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Vania, Calista Nia
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Economics, Econometrics & Finance

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Analysis Of The Effect Of Profitability, Liquidity, And Leverage On Stock Returns Vania, Calista Nia; Sudarma, Made
Telaah Ilmiah Akuntansi dan Perpajakan Vol. 3 No. 2 (2025): TIARA
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/tiara.2025.3.2.194

Abstract

This study aims to analyze the effect of financial ratios namely the profitability ratio (Return on Assets/ROA), the liquidity ratio (Current Ratio/CR), and the leverage ratio (Debt to Equity Ratio/DER) on stock returns. The objects of this study are food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. ROA, CR, DER, and stock returns were measured using annual reports published by IDX. The sample consists of 15 companies selected from 33 listed companies using a purposive sampling method. The statistical procedures include descriptive analysis, classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation), and hypothesis testing. Hypotheses were tested using multiple linear regression at a 5% significance level, along with tests for the coefficient of determination, simultaneous effects, and partial effects. The results show that ROA has a significant effect on stock returns, while CR and DER do not. However, ROA, CR, and DER collectively have a significant effect on stock returns.
Co-Authors Made Sudarma