Financial and Stock Performance Analysis of Top 5 Coal Producer Company Listed in Indonesia Stock Exchange and Australia Stock Exchange Before and During the Russia-Ukraine War Between 2019–2023

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Sudjatmiko, rakhmat dody (2025) Financial and Stock Performance Analysis of Top 5 Coal Producer Company Listed in Indonesia Stock Exchange and Australia Stock Exchange Before and During the Russia-Ukraine War Between 2019–2023. Graduate thesis, institute ipmi.

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Abstract

The coal mining industry has experienced substantial disruptions due to geopolitical events, most notably the Russian invasion of Ukraine in February 2022, which has significantly impacted global energy markets. Previous studies revealed diverse findings regarding the influence of fundamental factors on stock returns across industries. This study aims to examine the impact of fundamental factors and the moderating role of the Russia–Ukraine War on stock returns for coal producers listed on the Indonesia Stock Exchange and Australia Stock Exchange from 2019 to 2023. The analysis considers key independent variables such as coal price, exchange rate, market return, return on equity (ROE), current ratio (CR), total asset turnover (TATO), debt-to-equity ratio (DER), and earning yield (EY). The Russia–Ukraine War serves as a moderating variable, while stock return is the dependent variable. Utilizing the panel data regression model, the study provides evaluation of financial and stock performance between the top five coal producer companies in Indonesia and Australia comparing before and during the war happen. The findings indicate that coal price and exchange rate positively and significantly affect stock returns, with fluctuation of the coal price being the most influential factor. However, market return, ROE, and several financial ratios (TATO and DER) failed to exhibit significant relationships with stock returns, but CR and EY showed marginally significant positive effects. The Russia–Ukraine War was incorporated as a moderating variable but did not significantly moderate the effects of most independent variables, except for the exchange rate, which showed significant negative moderation. This study highlights the role of coal prices and market conditions in driving the stock performance while emphasizing the impact of geopolitical conflicts like the Russia–Ukraine War. It underscores the importance of considering both fundamental financial factors and external macroeconomic disruptions when analyzing stock returns in the coal sector. These insights provide valuable guidance for investors and policymakers in managing risks and optimizing returns in volatile environments.

Item Type:	Thesis (Graduate)
Subjects:	H Social Sciences > H Social Sciences (General)
Divisions:	Thesis > Master of Business Administration
Depositing User:	sandra margaretha
Date Deposited:	19 May 2025 08:07
Last Modified:	19 May 2025 08:07
URI:	http://repository.ipmi.ac.id/id/eprint/2730

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