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All Journal Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) IIJSE
Johannes Maysan Damanik
Universitas Sarjanawiyata Tamansiswa, Yogyakarta, Indonesia
Economics, Econometrics & Finance

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The Effect of Earnings per Share (EPS), Return on Equity (ROE), Debt-to-Equity Ratio (DER), and Total Asset Turnover (TATO) on Stock Returns (Using Company Age and Firm Size as Control Variables) Okta Viani Puspitasari; Pristin Primasari; Johannes Maysan Damanik
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

This study aims to analyze the effect of Earnings Per Share (EPS), Return on Equity (ROE), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) on stock returns in basic and chemical manufacturing companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study is based on signaling theory and firm value theory to explain the relationship between financial performance and investment decisions. A quantitative method was used using secondary data from annual financial reports. The study sample consisted of 16 companies selected through purposive sampling, with a total of 80 observations. Data analysis used multiple linear regression. The results show that EPS, ROE, DER, and TATO have a positive and significant effect on stock returns. This finding indicates that profitability, capital structure, and asset efficiency are important factors in investment decision-making.
Exchange Rate, Dividend Policy, and Capital Structure: Their Impact on Stock Returns in Jakarta Islamic Index Companies (2019–2023) Afisa Nur Maulidha; Pristin Prima Sari; Johannes Maysan Damanik
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 6 (2025): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i6.3790

Abstract

This study aims to analyze the impact of exchange rates, dividend policies, and capital structures on stock returns of JII-listed companies from 2019-2023, considering unique characteristics and adherence to Sharia principles. This study uses a qualitative method, employing purposive sampling techniques to determine the sample and then analyzing it using multiple linear regression with the SPSS 25.0 application. The sample in this study consists of 23 companies listed on the IDX that are included in the JII index and are non-bank companies. The results of this study found that the exchange rate has a positive effect on stock return. Dividend policy, measured using the dividend payout ratio (DPR), has a negative and significant effect on stock return. Capital structure, measured using the debt to equity ratio (DER), has a negative and significant effect on stock return. Meanwhile, simultaneously, the variables of exchange rates, dividend policies, and capital structures have a significant effect on stock return. The findings provide valuable insights for investors and companies seeking to make informed investment decisions and develop effective financial strategies aligned with Sharia principles. The study contributes academically to sharia-based finance literature and offers practical implications for market participants in the Islamic capital market.
Co-Authors Afisa Nur Maulidha Okta Viani Puspitasari Pristin Prima Sari Pristin Primasari