MEASURING STOCK RETURNS IN FINANCIAL RATIO PERSPECTIVE (Financial Study on Transportation and Logistics Sector Listed on Indonesia Stock Exchange)
DOI:
10.54443/morfai.v5i5.3247Published:
2025-06-17Downloads
Abstract
This study examines how various financial metrics affect stock returns for logistics and transportation companies listed on the Indonesia Stock Exchange in 2023. The variables studied are Price Earnings Ratio (PER), Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Assets (ROA). Multiple linear regression and quantitative association techniques were used in this study. Purposive sampling was used to include a total of 34 eligible companies. According to this study, stock returns are affected by CR, DER, ROA, and PER simultaneously. As an added bonus, each financial indicator has a significant impact on each subsequent indicator. The findings of this study suggest that financial metrics can be helpful in evaluating stock returns, especially in the transportation and logistics industry.
Keywords:
Stock Return, Current Ratio, Debt to Equity Ratio, Return on Assets, Price Earning RatioReferences
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Amrullah, H. M., Sumekar, K., & Rahayu, T. (2024). Pengaruh Per, Der, Roa, Cr Terhadap Return Saham (Studi Kasus Perusahaan Manufaktur Sub-Sektor Tekstil Dan Garmen Yang Terdaftar Di Bei Tahun 2018-2022). Jurnal Studi Manajemen Bisnis, 4(1), 1–13. https://doi.org/10.24176/jsmb.v4i1.12091
Bintara1, R., & Tanjung, P. R. S. (2019). Analysis of fundamental factors on stock return.
Dewi, L. N., Jhoansyah, D., & Komariah, K. (2020). Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offering (Ipo) Di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen Dan Inovasi Bisnis, 1(1), 55–75. https://doi.org/10.54895/jmbu.v1i1.545
Fadil, R., Zuhra, A., Widyastuti, T., & Sari, P. N. (2024). Pengaruh Earning Per Share, Price Earning Ratio, Return On Equity, dan Debt to Equity Ratio terhadap Return Saham (Studi Empiris pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di BEI). 3(4), 114–121.
Handayati, R., & Zulyanti, noer rafikah. (2018). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio, (Der), Dan Return On Assets (Roa) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Penelitian Ilmu Manajemen, III. https://doi.org/10.31294/moneter.v11i1.18352
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.
Jhoansyah, D., Lutfiana, A., & Danial, R. D. M. (2019). Analisis Penilaian Harga Wajar Saham Dan Keputusan Investasi Secara Fundamental Dengan Menggunakan Metode Price Earning Ratio (Studi Keuangan Pada Sektor Industri Barang Konsumsi Yang Terdaftar Di BEI). Jurnal Ekonomi Dan Bisnis, 20(2), 1. https://doi.org/10.30659/ekobis.20.2.1-10
Marito, B. C., & Sjarif, A. D. (2020). The impact of current ratio, debt to equity ratio, return on assets, dividend yield, and market capitalization on stock return (Evidence from listed manufacturing companies in Indonesia Stock Exchange). Economics, 7(1), 10–16.
Nurmayasari, C., Umar, H., & Indriani, A. (2021). Effect of Current Ratio, Return on Equity, Debt to Equity Ratio, and Earnings per Share on Stock Returns of Mining Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(3), 4967–4982.
Ozturk, H., & Karabulut, T. A. (2020). Impact of financial ratios on technology and telecommunication stock returns: evidence from an emerging market. Investment Management & Financial Innovations, 17(2), 76–87. https://doi.org/https://doi.org/10.21511/imfi.17(2).2020.07
Pandaya, P., Julianti, P. D., & Suprapta, I. (2020). Pengaruh faktor fundamental terhadap return saham. Jurnal Akuntansi, 9(2), 233–243.
Rahayu, E. P., & Utiyati, S. (2017). Pengaruh EPS , RI , EVA , MVA , PER Terhadap Return Saham. 6, 1–22.
