Determinants of Stock Price Volatility in Energy Sector Companies on the IDX
Abstract
This study aims to analyze the effect of exchange rates, interest rates and dividend policies on stock price volatility in energy sector companies listed on the IDX during the 2021-2023 period. The sample was selected using purposive sampling method, consisting of 32 companies. Data analysis was carried out using multiple linear regression. The results showed that exchange rates have a negative effect on stock price volatility, interest rates have a positive effect on stock price volatility, while dividend policy has no effect on stock price volatility. These findings emphasize the importance of considering external factors such as exchange rates and interest rates in making investment decisions in the energy sector.
References
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Kadek.W, T.Inayati, F. F. (2023). Pengaruh Leverage dan Profitabilitas terhadap Volatilitas Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening Sebelum dan Selama Covid-19. Owner, 7(3), 2234–2245. https://doi.org/10.33395/owner.v7i3.1514
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Koleosho, A. O., Akintoye, I. R., & Ajibade, A. T. (2022). The Effect of Dividend Policy on Share Price Volatility of Some Selected Companies on the Nigerian Exchange. Journal of Accounting, Business and Finance Research, 15(1), 10–20. https://doi.org/10.55217/102.v15i1.525
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Muhammad Zacky, Dana Bahari Sitepu, Z. Y. A. (2021). Pengaruh Dividend Payout Ratio Dan Debt To Equity Ratio Terhadap Harga Saham. Jurnal Investasi, 7(1), 68–76. https://doi.org/10.31943/investasi.v7i1.122
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Nurhasanah, N., Husaini, H., Arliansyah, A., & Syahputra, J. (2021). Determine of Stock Price Volatility on Mining Companies on the Indonesia Stock Exchange. Morfai Journal, 1(2), 213–224. https://doi.org/10.54443/morfai.v1i2.71
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Nwoye, C. M., & Egbunike, P. A. (2023). Dividend policy and capital investment on share price volatility in Nigeria. Journal of Global Accounting, 9(4), 206–221. https://journals.unizik.edu.ng/joga/article/view/2908%0Ahttps://journals.unizik.edu.ng/joga/article/download/2908/2343
Octavia, I., Sinaga, E. A., & Simangunsong, M. U. (2022). Analisis Pengaruh Deviden Policy, Kebijakan Hutang, Growth Asset, Dan Earning Volatility Terhadap Volatilitas Harga Saham Perusahaan Yang Terdaftar Di Lq45. Jurnal Akuntansi Dan Perpajakan Jayakarta, 4(1), 44–62. https://doi.org/10.53825/japjayakarta.v4i1.149
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Putri, A. L., & Paramita, R. A. S. (2024). The Influence Of Microeconomic Factors And Macroeconomic Factors On Stock Price Volatility In KOMPAS 100 Index Companies Listed On The Indonesia Stock Exchange For The Period 2019-2022. Journal of Business and Management Review, 5(6), 478–497. https://doi.org/10.47153/jbmr.v5i6.984
Safrani, D. R., & Kusumawati, E. (2022). Pengaruh Volume Perdagangan Saham, Dividend Yield, Earning Volatility, Firm Size, Dan Nilai Tukar Terhadap Volatilitas Harga Saham. Jurnal Ekonomi Dan Bisnis, 9(2), 123–134.
Saputra, A. (2019). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia. Jurnal GeoEkonomi, 2(1), 67–78. https://doi.org/10.36277/geoekonomi.v12i1.146
Septyadi, M. A., & Bwarleling, T. H. (2020). Pengar uh Volume Per dagangan Volatilitas Har ga Saham. Jurnal Riset Akuntansi Dan Keuangan, 2, 149–162.
Sutandijo, S. (2019). Kebijakan Dividen Dan Volatilitas Harga Saham Di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(1), 01. https://doi.org/10.32493/jiaup.v7i1.2279
T., L. (2021). Relationship Between Exchange Rate and Stock Market Volatilities in India. International Journal of Finance Research, 2(4), 244–259. https://doi.org/10.47747/ijfr.v2i4.443
Widati, S., Hidayat, T., Ummah, R., Permatasari, M. D., & Bangsa, U. P. (2024). Profitabilitas dan pertumbuhan perusahaan dalam mempengaruhi kebijakan dividen dimoderasi oleh likuiditas. 9(2), 167–181.
