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September 10, 2025JASa (Jurnal Akuntansi Audit dan Sistem Informasi Akuntansi)Open Access

Effects of Energy Price Fluctuations on Stock Return of Energy Companies in Indonesia: The Effect of Macroeconomic Variables and Subsidy Policy

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Authors

FAFerenika AdhaniRNRidwan Nurazi

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Overview

Panel data analysis highlights positive effects of energy prices on stock returns, suggesting macroeconomic variables influence performance.

Key Points

  • Energy prices positively influence stock returns of energy companies, while inflation and exchange rates negatively impact returns.
  • Inflation and interest rates demonstrate a significant negative effect, influencing stock performance alongside energy price dynamics.
  • A fixed effects model was used to analyze the relationships over time, capturing unique characteristics of Indonesian energy companies.
  • Findings emphasize the importance of considering energy prices and macroeconomic factors for investment decisions in Indonesia's energy sector.

Cite This Study

Adhani et al. (2025) studied this question.

synapsesocial.com/papers/68c23abeb210217d647822d7https://doi.org/10.36555/jasa.v9i2.2904
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