Master’s thesis · Defense pending
Stock Price Analysis
Reading financial data beyond the ratios.
Universitas Islam Riau
The question
How are company financial ratios and macroeconomic factors associated with mining-company stock prices over time?
My role
I conducted this study for my Master of Management thesis. The work combines academic financial analysis, data interpretation, and research reporting.
The approach
Build the research dataset
Used company annual reports, Bank Indonesia exchange-rate data, and BPS sector-growth data. The thesis covers eight companies over 2019-2025, with 56 company-year observations.
Specify and assess the model
Examined ROE, DER, EPS, DPR, the exchange rate, and mining-sector economic growth. Used EViews for panel-data regression and model-selection testing; the final specification used company fixed effects.
Interpret the evidence
Compared statistical results with the research hypotheses and discussed their meaning within the sample and model specification.
What the work produced
The thesis reports positive, statistically significant associations for ROE, DER, and the exchange rate. EPS, DPR, and sector growth were not individually significant in the final model. These are sample-specific statistical findings, not causal proof or a stock-price prediction service.
Research completed; thesis defense pending. This academic case study is not investment advice.