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This study aims to test and find out the role of operating cash flow, gross profit and company size on stock returns in manufacturing companies listed on the Indonesia Stock Exchange in the 2020-2022 period. The sampling method used purposive sampling, with the amount of data processed as many as 240 companies. The analytical tools used are descriptive statistics, classical assumption test and multiple linear regression analysis. The variables used in this study are operating cash flow, gross profit and company size as the independent variables while stock returns are the dependent variable. The results of this study indicate that operating cash flow has no effect on stock returns, while gross profit and firm size have a positive effect on stock returns. [ABSTRACT FROM AUTHOR]

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The purpose of this research is to analyze internal and external factors on the Stock Return. As for the Internal factors include: Return on Equity, Net Interest Margin, Loan Deposit Ratio, and Net Performing Loan. While external factors include: the inflation rate, Cryptocurrency, Exchange Rate, and dummy of pandemic. The population in this study is the company registered on the Indonesia Stock Exchange (IDX) in the banking sector for the 2015-2020 period. There were 16 Banks represented as a sample in this study and used a collection technique, namely purposive sampling. The type of research used descriptive quantitative and the method of analysis using E-views 10. The final results in this study indicate that internal factor such as ROE has a positive and significant effect on stock returns, NIM influential negative but not significant to stock returns, LDR has negative and significant towards stock returns, NPL has a positive but not significant to stock returns. Furthermore the external factor such as The inflation rate has negative and insignificant towards stock return, Cryptocurrency as a positive and significant on stock returns, Exchange Rate has a negative and significant on stock returns, and dummy with before and after pandemic category has positive and significant on stock return. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Ilmu Manajemen Terapan (JIMT). is the property of Dinasti Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Jurnal Akunida is the property of Universitas Djuanda and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study was conducted with the aim of evaluating the impact of financial distress on stock returns. This study utilizes a sample taken from Revinitiv Eikon during the period 2019- 2022. This sample consists of 394 companies from 9 Emerging Market Asia countries, in the food and beverage manufacturing subsector. The data used is a combination of cross section data and time series data. The variables involved in this study include stock return as the dependent variable, while financial distress, which is used as an independent variable, is measured by the Altman Z-Score, Springate S-Score, Zmijewski X-Score, and Grover GScore proxies. To analyze the data, panel data analysis method with common effect model was used with the help of Stata software. The results show that simultaneously or together financial distress affects stock returns in food and beverage subsector companies. The results of the t test which shows the individual effect of each variable show that in food and beverage companies the variables that have a positive and significant effect on stock prices are Altman Z-Score, Springate S-Score, and Zmijewski X-Score. The Grover G-Score variable has no effect on stock returns. [ABSTRACT FROM AUTHOR]

The objective of this study is to determine the impact of variable volatility of stock price, trading frequency, and share returns on bid-ask spreads either partially or simultaneously for LQ45 index member companies. The quantitative method is the method used in the study, the population in this study was 45 companies listed in the LK45 index, whereas, for the sample this study used 8 companies with the observation period 2019-2022, the findings in this research had a negative and significant effect on the price-ask variable bid spread, while for Frequency Trading and Share Return Variables did not affect the bid-ash spread it was marked by the reevaluation value of trading currency and stock return variability, while to test jointly on the entire variable value of the price of stocks, frequencies, and trade per share significantly affected the return of stocks in terms of the value of bid-assets being divided. This study concludes that by understanding the impact of stock price volatility and trading frequency, investors can develop better strategies to manage risk and maximize profits. Keywords: Stock Price Volatility; Trading Frequency; Stock Return; Bid-ask spread

The aim of this research is to analyze and test whether there is an influence of company size and profitability on stock returns with moderation proxied by inflation. Quantitative methods were used in this research. Manufacturing companies in the goods and consumption sectors were used as the population in the research, the data of which was obtained from the 2019-202 BEI. In collecting samples, this research used criteria in determining the sample so that 54 samples were obtained based on the specified criteria. This research data was analyzed using MRA analysis version 26 with SPSS tools. The results of the research prove that profitability has no effect on stock returns, stock returns are able to influence inflation and company size, inflation is able to strengthen the influence of company size and profitability on stock returns.

The purpose of this research is to examine EVA, MVA, and REVA concerning stock prices and stock returns. In this study, a sample of 104 manufacturing companies was randomly selected for the period 2014-2016. Data analysis and hypothesis testing in this research utilized the Partial Least Square Path Modeling (PLS-SEM) method. The results of this study indicate that EVA, MVA, and REVA have a significant positive relationship with stock prices and stock returns. Based on the findings, it is evident that performance evaluation using the EVA, MVA, and REVA methods exerts a strong influence on stock prices and stock returns. This underscores the importance of assessing value-based performance because every investment cannot escape the consequences of the cost of capital as compensation for the funds used to finance the investment. The return on an investment becomes meaningful only when it exceeds the cost of capital incurred to realize that investment, and accurate assessment methods are naturally required for measurement. [ABSTRACT FROM AUTHOR]

Stock return is an indicator of banking performance in Indonesia. This study aims to empirically test non-performing loans and loan deposit ratios on stock returns mediated by return on assets at commercial banks listed on the Indonesian stock exchange in 2016-2018. The sample used in this study was 20 bank companies that met predetermined criteria. The data that has been collected is then analyzed using Path analysis to test the proposed hypothesis. The findings of this study indicate that non-performing loans and loan deposit ratios each have a significant effect on stock returns and are mediated by return on assets. Based on these findings, it is recommended that banking companies, in managing financial ratios, must run more optimally to maximize stock returns obtained by banks. Non-performing loan, loan deposit ratio is a bank's financial ratio to assess its performance. These financial ratios have a purpose to determine the bank's ability to optimize the level of lending to the public, generate profits from the activities carried out and reject the risks from its operational activities. For banking companies, the findings of this study can be used in policy-making related to the delivery of information on bank performance reports to investors.

