Determinants of LQ45 Stock Return in Indonesia

IF 1 Q4 BUSINESS
Mahirun Mahirun
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引用次数: 0

Abstract

This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on dependent variables. The objects in this study are companies incorporated in LQ45 for the period 2013 - 2021. The reason for choosing LQ45 is because it is a type of index used to measure the price performance of stocks that have high liquidity and large market capitalization and are supported by good firm fundamentals. The results of the study found that the capital structure with indicators debt to equity ratio has a significant negative effect on stock return. Profitability with indicators return on equity and investment opportunity set with indicators price earning ratio have a positive and significant effect on stock return. While other findings from our study are firm value with price to book value indicators, profitability from the investor's point of view represented by earning per share indicators, and dividend policy with dividend payout ratio indicators have no effect on stock return.
印度尼西亚LQ45股票收益的决定因素
本研究旨在检验和分析资本结构、盈利能力、投资机会集、公司价值、每股收益和股利政策对股票收益的影响。我们的研究使用回归分析来确定和分析自变量对因变量的影响。本研究的对象是2013 - 2021年期间在LQ45注册成立的公司。选择LQ45的原因是,它是一种用于衡量流动性高、市值大、基本面良好的股票价格表现的指数。研究结果发现,带有负债权益比指标的资本结构对股票收益具有显著的负向影响。以净资产收益率为指标的盈利能力和以市盈率为指标的投资机会对股票收益有显著的正向影响。而我们研究的其他发现是公司价值与市净率指标,从投资者的角度来看,每股收益指标代表的盈利能力,股息政策与股息支付率指标对股票回报没有影响。
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来源期刊
Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration
Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
2.00
自引率
25.00%
发文量
25
审稿时长
6 weeks
期刊介绍: The faculty cooperates on the edition of the scientific journal E&M Economics and Management (E&M). The journal publishes high quality original research articles and scientifi c studies based on theoretical and empirical analyses. E&M encourages new intriguing ideas and new perspectives on existing state of knowledge. Among the key topics covered are Economics, Business Administration, Finance, Management, Information Management, and Marketing & Trade. The journal features theoretical articles as well as application-oriented papers. Occasionally published review articles summarising existing knowledge are accepted only if they are based on a systematic literature review.
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