This study aimed to determine the effect of company financial performance and macroeconomic variables on the stock price of coal issuers LQ45 and nonLQ45 in Indonesia. The financial performance variables are Quick Ratio, Debt to Equity, Return on Equity, and Price Earnings Ratio; hence macroeconomic variables are coal price, crude oil price, inflation, China coal import, and India coal import. These variables were analyzed using panel data regression analysis with annual data of the 2009-2016 period. The results of this study indicated that there are five of eight independent variables that significant influence on the stock price at the LQ45 of coal issuers, and there are four of nine independent variables that significant influence on the stock price at the nonLQ45 of coal issuers. The overall variables used in this research represent the influence of the stock price of coal issuer equal to 91,24% for LQ45 issuers and 97,99% for nonLQ45 issuers. This study concludes that financial performance variables have more influence on LQ45 share, while macroeconomic variables have more influence on non-LQ45 stocks.
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