Alajekwu, D. U. B., & Ezeabasili, V. N. (2022). Dividend Policy and Stock Market Price Volatility in the Nigerian Stock Market. British Journal of Management and Marketing Studies, 3(4), 37–52. www.abjournals.org
Alvaro, D. P., & Laila Rosyda, N. A. (2023). Pengaruh Kebijakan Deviden terhadap Volatilitas Harga Saham. ManBiz: Journal of Management and Business, 3(1), 233–248. https://doi.org/10.47467/manbiz.v3i1.5489
Anggraini, A., Sudarno, S., & Raihan, M. (2023). Pemodelan Autoregressive Conditional Heteroscedasticity Dalam Analisis Makroekonomi Terhadap Volatilitas Saham Pt Destinasi Tirta Nusantara Tbk. Jurnal Cahaya Mandalika ISSN 2721-4796 (Online), 3(2), 1667–1681.
Asma Awan, Furrukh Bashir, Nimra Shahbaz, I. N. (2023). The Macroeconomic Determinants of Stock Price Volatility in Pakistan : An Empirical Investigation Introduction. 5(2), 205–221. https://doi.org/10.52461/ijoss.v5i2.2349
Burhan, F. (2024). Komposisi, Bos BEI Ungkap Penyebab Volatilitas Pasar Modal: Bunga Tinggi hingga Komposisi Kabinet. Bisnis.Com. Diakses pada 5 Oktober 2024, dari:
https://market.bisnis.com/read/20240812/7/1790312/bos-bei-ungkap-penyebab-volatilitas-pasar-modal-bunga-tinggi-hingga-komposisi-kabinet
Dutta, D. (2024). Significance of Non-Performing Assets ( NPAs ) on Volatility of Stock Price : A Study on Select Listed Private Banks in India. 2(6), 621–642.
Fadila, D. F., & Rahmawati, S. (2024). Pengaruh Kebijakan Dividen terhadap Volatilitas Harga Saham pada Perusahaan Non-Keuangan yang Tercatat Di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 9(1), 209–228. www.jim.usk.ac.id/ekm
Faustine, I. S., & Ananda, C. F. (2022). Pengaruh Inflasi, Nilai Tukar, Volume Perdagangan, Dan Order Imbalance Terhadap Volatilitas Harga Saham Pada Perusahaan Sektor Kesehatan Yang Terdaftar Dalam Bei Tahun 2021. Contemporary Studies in Economic, Finance and Banking, 1(3), 408–422. https://doi.org/10.21776/csefb.2022.01.3.05
Fikiruddin, A., Dwiyani, S., & Hariri. (2024). Analisis Pengaruh Nilai Tukar, Tingkat Suku Bunga, dan Inflasi Terhadap Indeks Harga Saham (Studi Kasus pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2021). 13(0), 158–166.
Fitriani, T., Asnawi, S. K., & Hendrian, H. (2022). Pengaruh Kurs Tukar, Dana Asing, dan Volume Perdagangan Terhadap Indeks Harga Saham. Owner, 6(2), 2145–2155. https://doi.org/10.33395/owner.v6i2.842
Fitriani, W., & Desmiza, D. (2024). Pengaruh Exchange Rate, Inflasi, Leverage, dan Firm Size Terhadap Volatilitas Harga Saham (Studi Kasus pada Perusahaan IDX30 di Bursa Efek Indonesia Periode 2018-2022). J-MAS (Jurnal Manajemen Dan Sains), 9(1), 427. https://doi.org/10.33087/jmas.v9i1.1662
Fuadi, A. (2020). Inflasi Dan Nilai Tukar Rupiah Terhadap Indeks Saham Syariah Indonesia. Jurnal Akuntansi Bisnis Pelita Bangsa, 5(01), 1–12. https://doi.org/10.37366/akubis.v5i01.102
Ishfaq & Rizwan. (2023). The Influence of Industry Characteristics on Stock Price Volatility in Pakistan: Examining the Moderating role of Industry Concentration. Journal of Business and Management Review, 2(2), 104–116.
