<![CDATA[Abstract: This study aims to analyze the effect of financial performance on stock price changes in coal mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Specifically, it examines the effects of the current ratio (CR), return on assets (ROA), and debt-to-equity ratio (DER) on stock price changes. Methods: This study employs a quantitative causal-associative approach with purposive sampling. The sample comprises 15 coal mining companies selected from a population of 23 companies, yielding 60 observations. Secondary data were obtained from annual reports available through the Indonesia Stock Exchange, Yahoo Finance, and Investing.com. Panel data regression analysis was performed using the Common Effect Model (CEM) with White heteroskedasticity-consistent standard errors in EViews. Result: The overall model significance test (F-test) yielded an F-statistic of 11.2821 (p-value = 0.0000), indicating that the regression model is statistically significant and that the financial performance variables jointly have a significant effect on stock price changes. The coefficient of determination (R²) of 0.3767 indicates that the model explains 37.67% of the variation in stock price changes. Individual hypothesis tests (t-tests) showed that CR has no statistically significant effect on stock price changes, with a coefficient of −0.1503 (p-value = 0.8225). Similarly, DER has no statistically significant effect, with a coefficient of −0.2009 (p-value = 0.5478). In contrast, ROA has a positive and statistically significant effect on stock price changes, with a coefficient of 155.21 (p-value = 0.0163). Implication: The findings indicate that profitability serves as an important signal in investors’ assessments of a company’s prospects. Companies should improve the efficiency of asset utilization, while investors should consider profitability signals when making investment decisions.]]>
