The Effect of Government Electric Vehicle Policy and Macroeconomic Factors on Financial Perfomance and Stock Return of PT: Indomobil Sukses International, TBK.

About Us

Ipmi Repository is an online archive service which is managed by IPMI Library - Learning Resource Center. Established for collecting, managing, saving, preserving and disseminating digital copies of intellectual output of IPMI International Business School such as academic journal, books, theses, Group Field Project, Community Involvement Project, Case Study, conference paper, and other types of research publication. The main objective of this repository is to provide long-term, public, open access and easily retrieve to the digital collection to support teaching-learning process.

"Knowledge without observation is nil"

Hadikusuma, Alwin (2026) The Effect of Government Electric Vehicle Policy and Macroeconomic Factors on Financial Perfomance and Stock Return of PT: Indomobil Sukses International, TBK. Masters thesis, IPMI Institute.

[thumbnail of Alwin Hadikusuma.pdf] Text
Alwin Hadikusuma.pdf
Download (4MB)

Abstract

The Indonesian beverage industry is highly competitive as listed companies pursue growth amid shifting consumer preferences. PT Akasha Wira International Tbk (ADES) was selected because its 2021 product diversification provides a distinct strategic event for analysis, while its long history as a listed company and availability of quarterly financial disclosures enable a sufficiently long time-series examination of financial fundamentals and stock performance. This study examines ADES’s stock performance relative to its financial fundamentals, evaluates differences in performance around the 2021 diversification, and benchmarks its financial position against PT Sariguna Primatirta Tbk (CLEO). Using quarterly data from 2012 to mid-2026, the study applies OLS regression to test the association between stock return and four fundamental ratios—liquidity, leverage, activity, and profitability—along with a two-sample F-test and Welch t-test comparing pre- and post-diversification returns, and a comparative DuPont analysis against CLEO. The findings show that profitability is the factor most consistently associated with ADES’s stock return, that the post-diversification period shows both higher returns and volatility, and that ADES’s profitability advantage over CLEO is primarily margin-driven rather than leverage-driven. The study contributes to financial management theory by showing that the relevance of fundamental ratios can vary by firm and period, and offers investors and managers a practical reference point for evaluating firms undergoing product diversification in Indonesia’s consumer-goods sector.

Keywords: financial ratios, stock return, product diversification, OLS regression, DuPont analysis

Item Type: Thesis (Masters)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: sandra margaretha
Date Deposited: 30 Sep 2026 07:36
Last Modified: 30 Sep 2026 07:36
URI: http://repository.ipmi.ac.id/id/eprint/3058

Actions (login required)

View Item View Item