This research aimed to identify how to examine and analyze the effects of foreign direct investment and profitability on the stock returns in manufacturing companies registered on IDX during 2016 – 2018. The total population was 91 companies registered and filtered into 32 registered companies according to the sample criteria and analyzed through Eviews 10 software. The research result referred that the foreign direct investment received by multinational companies could not yet affect stock return directly. Also, foreign direct investment was not able to influence the return on asset (ROA), but it was able to affect the return on equity (ROE). Further, ROA was not able to affect the increase of stock returns, while ROE was able to affect the rise of stock returns. Another research finding showed that ROE was the only one that could be a mediation variable in the relationship between foreign direct investment affecting stock returns. At the same time, ROA could not be a mediation variable. For the next studies, the researchers suggested exploring the other financial performance variables suited to foreign direct investment to affect the stock returns. In practice implication from this research, the investors must see how strong the capital owned by a company that accepts foreign direct investment and the relation, how the capital they receive can improve or maintain the company's financial performance within a certain period of time.

This research aims to get empirical evidence the effect of earnings management in increasing stock return received by investor. Earnings management is an activity to manipulated financial statement. Earnings management can be used to improve company performance when the company has a bad performance or it can be used to maintain company performance. There are 2 earnings management, accrual and real activity manipulation. This research used both to see which one can increase stock return. This research used multiple regression analysis to test the hypothesis and the samples are manufacturing companies listed on Indonesia Stock Exchange from 2017-2019. 86 companies are selected as samples using purposive sampling. The results showed that earnings management is a negative signal for investors. When a negative signal given to investors, it will cause a decrease in stock return received by investor. This research provides an overview of earnings management practice can make investor suffer losses, so that capital market supervisors can increase the monitoring of this manipulation practices.

This study aims to find out 1) how the level of January Effect, Monday Effect and Weekend Effect on Stock Return; 2) how the Stock Return rate on the IDX30 stock index; 3) How the January Effect, Monday Effect and Weekend Effect affect Stock Return listed on IDX30 for the 2017-2021 period either simultaneously or partially. The sample of this study amounted to 5 listed companies in the banking sector listed in IDX30 for the period February 2022 to July 2022 using the purposive sampling method. The technique to analyze hypotheses is to use Panel Data Regression Analysis, T-Test and F-Test with the help of Microsoft Excel 2019 and EViews 10. The results showed 1) The level of January Effect, Monday Effect and Weekend Effect on Stock Return is much influenced by internal and external factors so that it experiences very significant fluctuations; 2) The Stock Return rate on the IDX30 stock index is very good there is a loss if there are cases that affect the world financial sector; 3) The results of the study partially show that The January Effect and Monday Effect affect Stock Returns while the Weekend Effect does not. While simultaneously the January Effect, Monday Effect and Weekend Effect affect Stock Returns. [ABSTRACT FROM AUTHOR]

Return is the goal of investors to invest in the capital market. Investors do various ways in order to get the desired return, by doing their own analysis of the movement of the company's stock performance or by using analytical tools in the form of financial statements. The purpose of this study is to analyze the effect of Return On Assets, Return On Equity, and Price to Book Value on Stock Returns in food and beverage manufacturing companies listed on the Indonesia Stock Exchange for the 2017-2021 period. This research was conducted using a quantitative documentation method. This study uses 520 financial statements per quarter from 26 companies for 5 years as a population. By using purposive sampling method, a sample of 240 financial statements per quarter from 12 companies was obtained. The hypothesis testing method uses the F test, t test, and multiple linear regression analysis. The results of the study state that partially ROA, ROE, and PBV have a positive and significant effect on stock returns. And simultaneously ROA, ROE, and PBV have a positive and significant effect on stock returns with a coefficient of determination of 17%.

Penelitian ini digunakan untuk mengetahui perbedaan antara return saham dan return saham seputar pengumuman stock split. metode penelitian yang digunakan dengan metode kuantitatif. Sampel yang digunakan pada penelitian ini sebanyak 48 perusahaan yang melakukan stock split yang terdaftar di ISSI. Metode analisis yang digunakan adalah dengan menggunakan One Test Kolmogorov Smirnov Test, dan menggunakan Paired sample t-test yang sesuai untuk menguji teori, dengan periode observasi 10 hari, khususnya t-5 (5 hari sebelum stock split) dan t+5 (5 hari setelah stock split). Hasil penelitian menunjukkan bahwa Nilai Sig. adalah 0,319 > 0,05 sehingga tidak ada perbedaan antara return saham sebelum dan sesudah di sekitar peristiwa pemecahan saham. Sementara itu, Nilai signifikansi sebesar 0,000 < 0.05 menunjukkan bahwa ada perbedaan mencolok dalam bid ask spread di seputar pengumuman stock split. Kesimpulan tidak ada perbedaan antara return saham sebelum dan setelah deklarasi pemecahan saham oleh perusahaan. Ada perbedaan yang signifikan dalam bid ask spread sebelum dan setelah adanya deklarasi pemecahan saham oleh perusahaan

