Guncangan Eksternal dan Fundamental Internal: Analisis Volatilitas Saham Sektor Energi di Indonesia

Muhammad Sami; Amanah Hijriah; Rusliyawati Rusliyawati

doi:10.61132/moneter.v4i4.2630

Authors

Muhammad Sami Universitas Tanjungpura
Amanah Hijriah Universitas Tanjungpura
Rusliyawati Rusliyawati Universitas Tanjungpura

DOI:

https://doi.org/10.61132/moneter.v4i4.2630

Keywords:

Brent Crude Oil Price, Dividend Policy, Geopolitical Risk, Stock Price Volatility, Trading Volume Activity

Abstract

The stock price volatility of Indonesia's energy sector has consistently exceeded the market average reflected in the IHSG, with IDXENERGY averaging 21.01 percent compared to IHSG's 13.02 percent over the 2021–2025 period. This condition indicates relatively higher fluctuations in energy sector stocks and highlights the importance of examining factors that contribute to such volatility. Therefore, stock price fluctuations of companies in Indonesia’s energy sector are the primary focus of this study, specifically to measure the extent to which internal and external factors influence these fluctuations, encompassing Brent crude oil price volatility, geopolitical risk, dividend policy, leverage, and trading volume activity. Using the purposive sampling method, 46 companies in the energy sector listed on the Indonesia Stock Exchange were selected as research subjects, which were analyzed using the fixed-effects model with the aid of EViews version 12 software. Based on the results of data analysis, it was found that volatility in Brent crude oil prices and stock trading volume have a positive influence on stock price volatility. Meanwhile, geopolitical risk, dividend policy, and leverage do not have a statistically significant influence

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