Analysis of the Impact of Internal and External Factors on the Financial Performance of Energy Subsector Maritime Transport Companies in ASEAN (2020–2024)

Abstract

Maritime transportation supports energy distribution and international trade across ASEAN; however, its financial performance is exposed to both corporate conditions and external market volatility. This study aims to examine the effects of liquidity, capital structure, asset efficiency, firm size, growth, global energy prices, and freight rates on the financial performance of energy-subsector maritime transportation companies in ASEAN during 2020–2024. A quantitative explanatory research design was employed using secondary data obtained from S&P Capital IQ, the IMF Global Price of Energy Index accessed through FRED, and the Baltic Dirty Tanker Index. Purposive sampling was used to select 43 listed companies, resulting in 215 firm-year observations, of which 172 were included in the regression analysis because growth calculations required lagged data. Panel data regression was conducted using R software, supported by the Chow test, Hausman test, and Breusch–Pagan Lagrange Multiplier test, with firm-clustered robust standard errors applied to address potential heteroskedasticity and within-firm correlation. The fixed-effects model results indicate that all internal and external variables simultaneously have a significant effect on operating return on assets. Partially, only total asset turnover has a positive and significant effect, whereas liquidity, leverage, firm size, growth, energy prices, and freight rates do not show statistically significant effects. These findings indicate that efficient asset utilization, particularly fleet productivity, is the primary determinant of financial performance. Therefore, companies should prioritize asset optimization while strengthening financial management and external risk mitigation strategies.