Jannah, R., & Haridhi, M. (2016). Pengaruh Kebijakan Dividen, Earning Volatility, Dan Leverage Terhadap Volatilitas Harga Saham Pada Perusahaan Non-Financing Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 1(1), 133–148.
Jefry, J., & Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). International Journal of Business, Management & Economics Research, 1(1), 34–49. https://doi.org/10.47747/ijbmer.v1i1.49
Josua Sirait, Unggul Purwohedi, & Diena Noviarini. (2021). Pengaruh Volatilitas Laba, Leverage Keuangan, Kebijakan Dividen, dan Price to Book Value Terhadap Volatilitas Harga Saham. Jurnal Akuntansi, Perpajakan Dan Auditing, 2(2), 397–415. https://doi.org/10.21009/japa.0202.12
Kadek.W, T.Inayati, F. F. (2023). Pengaruh Leverage dan Profitabilitas terhadap Volatilitas Harga Saham dengan Kebijakan Dividen sebagai Variabel Intervening Sebelum dan Selama Covid-19. Owner, 7(3), 2234–2245. https://doi.org/10.33395/owner.v7i3.1514
Khairunisa, N., & Nazir, N. (2022). Pengaruh Leverage , Kebijakan Dividend Dan Ukuran Perusahaan Terhadap Volatilitas Harga Saham. Jurnal Ekonomi Trisakti, 2(2), 833–844. https://doi.org/http://dx.doi.org/10.25105/jet.v2i2.14419
Kohar, A., & Suratno, D. (2018). SENSITIVITAS FAKTOR EKONOMI MAKRO DAN MIKRO DALAM MEMPREDIKSI VOLATILITAS HARGA SAHAM PERUSAHAAN SEKTOR INDUSTRI FOOD & BEVERAGES. 4(14), 63–65. https://doi.org/10.15900/j.cnki.zylf1995.2018.02.001
Koleosho, A. O., Akintoye, I. R., & Ajibade, A. T. (2022). The Effect of Dividend Policy on Share Price Volatility of Some Selected Companies on the Nigerian Exchange. Journal of Accounting, Business and Finance Research, 15(1), 10–20. https://doi.org/10.55217/102.v15i1.525
Mubarokah, F., & Indah, N. P. (2021). Pengaruh Keputusan Investasi, Pendanaan, dan Dividen Terhadap Nilai Perusahaan Periode 2014-2018. Coopetition: Jurnal Ilmiah Manajemen, 12(2), 163–180. https://journal.ikopin.ac.id/index.php/coopetition/article/view/148
Muchtar Komarudin. (2024). Volatilitas Tinggi, Investor Disarankan Tansaksi Saham Jangka Pendek. Emitennews.Com. Diakses pada 5 Oktober 2024, dari: https://www.emitennews.com/news/volatilitas-tinggi-investor-disarankan-tansaksi-saham-jangka-pendek
Muhammad Zacky, Dana Bahari Sitepu, Z. Y. A. (2021). Pengaruh Dividend Payout Ratio Dan Debt To Equity Ratio Terhadap Harga Saham. Jurnal Investasi, 7(1), 68–76. https://doi.org/10.31943/investasi.v7i1.122
Mujiadi, I., Asyhari, A. A., & Ghondur, A. (2025). Peran Kebijakan Moneter dalam Mengendalikan Inflasi: Studi Kasus di Indonesia. Program Studi Ekonomi Syariah, 3, 181–191. https://doi.org/https://doi.org/10.61132/moneter.v3i1.1120
Nugroho, A. D., & Robiyanto, R. (2021). Determinant of Indonesian Stock Market’s Volatility During the Covid-19 Pandemic. Jurnal Keuangan Dan Perbankan, 25(1), 1–20. https://doi.org/10.26905/jkdp.v25i1.4980
Nurhasanah, N., Husaini, H., Arliansyah, A., & Syahputra, J. (2021). Determine of Stock Price Volatility on Mining Companies on the Indonesia Stock Exchange. Morfai Journal, 1(2), 213–224. https://doi.org/10.54443/morfai.v1i2.71
