IPOs and Stock Returns: The Role of Capital Structure, Firm Size, Profitability, and Firm Value

Stevanus Andiyanto (Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto, Indonesia)
Amir (Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto, Indonesia)
Edi Joko Setyadi (Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto, Indonesia)
Selamet Eko Budi Santoso (Faculty of Economics and Business, Universitas Muhammadiyah Purwokerto, Indonesia)

E-Jurnal Akuntansi
Vol. 35 No. 7 (2025)

The aim of this research is to empirically test the relationship between stock returns and capital structure, company size, profitability and company value. The population in this study are companies that conducted an Initial Public Offering (IPO) on the Indonesia Stock Exchange (BEI) in 2020-2023. The sample was determined using the purposive sampling method. Data were analyzed using panel data analysis techniques. The results of this study found that company size has a positive effect on stock returns, while capital structure and profitability have no effect on stock returns and company value has a negative effect on stock returns.