JURNAL ECONOMINA
Vol. 5 No. 7 (2026): JURNAL ECONOMINA, Juli 2026

The Mediating Role of Financial Performance in Foreign Ownership on Stock Price Volatility of Technology Companies on the BEI

Kariska Try Rahmatika Nggolon (Universitas Tadulako, Palu, Indonesia)
Muhammad Yunus Kasim (Universitas Tadulako, Palu, Indonesia)
Vitayanti Fattah (Universitas Tadulako, Palu, Indonesia)
Erwan Sastrawan (Universitas Tadulako, Palu, Indonesia)



Article Info

Publish Date
30 Jul 2026

Abstract

This study aims to analyze the mediating role of financial performance in the relationship between foreign ownership and stock price volatility of technology companies listed on the Indonesia Stock Exchange for the period 2020–2024. Using a quantitative causal approach and secondary data, the study analyzed a sample of 17 companies via panel data regression using the Common Effect Model, path analysis, and the Sobel test. The results show that foreign ownership has a significant negative effect on stock price volatility and a significant positive effect on financial performance, as measured by both ROA and ROE. Financial performance does not have a significant effect on stock price volatility. Furthermore, financial performance does not mediate the relationship between foreign ownership and stock price volatility.

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Journal Info

Abbrev

economina

Publisher

Subject

Economics, Econometrics & Finance

Description

JURNAL ECONOMINA (JE) is a peer-reviewed journal which publishes original research papers. ECONOMINA has been published since 2022. It is currently published every month a year with e-ISSN: 2963-1181. The Digital Object Identifier (DOI) is assigned to each published article and the journal is ...