THE EFFECT OF RETURN ON ASSETS, RETURN ON EQUITY, DEBT-TO-EQUITY RATIO, CURRENT RATIO, AND TOTAL ASSET TURNOVER ON STOCK RETURNS
Keywords:
Stock Return, Return on Asset, Return on Equity, Debt Equity Ratio, Current Ratio, Total Asset Turnover
Abstract
Every company aims to enhance its market valuation, especially in a highly competitive and volatile market where financial performance is key to gaining investor confidence. This study aims to examine and analyze the effect of profitability (ROA, ROE), leverage (DER), liquidity (CR), and activity (TATO) on stock returns. The research focuses on companies listed in the LQ45 index during the period 2019–2023. LQ45 was selected because it represents companies with high liquidity, large market capitalization, and strong fundamentals. The novelty of this study lies in its comprehensive analysis of five fundamental financial indicators over a five-year period across consistently high-performing companies, providing a more current and integrated perspective on their impact on stock returns. The issue addressed in this research is the year-to-year fluctuation in financial performance as seen in the financial reports of LQ45 companies, with some showing profit increases while others face declines. This is a quantitative study using secondary data from the Indonesia Stock Exchange (www.idx.co.id). The sample consists of 45 companies selected through purposive sampling, resulting in 225 observations. Multiple linear regression analysis is used as the analytical method. The results show that ROA has a positive but insignificant effect on stock returns; ROE has a negative and insignificant effect; DER has a negative and significant effect; CR has a negative and insignificant effect; and TATO has a negative and significant effect on stock returns. These findings indicate that leverage and activity ratios are key factors influencing stock performance. The study contributes to the existing literature by highlighting the importance of comprehensive financial performance evaluation. For investors, understanding these financial indicators is essential for making informed investment decisions, optimizing returns, and minimizing risks.References
Abdurrohaman, Fitrianingsih, D., Salam, A. F., & Aeni, H. (2021). Current ratio , debt to equity ratio. Journal of Economic, Business and Accounting, 4(2), 1–10.
Abrar, S., Ahmadsyah, I., & Iskandar, E. (2019). Analisis Pengaruh Rasio Aktivitas, Rasio Profitabilitas, Rasio Likuiditas, Dan Leverage Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Jakarta Islamic Index Periode 2013-2017. JIHBIZ :Global Journal of Islamic Banking and Finance., 1(2), 131. https://doi.org/10.22373/jihbiz.v1i2.8572
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Andyani, K. W., & Mustanda, I. K. (2018). Pengaruh Variabel Mikro Dan Makro Ekonomi Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 7(4), 2073. https://doi.org/10.24843/ejmunud.2018.v07.i04.p13
Dawam, A., Arisinta, O., & Suhroh, A. A. (2022). Pengaruh Return on Asset (Roa), Return on Equity (Roe), Earning Per Share (Eps) Dan Debt To Equity Ratio (Der), Terhadap Return Saham (Studi Pada Sub Sektor Pulp Dan Kertas Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode Tahun 2017-2019). Jurnal Pendidikan Ekonomi Akuntansi Dan Kewirausahaan (JPEAKU), 1(2), 75–85. https://doi.org/10.29407/jpeaku.v1i2.17517
Erari, A. (n.d.). Analisis Pengaruh Current Ratio, Debt To Equity Ratio, dan Return On Asset Terhadap Return Saham Pada Perusahaan Pertambangan di Bursa Efek Indonesia.
Fadhlun Nur Aulia Samalam, Marjam Mangantar, & Ivonne S. Saerang. (2018). Pengaruh Return On Asset, Return On Equity dan Debt To Equty Ratio Terhadap Return Saham Pada Perusahaan Asuransi di BEI periode 2012-2016. Emba, 6(4), 3863–3872.
Gultom, E., & Lubis, K. S. (2021). Analisis Pengaruh Current Ratio, Return on Equity dan Debt to Equity Ratio Terhadap Return Saham Pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. ARBITRASE: Journal of Economics and Accounting, 2(1), 12–18. https://doi.org/10.47065/arbitrase.v2i1.243
Hasanudin. 2022. “CURRENT RATIO, DEBT TO EQUITY RATIO, DAN RETURN ON ASSET TERHADAP RETURN SAHAM.” Journal of Management and Bussines (JOMB) 4 (8.5.2017): 2003–5.