The purpose of this study was to analyze the impact of trading volume, trading frequency, and market capitalization on stock returns of the chemical sub-sector. This study uses quantitative data. The relationship between trading volume, trading frequency, and market capitalization with stock returns will be tested using single linear regression analysis, multiple linear regression analysis, correlation coefficient, coefficient of determination, autocorrelation, multicollinearity, heteroskedasticity, t-test, and F test. The independent variables in this study are trading volume, trading frequency, and market capitalization and the dependent variable is stock returns. The relationship between trading volume, trading frequency, market capitalization and stock returns can be written in the following multiple regression equation: Y = 0,123+ 0,866 X1 + 0,000 X2 + 0,000086 X3. Based on a simple regression test, all independent variables have a significant effect on the dependent variables, but using a multiple regression test, no one of all independent variables significantly affects the dependent variable. Based on the F test which significance value of 0.008 < 0.05, can conclude that variables trading volume, trading frequency, and market capitalization simultaneously have significant effect on stock returns. The coefficient of determination of 0,311 showed that the three independent variables have a contribution value of 31.1%, which means that trading volume, trading frequency, and market capitalization affect stock returns by 31.1%, and the remaining 68.9% is influenced by other factors that are not described in this study.

This study aims to determine the effect of earnings management, company size and profitability on stock returns with dividend policy as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange in 2016 - 2020. With a total sample of 61 manufacturing companies. The sampling technique used is the Purposive Sampling method where the number obtained in this study is 61 companies and as a sample with observations as many as 305 observations. The analytical method used is panel data regression.The results of this study conclude that: (A) Earnings Management has no significant effect on stock returns in manufacturing companies listed on the Indonesia Stock Exchange. (B) Partial company size has a significant effect on stock returns. (C) Partial profitability has no significant effect on Stock Return. (D) Earnings Management, Firm Size and Profitability have a joint effect on Stock Return. (E) Partial Earnings Management has no significant effect on Stock Return with dividend policy as a moderating variable. (F) Firm size has a significant effect on Stock Return with dividend policy as a moderating variable. (G) Profitability has a significant effect on Stock Return with dividend policy as a moderating variable

Copyright of Journal of Social & Technology / Jurnal Sosial dan Teknologi (SOSTECH) is the property of Green Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this study is to provide an overview of the stock market conditions of IDX and SGX due to the influence of COVID 19. Through a regression analysis study method to see the condition of stock returns on companies in IDX and SGX. These two countries were taken as the focus of the study considering the closeness of business relationships and the highest number of COVID 19 cases in the Southeast Asia Region. The researcher concludes that the IDX is more sensitive to the increase confirmed case of COVID 19 and the SGX is more sensitive to the increase deaths cases of COVID 19. The conclusion of this study is that the threat of COVID 19 will have a different effect on investor behavior in each country, this could be due to the influence of differences between cultural values and characteristics. Like other studies, this study also has limitations that have not carried out a fixed effect on the two countries and recommendations to increase the number of samples from other ASEAN countries to make results that can be generalized in ASEAN.

In recent years, issues of infrastructure development and economic growth have become very popular topics during President Jokowi’s administration. Infrastructure development is expected to have an impact on economic growth. The purpose of this study was to examine the effect of fundamental values on the stock returns of infrastructure companies listed on the Indonesia Stock Exchange in 2015-2017 with economic growth as a moderating variable. This research uses a purposive sampling technique. The analytical method used is partial least squares with WarpPLS software version 6.0. the results show that EPS has a positive effect on stock returns while DER, PER, and NPM do not affect stock returns. Furthermore, it also indicates that economic growth does not moderate the effect of EPS and DER on stock returns. However, the results of the study prove that economic growth can moderate the effect of PER and NPM on stock returns. This research implies that government policy that sets priorities for infrastructure development needs to be supported because it is proven that the government policy has a positive effect on the profits and stock returns of infrastructure companies.

This study aims to analyze the effect of Green Intellectual Capital, Conservatism, and Real Earning Management on Future Stock Returns and their Implications on Stock Returns on Mining companies listed on the Indonesia Stock Exchange Period 2014 - 2019. This type of research is quantitative research in which this research is done by explaining the results of data from the calculation of numbers that are calculated and analyzed. The analysis used in this research is regression analysis, where regression analysis estimates the magnitude of the coefficients resulting from a linear equation involving one independent variable to be used as a predictor of the value of the dependent variable. The results of this study indicate that Intellectual capital has a significant effect on future stock returns, Conservatism has a significant effect on future stock returns, earning management has a significant effect on future stock returns, Implications future stock return on stock returns. These findings indicate that in sample companies, future stock returns on stock returns have no implication.

