- Stock Return: Effect Return On Equity And Debt To Equity Ratio Moderated Earning Per Share
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Keywords:
Stock Return, Return On Equity, Debt to Equity Ratio, Earning Per Share
Abstract
One of the advantages obtained from buying shares by investors is in the form of Stock Return (SR). There are many variables that can influence Stock Return (SR), including Return On Equity (ROE), Debt to Equity Ratio (DER) and Earnings Per Share (EPS). The objective of the research was to examine the partial impact of return ROE, DER, and EPS on SR and assess the role of EPS in moderating the association between ROE and DER on SR.This study uses an explanatory research approach.In 2019-2020, a total of 57 manufacturing coorporation in the consumer goods industry were listed on the Indonesia Stock Exchange. From this population, 35 companies were selected using a purposive sampling technique. To analyze the data.used analysis of moderated multiple linear regression. This study concludes that ROE, DER and EPS partially affect SR and EPS strengthens the relationship between ROE and DER on SR.
References
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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), 1–10. https://globaljournals.org/GJMBR_Volume16/4-Impact-of-Firms-Performance.pdf
Ardianti, A. N., Nuraina, E., & Wihartanti, L. V. (2020). Pengaruh Solvabilitas Terhadap Return Saham dengan Earning per Share Sebagai Variabel Moderasi. JAMER : Jurnal Akuntansi Merdeka, 1(1), 45–50. https://doi.org/10.33319/jamer.v1i1.23
Arsita, Y., & Sihombing, P. (2021). Analysis of the Effect of Financial Ratio on Stock Returns of Non Cyclicals Consumer Companies Listed on IDX 2015-2020. International Journal of Innovative Science and Research Technology, 6(9), 1086–1096. https://ijisrt.com/assets/upload/files/IJISRT21SEP486.pdf
Bhattacharya, S. 1979. Imperfect Information, Dividend Policy, and The Bird in the Hand Fallacy. Bell Journal of Economics 10: 259- 270. https://doi.org/10.2307/3003330
Brigham, E. F., & Houston, J. F. (2018). Dasar-dasar manajemen keuangan (2nd ed.). Jakarta: Erlangga.
Danladi, I. Y. (2020). Effect of Firm Financial Determinants on Stock Return of Listed Health Care Firms in Nigeria. Lapai International Journal of Management and Social Sciences, 12(2), 74–85. http://ojs.ibbujournals.com.ng/index.php/lijomass/article/view/572/578
Darmadji, T., dan Fakhrudin, H.M. (2018). Pasar Modal di Indonesia. Edisi Ketiga. Jakarta: Salemba Empat.
Dewi, N. L. Y. A. P., Endiana, I. D. M., & Arizona, I. P. E. (2020). Pengaruh Rasio Keuangan dan Kebijakan Dividen Terhadap Return Saham. Jurnal Kharisma, 2(3), 227–229. https://e-journal.unmas.ac.id/index.php/kharisma/article/view/1494/1270
Dwialesi, J. B., & Darmayanti, N. P. A. (2016). Pengaruh Faktor-Faktor Fundamental Terhadap Return Saham Indeks Kompas 100. E-Jurnal Manajemen Unud, 5(4), 2544–2572. https://ojs.unud.ac.id/index.php/manajemen/article/view/17838
Endri, E., Dermawan, D., Abidin, Z., & Riyanto, S. (2019). Effect of financial Performance on Stock Return: Evidence from the Food and Beverages Sector. International Journal of Innovation, Creativity and Change, 9(10), 335–350. https://www.ijicc.net/images/vol9iss10/91023_Endri_2019_E_R.pdf
Fahmi, I. (2020). Pengantar Manajemen Keuangan (Teori dan Soal Jawab), Edisi ketujuh. Bandung: Alfabeta.
Felthmam, J. and J. Ohlson. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research, 11, pp. 689-731.
Fidrian, R.C, Djaelani, A.K dan Slamet, A.R (2019). Pengaruh Price Earning Ratio, Dividen Payout Ratio, dan Return on Equity terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. e – Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi Unisma. Website: www.fe.unisma.ac.id (email:e.jrm.feunisma@gmail.com).http://download.garuda.kemdikbud.go.id/article.php?article=3369558&val=29562.
