The Influence of Corporate Internal and External Factors on Bumn Share Prices: A Case Study in 12 BUMNs

Abstract

The Covid-19 pandemic has had a negative impact on the economy and other business sectors including the impact felt by BUMN. Research on the influence of internal and external factors of BUMN on BUMN stock prices was carried out using secondary data and observations on 12 BUMNs consisting of the steel and cement, construction, mining and food and health sectors. According to the data, the BUMN share price experienced a decline during the Covid-19 pandemic where the most affected were BUMN in the construction sector (-128%), mining (-74%), steel and cement          (-60%) and the food and health sector (-15%). This study explores internal and external factors in BUMN that have the potential to influence stock prices by analyzing the quantity using linear regression equations with the help of the SPSS statistical application. Several internal and external factors in SOEs that affect BUMN stock prices are current ratio (CR), return on assets (ROA), debt to equity ratio (DER), foreign exchange rates, inflation, economic growth and and the Covid-19 pandemic. The results show that there is an influence of internal and external factors of BUMN on BUMN stock prices and the most dominant factor affecting stock prices is the foreign exchange rate of 34.36%, economic growth of 32.11% and the Covid-19 pandemic of 1.84%. Meanwhile, the internal factors that have influence are ROA of 0.25% and DER of 0.15.