Insani, S. N., Nurinasari, N., Sa’diah, L. A., & Radianto, D. O. (2019). Analisis Pengaruh Faktor Fundamental terhadap Return Saham (Studi Kasus pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017). Jurnal Manajemen Dan Keuangan, 8(1), 43–57. www.idx.co.id
Larasati, W., & Suhono. (2020). Pengaruh earning per share, debt to equity ratio dan return on equity terhadap return saham. Competitive Jurnal Akuntansi Dan Keuangan, 6(1), 44–50. https://ejournal3.undip.ac.id/index.php/jiab/article/view/26220/23231
Listyarini, E., Hermuningsih, S., & Wiyono, G. (2021). Analisa Likuiditas, Solvabilitas, Profitabilitas dan Economic Value Added terhadap Return Saham. SOSIOHUMANIORA: Jurnal Ilmiah Ilmu Sosial Dan Humaniora, 7(2), 63–72. https://doi.org/10.30738/sosio.v7i2.9904
Mangantar, A. A. ., Mangantar, M., & Baramuli, D. N. (2020). Pengaruh Return on Asset, Return on Equity Terhadap Return Saham Pada Subsektor Food and Beverage Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(1), 272–281.
Ningsih, W. W., & Maharani, N. K. (2022). Pengaruh Kebijakan Dividen, Return on Asset Dan Return on Equity Terhadap Return Saham. PAPATUNG: Jurnal Ilmu Administrasi Publik, Pemerintahan Dan Politik, 5(1), 60–69. https://doi.org/10.54783/japp.v5i1.509
Saragih, F. M., & Tan, P. S. (2022). Analisis Kinerja Keuangan Terhadap Return Saham Pada Perusahaan Konstruksi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(2), 657–664. https://doi.org/10.47065/ekuitas.v4i2.2573
Suandi, S., Aziz, A. A., & Sanurdi, S. (2023). Inflasi Pemoderasi ROA, EPS dan DER Terhadap Return Saham Perusahaan Consumer Goods di JII. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 925–933. https://doi.org/10.47065/ekuitas.v4i3.2909
Thrisye, R. Y., & Simu, N. (2013). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham BUMN Sektor Pertambangan Periode 2007-2010. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 75–81.
Trisnowati, Y., Achsani, N. A., Sembel, R., & Andati, T. (2022). The Effect of ESG Score, Financial Performance, and Macroeconomics on Stock Returns during the Pandemic Era in Indonesia. International Journal of Energy Economics and Policy, 12(4), 166–172. https://doi.org/10.32479/ijeep.13212
Widyaningrum Mei, N., & Mahirun. (2022). the Effect of Current Ratio, Total Asset Turnover, Debt To Asset Ratio, and Debt To Equity Ratio on Return on Assets in Plantation …. International Journal of …, 6(2), 142–149. http://radjapublika.com/index.php/IJEBAS/article/view/139%0Ahttps://radjapublika.com/index.php/IJEBAS/article/download/139/126
Yanita Sanjaya, M., & Maulida, A. (2022). Analisis Pengaruh Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Return Saham. MES Management Journal, 2(2), 65–83. https://doi.org/10.56709/mesman.v2i2.48
Abrar, S., Ahmadsyah, I., & Iskandar, E. (2019). Analisis Pengaruh Rasio Aktivitas, Rasio Profitabilitas, Rasio Likuiditas, Dan Leverage Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Jakarta Islamic Index Periode 2013-2017. JIHBIZ :Global Journal of Islamic Banking and Finance., 1(2), 131. https://doi.org/10.22373/jihbiz.v1i2.8572
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Andyani, K. W., & Mustanda, I. K. (2018). Pengaruh Variabel Mikro Dan Makro Ekonomi Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 7(4), 2073. https://doi.org/10.24843/ejmunud.2018.v07.i04.p13
Dawam, A., Arisinta, O., & Suhroh, A. A. (2022). Pengaruh Return on Asset (Roa), Return on Equity (Roe), Earning Per Share (Eps) Dan Debt To Equity Ratio (Der), Terhadap Return Saham (Studi Pada Sub Sektor Pulp Dan Kertas Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode Tahun 2017-2019). Jurnal Pendidikan Ekonomi Akuntansi Dan Kewirausahaan (JPEAKU), 1(2), 75–85. https://doi.org/10.29407/jpeaku.v1i2.17517
Erari, A. (n.d.). Analisis Pengaruh Current Ratio, Debt To Equity Ratio, dan Return On Asset Terhadap Return Saham Pada Perusahaan Pertambangan di Bursa Efek Indonesia.
