commodity prices, and exchange rates significantly influence stock price volatility. Return on Assets (ROA) has a negative and significant effect, indicating that stronger financial performance reduces investment risk and stock price fluctuations. Energy commodity prices have a positive and significant effect, demonstrating that global commodity price uncertainty increases stock volatility. Exchange rates have a significant negative effect, suggesting that Rupiah depreciation can act as a stabilizing factor through a natural hedging mechanism from export-based revenues. Meanwhile, leverage and Price Earnings Ratio (PER) do not significantly affect stock price volatility. Originality/Value – This study contributes to financial market research by integrating firm-level financial indicators with macroeconomic factors in explaining stock price volatility during crisis periods. The findings provide evidence that investors in the energy sector prioritize commodity price movements, exchange rate conditions, and operational profitability when assessing market uncertainty.]]>