Fitri, R. (2017). Pengaruh Kebijakan Dividen, Leverage Perusahaan dan Profitabilitas terhadap Return Saham (Studi Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI). Jurnal Ilmiah Bisnis dan Ekonomi Asia, 11(2), 32–37. https://doi.org/10.32812/jibeka.v11i2.43.
Ghi, T. N., & Ba. (2015). The Impact of Capital Structure and Financial Performance on Stock Returns of the Firms in Hose. International Journal of Information Research and Review, 2(06), 734–737. http://lib.bvu.edu.vn/bitstream/TVDHBRVT/14021/1/Bao-Tran-Nha-Ghi.pdf.
Ghozali, I. (2017). Pengembangan Analisis Multivariate Dengan Program SPSS.. Semarang: UNDIP.
Ginting, G. (2021). Pengaruh Faktor Fundamental Perusahaan Terhadap Return Saham Sektor Keuangan Syariah Yang Terdaftar Dalam Daftar Efek Syariah Tahun 2015-2017. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen. Vol. 6, No. 2, Des. pp. 247 - 270. https://doi.org/10.32923/asy.v5i2.1378
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. https://www.ijicc.net/images/vol6iss12/61207_Hertina_2019_TD_R.pdf
Ibrahim, I., & Bala, H. (2017). Firms Specific Characteristics and Stock Market Returns (Evidence from Listed Food and Beverages Firms in Nigeria). International Journal of Information, Business and Management, 9(1), 257–276. https://core.ac.uk/download/pdf/234630993.pdf
Istiqomah, Febriyanto, A. J. (2020). Analisis Pengaruh Earning Per Share (EPS), Return On Equity (ROE) Dan Debt To Equity Ratio (DER) Terhadap Return Saham. Jurnal Manajemen Diversifikasi Jurnal Manajemen Diversifikasi. Jurnal Manajemen, 1(1), 1–11. https://doi.org/10.24127/diversifikasi.v1i1.509
Jogiyanto. (2018). Metodologi Penelitian Bisnis: Salah Kaprah dan Pengalaman-pengalaman. Yogyakarta: BPFE.
Joseph, W. A. (2021). The Predictability of Market Value Ratios on Firm’s Stock Returns, Evidence from Kenya. African Journal of Education, Science and Technology, 6(4), 112–120. https://ajest.info/index.php/ajest/article/view/721
Kasmir, (2018). Analisis Laporan Keuangan, Edisi Pertama, Cetakan Kesebelas. Jakarta: PT. Rajagrafindo Persada.
Modigliani, F. dan Miller. M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53 (3) June.
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 ). Scientific Journal of PPI-UMK, 7(1), 10–16. https://www.kemalapublisher.com/index.php/ppi-ukm/article/view/452
Nainggolan, W. C., & Widajatun, V. W. (2020). The Influence of Monetary Performance on Stock Return in Consumer Goods Industry. International Journal of Finance & Banking Studies (2147-4486), 9(3), 39–50. https://doi.org/10.20525/ijfbs.v9i3.801
Napitu, R, Damanik, E.O.P dan Purba, B.P.B (2020). Pengaruh Ratio Profitabilitas Terhadap Return Saham Di Bursa Efek Indonesia. Jurnal Education and Development. Vol.8 No.3 Edisi Agustus 2020, pp. 216-220. https://journal.ipts.ac.id/index.php/ED/article/view/1940
Nurfiana, P.I, Rachma, N dan Khalikussabir. (2021). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Return Saham Dengan EPS Sebagai Variabel Intervening Pada Perusahaan Manufaktur Tahun 2017-2019. e – Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi dan Bisnis Unisma, Isuue 4, pp.112-129. http://download.garuda.kemdikbud.go.id/article.php?article=3369962&val=29562
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-Journa, 4(3), 4967–4982. https://www.bircu-journal.com/index.php/birci/article/view/2283/pdf
Ohlson, J. (1995). Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective. Contemporary Accounting Research, Vol. 18, No. 1: 107-120.