Robert Hutauruk, M., Rohmah, S., & Dharmawan, S. (2022). Dampak Current Ratio Dan Debt To Equity Ratio Pada Return Saham Dimoderasi Return On Assets. JAS (Jurnal Akuntansi Syariah), 6, 170–183. https://doi.org/10.46367/jas.v6i2.780
S., A., Nur’Aeni, M., S., F., & Rawi, R. (2024). The Influence of Current Ratio, Debt to Equity Ratio, and Net Profit Margin on Stock Prices (In the Mining Sector Registered in LQ 45 Year 2018-2022). Interdiciplinary Journal and Hummanity (INJURITY), 3, 272–281. https://doi.org/10.58631/injurity.v3i4.193
Sadya, S. (2023). Laju Saham Emiten Transportasi & Logistik Jelang Libur Nataru 2023/2024. Data Indonesia.
Selawati, Jhoansyah, D., & Z, F. M. (2022). Dampak Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), Earning Per Share (EPS) Serta Current Ratio (CR) Terhadap Harga Saham, Studi Keuangan Pada Perusahaan Sektor Properties & Real Estate Yang Terdaftar Di Bursa Efek Indonesia . Management Studies and Entrepreneurship Journal, 3(4), 1867–1878.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5), 1–17.
Sinaga, R. V. (2019). Pengaruh Inventory Turnover (Ito), Debt To Equity Ratio (Der), Return on Asset (Roa), Earning Pershare (Eps), Dan Price Earning Ratio (Per) Terhadap Return Saham Pada Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis, 28–46. https://doi.org/10.54367/jmb.v19i1.464
Standyarto, B. Y., & Simu, N. (2016). Kinerja Keuangan Perusahaan dan Risiko Saham Serta Dampaknya Terhadap Return Saham. Jurnal Manajemen Dan Bisnis Indonesia, 4(1), 1–15. https://doi.org/10.31843/jmbi.v4i1.99
Suryana, N., & Anggadini, sri dewi. (2020). Analysis of Stock Prices Affected by Current Ratio. International Journal of Science, Technology & Management, 1(3), 190–197. https://doi.org/10.46729/ijstm.v1i3.44
Sya’diah, A., Norisanti, N., & Randan, A. M. (2022). Analisis Price to Book Value, Current Ratio, Return On Equity, Dan Debt To Equity Ratio on Stock Price Analisis Price to Book Value, Current Ratio, Return On Equity, Dan Debt To Equity Ratio Terhadap Harga Saham. Management Studies and Entrepreneurship Journal, 3(3), 1541–1549.
Amelia, L., Jhoansyah, D., & Ramdan, A. M. (2024). Analisis Sales Growth, Struktur Modal, dan Current Ratiodalam Meningkatkan Profitabilitas. Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah, 6(2), 2547–2562. https://doi.org/10.47467/alkharaj.v6i11.3826
Amrullah, H. M., Sumekar, K., & Rahayu, T. (2024). Pengaruh Per, Der, Roa, Cr Terhadap Return Saham (Studi Kasus Perusahaan Manufaktur Sub-Sektor Tekstil Dan Garmen Yang Terdaftar Di Bei Tahun 2018-2022). Jurnal Studi Manajemen Bisnis, 4(1), 1–13. https://doi.org/10.24176/jsmb.v4i1.12091
Bintara1, R., & Tanjung, P. R. S. (2019). Analysis of fundamental factors on stock return.
Dewi, L. N., Jhoansyah, D., & Komariah, K. (2020). Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offering (Ipo) Di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen Dan Inovasi Bisnis, 1(1), 55–75. https://doi.org/10.54895/jmbu.v1i1.545
Fadil, R., Zuhra, A., Widyastuti, T., & Sari, P. N. (2024). Pengaruh Earning Per Share, Price Earning Ratio, Return On Equity, dan Debt to Equity Ratio terhadap Return Saham (Studi Empiris pada Perusahaan Manufaktur Sektor Makanan dan Minuman yang Terdaftar di BEI). 3(4), 114–121.
Handayati, R., & Zulyanti, noer rafikah. (2018). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio, (Der), Dan Return On Assets (Roa) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Penelitian Ilmu Manajemen, III. https://doi.org/10.31294/moneter.v11i1.18352
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.