ABSTRAK Seorang investor pada umumnya berharap untuk membeli suatu saham dengan harga yang rendah dan menjual saham tersebut dengan harga yang lebih tinggi untuk memperoleh imbal hasil yang tinggi. Namun, kapan waktu yang tepat melakukannya menjadi tantangan tersendiri bagi para investor. Oleh sebab itu, dibutuhkan suatu model yang mampu menduga imbal hasil saham dengan baik, salah satunya adalah model autoregressive moving average (ARMA). Tujuan dari penelitian ini adalah untuk menerapkan model autoregressive (AR), model moving average (MA), atau model autoregressive moving average (ARMA) pada data observasi untuk menduga imbal hasil saham bank central asia (BCA). Terdapat empat prosedur dalam membangun sebuah model AR, MA atau ARMA. Pertama, data yang digunakan harus weakly stationary. Kedua, orde dari model harus diidentifikasi untuk memperoleh model yang terbaik. Ketiga, parameter setiap model harus ditentukan. Keempat, kelayakan model harus diperiksa dengan melakukan analisis residual untuk memperoleh model yang terbaik. Pada akhirnya, model ARMA (1,1) adalah model terbaik dan akurat dalam menduga imbal hasil saham BCA. ABSTRACT Generally, investor always wish to be able to buy a stock at a low price and sell it at a higher price to obtain high returns. However, when is the best time to buy or sell it is a challenge for investor. Therefore, proper models are needed to predict a stock return, one of them is autoregressive moving average (ARMA) model. The first purpose of this paper is to apply the autoregressive (AR), moving average (MA) or ARMA models to the observations to predict stock returns. There are four procedures which is used to build an AR, MA, or ARMA model. First, the observations must be weakly stationary. Second, the order of the models must be identified to obtain the best model. Third, the unknown parameters of the models are estimated by maximum likelihood. Fourth, through residual analysis, diagnostic checks are performed to determine the adequacy of the model. In this paper, stock returns of BCA are used as data observation. Finally, the ARMA (1,1) model is the best model and appropriate to predict the stock returns BCA in the future.

This study aims to analyze stock returns influenced by the Investment Opportunity Set and Earnings Quality by using Technology moderation as urgency, in the Property & Real Estate company sector as one of the most profitable sectors for investors to invest. The population in this study are property & real estate companies listed on IPOs from 2015 to 2019 as many as 65 companies and the number of samples that meet the characteristics of the study are 19 companies. The research method used is quantitative with E-Views 10 software program. The results show that the six hypotheses are accepted that the investment opportunity set has a positive effect on stock returns, earning quality has a positive effect on stock returns, technology has a positive effect on stock returns, and investment opportunity set and earning quality has a simultaneous effect on stock returns, technology moderates the effect of IOS on stock returns, and technology moderates the effect of EQ on stock returns. [ABSTRACT FROM AUTHOR]

Disclosure of Enterprise Risk Management, Profitability and Financial Leverage is an important instrument to provide information to investors, thereby attracting interest in investing in companies that affect the company's stock returns. This study examines the effect of Enterprise Risk Management Disclosure, Profitability, Financial Leverage on Stock Return. The sample in this study using the purposive sampling method was obtained as many as 65 companies from the Manufacturing Sector listed on the Indonesia Stock Exchange in 2020. The data analysis techniques used were descriptive analysis and multiple linear regression analysis. The results of this study indicate that ERM disclosure has no effect on Stock Return, while Profitability and Financial Leverage has an effect on Stock Return. The results of this study indicate that investors in making investments do not pay attention to whether the company's risk management has been managed properly or not. Investors are more concerned with financial information, such as profitability and leverage. Financial information such as profitability and leverage can provide confidence for investors in placing their capital.

This research is a quantitative research that has the aim of identifying the effect of profitability (Return on Assets) and Debt Policy (Debt to Equity Ratio) on stock returns with inflation as a moderating variable in the manufacturing industry (Consumer Goods) listed on the IDX 2016-2020. The illustrations used in this research are the manufacturing industry (Consumer Goods) listed on the IDX for the period 2016–2020. The illustration method used in this study is a purposive sampling procedure. Research illustration of 36 industries with 180 observations. Hypothesis testing in this research using regression analysis as well as Moderate Regression Analysis (MRA) with the E-View 9. 0 program. The results of the test obtained (1) there is a significant effect profitability on stock returns, (2) there is no significant effect of debt policy on stock returns, (3) partially inflation cannot moderate the effect of profitability, and debt policy on stock returns. [ABSTRACT FROM AUTHOR]

The economy of Indonesia and the world in 2020 experienced a significant slowdown due to the COVID-19 pandemic. Macroeconomic factors are the factors that are most affected by this pandemic. To examine the relationship between the covid-19 pandemic and macroeconomics, this study was made with the aim to empirically examine the effect of exchange rates and interest rates on stock returns with profitability as an intervening variable and inflation as a moderating variable in consumer goods sector companies listed on the Indonesian stock exchange in 2020. This study uses descriptive analysis methods and inferential analysis methods. Inferential analysis was performed using the Partial Least Square (PLS) method, namely variance-based SEM using the SmartPLS 3.2.8 software. Path analysis is done by calculating the direct effect, indirect effect, and total effect. This study has a standard error of 5%, or in other words it has a 95% confidence level. The sample in this study were 23 companies obtained by purposive sampling method. The results showed that interest rates and exchange rates had no effect on profitability. Likewise perofiability has no effect on stock returns. Interest rates and exchange rates have a significant negative effect on stock returns. Profitability as an intervening variable is unable to mediate the effect of exchange rates and interest rates on stock returns. Likewise, inflation is not able to moderate the effect of profitability on stock returns. [ABSTRACT FROM AUTHOR]

Stocks have the highest risk between other investment instruments, but with the right analysis, the high risk is proportional to the high return that can be obtained. Stock return analysis can be done using a basic approach, namely fundamental analysis and technical analysis. This study aims to examine the effect of the individual stock price index, past stock price, debt to equity ratio (DER), and net profit margin (NPM) in consumer goods industry companies listed on the Indonesia Stock Exchange 2015-2018. This study uses multiple regression analysis models. The population of this study consisted of 60 companies, and the research sample consisted of 27 companies with 108 consumer goods industry companies listed on the Indonesia Stock Exchange 2015-2018 periods. The results showed that individual stock price index, past stock price, DER, and NPM simultaneously have a significant effect on stock return. Partially individual stock price index and past stock prices have a significant effect on stock return. In contrast, DER and NPM have no significant effect on stock return in consumer goods industry companies listed on the Indonesia Stock Exchange in the 2015-2018 periods.

