Impact of Oil Prices and Stock Returns: Evidence of Oil and Gas Mining Companies in Indonesia During the Covid-19 Period

This study points to analyze the determinants of stock return revelation in oil and gas mining division companies recorded on the Indonesia Stock Trade-in 2019-2021 amid the Covid-19 emergency. The think about utilized the Eviews Program as information preparing and the irregular impact relapse show was chosen to look at the relationship between outside and inside markers as autonomous factors counting Current Ratio, debt to equity ratio, total asset turnover, return on assets, oil price, an exchange rate, institutional ownership. The comes about appeared that the current proportion, obligation to value ratio and add up to resource turnover did not influence stock returns. Return on resources, exchange rates, and institutional ownership have a negative and significant impact on stock returns, while oil prices have a positive and widespread effect on stock returns.


INTRODUCTION
During the Covid-19 pandemic, the oil and gas mining segment record was redressed by 2,084,984 and got to be where one of the columns is part of the growth of the Jakarta Composite File (IHSG). The depreciation of payments on shares in the oil and gas mining segment cannot be separated from the difference in the depreciation between the price of coal and oil as far as 2021 during the current pandemic. Typically due to an overabundance supply of coal and oil accessible within the global market. Not only that, When viewed from existing sources, it can be explained that at the reference price of oil which is very abundantly used in the world, to be precise West Texas Intermediate (WTI) in December 2020 during the Covid-19 pandemic, the reference price of oil has decreased by around 30%. The figure of oversupply is the most cause, numerous world oil-producing nations have enormously expanded their generation, such as the Joined together States, countries such as Saudi Arabia, as well as Russia, which do not take part in the process once a request has occurred. Besides, other factors that have caused the weakening of share prices in the oil and gas mining zone, is the occurrence of a trade war that makes heat between China and the United States, which caused a worldwide financial lull that disturbed financial development. Too, the exchange war carries a drawback hazard, to be specific, when the world economy becomes slow, it causes a shrinkage of the existing energy demand.
As a result of the process of lowering share costs in the oil and gas mining segment, the imbalance of oil and gas mining results has also decreased . Figure 1 below describes the occurrence of information relating to normal stock returns. Population results by Endri et al. (2019) found that events in the Return on Assets (ROA) event affect significant events in existing activities. This result eliminates the question of Bowens and   (Endri, 2020) which explains that return on assets (ROA) does not have a critical effect on stock returns. The effects of the lookup via Endri et al. (2019) and Bustami et al. (2019) discovered that the debt-equity ratio (DER) impacts stock returns. This result This Journal is licensed under a Creative Commons Attribution 4.0 International License contradicts the effects of the find out with the aid of Baah (2014) and Allozi and Obeidat (2016) who country that the debt-equity ratio (DER) does now not affect inventory returns. (Hongkong, 2017) discovered that total asset turnover (TATO) does no longer affects inventory returns. This result contradicts the outcomes of Bustami et al. (2019) lookup which states that whole asset turnover (TATO) impacts stock returns. (Madyan and Arianto, 2019) showed that the present-day ratio (CR) and institutional ownership (IO) have a sizeable terrible effect on the inventory return.
The COVID-19 pandemic did not only affect the health sector, but it also eroded the global economy, including Indonesia (Baig et al., 2021), (Li et al., 2020), (Just and Echaust, 2020), (Ortmann et al., 2020), (Singh, 2020). It affected the exchange rate, as well as caused a decline in the Composite Stock Price Index (IHSG), which eventually went into freefall. Furthermore, everything was beyond predictions and difficult to control ( Figure 2). Before the confirmation of the first phase of COVID-19 in the country, the IHSG was at the level of 6244 (24 January), which was reduced to 5942 (20 Feburary) and 5361 (2 March). On March 12, when the WHO declared COVID-19, a global pandemic, the IHSG fell to 4.2% or 4937 during the Thursday session, a level that had not happened in nearly four a long time. On the other hand, on Walk 13, stock exchanging was stopped for the primary time since 2008 due to the widespread. (Perencanaan et al., N.d.).
Also, all human activities were restricted to curb the spread of the virus. Several countries adopted partial and simultaneous restriction policies, which had an impact on energy demand.
Countries with full lockdown policies experienced lesser energy demand than those with partial lockdown rules. In 2020, a 6% decline was predicted in the previous year. This is presumed as the worst condition 70 years after the second world war. Indonesia is one of the nations with limited restriction policies, which also impacted energy demand (Ibrahim et al., 2018).
Internal factors such as Current Ratio (CR), debt to equity ratio (DER), total asset turnover (TATO), and return on assets (ROA), whereas outside components such as oil costs, trade rates, and institutional ownership .

