STUDY OF ENERGY SECTOR FINANCIAL FUNDAMENTALS IN THE CONTEXT OF IMPORT POLICY
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Objective: This study aims to analyze the effect of profitability, liquidity, and activity on the stock prices of energy sector companies listed on the Indonesia Stock Exchange during the period 2020–2024. The energy sector is capital intensive and highly influenced by government policy dynamics, particularly the shift between strategies to increase domestic energy production and dependence on national energy imports, making the market's response to companies' financial performance increasingly complex. Method: This study uses a quantitative approach with panel data analyzed using the Random Effect Model (REM) regression model. Profitability is proxied by Return on Assets (ROA), liquidity by Current Ratio (CR), and activity by Total Asset Turnover (TATO). Results: The partial test results show that profitability and activity have a significant effect on stock prices, while liquidity has no significant effect. These findings indicate that energy sector investors respond more to financial signals that reflect the ability to generate profits and the efficiency of asset utilization than the ability to meet short-term obligations. From a Signaling Theory perspective, ROA and TATO serve as positive signals that are considered more credible in describing a company's performance and prospects amid energy policy uncertainty. Conversely, CR signals are not fully responded to by the market because they are considered less relevant in the context of long-term energy sector investment. Novelty: This study implies that consistency in energy policy and transparency in financial information play an important role in shaping investor confidence and stock price stability in the energy sector.
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