The Effect of Earnings per Share (EPS), Return on Equity (ROE), Debt-to-Equity Ratio (DER), and Total Asset Turnover (TATO) on Stock Returns (Using Company Age and Firm Size as Control Variables)
Abstrak
This study aims to analyze the effect of Earnings Per Share (EPS), Return on Equity (ROE), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO) on stock returns in basic and chemical manufacturing companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study is based on signaling theory and firm value theory to explain the relationship between financial performance and investment decisions. A quantitative method was used using secondary data from annual financial reports. The study sample consisted of 16 companies selected through purposive sampling, with a total of 80 observations. Data analysis used multiple linear regression. The results show that EPS, ROE, DER, and TATO have a positive and significant effect on stock returns. This finding indicates that profitability, capital structure, and asset efficiency are important factors in investment decision-making.
##plugins.generic.usageStats.downloads##
Referensi
Adytia, N. D., & Nursito. (2021). Current ratio , debt to equity ratio. Journal of Economic, Business and Accounting, 4(2), 1–10.
Dini, S., Hulu, Y. A., Zebua, M., & Purba, E. (2021). Pengaruh Total Asset Turnover (Tato), Price Book Value (Pbv), Debt To Equity Ratio (Der) Dan Return on Equity (Roe) Terhadap Return Saham. Jambura Economic Education Journal, 3(2), 116–127. https://doi.org/10.37479/jeej.v3i2.10633
Eviyenti, N. (2021). Pengaruh Return On Equity, Debt to Equity Ratio, Earning Per Share, dan Operating Cash Flow terhadap Return Saham pada Perusahaan Industri Manufaktur yang Terdaftar di BEI 2016-2020. Journal of Business and Economics (JBE) UPI YPTK, 6(2), 56–66. https://doi.org/10.35134/jbeupiyptk.v6i2.78
Fachrurrozi, M. F. P., Ma’sumah, S., & Rossana, L. (2024). Pengaruh Roa, Cr, Tato, Der, Dan Roe Terhadap Return Saham Perusahaan Sektor Transportasi Dan Logistik Yang Terdaftar Di Bei Tahun 2019-2022. Jurnal Riset Keuangan Dan Akuntansi (JRKA), 10, 86–102.
Ferial Ferniawan, M., Kusumawati, A., & Madein, A. (2024). The Influence of Earnings Per Share (EPS), Price Earnings Ratio (PER), Price to Book Value (PBV), And Debt Equity Ratio (DER) On The Stock Return. Akrual: Jurnal Bisnis Dan Akuntansi Kontemporer, January, 114–130. https://doi.org/10.26487/akrual.v17i01.32073
Gultom, E., & Lubis, K. S. (2021). Analisis Pengaruh Current Ratio, Return on Equity dan Debt to Equity Ratio Terhadap Return Saham Pada Perusahaan Sub Sektor Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. ARBITRASE: Journal of Economics and Accounting, 2(1), 12–18. https://doi.org/10.47065/arbitrase.v2i1.243
Hertina, D., & Saudi, M. H. M. (2019). Stock return: Impact of return on asset, return on equity, debt to equity ratio and earning per share. International Journal of Innovation, Creativity and Change, 6(12), 93–104.
Jefri, U., Kartika, R., & Istiqomah, L. (2022). Pengaruh Earning Per Share, Debt To Equity Ratio, Dan Inflation Rate Terhadap Return Saham Pada Perusahaan Property Dan Real Estate. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 2(2), 252–258. https://doi.org/10.46306/rev.v2i2.67
Lestari, R., & Cahyono, K. E. (2020). Pengaruh Profitabilitas, Likuiditas Dan Solvabilitas Terhadap Return Saham (Studi Pada Perusahaan Consumer Goods Di Bei). Jurnal Ilmu Dan Riset Manajemen, 9(3), 17.
Musfiro, L. F., & Yuniati, T. (2020). Pengaruh ROA, ROE dan EPS Terhadap Harga Saham pada Perusahaan Food and Beverage Periode 2014-2018. Jurnal Ilmu Dan Riset Manajemen, 9(6), 1–18.
Puspitasari, D. A. (2023). Pengaruh Operating Cash Flow , MVA , EVA , ROI , dan EPS Terhadap Return Saham ( Studi Empiris Pada Perusahaan Makanan Dan Minuman Yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021 ). Journal Of Social Science Research, 3, 8710–8723.
Putri, C., & Yulianto. (2023). Pengaruh Ukuran Perusahaan, Umur Perusahaan Dan Kinerja Lingkungan Terhadap Harga Saham. Jurnal Ilmiah Ekonomi Dan Manajemen, Vol. 1(4), 539–548.
Ramdiani, D. M., & Iradianty, A. (2022). Pengaruh ROA, ROE, EPS, DER, TATO dan Firm Size terhadap Return Saham Perusahaan Transportasi dan Logistik. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(2), 884–893. https://journal.stiemb.ac.id/index.php/mea/article/view/2079
Safira, L., & Budiharjo, R. (2021). Pengaruh Return on Asset, Earning Per Share, Price Earning Ratio Terhadap Return Saham. Akurasi: Jurnal Riset Akuntansi Dan Keuangan, 3(1), 43–52.
Shufiaziis, R., & Iradianty, A. (2023). Analisis Pengaruh ROA, CR, TATO dan DER Terhadap Return Saham (Studi Kasus Pada Perusahaan Sub Sektor Minyak Dan Gas Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020-2021). Innovative: Journal Of Social Science Research, 3(3), 8379–8392. https://j-innovative.org/index.php/Innovative/article/view/2606
Wahyudi, M., & Deitiana, T. (2020). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividen Payout Ratio Terhadap Return Saham Pada Perusahaan Otomotif. Media Bisnis, 11(2), 155–162. https://doi.org/10.34208/mb.v11i2.940
##submission.copyrightStatement##
##submission.license.cc.by-sa4.footer##Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
