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All Journal Owner : Riset dan Jurnal Akuntansi Jurnal Proaksi Al-Kharaj: Journal of Islamic Economic and Business Jurnal Ekuivalensi Community Development Journal: Jurnal Pengabdian Masyarakat JMK Jurnal Manajemen dan Kewirausahaan Economics and Digital Business Review Istithmar: Jurnal Studi Ekonomi Syariah Neraca Manajemen, Akuntansi, dan Ekonomi Jurnal Abdimas Indonesia
Rike Selviasari
Department Of Accounting, Faculty Of Economics, Universitas Islam Kadiri
Religion Humanities Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Neuroscience Nursing Public Health Social Sciences Other

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The Effect of Accounting Earnings, Total Cash Flow, and Net Profit Margin on Stock Returns: Evidence from Infrastructure Companies Listed on the Indonesia Stock Exchange (2021–2024) Tasya Putri Abidtya; Fitria Magdalena Suprapto; Rike Selviasari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11421

Abstract

Stock return is one of the important indicators used by investors to assess the success of their investments in the capital market. Changes in stock returns are influenced by various factors, both from the company's financial performance and external conditions. This study aims to analyze the effect of accounting profit, total cash flow, and net profit margin on stock returns of infrastructure sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employed a quantitative approach using secondary data obtained from companies’ annual financial reports and stock price data. The sampling technique used was purposive sampling, resulting in 25 companies with a total of 100 research observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, partial tests (t-test), simultaneous tests (F-test), and the coefficient of determination with the assistance of IBM SPSS Statistics software. The results indicate that accounting profit has a negative and significant effect on stock returns, total cash flow has no significant effect on stock returns, while net profit margin has a positive and significant effect on stock returns. Simultaneously, accounting profit, total cash flow, and net profit margin significantly affect stock returns. The coefficient of determination value of 11.1% indicates that the ability of the three independent variables to explain variations in stock returns is relatively limited, while the remaining 88.9% is influenced by other factors outside the research model. The findings imply that corporate profitability information, particularly net profit margin, can be considered by investors in making investment decisions within the infrastructure sector and may serve as a reference for future studies regarding factors affecting stock returns.
The Impact of Profit Growth, Company Size, and Investment Opportunity Set on Profit Quality (Study on Manufacturing Companies in the Food and Beverage Sub-Sector for the 2021-2024 period) Adam Amirul Insan Subroto; Fitria Magdalena Suprapto; Rike Selviasari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11643

Abstract

This study has the aim to examine the effects of earnings growth, firm size, as well as investment opportunity set (IOS) on earnings quality in food and beverage manufacturing companies that are on the list of Indonesia Stock Exchange (IDX) throughout the 2021–2024 period. The hypotheses proposed are: (1) earnings growth has a significant effect on earnings quality; (2) firm size has a significant effect on earnings quality; (3) IOS has a significant effect on earnings quality; and (4) earnings growth, firm size, and IOS simultaneously affect earnings quality. This study uses a quantitative approach with secondary data from audited annual financial statements. Purposive sampling yielded a final sample of 21 companies (84 observations). Earnings quality is proxied by discretionary accruals using the Modified Jones model, earnings growth by the percentage change in net income, firm size by the natural logarithm of total assets, and IOS by the market-to-book value of equity (MBVE). Data were analyzed using multiple linear regression with classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The results show that there is a significant negative effect of earnings growth on earnings quality (sig. = 0.000), while firm size (sig. = 0.279) and IOS (sig. = 0.108) do not have a significant partial effect. However, all three variables simultaneously affect earnings quality (sig. F = 0.000) with an Adjusted R² of 18.7%. These findings imply that earnings management in the post-pandemic recovery period is more strongly driven by changes in earnings performance than by company scale or growth opportunities. Companies are advised to strengthen internal control systems and transparent financial reporting to improve earnings quality, while investors should consider earnings growth trends as an indicator of earnings reliability. Keywords: Earnings Quality, Earnings Growth, Firm Size, Investment opportunity set, Discretionary Accruals
Co-Authors Adam Amirul Insan Subroto Ahmad Yani ANITA SUMELVIA DEWI Ariska Devi Agustin Suhariani Dewi Wungkus Antasari Fitria Magdalena Suprapto Layung Puspo Nadanu Maeka Sella Agustina Marhaendra Kusuma Musabihul Qowi Puji Rahayu Putri Yuniar Putri Ririn Wahyu Arida Siti Isnaniati Srikalimah, Srikalimah Tasya Putri Abidtya Ustadus Sholihin