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All Journal Income Journal of Economics Development
Wulandar Wulandar
Sekolah Tinggi Ilmu Ekonomi (STIE) Bima
Economics, Econometrics & Finance

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The Effect of Sales Growth and Total Asset Turnover (Tato) on Stock Return at PT. Kimia Farma TBK Novita Suciyati; Aliah Pratiwi; Wulandar Wulandar
Income Journal Of Economics Development Vol. 6 No. 2 (2026): July 2026
Publisher : Pustaka Digital Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54065/ijed.6.2.2026.700

Abstract

This study aims to determine the effect of Sales Growth and Total Asset Turnover (TATO) on Stock Return at PT. Kimia Farma Tbk for the period 2014–2023. The research method used is quantitative with an associative approach, using secondary data in the form of the company's annual financial statements. The analysis technique applied is multiple linear regression with classical assumption test, t test, F test, correlation coefficient, and determination. From the results of the determination coefficient test, R Square (Coefficient of Determination) was obtained, the value of R Square stated in the table was 0.347. This shows that the magnitude of the influence of sales growth (X1) and TATO (X2) on Stock Return is 0.34% and the remaining 0.64% is influenced by other variables that are not included in this study. Thus, it can be concluded that together sales growth (X1) and TATO (X2) do not have a significant influence on stock returns (Y). This finding concludes that Sales Growth and Total Asset Turnover (TATO) have no effect on the Stock Return at PT. Kimia Farma Tbk. Therefore, the company needs to consider other factors such as marketing and sales strategies, efficient asset management, product and service development (including digitalization), and optimization of retail outlet networks, clinics, and laboratories in improving profit performance in the future.
Co-Authors Aliah Pratiwi Novita Suciyati