PENGARUH RETURN ON ASSETS, DEBT TO EQUITY RATIO, DAN TOTAL ASSET TURNOVER TERHADAP RETURN SAHAM DENGAN FIRM SIZE SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN SEKTOR ENERGI SUBSEKTOR BATU BARA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020–2024

Taufik Hidayat
Neneng Susanti

JURNAL MANAJEMEN MOTIVASI
Vol 22 No 2 (2026): Jurnal Manajemen Motivasi

This study examines the associations of Return on Assets (ROA), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) with stock returns, with Firm Size as moderator, among coal-subsector companies listed on the Indonesia Stock Exchange during 2020–2024. Purposive sampling yielded nine firms and 45 firm-year observations. Model-selection tests supported the Common Effect Model, and inference used White Period robust standard errors. ROA is positively and significantly associated with stock returns, DER is insignificant, and TATO is negatively and significantly associated. No Firm Size interaction is significant. Profitability is the most consistent fundamental signal in this sample. Keywords: Return on Assets; Debt to Equity Ratio; Total Asset Turnover; Firm Size; Stock Return; Panel Data; Moderated Regression Analysis