Pandaya, P., Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2), 233–243. https://doi.org/10.37932/ja.v9i2.156
Parapat, E. P. S. (2018). Pengaruh Rasio Keuangan Perushaan, Price Earning Ratio Terhadap Return Saham Dan Earning Per Share Sebagai Variabel Moderating Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Tesis, 1–105
Pasaribu, D. (2018). Pengujian Teori Pecking Model Dan Trade Off Dalam Analisis Struktur Modal Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan Methodist, Vol. 2, No. 1, pp.14 – 28.
Purnomo, G., & Soekotjo, H. (2019). Pengaruh DER , EPS , ROA , ROE Terhadap Return Saham Perusahaan Kosmetik di BEI. Jurnal Ilmu Dan Riset Manajemen (JIRM), 8(7), 1–18. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/2322
Rasyad, R. Z., Iskandar, R., & Azis, M. (2020). Determinant of Stock Returns with Inflation as a Moderating Variable. Saudi Journal of Business and Management Studies, 5(6), 353–360. https://doi.org/10.36348/sjbms.2020.v05i06.006
Ricardo, J., & Mustafa, M. (2021). Analysis of the Fundamental Factors of the Company That Affects the Return of the Company’s Shares (Study on Toll Road, Port, Airport and Transportation Sub-Sector Companies Listed on the Indonesia Stock Exchange 2013-2018). International Journal of Innovation Science And Research Technology, 6(1), 1166–1176. https://bit.ly/36Rt5XF
Sansoethan dan Suryono. (2016) . Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Makanan Dan Minuman, Jurnal Ilmu Dan Riset Akuntans,: Vol. 5, No.1, pp 13.25.
Santoso, H., & Ugut, G. S. S. (2021). The Effect of ROA, ROE, CR, DER and EVA on Stock Return of Non-Banking Companies Listed on the Lq-45 Index and Sri- Kehati Index on the Indonesia Stock Exchange 2015-2019. Budapest International Research and Critics Institute (BIRCI-Journal), 4(3), 4983–4997. https://www.bircu-journal.com/index.php/birci/article/view/2284
Sari, L., & Kurniasih, A. (2021). The Effect of Fundamental Factors on The Stock Return of Agricultural Sector Companies Registered in Indonesia Stock Exchange. International Journal of Economics, Business and Managemenet Research, 5(3), 55–69. https://ijebmr.com/uploads/pdf/archivepdf/2021/IJEBMR_695.pdf
Sausan, F. R., Korowajiyanti, L., & Ciptaningtias, A. F. (2020). The Effect of Return on Asset (ROA), Debt to Equity Ratio (DER), Earning per Share (EPS), Total Asset Turnover (TATO) and Exchange Rate on Stock Return of Property and Real Estate Companies at Indonesia Stock Exchange Period 2012-2017. Ilomata International Journal of Tax and Accounting, 1(2), 103–114. https://doi.org/10.52728/ijtc.v1i2.66
Sayedy, B., & Ghazali, M. Z. (2017). The Impact of Microeconomic Variables on Stock Return by Moderating of Money Supply. Asian Social Science, 13(12), 191. https://doi.org/10.5539/ass.v13n12p191
Sartono, A. (2018). Manajemen keuangan, teori dan apikasi. Edisi Empat. Yogyakarta: BPFE.
Sriyono & Suciwati, H. (2017). The Dynamics of Changes in Return of Stocks on Food and Beverages Companies Registered in Indonesia Stock Exchange. Journal of Management and Business, 16(2), 67–73. https://doi.org/10.24123/jmb.v16i2.357
Tandelilin, E. (2018). Portofolio dan investasi: teori dan aplikasi. Edisi Pertama. Kanisius. Yogyakarta.
