Analysis of Investment Decisions, Funding Decisions, and Dividend Policy of PT Bukit Asam Tbk for the 2020–2024 Period

Abstract

The development of Indonesia's energy sector plays a crucial role in supporting national economic growth, particularly in the coal mining subsector. One energy company that makes a significant contribution is PT Bukit Asam Tbk. This study aims to analyze the financial performance of PT Bukit Asam Tbk based on investment decisions, financing decisions, and dividend policy during the 2020–2024 period. The research employed a quantitative descriptive method using secondary data obtained from the company’s annual financial statements. The variables used in this study include Price Earning Ratio (PER) as a proxy for investment decisions, Debt to Equity Ratio (DER) as a proxy for financing decisions, and Dividend Payout Ratio (DPR) as a proxy for dividend policy. Data analysis techniques were conducted through financial ratio analysis and trend analysis to examine the company’s performance development each year. The results indicate that PT Bukit Asam Tbk’s PER fluctuated due to changes in global coal prices and energy market conditions. DER showed an increasing trend throughout the research period but remained below 1, indicating that the company’s capital structure was still considered healthy and financial risk remained under control. Meanwhile, DPR reflected a high dividend distribution policy as the company’s commitment to providing returns to investors. Overall, investment decisions, financing decisions, and dividend policy play an important role in maintaining stability and improving the company’s financial performance amid the dynamics of the energy industry.