Effect of Current Ratio on Stock Returns
CR appears the capacity to meet the short-term commitments of a company since this proportion appears how distant the requests of short-term leasers are satisfied by resources that are assessed to be cash within the same period as the development of the obligation. (Hasanudin et al., 2020) states that CR includes the occurrence of positive and critical effects on the return of existing shares. In other words, the existence of a positive coefficient means that the greater the occurrence of short-term creditors being filled with existing assets, the higher the stock return will be. Meanwhile, (Ariesa et al., 2020), (Dian, 2018) states that the current ratio (CR) does not affect stock returns. This appears that on the off chance that the company is less able to fulfill its short-term commitments.
H 1 : Current Ratio affects stock returns.

Effect of Debt to Equity Ratio on Stock Returns
The obligation to value proportion (DER) is the proportion utilized to evaluate obligation to value. Companies with a moo obligation to value proportion This means that there is a smaller chance for an event to occur, such as an accident when the financial condition is in decline, and vice versa when the financial condition moves forward or gets bigger, the opportunity to take advantage is increasing. Maheen, (2013), Endri (2019), (Endri and Fathony, 2020) states that the occurrence of obligation to value proportion has a critical negative effect on the occurrence of stock returns. This makes the company more likely to take advantage of the share assignment from the obligation to generate a fortune in the company. Meanwhile, according to research by Benyamin and Endri (2019), there is an obligation to cost-share that makes people carry out DER because of the negative impact and is immaterial to the stock returns that occur.
H 2 : Debt to Equity Ratio affects stock returns.

Effect of Total Asset Turnover on Stock Return
Add up to Resources Turnover could be a proportion that appears the effectiveness level of utilizing the company's add up to resources in creating causes the quantity of supply at a certain time. Midesia et al. (2016), (Nurlaela et al., 2019) stated that the occurrence of a total asset turnover event affects stock returns in sharia. High total asset turnover esteem also shows that the company feels more effective in utilizing its assets, especially to produce bigger and growing deals, and contains things that have a positive impact on the cost of existing shares. Meanwhile, the Suciati Study (2018) shows that total asset turnover does not affect existing stock returns.
H 3 : Total Asset Turnover affects stock returns.

Effect of Return on Assets on Stock Returns
Total The occurrence of return on assets causes the emergence of a company's monetary execution in generating net wages from the resources used and processed for the company's operations.  states that the occurrence of returns on Assets that are owned causes a positive and critical influence on existing stock returns. In other words, the coefficient that is positive means that the more attention is paid to productivity, the higher and bigger the stock return will be. While Suciati (2018), (Jasman and Kasran, 2017), , (Alexandri, 2021) states that the return on assets advantage does not affect stock returns. It can be seen that if the company does not carry out activities that are less effective in utilizing existing resources, it create profits that are expected to reduce investor interest in buying company shares that occur.
H 4 : Return on Assets affects stock returns.

Effect of Oil Prices on Stock Returns
The price of WTI oil becomes the standard measure for oil trade in America. Diaz and de Gracia's research (2016) states that the causes of changes in the determination of the cost of oil directly have a positive and critical impact on the return of the original stock of oil and gas companies in the short term and that the level of the cost of oil is so large has a positive impact on the return on the short-term stock. In contrast to the statement put forward by, Masood et al. (2019), Gunarto et al. (2020) argue that the occurrence of oil prices does not have a significant impact on the activities of all original stocks for all G7 countries.
H 5 : Oil price affects stock returns.

