<![CDATA[The energy sector is an important part of the Indonesian capital market, but fluctuations in stock prices may create uncertainty regarding the returns received by investors. This study aims to examine the effect of financial performance, operating cash flow, and the rupiah exchange rate on stock returns of energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. This study employs a quantitative approach using panel data. The sample consists of 41 energy sector companies, resulting in 205 firm-year observations selected through purposive sampling. Financial performance is measured by Return on Assets (ROA), operating cash flow by its growth, and the rupiah exchange rate by the middle exchange rate against the US dollar. Panel data regression is employed, with the Random Effect Model selected as the estimation model. The results indicate that financial performance has a positive and significant effect on stock returns, with a regression coefficient of 0.737640 and a probability value of 0.0266. In contrast, operating cash flow and the rupiah exchange rate do not have significant effects, with probability values of 0.0609 and 0.4228, respectively. Simultaneously, the three independent variables significantly affect stock returns. The model has an Adjusted R-squared of 4.62%, indicating that most variations in stock returns are explained by factors outside the model.]]>
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