Nurmutia, E. (2023). Saham Sektor Energi Lesu pada 2023, Ini Penyebabnya. LIPUTAN 6. Diakses pada 5 Oktober 2024, dari:https://www.liputan6.com/saham/read/5383688/saham-sektor-energi-lesu-pada-2023-ini-penyebabnya
Nwoye, C. M., & Egbunike, P. A. (2023). Dividend policy and capital investment on share price volatility in Nigeria. Journal of Global Accounting, 9(4), 206–221. https://journals.unizik.edu.ng/joga/article/view/2908%0Ahttps://journals.unizik.edu.ng/joga/article/download/2908/2343
Octavia, I., Sinaga, E. A., & Simangunsong, M. U. (2022). Analisis Pengaruh Deviden Policy, Kebijakan Hutang, Growth Asset, Dan Earning Volatility Terhadap Volatilitas Harga Saham Perusahaan Yang Terdaftar Di Lq45. Jurnal Akuntansi Dan Perpajakan Jayakarta, 4(1), 44–62. https://doi.org/10.53825/japjayakarta.v4i1.149
Purba, R. (2023). Teori Akutansi: Sebuah Pemahaman untuk Mendukung Penelitian di Bidang Akuntansi Cetakan. In Jurnal Ilmu Pendidikan (Vol. 7, Issue 2).
Puspita, N. K. (2021). Intip Deretan Saham yang Paling Terdampak Akibat Krisis Energi. SINDONEWS.COM. Diakses pada 5 Oktober 2024, dari: https://ekbis.sindonews.com/read/581172/178/intip-deretan-saham-yang-paling-terdampak-akibat-krisis-energi-1635315029
Putri, A. L., & Paramita, R. A. S. (2024). The Influence Of Microeconomic Factors And Macroeconomic Factors On Stock Price Volatility In KOMPAS 100 Index Companies Listed On The Indonesia Stock Exchange For The Period 2019-2022. Journal of Business and Management Review, 5(6), 478–497. https://doi.org/10.47153/jbmr.v5i6.984
Safrani, D. R., & Kusumawati, E. (2022). Pengaruh Volume Perdagangan Saham, Dividend Yield, Earning Volatility, Firm Size, Dan Nilai Tukar Terhadap Volatilitas Harga Saham. Jurnal Ekonomi Dan Bisnis, 9(2), 123–134.
Saputra, A. (2019). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia. Jurnal GeoEkonomi, 2(1), 67–78. https://doi.org/10.36277/geoekonomi.v12i1.146
Septyadi, M. A., & Bwarleling, T. H. (2020). Pengar uh Volume Per dagangan Volatilitas Har ga Saham. Jurnal Riset Akuntansi Dan Keuangan, 2, 149–162.
Sutandijo, S. (2019). Kebijakan Dividen Dan Volatilitas Harga Saham Di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(1), 01. https://doi.org/10.32493/jiaup.v7i1.2279
T., L. (2021). Relationship Between Exchange Rate and Stock Market Volatilities in India. International Journal of Finance Research, 2(4), 244–259. https://doi.org/10.47747/ijfr.v2i4.443
Widati, S., Hidayat, T., Ummah, R., Permatasari, M. D., & Bangsa, U. P. (2024). Profitabilitas dan pertumbuhan perusahaan dalam mempengaruhi kebijakan dividen dimoderasi oleh likuiditas. 9(2), 167–181.
Published
2025-06-18
How to Cite
DEWI, Sari Puspita; NIKMAH, Nikmah.
Determinants of Stock Price Volatility in Energy Sector Companies on the IDX.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 10, n. 01, p. 32 - 45, june 2025.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/16146>. Date accessed: 29 june 2025.
doi: https://doi.org/10.32424/1.sar.2025.10.01.16146.
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Articles
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