Effect of Kurs on Stock Returns
The occurrence of a change in the original trading price is a reflection of the change in competitiveness between Indonesia and its exchange partners. In contrast to the research results of Fatmawati et al. (2020) states that the occurrence of the rupiah exchange rate against the USD has a positive and critical effect on existing stock returns. Meanwhile, the research results of Suriani et al. (2015) show that there is no relationship between trading value and cost of stock and these two factors generally experience freedom in the occurrence of transactions.

Returns
Institutional possession appears as the rate of offers claimed by administrators and executives. Share possession is a vital issue in the office hypothesis since distributed by Coase (1937). The comes about of inquiring about by Rahayu (2005) state that the more noteworthy the extent of administration proprietorship in a company, the administration will attempt to be more dynamic in satisfying the interface of shareholders who are themselves. Management's astute behavior increments the number of optional gatherings which causes detailed profit to extend. In an efficient market, an increment within the sum of benefits will be emphatically impacted by the showcase so that the company's stock showcase cost will increment, which in turn increases the amount of return earned by shareholders. Meanwhile, (Sudarman and Hidayat, 2018), (Wu and Wu, 2017), (Tanjung, 2021) found that share ownership had no significant effect on firm value.
H 7 : Institutional ownership affects stock returns.

METHODOLOGY AND DATA
The research used is quantitative. The population in this study were oil and gas mining companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period amid the rise of Covid-19. Where the determination in sampling is using the purposive sampling technique. The test criteria that are characterized are 3 things including (1) Oil and gas mining companies listed on the Indonesia Stock Exchange and were not delisted in the 2019-2021 period during the Covid-19 pandemic. (2) Opened an oil and gas mining company that separately distributed the total budget reports from 2019 to 2021 during the Covid-19 pandemic.
(3) Has no exception information from financial statement records. If the company has exemption information, the results will be one-sided. Based on these criteria, the number of tests that meet the criteria for this sample is 10 companies out of 15 oil and gas mining companies listed on the Indonesia Stock Exchange during the outbreak of Covid-19. The investigate shows utilized in this think about are:  Board information relapse models to assess As a determinant of stock returns in oil and gas mining companies, it is seen in three models, to be precise: common impact, settled impact, and irregular impact. Board information relapse models were connected within the think about for assist investigation utilizing combined tests for each show. Based on the combined test that comes about utilizing the At the Chow Test, the LM Breusch-Pagan (BP) test, and the Hausman test can be explained in Table 2, where there is a strategy that gives rise to board information that is selected for measurement and analysis of the determinant events of stock returns for oil and gas mining companies listed on the Indonesia Stock Exchange during 2019-2021 during the outbreak of COVID-19 may be evidence of an unnatural impact on oil and gas companies.

Panel Data Regression
The board information relapse investigation demonstrates in this consideration utilized an irregular impact demonstrate. The choice of the arbitrary impact strategy as an information examination strategy is based on the comes about of combined testing utilizing In the records processing event, several test tests will be carried out including the pada tahapan Tes Chow, Tes LM Breusch-Pagan (BP), dan Tes Hausman dari ketiga model tersebut yang diujikan akan menyebabkan terjadinya dampak pada hasil yang akan dipilih dan ditentukan untuk dipilih dan dinilai serta dianalisis sebagai penentu tingkat pengembalian saham pada perusahaan pertambangan minyak dan gas yang tercatat di Bursa Efek Indonesia periode 2019-2021 di tengah merebaknya Covid-19. Table 3 appears the comes about of board information testing with the irregular impact show.   The coefficient of determination (R 2 ) of this study is a measure that shows how much the contribution of the independent variable to the dependent variable has occurred. The following are the results of the coefficient of determination in this study including: Based on Table 4, it is explained that the condition events are described, that there is an impact of the Current Ratio (CR), the obligation to the proportion of value (DER), add up to useful resource turnover (TATO), return on assets (ROA), oil costs (WTI), trading value (FOREX), regulatory ownership (IO) of stock returns (SR) 0.175821 (Balanced R-squared). = 0.396709). This means that the influence of autonomous variables on subordinate variables is 39.67% and the rest is influenced by other factors that are not included in this part of the research.

