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All Journal Measurement : Jurnal Akuntansi Dinamika Ekonomi - Jurnal Ekonomi dan Bisnis PEDULI: Jurnal Imiah Pengabdian Pada Masyarakat Jurnal Manajemen Dirgantara Jurnal Penelitian Manajemen Terapan (Penataran) INSPIRASI (JURNAL ILMU-ILMU SOSIAL) Inspirasi Ekonomi : Jurnal Ekonomi Manajemen Jurnal ABM Mengabdi Akuntansi Bisnis & Manajemen (ABM) Bima Journal : Business, Management and Accounting Journal Jurnal Pengabdian Kepada Masyarakat The Journal of Financial, Accounting and Economics
Edi Sudiarto
STIE Malangkuçeçwara Malang
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences Transportation Other

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Moderating Role of Firm Size in the Relationship between Profitability, Leverage, and Stock Returns: Evidence from Indonesian Agriculture Sector Maria, Evi; Sudiarto, Edi
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 2 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.2.1579-1588

Abstract

Purpose: This study explores the effect of Return on Assets (ROA) and Debt to Equity Ratio (DER) on stock returns, with firm size as a moderating variable in agricultural companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2021. Methodology: Using a quantitative approach and purposive sampling, 20 firms were analyzed over four years. Data were tested through classical assumption tests, hypothesis testing, and Moderated Regression Analysis (MRA). Results: ROA significantly and positively affects stock returns, while DER shows no direct impact. Firm size does not moderate the ROA–stock return relationship but does moderate the DER–stock return relationship. Findings: Profitability enhances investor value regardless of company size. However, the influence of leverage on stock returns varies depending on firm size. Novelty: This study highlights firm size as a conditional factor, offering new insights into its role in financial performance within Indonesia’s agricultural sector. Originality: Unlike prior research, firm size is treated as a moderator, not merely a control variable, revealing its strategic relevance. Conclusion: Company size selectively moderates financial indicators, emphasizing its importance in evaluating market performance. Type of Paper: Empirical research.
Co-Authors Agus Salim Agussalim Adriansyah Agussalim Andriansyah Alexandria Firsta Putri Aisyah Aminul amin Andiani, Lidia Bunyamin Bunyamin Dewi Kinanti Sabaneno Dwi Danesty Deccasari Dyah Aruning Puspita Enggar Nursasi Evi Maria Evi Maria Fanisya Rahmalia Damayanti Feby Herlina Sriningsih Hanif Mauludin Irawan Budi Prasetyo Jayana Salesti Lailatul Badriyah Lailatus Sa’adah Lidia Andiani Lusiana Lusiana Muniroh Nurfaiza, Jihan Rais Rasyid Rina Irawati Siti Munfaqiroh Stanley, Daniel Sugiharto, Didik Priyo Sura Klaudia Triana Murtiningtyas WIDANARNI WIDANARNI Yuyuk Liana Zulaikhah, Sitti