Energy Company Stock Performance: What is the role of Leverage, Dividend Payout Ratio, and EVA?

Authors

  • Rerita Khusnul Khotimah Accounting Department, Faculty of Economics and Business, University of Merdeka Malang, Indonesia
  • Diyah Sukanti Cahyaningsih Accounting Department, Faculty of Economics and Business, University of Merdeka Malang, Indonesia
  • Listyowati Accounting Department, Faculty of Economics and Business, University of Merdeka Malang, Indonesia
  • Sri Werdiningsih Accounting Department, Faculty of Economics and Business, University of Merdeka Malang, Indonesia

Keywords:

Economic Value Added, Debt to Equity Ratio, Dividend Payout Ratio, Stock return

Abstract

This study examines the impact of the Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), and Economic Value Added (EVA) on stock returns in oil, gas, and coal subsector companies listed on the Indonesia Stock Exchange for the period from 2020 to 2023. The analytical methods used include classical hypothesis testing, multiple linear regression, and other methods. Based on the research results, the Debt-to-Equity Ratio and Dividend Payout Ratio were shown to have no significant effect on stock returns. The significance values for DER and DPR were 0.292 and 0.568, respectively. This finding indicates that a company's funding structure (leverage) and dividend policy are not primary factors investors consider when making investment decisions in this sector. Conversely, Economic Value Added (EVA) had a significant and positive effect on stock returns, with a significance value of 0.001. This demonstrates that a company's ability to create economic value added is a key indicator that investors take seriously when assessing company performance and making investment decisions. For further research, it is recommended to explore other potential variables, including both internal factors such as profitability and liquidity, as well as external factors such as macroeconomic conditions and commodity prices, to provide a more comprehensive understanding of the determinants of stock returns

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Published

2026-02-06

How to Cite

Khotimah , R. K., Cahyaningsih, D. S., Listyowati, & Sri Werdiningsih. (2026). Energy Company Stock Performance: What is the role of Leverage, Dividend Payout Ratio, and EVA?. Proceedings of International Conference of Graduate School on Sustainability, 10, 147–155. Retrieved from https://jurnal.unmer.ac.id/index.php/icgss/article/view/16754

Issue

Vol. 10 (2025)

Section

Articles

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