PENGARUH LIKUIDITAS DAN STRUKTUR MODAL TERHADAP RETURN SAHAM DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

Abstrak

Fierce competition between companies requires companies to always maintain and improve their financial performance, in order to continue to run company operations well and produce high productivity to meet consumer needs. Financial performance can be measured, among others, by liquidity, capital structure, profitability, stock returns and other indicators. A good company's financial performance will easily attract investors. This study was conducted with the aim of analyzing how much liquidity, capital structure and profitability affect stock returns, by taking telecommunications subsector companies listed on the IDX in the period 2019 to 2022. Data analysis in this study uses Partial Lest Square (PLS). The results of this study show that liquidity (CR) has a significant negative effect on profitability (ROA). Liquidity (CR) has a positive and insignificant effect on stock returns. Capital Structure (DER) has a negative and insignificant effect on profitability (ROA). Capital Structure (DER) has a positive and insignificant effect on  stock returns. Profitability (ROA) has a positive effect on stock returns insignificantly. Profitability (ROA) does not play a role in mediating the relationship between Liquidity (CR) and Stock Return and Profitability (ROA) does not play a role in mediating the relationship between Capital Structure (DER) and Stock Return.