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All Journal Santri : Jurnal Ekonomi dan Keuangan Islam
Ruth Alexandra Victoria Tobing
Universitas Tarumanagara
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Determinan Reaksi Pasar: Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan : Studi pada Perusahaan Subsektor Ritel di Indonesia Periode 2023-2025 Ruth Alexandra Victoria Tobing; Amin Wijoyo
SANTRI : Jurnal Ekonomi dan Keuangan Islam Vol. 4 No. 5 (2026): Oktober: SANTRI : Jurnal Ekonomi dan Keuangan Islam
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/santri.v4i5.2714

Abstract

This study aims to analyze the effects of capital structure, profitability, and firm size on market reactions among retail subsector companies listed on the Indonesia Stock Exchange during the 2023–2025 period. Market reaction was measured using Cumulative Abnormal Return (CAR) within an event window covering three days before and three days after the publication of financial statements. This study employed a quantitative approach with purposive sampling, resulting in a sample of 38 companies and 114 initial observations. After excluding six outliers, 108 observations remained for analysis. Data were analyzed using multiple linear regression and classical assumption tests. The results indicate that capital structure has a positive and significant effect on market reaction (p = 0.002), while profitability (p = 0.070) and firm size (p = 0.532) have no significant effects. Simultaneously, the three independent variables significantly affect market reaction (p = 0.005), with an adjusted R-squared value of 0.090. These findings suggest that capital structure is a more relevant indicator of investor responses than profitability and firm size.
Co-Authors Amin Wijoyo