ITQAN: Journal of Islamic Economics, Management, and Finance
Vol. 5 No. 1 (2026): ITQAN: Journal of Islamic Economics, Management, and Finance

Volatility Drivers in Islamic Stock Markets: The Case of IDX30 Index Firms in Indonesia

Satya, Anggas Arden Arya (Unknown)
Muhammad, Mahatir (Unknown)



Article Info

Publish Date
28 Feb 2026

Abstract

Stock price volatility is a crucial phenomenon in the capital market as it reflects the degree of price instability that directly affects investment decisions. This study aims to analyze the effect of firm size, profitability, leverage, and free float ratio on stock price volatility.  A quantitative approach is employed using panel data regression analysis in EViews 12. The research sample consists of 12 companies selected purposively from the companies listed in the IDX30 index on the Indonesia Stock Exchange during the 2020–2024 period. The results show that, to some extent, firm size and profitability significantly affect stock price volatility. Then, leverage and free float ratio do not have a significant effect. However, simultaneously, all four independent variables significantly influence stock price volatility. These findings provide empirical contributions to investors and capital market participants by identifying key fundamental factors that influence stock price fluctuations.

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Journal Info

Abbrev

itqan

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

ITQAN: Journal of Islamic Economics, Management, and Finance (E-ISSN: 2810-0700) is a scientific journal which focuses on the field of business. The scope of the journal is in the fields of Economics, Management, and Islamic Finance with sub-themes including Business Management, ZISWAF Management, ...