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p-Index From 2021 - 2026
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All Journal Advances in Managerial Auditing Research Advances: Jurnal Ekonomi & Bisnis
Muhammad Nurwahyudi
Program Magister Akuntansi, Fakultas Ekonomi dan Bisnis Universitas Hasanuddin, Makassar, Indonesia
Economics, Econometrics & Finance

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The Effects of Liquidity, Volatility, and Trading Volume on Stock Returns Khatmi Tamtami Nisa; Mariani Salle Pasulu; Muhammad Nurwahyudi; Aini Indrijawati; Syamsuddin Syamsuddin
Advances in Managerial Auditing Research Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amar.v4i3.927

Abstract

Purpose: This study aims to analyze the effects of liquidity, volatility, and trading volume on stock returns for companies listed on the Indonesia Stock Exchange during the 2021–2023 period. Research Method: This study employs a quantitative approach with an explanatory causal design. Secondary data in the form of panel data were obtained from the Indonesia Stock Exchange and Yahoo Finance. The sample was selected using purposive sampling and analyzed using descriptive statistics, classical assumption tests, multiple linear regression, the t-test, the F-test, and the coefficient of determination. Results and Discussion: The results of the study indicate that liquidity has a significant positive effect on stock returns, volatility has a significant negative effect, and trading volume has a significant negative effect. Taken together, these three variables have a significant effect on stock returns, explaining 82.1% of the variance. Implications: These findings can serve as a basis for investors and companies when making investment decisions. Originality: This study provides empirical evidence on the simultaneous effects of liquidity, volatility, and trading volume on stock returns during the post-pandemic period in Indonesia.
Stock Liquidity and Volatility in Investors’ Investment Decisions on the Indonesia Stock Exchange Khatmi Tamtami Nisa; Mariani Salle Pasulu; Muhammad Nurwahyudi; Arifuddin Arifuddin; Darwis Said
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.896

Abstract

Purpose: This study aims to understand the significance of stock liquidity and volatility in investment decision-making among Generation Z and Millennial investors on the Indonesia Stock Exchange. Research Method: This study employed a qualitative, phenomenological design. Data were collected through in-depth, semi-structured interviews with Generation Z and Millennial investors selected using purposive sampling. Data analysis was conducted using Miles' interactive model. Results and Discussion: The research findings indicate that stock liquidity is viewed as a form of investment security and flexibility. At the same time, volatility is perceived as both an opportunity and a risk. Investment experience shapes more rational decision-making, while social media and social circles serve as sources of investment education. Generation Z tends to focus on growth opportunities, whereas Millennials place greater emphasis on risk management. Implications: The research findings contribute to the development of financial literacy and to the design of investment education programs tailored to the characteristics of different investor generations. Originality: This study offers a phenomenological perspective on the interpretation of stock liquidity and volatility among Generation Z and Millennial investors in Indonesia.
Co-Authors Aini Indrijawati Arifuddin Arifuddin Darwis Said Khatmi Tamtami Nisa Mariani Salle Pasulu Syamsuddin Syamsuddin