<![CDATA[This study aims to examine the influence of profitability, dividend policy, and firm size on stock prices of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The energy sector was chosen because it is highly sensitive to fluctuations in global commodity prices, particularly oil and coal, while it also consistently distributes large dividends to shareholders. Profitability was measured using Return on Assets (ROA), dividend policy was measured using Dividend Payout Ratio (DPR), and firm size was measured using market capitalization. This research applies a quantitative associative-causal approach using secondary panel data obtained from 13 sampled companies selected through purposive sampling, resulting in 65 firm-year observations. The data were analyzed using panel data regression with EViews software, and the Random Effect Model (REM) was selected as the best estimation model based on the Chow, Hausman, and Lagrange Multiplier tests. The classical assumption tests indicate that the model is free from multicollinearity and heteroscedasticity. The results show that ROA has a positive and significant effect on stock prices, firm size has a positive and significant effect on stock prices, while DPR has a negative and insignificant effect on stock prices. Simultaneously, the three independent variables significantly affect stock prices and explain 50.76 percent of its variation. These findings imply that investors in the energy sector tend to rely more on profitability and firm scale rather than dividend distribution when assessing stock value.]]>
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