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Do oil price shocks give impact on financial performance of manufacturing sectors in Indonesia?

The panel vector auto regression model is estimated using three main variables related to with profitability, financial liquidity, and financial leverage for 94 manufacturing companies from 2000 to 2017 in Indonesia. The aim is to examine the impact of oil price shocks on the ROA (profitability), CR (financial liquidity), and DER (financial leverage). The impulse reaction function of samples reveals some remarkable results. First, the response of ROA, DER, and CR appears to be consistent in many ways. Second, either Brent oil or WTI oil gives the same result for these variables. Third, financial liquidity for Indonesia manufacturing companies is not affected by the oil prices. The results obtained are robust following the GMM model in the estimation of the panel VAR. | Do oil price shocks give impact on financial performance of manufacturing sectors in Indonesia International Journal of Energy Economics and Policy ISSN 2146-4553 available at http www.econjournals.com International Journal of Energy Economics and Policy 2020 10 5 510-514. Do Oil Price Shocks Give Impact on Financial Performance of Manufacturing Sectors in Indonesia Sudarso Kaderi Wiryono Oktofa Yudha Sudrajad Eko Agus Prasetio Marla Setiawati Institute Teknologi Bandung Indonesia. Email marla_setiawati@sbm-itb.ac.id Received 21 April 2020 Accepted 15 July 2020 DOI https doi.org 10.32479 ijeep.9808 ABSTRACT The panel vector auto regression model is estimated using three main variables related to with profitability financial liquidity and financial leverage for 94 manufacturing companies from 2000 to 2017 in Indonesia. The aim is to examine the impact of oil price shocks on the ROA profitability CR financial liquidity and DER financial leverage . The impulse reaction function of samples reveals some remarkable results. First the response of ROA DER and CR appears to be consistent in many ways. Second either Brent oil or WTI oil gives the same result for these variables. Third financial liquidity for Indonesia manufacturing companies is not affected by the oil prices. The results obtained are robust following the GMM model in the estimation of the panel VAR. Keywords Oil price shocks Panel VAR Impulse reaction function GMM model JEL Classifications L6 Q4 1. INTRODUCTION needs to be analyzed. Third there is still no research on oil price shocks and financial performance in Indonesia. The manufacturing sector is one of the initiators of economic growth for each country. National Development Planning This study estimates a panel vector autoregression model using Agency 2019 in Indonesia has stated that Manufacturing is a three main variables related with the financial performance of the prerequisite for raising economic growth. While oil fluctuations company namely .