Jurnal Akuntansi dan Perpajakan
Vol. 12 No. 1 (2026): Maret 2026

Analysis of Stock Return Determinants: The Role of Operating Cash Flow, Accounting Profit, Profitability, and Firm Size

Subadriyah Subadriyah (Universitas Islam Nahdlatul Ulama Jepara)
Icha Setyowati (Universitas Islam Nahdlatul Ulama Jepara)



Article Info

Publish Date
31 Mar 2026

Abstract

This study aims to analyze the impact of operating cash flow, accounting profit, profitability, and company size on stock returns for energy companies listed on the Indonesia Stock Exchange for the 2022-2024 period. Stock returns are an important indicator for investors to evaluate a company's financial performance in the capital market. This study uses a quantitative method with multiple linear regression analysis of data sourced from secondary data, such as annual financial reports and stock price data for energy companies. The sample was selected using a purposive sampling method, resulting in 32 companies meeting the criteria. With a research period of 3 years (2022-2024), a sample of 96 data was obtained. The results show that operating cash flow, accounting profit, profitability, and company size simultaneously influence stock returns in energy sector companies for the 2022-2024 period. The partial effect shows that operating cash flow and accounting profit have no effect on stock returns, while profitability and company size have a positive effect on stock returns in energy sector companies for the 2022-2024 period.

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Journal Info

Abbrev

ap

Publisher

Subject

Economics, Econometrics & Finance

Description

Jurnal Akuntansi dan Perpajakan (Journal of Accounting and Taxes) publishes theoretical and empirical research across all the major fields of accounting and taxes research. It serves as a forum for all the academicians, research scholars, scientists, and also for the industry people to share their ...