Pengaruh Harga Batubara Acuan (HBA) dan Debt to Equity Ratio (DER) Terhadap Harga Saham Perusahaan Energi Subsektor Batubara Yang Terdaftar di BEI Periode 2020-2024
DOI:
https://doi.org/10.35870/jemsi.v12i2.6594Keywords:
Benchmark Coal Price, Debt to Equity Ratio, Stock PriceAbstract
This study aims to analyze the conditions of the Benchmark Coal Price (HBA), Debt to Equity Ratio (DER), and stock prices, as well as to examine the correlation and influence of HBA and DER on stock prices, both partially and simultaneously, in coal subsector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. This study uses a quantitative approach with descriptive and verification analysis methods and path analysis techniques. Secondary data were obtained from the Indonesia Stock Exchange, the Ministry of Energy and Mineral Resources, and company financial reports. The research sample consisted of 5 coal subsector companies selected using a purposive sampling technique, with a total of 100 quarterly observation data. Data processing was carried out using SPSS 26 software. The results showed that there was no correlation between HBA and DER. Partially, HBA had a positive and significant effect on stock prices, while DER had a negative and significant effect on stock prices. Simultaneously, HBA and DER had a significant effect on stock prices, indicating that stock prices were influenced by commodity price dynamics and company capital structure.
Downloads
References
Amirullah, A., & Febyansyah, A. (2024). Pengaruh current ratio, debt to equity ratio, earning per share, net profit margin terhadap harga saham. Jurnal Ilmiah Manajemen dan Akuntansi, 2(5), 155–167. https://doi.org/10.69714/gwpnp796.
Aning, F. (2024). Buku ajar analisis laporan keuangan. CV. Malik Rizki Amanah. file:///mnt/data/Buku%20DER.pdf
Artika, D., Anggraini, D., & Sari, W. M. (2023). Pengaruh debt to asset ratio (DAR), debt to equity ratio (DER), dan net profit margin (NPM) terhadap harga saham pada perusahaan subsektor pertambangan batu bara yang terdaftar di Bursa Efek Indonesia. Escaf.
Dawwas, J. A., & Sundari, S. (2023). Pengaruh harga batu bara acuan, kebijakan dividen, dan profitabilitas terhadap nilai perusahaan dengan harga saham sebagai variabel intervening. Jurnal Aplikasi Akuntansi, 8(1), 222–238. https://doi.org/10.29303/jaa.v8i1.323.
Dayanti, D., Mulyadi, D., Pertiwi, S., Sandi, H., Muhammad, U., & Fadli, D. (2024). Research in management of technology and the influence of financial literacy, e-money, and hedonism lifestyle on the financial management of management students 2019–2021 UBP Karawang. Research in Management of Technology and Business, 5(2), 987–995.
Esti, E. A. J., Hernawan, M. A., Saputri, M., Dali, R. M., Mulyadi, D., Nuryani, N. N. J., … Lerrick, Y. F. (2022). Manajemen keuangan (konsep dan implementasi).
Faujianto, S. A., & Aribowo, W. G. (2022). Pengaruh keputusan investasi, keputusan pendanaan dan profitabilitas terhadap nilai perusahaan. 3(September), 88–95.
Hasan, S., Elpisah, Sabtohadi, J., M, N., Abdullah, & Fachrurazi. (2022). Manajemen keuangan.
Jaya, A., Kuswandi, S., Prastyandari, C. W., Baidlowi, I., Mardiana, Ardana, Y., … Muchsidin, M. (2023). Manajemen keuangan. In Modul Kuliah (Vol. 7, Issue 2).
Jaya, M. I. T., Fadrul, Novitriansyah, B., Pujiono, & Estu, A. Z. (2024). The influence of commodity prices, debt to equity ratio (DER), and return on asset (ROA) on stock prices in the energy sector listed on the BEI for the 2019–2022. LUCRUM: Jurnal Bisnis Terapan, 2(2), 227–241.
Khusen, Z. F., Manajemen, J., Tinggi, S., Ekonomi, I., Negara, K., Timur, J., & Dividen, K. (2025). Jurnal riset mahasiswa ekonomi (RITMIK) harga batubara acuan dan kebijakan dividen sebagai determinan fluktuasi saham subsektor batubara di BEI. 7(4), 405–414.
Koerniady, A., Mayangsari, S., Universitas, B., & Jakarta, T. (2025). Profitability mediates the impact of coal commodity prices on firm value in Indonesian coal mining companies. 16(2), 205–218. https://doi.org/10.26740/jaj.v16n2.p205-218.
Labiba, A., Rasmini, M., & Kostini, N. (2021). Pengaruh earning per share dan deviden per share terhadap harga saham. Jurnal Riset Akuntansi, 1(2), 76–81. https://doi.org/10.29313/jra.v1i2.417.
Marera, N., Mulyadi, D., Pertiwi, S., & Sandi, H. (2025). The effect of character competency and intensity of virtual item purchases on the financial management of the Indonesian PUBG mobile game.
Nababan, G. O., Gori, E., Naibaho, A., Friska, L., & Acai, P. (2024). Pengaruh return on asset (ROA), return on equity (ROE), dan debt to equity ratio (DER) terhadap harga saham pada perusahaan pertambangan subsektor tambang batubara yang terdaftar di Bursa Efek Indonesia periode 2018–2021. 66488(1), 102–111.
Perdana, A. F., & Imaningsih, N. (2024). Analisis pengaruh harga batu bara acuan, suku bunga BI 7-day repo rate, dan nilai tukar terhadap indeks harga saham sektor energi pada Bursa Efek Indonesia (BEI). Journal of Economic, Business and Accounting (COSTING), 7(3), 4202–4209. https://doi.org/10.31539/costing.v7i3.7083.
Pradita, V. M., & Suselo, D. (2022). Pengaruh return on asset (ROA), return on equity (ROE), dan debt to equity ratio (DER) terhadap harga saham pada perusahaan sektor pertambangan yang terdaftar di BEI periode 2018–2021. Juremi: Jurnal Riset Ekonomi, 2(3), 377–386. https://doi.org/10.53625/juremi.v2i3.3844.
Rahmawati, R., Amila, G., Widjaya, A., & Djuanda, G. (2023). Harga saham dan nilai saham industri jasa pada masa pandemi.
Ramli, R. R., & Ika, A. (2022). Low Tuck Kwong orang terkaya di RI yang cuan Rp40 T sehari dari saham Bayan Resources.
Saputra, I. (2023). Pengaruh earning per share, harga batu bara acuan, dan nilai tukar terhadap harga saham. Al-KALAM: Jurnal Komunikasi, Bisnis dan Manajemen, 10(1), 13. https://doi.org/10.31602/al-kalam.v10i1.9026.
Senoadji, M. A. (2020). Pengaruh harga batubara acuan, struktur modal dan profitabilitas terhadap harga saham syariah dibanding saham konvensional perusahaan subsektor batubara yang terdaftar di BEI.
Sinaga, J. V. (2024). Batubara Indonesia: Pilar utama energi di era transisi energi dan hilirisasi menuju kemandirian bangsa.
Sitinjak, P. (2020). Harga batubara acuan Agustus 2020 USD 50,34.
Tapobaly, A. E. R., & Widyastuti, T. D. (2021). Pengaruh profitabilitas, sales growth, leverage, dan majority shareholder terhadap nilai perusahaan. 17(01), 167–186.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Andri Fabian Mahardika, Dedi Mulyadi, Santi Pertiwi Hari Sandi
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