Stock return is one indicator to show the performance of banks in Indonesia. This study aimed to empirically examine the effect of return on assets (ROA), return on equity (ROE), non-performing loans (NPL), and operating expenses to operating revenues on stock returns on commercial banks listed on the Indonesia Stock Exchange (IDX) years 2016-2018. For this reason, as many as 15 banks that meet the criteria were taken as samples in this study. The collected data were then analyzed using multiple regression analysis to test the proposed hypotheses. Several findings in this study indicated that each element, namely returns on assets, return on equity, non-performing loans, and operating expenses to operating revenues, respectively, had a significant effect on stock returns. Based on these findings, it was recommended that banking companies could manage financial ratios optimally to maximize stock return.

The fluctuating conditions in the world economy have directly affected the investment to be uncertainty in several countries, including Indonesia whose investment was still not optimum, especially in the context of service companies such as banking companies. The less optimum investments that were closely associated with bank performance, especially with the stock return, encouraged this study to examine the effects of capital adequacy ratios, loan deposit ratios, and net interest margin on stock return at commercial banks in Indonesia. A total of 15 banks that met the criteria were taken as the sample. Data analysis was performed on banking companies listed on BEI (Indonesia Stock Exchange) in 2016–2018, employing the multiple regression analysis to test the proposed research hypotheses. The results showed that the capital adequacy ratio, loan-to-deposit ratio, and net interest margin significantly influence the stock return of banking companies.

Stock return is an advantage expected by the investor in the latter days to the number of funds he/she has invested. There are two factors that affect the stock return, namely external and internal factors. The purpose of this study is to analyze the moderating role of dividend policy in the relationship between liquidity, profitability, leverage, and investment opportunity set against the stock return. This research uses a descriptive quantitative method with the population is service companies registered in the Jakarta Islamic Index for 2014-2018 periods. By implementing a purposive sampling technique, this study ended-up with 7 service companies as a sample. Moreover, data analysis is processed with partial least square analysis techniques using the Application WarpPLS 6.0. The results showed that liquidity has significant negative impact on the stock return, profitability and investment opportunity set significantly positively affect the stock return, and leverage has no significant effect on stock return. While the dividend policy strengthens the liquidity relationship to stock return, the dividend policy weakens the leverage relation to the stock return, otherwise, the dividend policy is unable to moderate the profitability relationship and investment opportunity set against the stock return.

Miles and Snow (1978, in Habbe and Hartono, 2001) classify corporate strategy into four typologies: prospector, defender, analyz-er, and a reactor where prospector and defender was at its extreme. Return the stock as a aims the investor will be different for the company due the defender and prospector how to operate the two companies mutually contradictory. This research aims to test the influence of earnings, cash flow, and economic value added of return stocks as an indicator for investors to predict the return on the company’s stock prospector and defender. This empirical study using consolidated financial report data and information from the Indonesian Capital Market Directory for all manufacturing companies listed on the Indonesian stock exchange. A grouping of companies in the prospector and defender using common factor analysis in accordance with previous research. Earnings, cash flow, and EVA is measured by the weighted average of ordinary shares outstanding. The results showed that only the operating cash flow has the effect on the return on the company’ stock prospector. While in the company of a defender, all variables have no effect on the return of shares. This shows there are still many other variables that can affect the return of shares. In addition the research indicates that the use of the strategy of the prospector and defender influencing variables can be the main indicator in predicting the return of shares.

This study aims to determine the factors that influence Stock Returns such as Current Ratio, Return On Equity, Debt to Equity Ratio, Net Profit Margin, Long Term Debt To Equity Ratio in food and beverage companies listed on the Indonesia Stock Exchange. This research is a quantitative type because it refers to the calculation of research data in the form of numbers. The variables of this study include the dependent and independent variables. The sample in this study were food and beverage companies listed on the Indonesia Stock Exchange (IDX) in the 2014-2018 period. The sample selection uses the purpose sampling method, with a total of 7 companies during the 2014-2018 period. Data analysis techniques using the Classic Assumption Test, Multiple Linear Regression Analysis and Hypothesis Test, this analysis was carried out with the help of the software program Eviews 9.0. This study shows that the variable Current Ratio, Return On Equity, Debt to Equity Ratio, Net Profit Margin, Long Term Debt To Equity Ratio simultaneously affect stock returns. With a significance level of 0.033668 less than 0.05. and partially Return On Equity has an influence on stock returns, while Current Rati, Debt to Equity Ratio, Net Profit Margin, Long Term Debt To Equity Ratio has no effect on stock returns.

In this research, researchers aspire to examine the theory of whether there is a cash flow effect on stock changes. Stock returns which are used as stock measurement tools are a reflection of market reactions to what happens within the company in terms of fundamentals. Therefore to measure the fundamental factors that exist within the company researchers utilise operating cash flow. Operating cash flow is seen as being able to represent because operating cash flow data exists in every company. Moreover, hence that the comparison is balanced the researchers choose to use the population of companies in the LQ 45 area. After being tested using simple linear regression, the results are as previously thought that there are influences on the company's Fundamental factors which in this study is the Operating Cash Flow with market factors which in this study represented by Stock Return. Keywords: financial statements, operating cash flow, stock return.

