THE EFFECT OF ROA, DER, AND OPM ON STOCK RETURNS OF NON-CYCLICAL CONSUMER COMPANIES
Keywords:
Return on Assets, Operating Profit Margin, Debt to Equity Ratio, Stock Return
Abstract
This research aims to find out how significant the influence of Probability through the variables Return on Assets, Operating Profit Margin, and Leverage through the Debt To Equity Ratio variable is on stock returns in non-cyclical consumer sector companies on the Indonesia Stock Exchange (BEI) in 2019-2023. The sample that met the inclusion criteria was 28 companies with a total of 129 data using purposive sampling techniques. This research uses classical assumption tests such as normality, multicollinearity, autocorrelation, and heteroscedasticity. Followed by multiple linear regression tests, coefficient of determination, t and f model tests then hypothesis testing. Data processing uses the SPSS version 27 program. The results of this study show that partially the variables Return on Assets and Debt to Equity Ratio have a significant influence on stock returns but the Operating Profit Margin variable has an insignificant influence on stock returns. This research also reveals that the variables Return on Assets, Operating Profit Margin, and Debt To Equity Ratio have an influence on stock returns simultaneously.
References
Gunadi, G. G., & Kesuma, K. W. (2015). The effect of ROA, DER, EPS on the stock return of IDX food and beverage companies.Journal of Management of Udayana University, 12.
Indriyani, M., Junaedi, A. T., Rivai, Y., Martha, M., & Putra, R. (2024). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND SOLVENCY RATIOS ON STOCK RETURNS IN CONSUMER NON-CYCLICALS COMPANIES LISTED ON THE IDX IN 2016-2020. LUCRUM: Journal of Applied Business, 3(4), 431-444.
Handayani, R., & Zulyanti, N. R. (2018). The effect of Earnings Per Share (EPS), Debt to Equity Ratio, (Der), and Return on Assets (ROA) on stock returns in manufacturing companies listed on the IDX. JPIM (Journal of Management Science Research), 3(1), 615-620.
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.
Lameo, Y. D., Noholo, S., & Mahmud, M. (2023). The Effect of ROA, PER, OPM on the Return of Shares of Cigarette Industry Companies on the IDX. Jambura Accounting Review, 4(2), 310-320.
Laulita, N. B., & Yanni, Y. (2022). The effect of return on asset (ROA), return on equity (ROE), debt to equity ratio (DER), earning per share (EPS) and net profit margin (NPM) on Stock Returns in Companies Listed in the LQ45 Index. YUME: Journal of Management, 5(1), 232-244.
Prastyawan, D., Wiyono, G., & Sari, P. P. (2022). Analyzing the Influence of Earning. per. Share (EPS), Price to. Book Value (PBV), Return on Asset (ROA), Current. Ratio (CR), and Debt to Equity Ratio (DER) to Stock Return in Food and Beverage Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2013-2020 Period. Scientific Journal of Batanghari University of Jambi, 22(2), 849-852.
Prastyawan, D., Wiyono, G., & Sari, P. P. (2022). Analyzing the Influence of Earning. per. Share (EPS), Price to. Book Value (PBV), Return on Asset (ROA), Current. Ratio (CR), and Debt to Equity Ratio (DER) to Stock Return in Food and Beverage Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2013-2020 Period. Scientific Journal of Batanghari University of Jambi, 22(2), 849-852.
Pratiwi, A. P., & Noveria, A. (2023). The Impact of Financial Profitability Ratio to the Stock Returns of Telecommunication Company during the COVID-19 Pandemic in Indonesia. Keynesia: International Journal of Economy and Business, 2(2), 104-115.
Purba, N. M. B., & Marlina, N. (2019). The effect of profitability, liquidity, and leverage on the stock returns of manufacturing companies on the IDX. Journal of Financial and Business Accounting, 12(2), 67-76.
Purwitasari, N. M. I., Mendra, N. P. Y., & Bhegawati, D. A. S. (2021). Stock Effects of Return On Asset (ROA), Debt To Equity Ratio (DER), and Earning Per Share (EPS) on Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) in 2016-2018. Widya Accounting and Finance, 3(1), 23-32.
