The Effect of Capital Structure, Profitability, and Company Size on Stock Returns in the Energy Sector Listed on Bei for the 2019-2021 Period

Nike Aditia Pratiwi; Rina  Dwiarti

doi:10.55927/fjst.v4i1.13441

Authors

Nike Aditia Pratiwi Mercu Buana University Yogyakarta
Rina Dwiarti Mercu Buana University Yogyakarta

DOI:

https://doi.org/10.55927/fjst.v4i1.13441

Keywords:

Capital Structure, Profitability, Company Size, Stock Return

Abstract

The purpose of this quantitative research is to examine the relationship between energy sector stock returns listed on the bei from 2019 to 2021 and factors such as capital structure, profitability, and firm size. For the years 2019–2021, a total of 150 energy-related enterprises listed on the IDX make up the study population. We used SPSS for statistical testing after collecting data from energy sector businesses' financial statements, which are available on the IDX website (www.idx.co.id). The findings demonstrated that stock returns are positively and significantly impacted by capital structure, profitability, and firm size, both alone and together.

Downloads

Download data is not yet available.

References

Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, and Earning Per Share Affect Stock Returns. E-Journal of Management,Udayana University, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13

Anggara, I. N. A. W., Verawati, Y., & Bhegawati, D. A. S. (2023). The Effect of Profitability, Liquidity, Audit Quality, Corporate Governance and Company Size on Tax Avoidance. Journal of Accounting Innovation (JIA), 1(1), 88-101. https://doi.org/10.36733/jia.v1i1.6892

Anwaar, M. (2016). Impact of Firms' Performance on Stock Returns (Evidence From Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research, 16(1), 31-39.

Arifin, A., Z. (2018). Financial Management: First Edition. Yogyakarta: Zahir Publishing.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management: Fundamentals of Financial Management. McGraw Hill.

Christina, & Rokhanah, W. (2018). Analysis of the Effect of Accounting Profit and Operating Cash Flow on Stock Returns (Study on Miscellaneous Industrial Sector Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2013-2017). 2, 35-54.

Dewi, N. L. P. S. U., & Sudiartha, G. M. (2019). The Effect of Profitability, Liquidity, Leverage, and Company Size on Stock Returns in Food and Beverage Companies. Journal of Management, 8(2), 7892-7921.

Fahmi, I. (2017). Financial Statement Analysis. Bandung: Alfabeta.

Firmansyah, D., & Dede. (2022). Common Sampling Techniques in Research Methodology: Literature

Review. Scientific Journal of Holistic Education (JIPH), 1(2), 85-114. https://doi.org/10.55927/jiph.v1i2.937

Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance. Pearson Education.

Gunadi, G. G., & Kesuma, I. K. W. (2015). The Effect of ROA, DER, EPS on Stock Returns of Food and Bevarege BEI Companies. E-Journal of Management Udayana University, 4(6), 1636-1647 ISSN: 2302-8912.

Handayani, K. M., Indarti, I., & Listiyowati, L. (2020). The Effect of Financial Performance and Company Size on Stock Price with Dividend Policy as an Intervening Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange. Scientific Journal of Assets, 21(2), 93-105. https://doi.org/10.37470/1.21.2.150

Hertina, D., Wahyuni, L. D., & Ramadhan, G. K. (2022). The Effect of Profitability, Leverage and Liquidity on Financial Distress. Fair Value: Scientific Journal of Accounting and Finance, 4(9), 4013-4019. https://doi.org/10.32670/fairvalue.v4i9.1583

Hery. (2015). Financial Statement Analysis. CAPS.

Hery. (2016). Financial Statement Analysis: Integrated and Comrehensive Edition (3rdEdition ). Grasindo.

Hery. (2017). Financial Statement Analysis Integrated and Comprehensive Edition. Jakarta: PT Grasindo.

Hery. (2018). Financial Statement Analysis. Grasindo.

Cashmere. (2018). Human Resource Management Theory & Practice. Cipta Media Nusantara (CMN). https://books.google.co.id/books?id=p10zEAAAQBAJ

Cashmere. (2019). Financial Statement Analysis. PT. Raja Grafindo Persada.

Lindayani, N. W., & Dewi, S. K. S. (2016). The Impact of Capital Structure and Inflation on Profitability and Stock Returns of Banking Sector Financial Companies. E-Journal of Management Unud, 5(8), 5274-5303.

Nababan, M., Mangantar, M., & Maramis, J. B. (2019). The Effect of Inflation, Interest Rate, Capital Structure on Stock Business and Retrun Risk in Insurance Indonesia Stock Exchange. Maramis ... 4639 EMBA Journal, 7(4), 4639-4650.

Nadiyah, F. (2017). The Effect of Company Performance and Company Size on Stock Returns. Journal GEEJ, 7(2).

Nadyayani, D. A. D., & Suarjaya, A. A. G. (2021). The Effect of Profitability on Stock Return. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 695-703.

Ningsih, R. A., & Soekotjo, H. (2017). The Effect of Capital Structure, Profitability and Liquidity on Stock Returns. Journal of Management Science and Research, 6, 1-17.

Novita, L. (2023). The Effect of Profitability on Stock Returns of Manufacturing Companies. Economics and Digital Business Review, 4(1), 10-24.

