Analysis of Debt Policy in Mediating the Effects of Inflation, Revenue Growth, and Asset Structure on the Stock Price of Hospital Issuers in Indonesia
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Abstract
This study analyzes the role of Debt Policy in mediating the effects of Inflation, Revenue Growth, and Asset Structure on the Stock Price of hospital issuers in Indonesia. The sample consists of seven hospital issuers listed on the Indonesia Stock Exchange (IDX) during 2020–2025, comprising 42 observations selected through purposive sampling. Panel data regression was applied using the Random Effect Model for the Debt Policy equation and the Common Effect Model for the Stock Price equation, processed with EViews. Results show that Revenue Growth and Asset Structure have a positive and significant effect on Debt Policy, while Inflation has no significant effect. Regarding Stock Price, Revenue Growth has a positive and significant effect, while Asset Structure and Debt Policy have a negative and significant effect; Inflation has no significant effect. Mediation tests reveal that Debt Policy mediates the effect of Asset Structure on Stock Price and—according to the Sobel Test—partially mediates the effect of Revenue Growth on Stock Price, but does not mediate the effect of Inflation. The study concludes that internal corporate fundamentals, particularly asset structure and debt policy, are more dominant than macroeconomic factors in explaining stock price dynamics of hospital issuers in Indonesia.
Keywords:
Debt Policy Inflation Revenue Growth Asset Structure Stock Price Hospital IssuersReferences
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