Puspitadewi, I., Wife, C., & Rahyuda, H. (2016). The influence of der, roa, per and eva on stock returns in food and beverage companies on the IDX. Journal of Management of Udayana University, 28.
Rachmawan, L. H., Setyorini, H., Hayam, U., & Perbanas, W. (2022). Effect of Dividend Yield, Earnings Per Share and Profitability on Stock Return of Pharmaceutical Companies Listed on the Indonesia Stock Exchange (IDX) 2016–2020 Pengaruh Dividend Yield, Earnings Per Share dan Profitabilitas Terhadap Return Saham Pe. Formosa Journal of Sustainable Research (FJSR), 1(1), 1-20.
Risyafli, I. Q., & Chaerudin, C. (2021). The Impact From Return Of Equity (ROE), Return Of Asset (ROA), AND Earning Per Shares (EPS) on Primary Consumer Sector (Consumer Non-Cyclicals) Companies On The Idx During 2014-2019. Dinasti International Journal of Digital Business Management, 2(4), 706-715.
Saraswati, A., Halim, A., & Sari, A. R. (2019). The Effect of Earning Per Share, Debt to Equity Ratio, Return on Asset, Price to Book Value, and Price Earning Ratio on the Return of Shares of Manufacturing Companies Listed on the Stock Exchange for the 2014-2015 Period. Journal of Accounting Student Research, 7(1).
Siallagan, M. E. P., Siahaan, Y., Jubi, J., & Inrawan, A. (2018). The Effect of Profitability on Company Value with Leverage as a Moderating Variable in Pharmaceutical Sub-Sector Companies Listed on the Indonesia Stock Exchange. SULTANIST: Journal of Management and Finance, 6(2), 1-8.
Sinaga, R. V. (2017). The effect of Debt To Equity Ratio (DER), Return On Asset (ROA), Earning Pershare (EPS), Price Earning Ratio (PER) on stock returns in hospitality service companies listed on the Indonesia Stock Exchange. Journal of Management and Business, 146-161.
Supriantikasari, N., & Utami, E. S. (2019). The effect of return on assets, debt to equity ratio, current ratio, earning per share and exchange rate on stock returns (case study on companies that go public in the consumer goods sector listed on the Indonesia Stock Exchange for the 2015-2017 period). Mercu Buana Accounting Research Journal, 5(1), 49-66.
Wijaya, D. A., & Muljo, H. H. (2022). The Effect Analysis of Solvency Ratio, Profitability Ratio and Inflation on Stock Return. Business Economic, Communication, and Social Sciences Journal (BECOSS), 4(1), 65-73. https://doi.org/10.59581/jrim-widyakarya.v1i2.950
Zubir, Z. (2020). Portfolio Management: Its Application in Stock Investing. Salemba Publisher.
Indriyani, M., Junaedi, A. T., Rivai, Y., Martha, M., & Putra, R. (2024). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND SOLVENCY RATIOS ON STOCK RETURNS IN CONSUMER NON-CYCLICALS COMPANIES LISTED ON THE IDX IN 2016-2020. LUCRUM: Journal of Applied Business, 3(4), 431-444.
Handayani, R., & Zulyanti, N. R. (2018). The effect of Earnings Per Share (EPS), Debt to Equity Ratio, (Der), and Return on Assets (ROA) on stock returns in manufacturing companies listed on the IDX. JPIM (Journal of Management Science Research), 3(1), 615-620.
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.
Lameo, Y. D., Noholo, S., & Mahmud, M. (2023). The Effect of ROA, PER, OPM on the Return of Shares of Cigarette Industry Companies on the IDX. Jambura Accounting Review, 4(2), 310-320.
Laulita, N. B., & Yanni, Y. (2022). The effect of return on asset (ROA), return on equity (ROE), debt to equity ratio (DER), earning per share (EPS) and net profit margin (NPM) on Stock Returns in Companies Listed in the LQ45 Index. YUME: Journal of Management, 5(1), 232-244.
Prastyawan, D., Wiyono, G., & Sari, P. P. (2022). Analyzing the Influence of Earning. per. Share (EPS), Price to. Book Value (PBV), Return on Asset (ROA), Current. Ratio (CR), and Debt to Equity Ratio (DER) to Stock Return in Food and Beverage Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2013-2020 Period. Scientific Journal of Batanghari University of Jambi, 22(2), 849-852.