Wibowo, A., & Christiningrum, M. F. (2017). Analisis Pengaruh Profitabilitas, Kebijakan Utang, Dan Struktur Aset Terhadap Harga Serta Return Saham Dengan Kualitas Audit Sebagai Variabel Pemoderasi. Jurnal Esensi, 20 (3), 37-52. https://ibn.e-journal.id/index.php/ESENSI/article/view/25.
www.idx.co.id
Anjani, T., & Syarif, A. D. (2019). The Effect of Fundamental Analysis on Stock Returns using Data Panels ; Evidence Pharmaceutical Companies listed on IDX. International Journal of Innovate Science and Research Technology, 4(7), 500–505. https://ijisrt.com/assets/upload/files/IJISRT19JL176_(1).pdf
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), 1–10. https://globaljournals.org/GJMBR_Volume16/4-Impact-of-Firms-Performance.pdf
Ardianti, A. N., Nuraina, E., & Wihartanti, L. V. (2020). Pengaruh Solvabilitas Terhadap Return Saham dengan Earning per Share Sebagai Variabel Moderasi. JAMER : Jurnal Akuntansi Merdeka, 1(1), 45–50. https://doi.org/10.33319/jamer.v1i1.23
Arsita, Y., & Sihombing, P. (2021). Analysis of the Effect of Financial Ratio on Stock Returns of Non Cyclicals Consumer Companies Listed on IDX 2015-2020. International Journal of Innovative Science and Research Technology, 6(9), 1086–1096. https://ijisrt.com/assets/upload/files/IJISRT21SEP486.pdf
Bhattacharya, S. 1979. Imperfect Information, Dividend Policy, and The Bird in the Hand Fallacy. Bell Journal of Economics 10: 259- 270. https://doi.org/10.2307/3003330
Brigham, E. F., & Houston, J. F. (2018). Dasar-dasar manajemen keuangan (2nd ed.). Jakarta: Erlangga.
Danladi, I. Y. (2020). Effect of Firm Financial Determinants on Stock Return of Listed Health Care Firms in Nigeria. Lapai International Journal of Management and Social Sciences, 12(2), 74–85. http://ojs.ibbujournals.com.ng/index.php/lijomass/article/view/572/578
Darmadji, T., dan Fakhrudin, H.M. (2018). Pasar Modal di Indonesia. Edisi Ketiga. Jakarta: Salemba Empat.
Dewi, N. L. Y. A. P., Endiana, I. D. M., & Arizona, I. P. E. (2020). Pengaruh Rasio Keuangan dan Kebijakan Dividen Terhadap Return Saham. Jurnal Kharisma, 2(3), 227–229. https://e-journal.unmas.ac.id/index.php/kharisma/article/view/1494/1270
Dwialesi, J. B., & Darmayanti, N. P. A. (2016). Pengaruh Faktor-Faktor Fundamental Terhadap Return Saham Indeks Kompas 100. E-Jurnal Manajemen Unud, 5(4), 2544–2572. https://ojs.unud.ac.id/index.php/manajemen/article/view/17838
Endri, E., Dermawan, D., Abidin, Z., & Riyanto, S. (2019). Effect of financial Performance on Stock Return: Evidence from the Food and Beverages Sector. International Journal of Innovation, Creativity and Change, 9(10), 335–350. https://www.ijicc.net/images/vol9iss10/91023_Endri_2019_E_R.pdf
Fahmi, I. (2020). Pengantar Manajemen Keuangan (Teori dan Soal Jawab), Edisi ketujuh. Bandung: Alfabeta.
Felthmam, J. and J. Ohlson. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research, 11, pp. 689-731.
Fidrian, R.C, Djaelani, A.K dan Slamet, A.R (2019). Pengaruh Price Earning Ratio, Dividen Payout Ratio, dan Return on Equity terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. e – Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi Unisma. Website: www.fe.unisma.ac.id (email:e.jrm.feunisma@gmail.com).http://download.garuda.kemdikbud.go.id/article.php?article=3369558&val=29562.
Fitri, R. (2017). Pengaruh Kebijakan Dividen, Leverage Perusahaan dan Profitabilitas terhadap Return Saham (Studi Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar Di BEI). Jurnal Ilmiah Bisnis dan Ekonomi Asia, 11(2), 32–37. https://doi.org/10.32812/jibeka.v11i2.43.
