A Comparative Analysis of Profitability, Leverage, and Firm Value in Coal Subsector Companies Listed on the Indonesia Stock Exchange Before and After the Global Coal Price Surge in the 2020-2024 Period

Dhea Ananda; Yudi; Heriyani

doi:10.63922/ijebir.v5i05.6290

Dhea Ananda Faculty of Economics and Business, University of Jambi, Jambi, Indonesia
Yudi Faculty of Economics and Business, University of Jambi, Jambi, Indonesia
Heriyani Faculty of Economics and Business, University of Jambi, Jambi, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i05.6290

Keywords: Profitability, leverage, firm value, coal price surge.

Abstract

This study aims to analyze the differences in profitability, leverage, and firm value before and after the global coal price surge in coal subsector companies listed on the Indonesia Stock Exchange during the 2020-2024 period. Profitability is measured using Return on Assets (ROA), leverage is measured using Debt to Equity Ratio (DER), and firm value is measured using Price to Book Value (PBV). This study employs a quantitative approach with a comparative research design. The data used are secondary data obtained from annual financial report and company stock price data. The sample was selected using purposive sampling, resulting in 15 coal subsector companies. The analysis techniques include descriptive statistics, the Shapiro-Wilk normality test, Paired Sample T-Test, and Wilcoxon Signed-Rank Test. The result show that there is a significant difference in profitability before and after the global coal price surge, as indicated by the Paired Sample T-Test with a significance value of 0.000. In contrast, there is no significant difference in leverage, with a Wilcoxon Signed-Rank Test significance value of 0.100. Similarly, there is no significance difference in firm value, with a significance value of 0.776. The findings indicate that the global coal price surge significantly improved companies’ ability to generate profits from their assets, but did not result in statistically significant changes

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