Prastyawan, D., Wiyono, G., & Sari, P. P. (2022). Analyzing the Influence of Earning. per. Share (EPS), Price to. Book Value (PBV), Return on Asset (ROA), Current. Ratio (CR), and Debt to Equity Ratio (DER) to Stock Return in Food and Beverage Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2013-2020 Period. Scientific Journal of Batanghari University of Jambi, 22(2), 849-852.
Pratiwi, A. P., & Noveria, A. (2023). The Impact of Financial Profitability Ratio to the Stock Returns of Telecommunication Company during the COVID-19 Pandemic in Indonesia. Keynesia: International Journal of Economy and Business, 2(2), 104-115.
Purba, N. M. B., & Marlina, N. (2019). The effect of profitability, liquidity, and leverage on the stock returns of manufacturing companies on the IDX. Journal of Financial and Business Accounting, 12(2), 67-76.
Purwitasari, N. M. I., Mendra, N. P. Y., & Bhegawati, D. A. S. (2021). Stock Effects of Return On Asset (ROA), Debt To Equity Ratio (DER), and Earning Per Share (EPS) on Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) in 2016-2018. Widya Accounting and Finance, 3(1), 23-32.
Puspitadewi, I., Wife, C., & Rahyuda, H. (2016). The influence of der, roa, per and eva on stock returns in food and beverage companies on the IDX. Journal of Management of Udayana University, 28.
Rachmawan, L. H., Setyorini, H., Hayam, U., & Perbanas, W. (2022). Effect of Dividend Yield, Earnings Per Share and Profitability on Stock Return of Pharmaceutical Companies Listed on the Indonesia Stock Exchange (IDX) 2016–2020 Pengaruh Dividend Yield, Earnings Per Share dan Profitabilitas Terhadap Return Saham Pe. Formosa Journal of Sustainable Research (FJSR), 1(1), 1-20.
Risyafli, I. Q., & Chaerudin, C. (2021). The Impact From Return Of Equity (ROE), Return Of Asset (ROA), AND Earning Per Shares (EPS) on Primary Consumer Sector (Consumer Non-Cyclicals) Companies On The Idx During 2014-2019. Dinasti International Journal of Digital Business Management, 2(4), 706-715.
Saraswati, A., Halim, A., & Sari, A. R. (2019). The Effect of Earning Per Share, Debt to Equity Ratio, Return on Asset, Price to Book Value, and Price Earning Ratio on the Return of Shares of Manufacturing Companies Listed on the Stock Exchange for the 2014-2015 Period. Journal of Accounting Student Research, 7(1).
Siallagan, M. E. P., Siahaan, Y., Jubi, J., & Inrawan, A. (2018). The Effect of Profitability on Company Value with Leverage as a Moderating Variable in Pharmaceutical Sub-Sector Companies Listed on the Indonesia Stock Exchange. SULTANIST: Journal of Management and Finance, 6(2), 1-8.
Sinaga, R. V. (2017). The effect of Debt To Equity Ratio (DER), Return On Asset (ROA), Earning Pershare (EPS), Price Earning Ratio (PER) on stock returns in hospitality service companies listed on the Indonesia Stock Exchange. Journal of Management and Business, 146-161.
Supriantikasari, N., & Utami, E. S. (2019). The effect of return on assets, debt to equity ratio, current ratio, earning per share and exchange rate on stock returns (case study on companies that go public in the consumer goods sector listed on the Indonesia Stock Exchange for the 2015-2017 period). Mercu Buana Accounting Research Journal, 5(1), 49-66.
Wijaya, D. A., & Muljo, H. H. (2022). The Effect Analysis of Solvency Ratio, Profitability Ratio and Inflation on Stock Return. Business Economic, Communication, and Social Sciences Journal (BECOSS), 4(1), 65-73. https://doi.org/10.59581/jrim-widyakarya.v1i2.950
Zubir, Z. (2020). Portfolio Management: Its Application in Stock Investing. Salemba Publisher.
Published
2024-09-12
Section
Articles
Copyright (c) 2024 Young Pao, Ira Grania Mustika, Syarbini Ikhsan
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