This study investigates the effect of financial ratios on stock returns at companies listed in Indeks Saham Syariah Indonesia (ISSI) period 2012-2016. This study uses quantitative methods with secondary data collected from the company's financial statements. The population in this study were all companies listed on the Syariah Indonesia Stock Index (ISSI) during the period of 2012-2016 as many as 149 companies. Based on the sampling technique with purposive sampling method obtained a sample of 59 companies with data collected during the period 2012-2016 as many as 295 financial report data. In this study panel panel regression was used to see the effect of the independent variables consisting of ROCE, TATO, TIER, PER and CFR on the dependent variable namely Stock Return. Processing data in this study using Eviews 9. Software. Data analysis techniques in this study using statistical techniques with the help of Eviews 9 program. Based on 59 companies observed, fixed effect panel data regression models have been used to examine the relevance to the effect of financial ratios on stock returns. The result of the research, found that the Total Asset Turnover (TATO) and Time Interest Income Ratio (TIER) have a positive effect on stock returns. Total Asset Turnover (TATO) and Time Interest Earned Ratio (TIER) can be considered by investors to make decisions in choosing which companies have high stock returns. Return On Capital Employed (ROCE), Price To Earning Ratio (PER), and Cash Flow Ratio (CFR) are not related to stock returns.

The capital market has an influential role in the national economy of countries, including Indonesia. The capital market in Indonesia is regulated by the Indonesia Stock Exchange (IDX) with the new regulation number Kep-00113/BEI/12-2016 that focuses on five price categories of tick size. This study aimed to investigate the impact of five price categories in tick size policy on liquidity and volatility based on the LQ45 index and examine factors that influence stock return. This study was performed using a paired sample T-test and panel regression test. The result of the different test indicates a significant change in bid-ask spread, Depth, Depth to relative spread (DRS), volume, and volatility. The five price category in the tick size policy does not affect the depth. It is found that all the variables have a smaller value after the implementation of the tick size policy. The results of the panel regression test show that depth, volume, and volatility have a significant influence on stock returns, while the bid-ask spread, and DRS does not affect stock returns. The result of this study was expected to improve understanding of the tick size regulation to determine the best stock investment strategy.

Abstract This article is intended to test the theory of market efficiency hypotheses in weak forms through event studies. Empirical testing in the form of investor response to the massive Muslim demonstration over alleged blasphemy known as action 212. Investors' response testing, in the form of whether the 212 action affects the volatility of abnormal returns and the trading volume of shari'ah stock activity incorporated in Jakarta Islamic Index. The research data are secondary, namely stock returns, stock prices, stock price indexes and sharia stock abnormal returns, with an observation period of 15 days around the date of the action event 212. Data collection by documentation procedures. The number of companies included in the analysis are 26 companies. Data were analyzed using Paired Sample t-Test statistics. The results of testing the hypothesis with empirical data show that the first hypothesis that there are differences in the average abnormal return before and after the 212 action is significantly accepted. Meanwhile, the second hypothesis that there are differences in average trading volume activity before and after the 212 action does not significant (rejected). The results of testing the hypothesis indicate that investors respond to 212 actions in the form of stock price volatility so that abnormal returns are significantly different after and before the 212 action. The response form is also indicated by a wait and see attitude, so that active trading around the 212 action date and after 212 action tends decrease or stagnate.

The development of the capital market is currently followed by the development of the stock market is increasingly in demand by investors as well, seen from data on Indonesia Stock Exchange (IDX) which shows that the stocks included in the sharia has increased. An investor will do the analysis to make an investment decision. The analysis is technical and fundamental. One of the fundamental analysis is profitability ratio analysis issued by the company. Good financial performance will be the information used as a positive signal by investors, because companies that have good financial performance will provide more benefits for investors. The purpose of this research is to examine and analyze profitability variables on stock returns in Jakarta Islamic Index (JII) period 2012-2016. Population of this research is a company included in the Jakarta Islamic Index (JII). This research using sample criteria, we obtained a sample of 21 companies included in the Jakarta Islamic Index (JII) for the period of 2012-2016 and published annual financial report data on Indonesia Stock Exchange (IDX) required during the study. The variables used in this research are earning per share (EPS), return on equity (ROE), return on asset (ROA), return on sales (ROS), return on investment (ROI), size as control variable, and stock return as the dependent variable. Result of this research show that investor on Jakarta Islamic Index (JII) see simultaneously the profitability ratio as a signal for investment decision making. Variable size can be used as control variable in that used in this research. Profitability ratios that are taken by investors are return on assets (ROA), earnings per share (EPS), and return on investment (ROI). So that should be a special attention for companies incorporated in the Jakarta Islamic Index (JII) to increase investor interest to invest in the company.