Ghi, T. N., & Ba. (2015). The Impact of Capital Structure and Financial Performance on Stock Returns of the Firms in Hose. International Journal of Information Research and Review, 2(06), 734–737. http://lib.bvu.edu.vn/bitstream/TVDHBRVT/14021/1/Bao-Tran-Nha-Ghi.pdf.
Ghozali, I. (2017). Pengembangan Analisis Multivariate Dengan Program SPSS.. Semarang: UNDIP.
Ginting, G. (2021). Pengaruh Faktor Fundamental Perusahaan Terhadap Return Saham Sektor Keuangan Syariah Yang Terdaftar Dalam Daftar Efek Syariah Tahun 2015-2017. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen. Vol. 6, No. 2, Des. pp. 247 - 270. https://doi.org/10.32923/asy.v5i2.1378
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. https://www.ijicc.net/images/vol6iss12/61207_Hertina_2019_TD_R.pdf
Ibrahim, I., & Bala, H. (2017). Firms Specific Characteristics and Stock Market Returns (Evidence from Listed Food and Beverages Firms in Nigeria). International Journal of Information, Business and Management, 9(1), 257–276. https://core.ac.uk/download/pdf/234630993.pdf
Istiqomah, Febriyanto, A. J. (2020). Analisis Pengaruh Earning Per Share (EPS), Return On Equity (ROE) Dan Debt To Equity Ratio (DER) Terhadap Return Saham. Jurnal Manajemen Diversifikasi Jurnal Manajemen Diversifikasi. Jurnal Manajemen, 1(1), 1–11. https://doi.org/10.24127/diversifikasi.v1i1.509
Jogiyanto. (2018). Metodologi Penelitian Bisnis: Salah Kaprah dan Pengalaman-pengalaman. Yogyakarta: BPFE.
Joseph, W. A. (2021). The Predictability of Market Value Ratios on Firm’s Stock Returns, Evidence from Kenya. African Journal of Education, Science and Technology, 6(4), 112–120. https://ajest.info/index.php/ajest/article/view/721
Kasmir, (2018). Analisis Laporan Keuangan, Edisi Pertama, Cetakan Kesebelas. Jakarta: PT. Rajagrafindo Persada.
Modigliani, F. dan Miller. M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53 (3) June.
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 ). Scientific Journal of PPI-UMK, 7(1), 10–16. https://www.kemalapublisher.com/index.php/ppi-ukm/article/view/452
Nainggolan, W. C., & Widajatun, V. W. (2020). The Influence of Monetary Performance on Stock Return in Consumer Goods Industry. International Journal of Finance & Banking Studies (2147-4486), 9(3), 39–50. https://doi.org/10.20525/ijfbs.v9i3.801
Napitu, R, Damanik, E.O.P dan Purba, B.P.B (2020). Pengaruh Ratio Profitabilitas Terhadap Return Saham Di Bursa Efek Indonesia. Jurnal Education and Development. Vol.8 No.3 Edisi Agustus 2020, pp. 216-220. https://journal.ipts.ac.id/index.php/ED/article/view/1940
Nurfiana, P.I, Rachma, N dan Khalikussabir. (2021). Pengaruh Rasio Likuiditas, Rasio Leverage dan Rasio Profitabilitas Terhadap Return Saham Dengan EPS Sebagai Variabel Intervening Pada Perusahaan Manufaktur Tahun 2017-2019. e – Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi dan Bisnis Unisma, Isuue 4, pp.112-129. http://download.garuda.kemdikbud.go.id/article.php?article=3369962&val=29562
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-Journa, 4(3), 4967–4982. https://www.bircu-journal.com/index.php/birci/article/view/2283/pdf
Ohlson, J. (1995). Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective. Contemporary Accounting Research, Vol. 18, No. 1: 107-120.
Pandaya, P., Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2), 233–243. https://doi.org/10.37932/ja.v9i2.156
Parapat, E. P. S. (2018). Pengaruh Rasio Keuangan Perushaan, Price Earning Ratio Terhadap Return Saham Dan Earning Per Share Sebagai Variabel Moderating Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Tesis, 1–105
Pasaribu, D. (2018). Pengujian Teori Pecking Model Dan Trade Off Dalam Analisis Struktur Modal Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan Methodist, Vol. 2, No. 1, pp.14 – 28.
