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Fitri Rahmiyatun
Universitas Bina Sarana Informatika
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THE EFFECT OF LEVERAGE AND LIQUIDITY ON STOCK RETURNS WITH COMPANY SIZE AS A MODERATION IN FINANCIAL SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN THE 2020-2023 PERIOD Fitri Rahmiyatun; Shalshabila Shafa; Sugiarti
Akrab Juara : Jurnal Ilmu-ilmu Sosial Vol. 11 No. 1 (2026): Februari
Publisher : Yayasan Azam Kemajuan Rantau Anak Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58487/akrabjuara.v11i1.2728

Abstract

The financial industry in Indonesia continues to grow through the provision of increasingly competitive investment services, opening up opportunities for companies to attract investors. This study aims to analyze the effect of leverage and liquidity on stock returns, as well as to assess whether company size strengthens this relationship. The research was conducted on non- bank financial sector companies listed on the Indonesia Stock Exchange during the period 2020–2023. A quantitative approach was used with secondary data taken from annual financial reports. The sample was determined purposively according to specific criteria, resulting in 40 observations. Data processing was performed using Eviews-13 software. Data analysis included descriptive tests, panel data regression, and moderation interaction tests (MRA). Independent variables included leverage (Debt to Equity Ratio) and liquidity (Current Ratio), with stock returns (price return) as the dependent variable, and company size (ln total assets) as the moderating variable. The results show that, both before and after MRA, leverage does not have a significant effect on stock returns (probability 0.86 & 0.56 > 0.05), and liquidity does not have a significant effect on stock returns (probability 0.12 & 0.90 > 0.05). Simultaneously, both before and after the MRA, leverage and liquidity do not have a significant effect on stock returns (probability 0.26 & 0.44 > 0.05). Furthermore, firm size does not function as a moderator in this research model, in the interaction between leverage and stock returns (probability 0.82 > 0.05), and in the interaction between liquidity and stock returns (probability 0.60 > 0.05). The coefficient of determination before MRA was 1.8% with an epsilon of 98.2%, and the coefficient of determination after MRA was 0%, indicating that the addition of moderation worsened the previous model.
Co-Authors Abda Abda Agus Suhaila Dwi Putika Sari Eilma Nurul Aina Eka Dyah Setyaningsih Ellyta Muchtar Ellyta Muchtar Ellyta Muchtar Ellyta Muchtar Febby Felanda Juwita Juwita Kaman Nainggolan Lusi Dian Prastika Merlyn Merlyn Minda Yustrisna Devi Muhammad Shyam Nurihya Ulumuddin Novia Amalia Aynindhita Nuri Damayanti Nurul Hidayah Oktiyani, Rina Panji Suratriadi Putri Apriliani R M Teddy Aliudin R. Ati Haryati Rina Lestari Rina Oktayani RM Teddy Aliudin RM Teddy Aliudin RM Tedy Aliudin Roni Oktiyani S Sugiarti Shalsa, Shalsabila Hanifa Shalshabila Shafa Sugiarti Sugiarti Sugiarti Sugiarti Sugiarti Sugiharti Sugiharti