The negative impact of economic crisis in Asia to internal financial decision included investment decision, financing decision, and dividend decisions. This condition is loser if external factors such as inflation rate, interest rate, and exchange rate are not supported. Negative free cash flow including Economic Value Added and Market Value Added, depreciation of stock return indicate financial distress and reduction of shareholder wealth. The research used of Confirmatory Factor Analysis and the hypotheses are: • The influence of Inflation Rate (IR), Interest Rate, and Exchange Rate are significant to External Factor. • The influence of Return on Equity (ROE), Fixed Asset Utilization (FAU), Capital Intensiveness (CI), Inventory Intensiveness (II), Receivable Intensiveness (RI), Margin Ratio (MR), Asset Profitability Ratio (APR) are significant to Investment Decision. • The influence of Financial Leverage (FL), Short Term Liquidity (STL) and Cash Position (CP) are significant to Financing Decision. • The influence of Plowback Ratio (PR) and Return On Fixed Asset are significant to Dividend Decision. • The influence of Economic Value Added (EVA) and Market Value Added (MVA) are significant to Free cash flow. • The influence of Price Earning Ratio (PER), Dividend Yield (DY), and Capital Gain Yield (Cap.G) are significant to Stock Return. The results of this research are significant influence to external factors, internal financial decision, free cash flow, and stock return; but inventory and receivable intensiveness, dividend yield are not significantly.

Intellectual capital is the company's wealth that is the power behind the company's value creation that includes knowledge, experience, skills, reputation, and also technological capabilities. Capital structure relates to sources of funds, both internal and external. The main purpose of this research is to investigate the relationship between intellectual capital and capital structure on stock return with financial performance as intervening variable. This type of research is quantitative research. The sample of this study is the annual financial statements of companies registered on JII (Jakarta Islamic Index) on period 2012-2016). The sample‟s were chosen by using purposive sampling method and 11 companies were able to fulfill the sample‟s criteria. The research data were analyzed by using path analysis method. The result of this research reported that there is indirect influence between intellectual capital and capital structure to stock return through financial performance measured by return on equity. Intellectual capital insignificance to indirect effect on stock return through financial performance measured through earning per share but there is indirect influence between capital structure on stock return through financial performance measured through earning per share. The study also found that intellectual capital insignificance on stock return. But the finding of direct influence between capital structure on stock return. From these findings it can be concluded that intellectual capital and capital structure indirect significance on stock return through financial performance measured through return on equity.

The purpose of this research is to get empirical evidence about Monday effect phenomenon on Indonesia Composite Stock Price Index. The diversity of arguments and research results on the Monday effect phenomenon derived from previous studies makes this phenomenon interesting to investigate. By using Kruskal Wallis test and Simple Regression on 246 daily stock returns during 2016, it can be concluded that there is no Monday effect phenomenon on Indonesia Composite Stock Price Index. It causes condition of Indonesia capital market in 2016. Results show the average positive return occurs in almost all trading days. Only returns on Friday show negative values. This condition shows that the year was a year with a good investment climate so that the frequency of stock trading tends to be positive and evenly throughout the year. In addition, the absence of the Monday effect phenomenon is also marked by the absence of the effect of stock return Friday the previous week against stock returns Monday. These results indicate that form of a weak market efficiency. That means the past data is unrelated to the present value of the Indonesian capital market in 2016.

The purpose of this research is to determinethe influence ofimplementation environmentalperformance onstock returnwith corporate governance as moderating variable. Cumulative Abnormal Return used as a proxy for stock return. Dataforthis research were obtainedfrom secondary data by purposive sampling method. There are 85 manufacturing companieslisted in IDX complying with PROPER KLH RI on 2013-2017that used as sample. This research usessimple linear regression technique as method of analysis. This research results show that the implementationenvironmental performance has a positive influence to stock return. The results on moderating variable show that the corporate governance use proxy is skill of independent commissioner and skill of audit committee did not mediaterelation between the environmental performance withstock return. Keywords: Stock return, environmental performance, PROPER, corporate governance, independent commissioner, and audit committee.

The main purpose of investors from investing in the stock of companies is wealth increase which is achieved through stock return. Therefore, investors need to know about factors which affect on stock return in order to get the expected rate of stock return. This study aims to examine the effect of the fundamental factors which are measured by dividend payout ratio and price to earnings ratio, and the effect of the technical factor which is measured by beta on stock return on companies listed in LQ 45 in Indonesia Stock Exchange 2013-2015. The population of this research was all of companies listed in LQ 45 in Indonesia Stock Exchange, and the sampel consisted of twenty one companies. The analysis was conducted by using multiple linear regression. The results indicated that the dividend payout ratio did not have effect on stock return, while price to earnings ratio and beta affected on stock return.So, investors can consider of price to earnings ratio and beta variables to predict the expected rate of stock return.

Level stock returns telecommunications in Indonesia is influenced by various factors such as financial performance, risk management and working capital management. The purpose of this research was to analyze the influence of financial performance through parameters Debt to Equity Ratio (DER), Return On Investment (ROI), Current Ratio (CR) dan Total Assets Turn Over (TATO). Risk management using parameters (interest rate) and working capital management using parameters Cash Conversion Cycle (CCC). The population in this study is a telecommunications companies listed in Indonesia Stock Exchange 2010-2013. In analyzing the effect of variable DER, ROI, CR, TATO, ir and CCC using multiple linear regression. The analysis showed that the Debt to Equity Ratio (DER) has effect on stock returns with significant value 0,009, Return on Investment (ROI) has effect on stock returns with significant value 0,006. And Total Asset Turn Over (TATO) has effect on stock returns with significant value 0,025. While the Current Ratio (CR) ,interest rate, and Cash Conversion Cycle not effect on stock returns with significant value 0,403; 0,047; 0,977. All the independent variables simultaneously affect the stock on telecommunication companies.