Purnomo, G., & Soekotjo, H. (2019). Pengaruh DER , EPS , ROA , ROE Terhadap Return Saham Perusahaan Kosmetik di BEI. Jurnal Ilmu Dan Riset Manajemen (JIRM), 8(7), 1–18. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/2322
Rasyad, R. Z., Iskandar, R., & Azis, M. (2020). Determinant of Stock Returns with Inflation as a Moderating Variable. Saudi Journal of Business and Management Studies, 5(6), 353–360. https://doi.org/10.36348/sjbms.2020.v05i06.006
Ricardo, J., & Mustafa, M. (2021). Analysis of the Fundamental Factors of the Company That Affects the Return of the Company’s Shares (Study on Toll Road, Port, Airport and Transportation Sub-Sector Companies Listed on the Indonesia Stock Exchange 2013-2018). International Journal of Innovation Science And Research Technology, 6(1), 1166–1176. https://bit.ly/36Rt5XF
Sansoethan dan Suryono. (2016) . Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Makanan Dan Minuman, Jurnal Ilmu Dan Riset Akuntans,: Vol. 5, No.1, pp 13.25.
Santoso, H., & Ugut, G. S. S. (2021). The Effect of ROA, ROE, CR, DER and EVA on Stock Return of Non-Banking Companies Listed on the Lq-45 Index and Sri- Kehati Index on the Indonesia Stock Exchange 2015-2019. Budapest International Research and Critics Institute (BIRCI-Journal), 4(3), 4983–4997. https://www.bircu-journal.com/index.php/birci/article/view/2284
Sari, L., & Kurniasih, A. (2021). The Effect of Fundamental Factors on The Stock Return of Agricultural Sector Companies Registered in Indonesia Stock Exchange. International Journal of Economics, Business and Managemenet Research, 5(3), 55–69. https://ijebmr.com/uploads/pdf/archivepdf/2021/IJEBMR_695.pdf
Sausan, F. R., Korowajiyanti, L., & Ciptaningtias, A. F. (2020). The Effect of Return on Asset (ROA), Debt to Equity Ratio (DER), Earning per Share (EPS), Total Asset Turnover (TATO) and Exchange Rate on Stock Return of Property and Real Estate Companies at Indonesia Stock Exchange Period 2012-2017. Ilomata International Journal of Tax and Accounting, 1(2), 103–114. https://doi.org/10.52728/ijtc.v1i2.66
Sayedy, B., & Ghazali, M. Z. (2017). The Impact of Microeconomic Variables on Stock Return by Moderating of Money Supply. Asian Social Science, 13(12), 191. https://doi.org/10.5539/ass.v13n12p191
Sartono, A. (2018). Manajemen keuangan, teori dan apikasi. Edisi Empat. Yogyakarta: BPFE.
Sriyono & Suciwati, H. (2017). The Dynamics of Changes in Return of Stocks on Food and Beverages Companies Registered in Indonesia Stock Exchange. Journal of Management and Business, 16(2), 67–73. https://doi.org/10.24123/jmb.v16i2.357
Tandelilin, E. (2018). Portofolio dan investasi: teori dan aplikasi. Edisi Pertama. Kanisius. Yogyakarta.
Wibowo, A., & Christiningrum, M. F. (2017). Analisis Pengaruh Profitabilitas, Kebijakan Utang, Dan Struktur Aset Terhadap Harga Serta Return Saham Dengan Kualitas Audit Sebagai Variabel Pemoderasi. Jurnal Esensi, 20 (3), 37-52. https://ibn.e-journal.id/index.php/ESENSI/article/view/25.
www.idx.co.id
Published
2023-08-24
How to Cite
Sugiono, S., Abdul Halim, & Djuni Farhan. (2023). - Stock Return: Effect Return On Equity And Debt To Equity Ratio Moderated Earning Per Share: -. Asian Journal of Management, Entrepreneurship and Social Science, 3(04), 147-170. Retrieved from http://www.ajmesc.com/index.php/ajmesc/article/view/499
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