Exchange rates and oil prices drive stock returns for mining companies.
The study looked at how different factors like return on assets, debt to equity ratio, dividend payout ratio, exchange rates, and world oil prices affect the stock value of mining companies in Indonesia from 2012 to 2017. They found that exchange rates and world oil prices had a positive impact on stock returns, while return on assets, debt to equity ratio, and dividend payout ratio did not have a significant effect during that period.