Unravelling the Factors Affecting Information Asymmetry: Analysis of Energy Companies on the Indonesia Stock Exchange

This study aims to determine how leverage, company size, stock price and stock trading volume affect information asymmetry. The population in this study are energy companies listed on the Indonesia Stock Exchange. The sampling technique used in this study was purposive sampling with a total sample size of 45 companies from a total population of 87 companies with a research period of 2021-2023. This research uses a quantitative approach. The data analysis technique uses multiple linear regression analysis. The results showed that leverage, company size and stock price have a significant effect on information asymmetry, while trading volume has no significant effect on information asymmetry. Companies with high leverage, small size, and low stock prices tend to have higher levels of information asymmetry. However, stock trading volume does not have a significant effect on information asymmetry because the energy industry has unique and high-risk characteristics; thus stock trading volume does not indicate information asymmetry compared to other industries. Future research is expected to conduct research in other sectors and also extend the research time period so that the results of further research can be used in the long term.