SKRIPSI DIGITAL
A Comparative Analysis of the Financial Performance and Firm Value of Coal Subsector Companies Listed on the Indonesia Stock Exchange Before and After the 2022 Tightening of the Domestic Coal Supply Policy = A Comparative Analysis of the Financial Performance and Firm Value of Coal Subsector Companies Listed on the Indonesia Stock Exchange Before and After the 2022 Tightening of the Domestic Coal Supply Policy
In January 2022, the national electricity company received only 35 thousand tons of coal against a 5.1-million-ton obligation, prompting tighter enforcement of domestic supply obligations. This study analyses whether the financial performance and firm value of coal subsector companies on the Indonesia Stock Exchange differ before and after that tightening. Performance is measured through profitability (Return on Assets), solvency (Debt-to-Equity Ratio), liquidity (Current Ratio), and firm value (Price-to-Book Value). A quantitative comparative, ex post facto design was applied to ten purposively selected companies, with 1 January 2022 as the cut-off: 2019–2021 before, 2022–2024 after. Hypotheses were tested with the paired-samples t-test for Return on Assets and the Wilcoxon Signed-Rank Test for the other three ratios at the 5 percent level, complemented by an outlier robustness test. Profitability differed significantly, with mean Return on Assets rising from 14.82 to 24.25 percent and all ten companies improving. Solvency, liquidity, and firm value showed no significant difference. The robustness test revealed that the apparent rise in Price-to-Book Value was driven entirely by one company; seven of the ten companies actually declined. These findings are interpreted using Stakeholder Theory as the grand theory and as an interpretive framework for understanding the claims of different stakeholder groups. The increase in profitability occurred in a context where companies faced claims from the government, PLN, investors, creditors, employees, suppliers, surrounding communities, and shareholders. The results show that a commodity price shock may be reflected in earnings but is not automatically followed by a stronger funding structure, higher liquidity, or higher market valuation. The study therefore shows that changes in profitability, solvency, liquidity, and firm value may develop differently across the same period.
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