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All Journal Jurnal Ilmiah Manajemen dan Bisnis (JIMB) Syntax Literate: Jurnal Ilmiah Indonesia Distribusi JURNAL PENDIDIKAN TAMBUSAI Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan Journal of Humanities and Social Studies Business Management Analysis Journal (BMAJ) Business, Economics and Entrepreneurship Community Engagement and Emergence Journal (CEEJ) SOLUSI JPEKA: Jurnal Pendidikan Ekonomi, Manajemen dan Keuangan JEKPEND Jurnal Ekonomi dan Pendidikan Jurnal Eksplorasi Akuntansi (JEA) Journal Economic and Strategy (JES) Jurnal Ilmiah Wahana Pendidikan Jurnal Ilmu Manajemen Advantage Jurnal Manajemen dan Pemasaran Jasa Jurnal Manajemen, Akuntansi, Ekonomi Research Horizon Dirkantara Indonesia RESLAJ: Religion Education Social Laa Roiba Journal JER
Susy Muchtar, Susy
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Religion Arts Humanities 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 Social Sciences Other

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Journal : Distribusi

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FACTORS AFFECTING STOCK RETURNS IN BANKS LISTED ON KBMI 4 INDONESIA STOCK EXCHANGE (IDX) PERIOD 2015 – 2024 Jasmine, Gadis Muthia; Kaligis, Villy Frisillia; Muchtar, Susy
Distribusi - Journal of Management and Business Vol. 13 No. 2 (2025): Distribusi, September 2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/distribusi.v13i2.643

Abstract

This research provides an original contribution by analyzing the impact of cash flows, dividends, firm size, and the effects of the Covid-19 pandemic on stock returns for KBMI IV banks listed on the Indonesia Stock Exchange (IDX) during the period of 2015–2024. This approach is rarely examined simultaneously in the context of Indonesian banking, thus offering a new perspective in the existing literature. The primary objective of this study is to evaluate whether the variables of operating cash flow, investing cash flow, financing cash flow, dividends, firm size, and Covid-19 have a significant effect on stock returns. The methodology employed is a quantitative approach utilizing secondary data from the annual financial statements of KBMI IV banks, analyzed through multiple linear regression methods based on panel data with the aid of EViews 12 software and the Ordinary Least Squares (OLS) approach. Empirical results indicate that the regression model applied is significant simultaneously (F-test), with an adjusted R² of 51.75%, indicating that the six independent variables can explain more than half of the variation in stock returns. Partially, variables such as investing cash flow and Covid-19 have been shown to have a positive and significant impact on stock returns, while financing cash flow, dividends, and firm size exhibit insignificant results. The implications of this research emphasize the importance of cash flow management and effective communication strategies during crises, such as a pandemic, to maintain investor confidence. These findings provide a solid foundation for bank managers and investors in making strategic decisions and investments based on fundamental banking factors.
Co-Authors Alfiyanti, Wulan Alma, Putri Sakti Arazi, Muhammad Ghazi Al-Ghifari Ardiastama, Okie Setya Arip, Syamsul Aryesta, Anisa Umania Baliartati, Beta Oki Catur Rahayu Catur Rahayu Martiningtiyas Chintya Fadila Laksmitaningrum Damayanti, Sisca Elgammal, Mohammed Elgi, Afrizal Gemala, Sita Aisha Gracia Suitella, Maria Henry Wicaksono, Henry Jasmine, Gadis Muthia Jessica Novia Joice, Sally Jordy, Michael Kaligis, Villy Frisillia Larasati, Tiara Anindya Leon, Farah Margaretha Lucy Warsindah Ningsih, Indah Ayu Nurasa, Rifki Tri Nurendra, Oktafian Dwi Paze, Nabilla Dymari Prayoga, Agung Kusuma Putra Pratama Putri, Fara Ghassani Rahmawati, Nur Intan Riadi, M Nala Richy Wijaya Rizky, Filda Situmorang, Herman Sukmana, Leidya Meirina Sultanali, Suleiman Tenika, Eiyagina