PENGARUH RETURN ON EQUITY, DEBT TO EQUITY RATIO, ENVIRONMENTAL, SOCIAL AND GOVERNANCE TERHADAP HARGA SAHAM PADA SUB SEKTOR PERTAMBANGAN BATU BARA YANG TERDAFTAR DI BURSA EFEK INDONESIA
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Abstract
This study aims to examines the influence of Return on Equity (ROE), Debt to Asset Ratio (DAR), and Environmental, Social and Governance (ESG) on stock prices of coal mining sub-sector companies listed on the Indonesia Stock Exchange (IDX), motivated by the significant fluctuations in financial performance and sustainability commitment observed among coal mining companies during the 2022–2024 period. A quantitative approach was employed, with data collected from annual financial reports and ESG Disclosure data based on the KATADATA ESG Index. Using purposive sampling, 15 companies were selected as the research sample, yielding 45 observations over three years. The data were analyzed using multiple linear regression by SPSS. The results indicate that ROE has a positive and significant effect on stock prices, suggesting that higher profitability increases investor confidence and stock value. DAR has a negative and significant effect on stock prices, indicating that higher debt levels increase financial risk and tend to reduce stock prices. Meanwhile, ESG does not have a significant effect on stock prices, implying that investors in the coal mining sub-sector still prioritize financial performance over sustainability disclosures, with adjusted R2 36%.
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This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
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