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All Journal Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi)
Khouvianto Kennedy
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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PENGARUH INFLASI, SUKU BUNGA, RETURN ON ASSET (ROA), DEBT TO EQUITY RATIO (DER) DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM FMCG NON-LQ45 Khouvianto Kennedy; Very Budiyanto
Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) Vol 10 No 2 (2026): Edisi Mei - Agustus 2026
Publisher : LPPM STIE Muhammadiah Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31955/mea.v10i2.7710

Abstract

This study aims to analyze the effect of inflation, interest rates, Return on Asset (ROA), Debt to Equity Ratio (DER), and firm size on stock returns of non-LQ45 Fast Moving Consumer Goods (FMCG) companies listed on the Indonesia Stock Exchange during the period 2019–2023. This research uses a quantitative approach with secondary data obtained from the Indonesia Stock Exchange, Bank Indonesia, official company websites, and Yahoo Finance. The sampling technique used in this study was purposive sampling based on specific criteria, resulting in non-LQ45 FMCG companies as the research sample. The analysis method used in this research is panel data regression with the assistance of EViews 13 software. Model selection was conducted using the Chow Test, Hausman Test, and Lagrange Multiplier (LM) Test, which indicated that the Common Effect Model (CEM) was the most appropriate model for this study. In addition, classical assumption tests consisting of multicollinearity and heteroscedasticity tests were conducted to ensure the feasibility of the regression model. The results of this study indicate that partially, inflation, interest rates, Return on Asset (ROA), Debt to Equity Ratio (DER), and firm size do not have a significant effect on stock returns of non-LQ45 FMCG companies during the 2019–2023 period. Simultaneously, all independent variables also do not have a significant effect on stock returns. The coefficient of determination (R²) value of 0.088102 indicates that the independent variables in this study are only able to explain 8.81% of stock returns, while the remaining percentage is influenced by other variables outside the research model
Co-Authors Very Budiyanto