• Resky Rumbiak IPB University
  • Noer Azam Achsani School of Business - IPB University
  • Trias Andati PPM Jakarta


The Purpose of this paper is to research the determinant of fundamental factors consisting of Net Profit Margin (NPM), Return on Equity (ROE), Return on Asset (ROE), Earning per Share (EPS), Working Capital Turn Over (WCTO) and external factors namely: oil prices, gold prices, the Fed’s interest rate and systematic risk, and also Indonesia government regulation towards FCX stock prices. This paper utilizes the ECM analysis methodology, the data during the period of 2000-2019, are obtained from quarterly financial statements issued to the Security Exchange Commission (SEC), the internet for share and commodity prices and also created dummy variable to accommodate the impact of Indonesia government regulation (MINERBA LAW). The results indicate that fundamental and external factors simultaneous have a significant influence on FCX stock prices. Partially in the long-term ROA, gold prices and world oil prices have a significant positive effect, while the Fed Rate and government policies have a significant negative effect. In the short term, the price of oil, gold and WCTO has a significant positive effect, while ROE has a significant negative effect.

Keywords: external factors, fundamental factors, minerba law, mining company, stock price


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Author Biography

Noer Azam Achsani, School of Business - IPB University

Prof. Dr. Ir. Noer Azam Achsani, MS

NIDN 0029126803 NIP 196812291992031016 SCOPUS ID 35621383400 ID SINTA 5982250

1999 – 2004       Doctor rerum politicarum (Magna Cum Laude) dalam bidang Financial Econometrics (minor International Economic Relations), The University of Potsdam, Germany.

1993 – 1996       Magister Sains dalam bidang Statistika Terapan, Sekolah Pascasarjana, Institut Pertanian Bogor, Indonesia.

1987 – 1992       Sarjana Statistika, Departemen Statistika, Fakultas Matematika dan Ilmu

How to Cite
RumbiakR., AchsaniN. A., & AndatiT. (2021). THE DETERMINANT OF MCMORAN STOCK PRICE . Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 7(3), 546.