Jhoansyah, D., Lutfiana, A., & Danial, R. D. M. (2019). Analisis Penilaian Harga Wajar Saham Dan Keputusan Investasi Secara Fundamental Dengan Menggunakan Metode Price Earning Ratio (Studi Keuangan Pada Sektor Industri Barang Konsumsi Yang Terdaftar Di BEI). Jurnal Ekonomi Dan Bisnis, 20(2), 1. https://doi.org/10.30659/ekobis.20.2.1-10
Marito, B. C., & Sjarif, A. D. (2020). The impact of current ratio, debt to equity ratio, return on assets, dividend yield, and market capitalization on stock return (Evidence from listed manufacturing companies in Indonesia Stock Exchange). Economics, 7(1), 10–16.
Nurmayasari, C., Umar, H., & Indriani, A. (2021). Effect of Current Ratio, Return on Equity, Debt to Equity Ratio, and Earnings per Share on Stock Returns of Mining Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 4(3), 4967–4982.
Ozturk, H., & Karabulut, T. A. (2020). Impact of financial ratios on technology and telecommunication stock returns: evidence from an emerging market. Investment Management & Financial Innovations, 17(2), 76–87. https://doi.org/https://doi.org/10.21511/imfi.17(2).2020.07
Pandaya, P., Julianti, P. D., & Suprapta, I. (2020). Pengaruh faktor fundamental terhadap return saham. Jurnal Akuntansi, 9(2), 233–243.
Rahayu, E. P., & Utiyati, S. (2017). Pengaruh EPS , RI , EVA , MVA , PER Terhadap Return Saham. 6, 1–22.
Robert Hutauruk, M., Rohmah, S., & Dharmawan, S. (2022). Dampak Current Ratio Dan Debt To Equity Ratio Pada Return Saham Dimoderasi Return On Assets. JAS (Jurnal Akuntansi Syariah), 6, 170–183. https://doi.org/10.46367/jas.v6i2.780
S., A., Nur’Aeni, M., S., F., & Rawi, R. (2024). The Influence of Current Ratio, Debt to Equity Ratio, and Net Profit Margin on Stock Prices (In the Mining Sector Registered in LQ 45 Year 2018-2022). Interdiciplinary Journal and Hummanity (INJURITY), 3, 272–281. https://doi.org/10.58631/injurity.v3i4.193
Sadya, S. (2023). Laju Saham Emiten Transportasi & Logistik Jelang Libur Nataru 2023/2024. Data Indonesia.
Selawati, Jhoansyah, D., & Z, F. M. (2022). Dampak Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), Earning Per Share (EPS) Serta Current Ratio (CR) Terhadap Harga Saham, Studi Keuangan Pada Perusahaan Sektor Properties & Real Estate Yang Terdaftar Di Bursa Efek Indonesia . Management Studies and Entrepreneurship Journal, 3(4), 1867–1878.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5), 1–17.
Sinaga, R. V. (2019). Pengaruh Inventory Turnover (Ito), Debt To Equity Ratio (Der), Return on Asset (Roa), Earning Pershare (Eps), Dan Price Earning Ratio (Per) Terhadap Return Saham Pada Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Dan Bisnis, 28–46. https://doi.org/10.54367/jmb.v19i1.464
Standyarto, B. Y., & Simu, N. (2016). Kinerja Keuangan Perusahaan dan Risiko Saham Serta Dampaknya Terhadap Return Saham. Jurnal Manajemen Dan Bisnis Indonesia, 4(1), 1–15. https://doi.org/10.31843/jmbi.v4i1.99
Suryana, N., & Anggadini, sri dewi. (2020). Analysis of Stock Prices Affected by Current Ratio. International Journal of Science, Technology & Management, 1(3), 190–197. https://doi.org/10.46729/ijstm.v1i3.44
Sya’diah, A., Norisanti, N., & Randan, A. M. (2022). Analisis Price to Book Value, Current Ratio, Return On Equity, Dan Debt To Equity Ratio on Stock Price Analisis Price to Book Value, Current Ratio, Return On Equity, Dan Debt To Equity Ratio Terhadap Harga Saham. Management Studies and Entrepreneurship Journal, 3(3), 1541–1549.
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Copyright (c) 2025 Ai Nurhalimah, Dicky Jhoansyah, Asep Muhamad Ramdan
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