Hypothesis Testing
In testing this hypothesis, it can explain the determination of the influence of independent variables on subordinate variables in this study, we try to test each of the irregular influences and show the relapse coefficient for the determinants of stock returns of oil and gas mining companies during the Covid-19 pandemic. by using the t-test. The t-test is conducted to determine whether each of the autonomous factors used in this study can influence the explanation of stock returns in oil and gas mining companies as subordinate variables. Where is the level of certainty of 95% or alpha five percent (α)? = 0.05), or perhaps using a 90% certainty level or an alpha break-even with ten percent (α = 0.10) depending on how much certainty is used in this study.
The results of partial statistical tests for each of the variables that influence the stock returns of oil and gas mining companies have appeared in Table 5. For the effect of the variable return on assets (ROA), world oil prices (WTI), exchange rates (FOREX), and institutional ownership (IO) partially on stock returns Where the most important thing from each will be translated and compared with the research theory used.
Based on the results of the research theory testing above, it can be seen that the occurrence of return on assets (

Discussion
Based on observational discoveries, the CR variable features a positive impact on stock returns of oil and gas mining companies but it isn't critical. This bolsters the flag hypothesis, to be specific the capacity to meet the short-term commitments of a company since this proportion appears how distant the requests of short-term creditors are satisfied by resources that are assessed to be cash within the same period as the development of the obligation. The comes about of the think about are not in line with Hasanudin's et al. inquire (2020) which states that the current ratio explains that there is a positive and critical impact on the rate of return of existing shares. In other words, the positive coefficient value explains that the more important financial institutions in the short term are filled with existing resources, the higher the stock returns will be.
The comes about of the ponder expressed that the obligation to value proportion The variable (DER) features the occurrence of a negative and insignificant impact on the return of an oil and gas mining company offering in Indonesia. This will lead to a higher level of obligation to the share of value, and a lower cost of a share. High debt composition compared to value debilitates precariousness within the company's budgetary condition. According to the pecking arrange, In hypothesis, a company with negligible hazard could be a company with little obligation. Companies with a moo DER will have a lower chance of misfortune on the off chance that financial conditions are declining, but when financial conditions increment, the chances of making a benefit are moo. Other than that, companies with tall use proportions are at an incredible chance of misfortunes when financial conditions decay but have openings to urge huge benefits when the economy progresses. The results of this study support the research conducted by Sugianto et al. (2020), Lee (2015), and Benyamin and Endri (2019).
Based on the results of this study, it was found experimentally, related to how a total useful resource turnover (TATO) had a positive effect and had no effect on stock returns in oil and gas mining companies in Indonesia during the Covid-19 pandemic. This happens because this study is not in line with the research hypothesis previously made. This research speculation states that add up to useful resource turnover (TATO) affects stock returns. Where this research is in line with the hypothesis which states that Full Resource Turnover (TATO) is increasingly important, the more fitting the utilize of these resources is. Add up to resource turnover (TATO) is one degree utilized to survey administration effectiveness in running its commerce.
A tall add-up to resource turnover (TATO) shows that company administration can utilize all of its resources to advantage the company. This study occurred and strongly supports the investigation by Huda et al. (2015), Mustafa (2018), and Piralanasih and Bustami et al. (2019).
Based on the results of the observations of this study, it states that the Return on Assets variable has a negative and noteworthy influence in determining stock returns in oil and gas mining companies during the Covid-19 pandemic. Where this explains that this research strengthens the flag hypothesis, namely that information specified in a company has a rate of return on existing resources, both as a calculation of productivity and the amount of a benefit that can be used from the resources expended from  the company itself, with Note that if the company can have great products, it will send on a nice flag among partners. The emergence of statements from this research is again a question carried out by Sucianti (2018), Nalurita (2017), Jasman and Kasran (2017), and Sari and Endri (2019).
Based on the results of research that has been done, it can be seen that the variable cost of world oil (WTI) has a positive and critical influence on stock returns in an oil and gas mining company in Indonesia during the Covid-19 pandemic. Usually, the occurrence of an increase in the cost of oil will certainly add a large gap for an oil-producing company to obtain higher revenue. Apart from mining companies that produce oil, the increase in oil prices causes advertisements and sponsors to seek elective energy as a substitute for oil, for example, elective energy which is widely used is coal which has a higher and greater chance of obtaining profits. This happened because the variable cost of world oil included those that had a critical impact on an oil and gas mining company in Indonesia during the Covid-19 pandemic. Where the results of this study are strengthened by statements from Huang and Mollick (2020) Based on the results of this study, it is explained that the rupiah exchange rate variable has a negative and noteworthy effect on stock returns in an oil and gas mining company in Indonesia during the Covid-19 pandemic. This shows the statement that the weakening of the rupiah exchange rate has a positive impact on the rate of return of an oil and gas mining company bid because most of the goods sent by an oil and gas mining company are exported and there is an exchange of agreements where the process of using foreign money is the implication. for the installment payment process. Ordinarily, an increment within the rupiah trade rate is additionally taken after by an increment in share costs, due to an increment in salary or benefit. This thinks about is taking after the arbitrage estimating hypothesis (Able) which states that security returns are not as they were affected by showcase portfolios but are affected against the presence of other sources of danger. Therefore, in particular, there is a macroeconomic variable, in this case, namely the rupiah exchange rate. Based on the results of this study, it is relevant to the research conducted by Assagaf et al. Based on the inquire about comes about, it is expressed that the regulation proprietorship variable There is an income related to the negative impact and it is worth writing about on the stock return of an oil and gas mining company in Indonesia during the Covid-19 pandemic. Where this explains that the existence of regulatory ownership has an impact on the level of bidding claimed by executives and other officials. Share possession is an imperative issue in the office hypothesis since distributed by Coase (1937).
The comes about of investigation by Rahayu (2005) states that the more noteworthy the extent of administration proprietorship in a company, the administration will attempt to be more dynamic in satisfying the interface of shareholders who are themselves.

