Pengaruh Makroekonomi terhadap Kinerja Perusahaan Energi

Muhammad Ramadhani Kesuma; Chandika Mahendra Widaryo; Ellen D. Oktanti Irianto; Rohana Nur Aini

doi:10.31004/riggs.v4i1.435

Authors

Muhammad Ramadhani Kesuma Universitas Mulawarman
Chandika Mahendra Widaryo Universitas Mulawarman
Ellen D. Oktanti Irianto Universitas Mulawarman
Rohana Nur Aini Universitas Mulawarman

DOI:

https://doi.org/10.31004/riggs.v4i1.435

Keywords:

Kinerja Keuangan, ROE, Makroekonomi, Perusahaan Energi, ASEAN

Abstract

Penelitian ini mengevaluasi pengaruh faktor makroekonomi, yaitu pertumbuhan Produk Domestik Bruto (PDB) dan suku bunga, terhadap kinerja keuangan perusahaan energi di ASEAN, diukur melalui Return on Equity (ROE), selama periode 2019–2023. Menggunakan regresi data panel pada 114 perusahaan energi yang terdaftar di bursa saham Indonesia, Malaysia, Singapura, Filipina, dan Thailand, analisis ini menerapkan model efek acak berdasarkan uji Hausman. Hasil menunjukkan bahwa pertumbuhan PDB dan suku bunga tidak signifikan memengaruhi ROE, dengan R² sebesar 0,0032, mengindikasikan dominasi faktor spesifik perusahaan. Volatilitas ekonomi akibat pandemi, heterogenitas subsektor energi, dan faktor internal perusahaan melemahkan pengaruh makroekonomi. Penelitian ini merekomendasikan strategi internal perusahaan dan kebijakan pendukung ketahanan finansial. Temuan ini memperkaya literatur ekonomi energi dan memberikan wawasan praktis bagi manajer dan pembuat kebijakan di sektor energi ASEAN.

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