Dampak Eskalasi Konflik Geopolitik Timur Tengah Terada Estimasi Akuntansi dan Volatilitas Saham Perusahaan Energi BEI

Abstract

The escalation of geopolitical conflict in the Middle East, particularly the conflict involving Iran, Israel, and the United States from 2024 to 2026, has caused significant shocks to the global energy market and the dynamics of corporate financial reporting. This study aims to analyze the impact of the escalation of the conflict on two main dimensions: (1) changes in accounting estimates in energy companies listed on the Indonesia Stock Exchange (IDX), and (2) volatility in energy sector stock prices as a reflection of market perception. This study uses a descriptive qualitative approach with a case study method through a review of financial report documents, company disclosures, stock market data, and analysis of economic news sourced from secondary data. The research objects include major energy issuers on the IDX, including MEDC, ENRG, ELSA, PGAS, RAJA, and ESSA. The results show that the escalation of the conflict directly encourages companies to revise accounting estimates in the aspects of asset impairment, liability provisions, going concern assumptions, and estimates of the fair value of financial instruments. At the same time, the stock market exhibited an asymmetric response, with shares of oil and gas producers experiencing sharp increases in response to the surge in oil prices, while the Jakarta Composite Index (JCI) as a whole was depressed. This research contributes to the growing literature that integrates accounting and capital market finance in the context of geopolitical risk, a perspective rarely studied simultaneously in the Indonesian context.