Fadhlun Nur Aulia Samalam, Marjam Mangantar, & Ivonne S. Saerang. (2018). Pengaruh Return On Asset, Return On Equity dan Debt To Equty Ratio Terhadap Return Saham Pada Perusahaan Asuransi di BEI periode 2012-2016. Emba, 6(4), 3863–3872.
Gultom, E., & Lubis, K. S. (2021). Analisis Pengaruh Current Ratio, Return on Equity dan Debt to Equity Ratio Terhadap Return Saham Pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. ARBITRASE: Journal of Economics and Accounting, 2(1), 12–18. https://doi.org/10.47065/arbitrase.v2i1.243
Hasanudin. 2022. “CURRENT RATIO, DEBT TO EQUITY RATIO, DAN RETURN ON ASSET TERHADAP RETURN SAHAM.” Journal of Management and Bussines (JOMB) 4 (8.5.2017): 2003–5.
Insani, S. N., Nurinasari, N., Sa’diah, L. A., & Radianto, D. O. (2019). Analisis Pengaruh Faktor Fundamental terhadap Return Saham (Studi Kasus pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017). Jurnal Manajemen Dan Keuangan, 8(1), 43–57. www.idx.co.id
Larasati, W., & Suhono. (2020). Pengaruh earning per share, debt to equity ratio dan return on equity terhadap return saham. Competitive Jurnal Akuntansi Dan Keuangan, 6(1), 44–50. https://ejournal3.undip.ac.id/index.php/jiab/article/view/26220/23231
Listyarini, E., Hermuningsih, S., & Wiyono, G. (2021). Analisa Likuiditas, Solvabilitas, Profitabilitas dan Economic Value Added terhadap Return Saham. SOSIOHUMANIORA: Jurnal Ilmiah Ilmu Sosial Dan Humaniora, 7(2), 63–72. https://doi.org/10.30738/sosio.v7i2.9904
Mangantar, A. A. ., Mangantar, M., & Baramuli, D. N. (2020). Pengaruh Return on Asset, Return on Equity Terhadap Return Saham Pada Subsektor Food and Beverage Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(1), 272–281.
Ningsih, W. W., & Maharani, N. K. (2022). Pengaruh Kebijakan Dividen, Return on Asset Dan Return on Equity Terhadap Return Saham. PAPATUNG: Jurnal Ilmu Administrasi Publik, Pemerintahan Dan Politik, 5(1), 60–69. https://doi.org/10.54783/japp.v5i1.509
Saragih, F. M., & Tan, P. S. (2022). Analisis Kinerja Keuangan Terhadap Return Saham Pada Perusahaan Konstruksi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(2), 657–664. https://doi.org/10.47065/ekuitas.v4i2.2573
Suandi, S., Aziz, A. A., & Sanurdi, S. (2023). Inflasi Pemoderasi ROA, EPS dan DER Terhadap Return Saham Perusahaan Consumer Goods di JII. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 925–933. https://doi.org/10.47065/ekuitas.v4i3.2909
Thrisye, R. Y., & Simu, N. (2013). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham BUMN Sektor Pertambangan Periode 2007-2010. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 75–81.
Trisnowati, Y., Achsani, N. A., Sembel, R., & Andati, T. (2022). The Effect of ESG Score, Financial Performance, and Macroeconomics on Stock Returns during the Pandemic Era in Indonesia. International Journal of Energy Economics and Policy, 12(4), 166–172. https://doi.org/10.32479/ijeep.13212
Widyaningrum Mei, N., & Mahirun. (2022). the Effect of Current Ratio, Total Asset Turnover, Debt To Asset Ratio, and Debt To Equity Ratio on Return on Assets in Plantation …. International Journal of …, 6(2), 142–149. http://radjapublika.com/index.php/IJEBAS/article/view/139%0Ahttps://radjapublika.com/index.php/IJEBAS/article/download/139/126
Yanita Sanjaya, M., & Maulida, A. (2022). Analisis Pengaruh Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Return Saham. MES Management Journal, 2(2), 65–83. https://doi.org/10.56709/mesman.v2i2.48
Section
Articles
