Shaping Nickel Mining Stocks: Global Prices and Investment in Downstream Context

This study analyzes the impact of global nickel prices, supply, demand, and financial decisions on the stock prices of Indonesian nickel mining companies during the downstream policy period (2009–2023). Despite government efforts to encourage investment, stock prices have declined, indicating negative investor sentiment. Using panel data regression and E-Views 12, the study evaluates eight companies listed on the Indonesia Stock Exchange through saturation sampling. The findings reveal that global prices, supply, demand, and investment decisions positively affect stock prices, while funding decisions have a negative impact. The results highlight how global market forces and internal strategies influence stock valuation. This research provides insight into investor behavior and financial decision-making in Indonesia’s nickel sector under the downstream policy framework.