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All Journal Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Syahrafi Zakwan
Universitas Pembangunan Nasional Veteran Jakarta
Economics, Econometrics & Finance

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PENGARUH ARUS KAS OPERASIONAL, ARUS KAS INVESTASI, DAN PROFITABILITAS TERHADAP RETURN SAHAM Syahrafi Zakwan; Sumilir Sumilir; Muhaswad Dwiyanto
Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside Vol. 6 No. 1 (2026): Yudishtira Journal : Indonesian Journal of Finance and Strategy Inside
Publisher : Gapenas Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53363/yud.v6i1.184

Abstract

Fluctuations in stock returns among property and real estate companies highlight the importance of fundamental information as a signal for investors, particularly cash flows and profitability. This study aims to examine the effect of operating cash flow (OCF), investing cash flow (ICF), and profitability (ROA) on stock returns. A quantitative approach is employed using panel data from 38 property and real estate firms listed on the Indonesia Stock Exchange over the 2020–2024 period (190 observations). The analysis is conducted using the Common Effect Model (CEM). The results indicate that OCF and ICF have no significant effect on stock returns, while ROA has a positive and significant effect. In conclusion, the market tends to respond more to profitability than to cash flows; therefore, improving efficiency and earnings quality should be prioritized to strengthen stock performance.
Co-Authors Muhaswad Dwiyanto Sumilir Sumilir