Pengaruh Kinerja Keuangan terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia

Abstract

Financial ratios provide signals about corporate fundamentals that may shape investor expectations and stock returns. This study examines the effects of return on assets (ROA), current ratio (CR), debt-to-equity ratio (DER), and earnings per share (EPS) on the stock returns of manufacturing companies listed on the Indonesia Stock Exchange. An explanatory quantitative design was applied to secondary data from 90 companies selected through purposive sampling during 2020-2024, producing 450 firm-year observations. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t tests, F tests, and the coefficient of determination. ROA (B = 6.480; beta = 0.243; p < 0.001), CR (B = 0.091; beta = 0.079; p = 0.034), and EPS (B = 0.002; beta = 0.296; p < 0.001) had positive and significant effects on stock returns, whereas DER had a negative and significant effect (B = -8.678; beta = -0.310; p < 0.001). The model was significant (F = 226.462; p < 0.001) and explained 66.8% of the variation in stock returns. The findings indicate that profitability, liquidity, leverage, and earnings per share are relevant fundamental signals, with leverage showing the strongest standardized effect.