Determinants of Stock Prices in ISSI-Indexed Coal Companies: Inflation, Exchange Rate, and Coal Commodity Prices
DOI:
https://doi.org/10.59890/ijefbs.v4i4.19Keywords:
Stock Price, ISSI, Coal Price, Stock Market.Abstract
This study examines the dynamic determinants of shariah-compliant coal stock prices listed on the Indonesia Shariah Stock Index (ISSI) from 2018 to 2024, filling a critical literature gap regarding macroeconomic and commodity shocks during global energy crises. Employing purposive sampling, eleven coal companies were selected as the research sample. Methodologically, a dynamic panel data regression model was estimated utilizing the Generalized Method of Moments (GMM) to control for endogeneity. The empirical results reveal that while lagged stock prices and global coal prices exert significant positive impacts on market valuations, inflation and the IDR/USD exchange rate introduce severe negative shocks. These findings imply that corporate executives and shariah investors must implement aggressive hedging strategies against macroeconomic volatility.
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