Financial Performance and Stock Return: Study at Insurance Companies Listed in The Indonesian Stock ExchangeMuch of the literature said that financial performance had an effect on the stock return, including in insurance company. The purpose of this research is to examine the effect of financial performance to stock return of insurance company that listed in Indonesia stock exchange. This research is using multiple regressions as analysis technique. The results showed that all the variables simultaneously had an effect on the stock return. By partially showed that Price Book Value, Incurred Loss Ratio, Premium Growth Ratio, and Total Asset Turnover has no significant influence on the stock return. While Return on Equity has significant positive influence on the stock return and Debt on Asset Ratio, Net Profit Margin has significant negative influence on the stock return.DOI: 10.15408/ess.v7i1.4724

This research is aimed at analizing influence of fundamental factors on stock return of manufactur industries. The research result show that from the five factors (Debt to Equity Ratio, Devidend Payout Ratio, Earning Per Share, Net Profit Margin, Return Asset) assumed to influence on stock return of manufactur industries under investigation, there are five factor which simultan show significant influence stok return. However, only Earning Per Share which partially show significant influence stock return. And Earning Per Share as a dominant factor in influencing stock return. Based onthe research result, it is also discovered that fundamental factor (Debt to Equity Ratio, Dividend Payout Ratio, Earning Per Share, Net Profit Margin, Return Asset) have weak influence in explaning stock return variation at the Indonesian Capital Market, in which Adj.R- Square is 27,0%. This indicates that Indonesian investors can't created the factor fundamental as basic judgment to get stock return, with pay attention ekstern factors, like as: interest rate, inflation, exchange rate kurs, political condition, etc.

This research aims to examine the effect of stock returns and ownership structure on the investment risk. The variables of this study are dependent variable, consisting of investment risk, and independent variable, consisting of stock return and ownership structure. The ownership structure in this study is measured using managerial own-ership and institutional ownership. The study sample consists of 101 manufacturing companies listed on the Indonesian Stock Exchange (IDX) 2011-2013. The result indicates that stock return has a positive effect on investment risk. If the investors expect the higher return rate, they must have the courage to bear the higher risk. The ownership structure does not have a negative effect on investment risk. It is because the ownership structure of a company is not included among the factors that affect the size of the investment risk that is likely to be experienced by investors. The implication of this study is that investors pay less attention to the ownership of the company to be invested. Therefore, the investors are expected to be more aware of the importance of ownership and corporate governance. Thus, it can reduce the failure experienced by investors in investing.

Recent studies are paid attention to see whether there is a difference among the factors related to stock in companies listed in stock exchange. Therefore, it is also salient to do the same research so that more evidence can be gathered. The purpose of this research is to find the differences in stock return, corporate value, and risk between the compa-nies listed on SRI-KEHATI Index and those, which are not listed in SRI-KEHATI Index. This research uses secondary data taken from public companies listed on Indo-nesia Stock Exchange (BEI). The population consists of the companies listed on SRI-KEHATI Index to be compared with the companies listed in Indonesia Stock Exchange (BEI) from 2010 to 2013. The purposive sampling method is used in this study accord-ing to the criteria of assessment. The quantitative method is used to analyze this study. The signaling theory is the basic theory of this research. The analysis technique is using independent sample t-test. The result indicates that there is no difference in stock return, corporate value, and risk between the companies listed and those which are not listed on SRI-KEHATI index.

This research aimed to analyze the influence the dividend policy proxied by Dividend Payout Ratio (DPR), leverage the company proxied by Debt to Equity Ratio (DER) and profitability proxied by Return On Equity (ROE) to return stock in companies manufacturing sub-sectors of the food and drinks listed in Indonesia Stock Exchange period 20013-2015. This study uses quantitative methods. The sampling technique used purposive sampling method and selected according to established criteria. Model analysis used multiple linear regression. From the analysis of the following results, dividend policy (DPR), the company's leverage (DER), profitability (ROE) either partially or simultaneously has no effect on stock returns

The objectives of this research are to examine the fundamental factors of macro (the rupiah exchange rates (NTR) and the interest rate of Bank Indonesia Certificate (SBI)) and micro (current ratio (CR), debt to equity ratio (DER), total asset turnover (TATO) and return on assets (ROA), the systematic risk in conjunction with an increase in stock performance manufacturing company in Indonesia stock Exchange after the global crisis. This research used samples of the sample companies manufacturing industry in Indonesia Stock Exchange. The data used is data that panel cross section data and time series data pre-crisis period (2004-2007) and after the crisis (2009-2013). Sampling using purposive sampling, analytical technique used is multiple regression analysis. The results showed variable micro fundamentals (current ratio (CR), debt to equity ratio (DER), total asset turnover (TATO), return on assets (ROA), after kriris global significant effect on Systematic Risk (RS), variable micro fundamentals (current ratio (CR), debt to equity ratio (DER), total asset turnover (TATO), return on assets (ROA), after crisis global signifikan effect the performance of stocks (KS) the systematic risk (RS) as an intervening variable effect of variable macro fundamentals ((rupiah exchange rates (NTR) and micro fundamental ( debt to equity rati/DER).

This study aimed to examine the effect of the price earnings ratio and dividend policy on stock returns companies listed dibursa Indonesian effects period 2013. The population is companies listed Indonesian Stock Exchange securities. Data obtained from financial statements that have been published in 2013 and chose a sample of 39 companies. The analysis technique used is multiple linear regression and hypothesis testing using the partial-simultan-statistics and statistical confidence level of 21.1%. The results showed that the variable price earnings ratio and dividend policy have a significant effect on stock returns