Nurdin, M., & Hastuti, R. T. (2023). The Effect of Profitability, Leverage, Liquidity, and Company Size on Stock Returns. OPTIMAL Journal of Economics and Management, 3(1), 26-59. https://doi.org/10.55606/optimal.v3i1.932

Nursita, M. (2021). The Effect of Accounting Profit, Operating Cash Flow, Investment Cash Flow, Funding Cash Flow, and Company Size on Stock Returns. Journal of Accounting Research, 16(1), 1. https://doi.org/10.32400/gc.16.1.32435.2021

Parwati, A. D., & Sudiartha, G. M. (2016). The Effect of Profitability Leverage Liquidity and Market Valuation on Stock Returns in Manufacturing Companies. E Unud Management Journal, 5(1), 385-413.

Purba, N. M. B. (2019). The Effect of Profitability, Liquidity, and Leverage on Stock Returns of Manufacturing Companies on the IDX. Journal of Financial and Business Accounting, 12(2), 67-76. https://doi.org/10.35143/jakb.v12i2.2499

Putra, R. A., & Palupi, I. D. (2021). The Effect of Balance Fund, Regional Independence, and Regional Revenue Growth on Education Function Expenditure. National Seminar of Science and Technology 2(1), 166-170.

Ramlah, R. (2021). The Effect of Profitability and Leverage on Stock Return of Food and Beverage Companies. Research Management, 2(2), 139-150.

Riyanto, T. (2015). Financial Accountability in the Management of Village Fund Allocation (Add) at the Perangat Selatan Village Office, Marangkayu District, Kutai Kartanegara Regency. EJournal of State Administration, 3(1), 119-130.

Ross, S. (2015). Ebook: Fundamentals of Corporate Finance. McGraw Hill.

Sari, D. K., & Wati, R. S. (2022). The Effect of Company Growth, Size of Industry Sector in Indonesia Stock Exchange. University of Balikpapan, 2(1), 156-164.

Setiyono, E., & Amanah, L. (2016). The Effect of Financial Performance and Company Size on Stock Returns. Journal of Accounting Science and Research, 5(5), 1-17.

Sudarno, S. N. (2021). Analysis of the Effect of Inventory Variability, Company Size and Liquidity on the Selection of Inventory Accounting Methods in Pharmaceutical Companies on the Indonesia Stock Exchange (Bei) 2015 - 2019. Chemistry Education PPs UNM, 1(1), 91-99.

Sugiyono, S. (2015). Quantitative, Qualitative and R&D Research Methods. Alfabeta.

Sulindawati, Erni, N. L. G., Yuniarta, G. A., & Purnamawat, I. G. A. (2017). Financial Management: As a Basis for Business Decision Making. Depok: Rajawali Press.

Sustrianah, S. (2020). The Effect of Stock Trading Volume and Company Size on Stock Returns of Companies Listed in the LQ45 Index. JEM Journal of Economics and Management, 6(1), 48-59.

Sutanto, C. (2021). Literature Review: The Effect of Inflation and Leverage on Profitability and Stock Returns. Journal of Applied Management Science, 2(5), 589-603.

Sutriani, A. (2014). The Effect of Profitability, Leverage, and Liquidity on Stock Returns with Exchange Rates as Moderating Variables on Lq-45 Stocks. Journal of Business and Banking, 4(1), 67. https://doi.org/10.14414/jbb.v4i1.294

Tandelilin, E. (2017). Capital Markets Portfolio Management & Investment. Yogyakarta: PT Kanisius.

Tarmizi, R., Soedarsa, H. G., Indrayenti, I., & Adrianto, D. (2018). The Effect of Liquidity and Profitability on Stock Returns. Journal of Accounting and Finance, 9(1), 13.

Wati, L. N., Primiana, H. I., Pirzada, K., & Sudarsono, R. (2019). Political Connection, Blockholder Ownership and Performance. Entrepreneurship and Sustainability Issues, 7(1), 52-68. https://doi.org/10.9770/jesi.2019.7.1(5)

Wibowo, W., & Mekaniwati, A. (2020). The Effect of Capital Structure and Capability on Stock Returns of Property and Real Estate Companies Listed on the IDX in 2013-2015. Scientific Journal of Unity Management, 8(1), 19-28. https://doi.org/10.37641/jimkes.v8i1.308

Yanti, S. D., Ernitawati, Y., & Dumadi, D. (2024). The Effect of Capital Structure, Company Size and Liquidity on Firm Value (Empirical Study on IDX80 Companies Listed on the Indonesia Stock Exchange in 2020-2022). Journal of Management Accounting, Tax and Production, 2(2), 582-596. https://doi.org/10.57235/mantap.v2i2.3242

Yasa, I. P. B., Santoso, B., & Putra, I. N. N. A. (2022). The Effect of Capital Structure and Profitability on Stock Returns with Good Corporate Governance as a Moderator Variable (Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2015-2020 Period). Jmm Unram - Master of Management Journal, 11(4), 293-307. https://doi.org/10.29303/jmm.v11i4.743

Yudha, A. M., Putra, R. B., & Fitri, H. (2022). Analysis of the Effect of Liquidity, Company Growth, Company Size on Company Value with Profitability as an Intervening Variable. The American Mathematical Monthly, 12(1), 197. https://doi.org/10.2307/2307590

Zulfikar. (2016). Introduction to Capital Markets with a Statistical Approach. Yogyakarta: Deepublish.