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All Journal Ekalaya : Jurnal Ekonomi Akuntansi
M. Bahril Ilmiddaviq
Universitas Islam Majapahit, Indonesia
Economics, Econometrics & Finance

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Pengaruh TATO, ROA, DER, dan Firm Size Terhadap Return Saham Miranti Tri Lestari; Syaiful Bahri; M. Bahril Ilmiddaviq
EKALAYA : Jurnal Ekonomi Akuntansi Vol. 3 No. 2 (2025): Ekalaya : Jurnal Ekonomi Akuntansi
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/ekalaya.v3i2.2048

Abstract

This study analyzes the effect of TATO, ROA, DER, and company size on stock returns of textile and garment subsector manufacturing companies listed on the IDX for the 2021-2024 period.  This research method uses a quantitative approach with a causal association design using secondary data from the financial statements of 15 companies for four years analyzed through multiple linear regression. The results showed that DER has a negative effect on stock returns, while TATO, ROA, and company size have no effect. The findings confirm capital structure, especially high leverage, adversely affects investment returns, while asset efficiency and firm size do not directly affect stock returns in industries sensitive to global conditions. The study suggests that investors should be cautious in interpreting financial signals and pay attention to capital structure factors in making investment decisions.
Pengaruh Profitabilitas, Leverage, dan Struktur Modal terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang terdaftar di BEI Periode 2020-2023 Della Ayu Nur Sholichah; Nur Ainiyah; M. Bahril Ilmiddaviq
EKALAYA : Jurnal Ekonomi Akuntansi Vol. 3 No. 3 (2025): Ekalaya : Jurnal Ekonomi Akuntansi
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/ekalaya.v3i3.2061

Abstract

This study analyzes how firm value is affected by profitability, leverage, and capital structure in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2020 and 2023. The food and beverage industry is the object of research due to its strategic importance to the Indonesian economy and its vulnerability to the COVID-19 pandemic. The associative quantitative design in this study used purposive sampling to select 29 companies that met the predetermined standards. The annual financial statements provided secondary data, which was analyzed using multiple linear regression analysis with SPSS version 22. The findings show that firm value is significantly positively affected by profitability as measured through Return on Assets (ROA), suggesting that higher profitability increases investor confidence. In contrast, when analyzed separately, capital structure (measured by debt-to-asset ratio) and leverage (measured by debt-to-equity ratio) show no significant effect. However, the three factors together have a substantial simultaneous effect on firm value. These results emphasize that, in the post-pandemic environment, profitability dominates investor perceptions and assessments of firm value.
Co-Authors Della Ayu Nur Sholichah Miranti Tri Lestari Nur Ainiyah Syaiful Bahri