International Journal of Economics, Business and Innovation Research
Vol. 5 No. 05 (2026): International Journal of Economics, Business and Innovation Research( IJEBIR)

The Effect of Return on Asset, Current Ratio, and Debt to Equity Ratio on Stock Return of Energy Companies Listed on The Indonesia Stock Exchange for The 2021 - 2024 Period

Erlangga Adi Satyo (Institut Teknologi dan Bisnis Semarang)
Nur Aini (Institut Teknologi dan Bisnis Semarang)



Article Info

Publish Date
13 Sep 2026

Abstract

This study aims to examine the effect of Return on Asset (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) on Stock Return in energy sector companies listed on the Indonesia Stock Exchange for the 2021 - 2024 period. The data used in this study is secondary data obtained from the official website of the Indonesia Stock Exchange and Stockbit securities. This study uses a purposive sampling method, resulting in a total of 96 samples. Data analysis was performed using multiple linear regression methods with the help of the IBM SPSS version 25 application. The results of this study indicate that Return on Asset has a significant positive effect on Stock Return, while Current Ratio and Debt to Equity Ratio have no effect on Stock Return. The findings suggest that profitability remains a primary consideration for investors in the energy sector, whereas liquidity and solvency ratios do not significantly influence short-term stock price fluctuations during the observed period. This research provides insights for investors to prioritize profitability indicators when making investment decisions in the energy industry and serves as a reference for future studies to incorporate additional variables or expand the scope of the analysis to capture a broader understanding of market behavior.

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Journal Info

Abbrev

IJEBIR

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

International Journal of Economics, Business and Innovation Research (IJEBIR) is a high quality open access peer reviewed research journal. providing a platform for the researchers, academicians, professional, practitioners and students to impart and share knowledge in the form of high quality ...