CONCLUSIONS
The comes about appeared that the variable current proportion (CR), the obligation to value proportion (DER), and the add up useful resource turnover (TATO) variable states that there is no stock return in an oil and gas mining company listed on the Indonesia Stock Exchange for the period 2019-2021 amid the Covid-19 Pandemic. The factors Return on resources, trade rates, and organization possession have a negative and noteworthy impact on stock returns. In the meantime, the return on resources (ROA), world oil cost (WTI), a trade rate (FOREX), and organization proprietorship (IO) factors influence the Return of shares in an oil and gasoline mining company listed on the Indonesia Stock Exchange for the period 2019-2021 amidst the outbreak of Covid-19.
Administrative recommendations or suggestions of the inquire about comes about are related with factors that have a noteworthy impact. Financial specialists and potential financial specialists must pay consideration to the factors that can influence the rate of return on offers. Since stock returns are utilized as a degree of company execution by financial specialists to contribute to companies within the capital advertise. Proposals for this inquire can be created by including numerous inner components, counting return on value, company estimate, open possession, and outside variables counting the board of executives, intrigued rates, cash supply, and swelling. To get away better investigation comes about, it is prescribed that advance analysts be able to amplify the period and other industrial divisions utilized within the investigation.

ACKNOWLEDGMENT
The authors would like to thank the Ministry of Energy and Mineral Resources, the Indonesia Stock Exchange, and LPDP for providing stock price data and funders.

REFERENCES
Alexandri, M.B. (2021), The influence of oil price volatility and price limit in Indonesia energy sub-sector for the period before and after