The Effect Of Liquidity, Solvency, Activity, And Profitability On Stock Returns
Keywords:
Stock Returns, Liquidity, Solvency, Activity, ProfitabilityAbstract
The restaurant, hotel, and tourism subsector is a part of the service industry that plays a crucial role in the national economy through its contribution to Gross Domestic Product (GDP), job creation, and foreign exchange earnings. However, despite its strategic importance, this subsector has experienced fluctuations in firm value, as reflected in stock returns, particularly following the impact of the COVID-19 pandemic. This study aims to analyze the effect of liquidity (Current Ratio), solvency (Debt to Equity Ratio), activity (Total Asset Turnover), and profitability (Return on Asset) on stock returns of companies in the restaurant, hotel, and tourism subsector listed on the Indonesia Stock Exchange for the 2018–2023 period. The research uses a quantitative approach with a causal research design and panel data analysis. The sample consists of 6 companies selected using a saturated sampling method. Data were analyzed using panel data regression with EViews software. The results show that simultaneously, all independent variables affect stock returns. Partially, CR and DER have a positive and significant effect, TATO has a significant but negative effect, while ROA does not have a significant effect. These findings provide valuable insights for investors in making investment decisions and for company management in optimizing financial performance to enhance the attractiveness of their stock.
Downloads
References
Ajar, B., Data, R., & Basuki, A. T. (2009). PANDUAN.
Albertus, R. H. (2022). the Effect of Current Ratio, Inventory Turnover, Debt To Equity Ratio, and Net Profit Margin on the Value of Companies in the Healthcare Sector Listed on Idx 2017-2020. Strategic Management Business Journal, 2(01), 8–16. https://doi.org/10.55751/smbj.v2i01.29
Alfian, Y., & P. Novi. (2023). MES Management Journal. Pengaruh ROA, CR, ATO, Dan DER Terhadap Return Saham Perusahaan Sub Sektor Aneka Industri Otomotif & Komponen Selama Pandemi Covid-19 Yudika, 2, 72–76.
Andrie, K. (2021). Analysis of the Effect of Return on Asset , Debt To Equity Ratio , and Total Asset Turnover on. Journal of Industrial Engineering & Management Research, 2(1), 64–72.
Asikin, B., Afifah, E. S. N., Aldiba, H., Kania, N. A. N., & Rajab, R. A. A. A. R. F. (2021). The Effect of Liquidity, Solvency, And Profitability on Stock Return (Empirical Study on Property, Real Estate, And Building Construction Companies Listed on The Indonesia Stock Exchange for the 2014-2017 Period). Review of International Geographical Education Online, 11(5), 872–885. https://doi.org/10.48047/rigeo.11.05.83
Bayu, D. (2023). Data Kontribusi Pariwisata terhadap PDB Indonesia hingga September 2023. DataIndonesia.Id. https://dataindonesia.id/pariwisata/detail/data-kontribusi-pariwisata-terhadap-pdb-indonesia-hingga-september-2023
Dini, S., Hulu, Y. A., Zebua, M., & Purba, E. (2021). Pengaruh Total Asset Turnover (Tato), Price Book Value (Pbv), Debt To Equity Ratio (Der) Dan Return on Equity (Roe) Terhadap Return Saham. Jambura Economic Education Journal, 3(2), 116–127. https://doi.org/10.37479/jeej.v3i2.10633
Hasanudin, H. (2022). Current Ratio, Debt to Equity Ratio, dan Return on Asset terhadap Return Saham. Journal of Management and Bussines (JOMB), 4(1), 578-593.Handayani, T., Ladewi, Y., & Rahayu, S. (2022). The Effect of Current Ratio, Return on Assets, Debt to Equity Ratio and Economic Value Added on Stock Returns in Manufacturing Companies Listed on the IDX. International Journal of Arts and Social Science, 5(8), 31–41. www.ijassjournal.com
Hidayat, A. F. P., Ginting, R. I., Adistira, R., & Nursjanti, F. (2022). Effect of Current Ratio, Debt of Equity Ratio, Return on Assets, Earnings Per Share, and Net Profit Margin on Stock Price in Transportation and Logistics Sector Companies Listed On The Indonesia Stock Exchange In 2014-2019. Central Asia and …, 71–81. https://www.ca-c.org/submissions/index.php/cac/article/download/561/434
Jufrizen, & Hadi, F. P. (2021). Jurnal Sains Manajemen. Pengaruh Fasilitas Kerja Dan Disiplin Kerja Terhadap Kinerja Karyawan Melalui Motivasi Kerja, 7(1), 66–77. https://ojs.nitromks.ac.id/index.php/jsmn
Kamajaya, B., & Kusumawati, E. (2022). the Effect of Liquidity, Solvency, Activity, and Profitability on Stock Return. The 15th University Research Colloqium 2022, 125–137.
Kementerian Keuangan. (2023). Kian Melesat di 2023, Pariwisata Indonesia Bersiap Menuju Level Prapandemi - Media Keuangan. Media Keuangan. https://mediakeuangan.kemenkeu.go.id/article/show/kian-melesat-di-2023-pariwisata-indonesia-bersiap-menuju-level-prapandemi
Lestari, M. D., Karim, N. K., & Hudaya, R. (2022). Pengaruh Profitabilitas, Leverage dan Likuiditas terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. Riset, Ekonomi, Akuntansi Dan Perpajakan (Rekan), 3(1), 1–16. https://doi.org/10.30812/rekan.v3i1.1704
Muriuki, A. M. (2021). SIGNALING EFFECT OF FINANCING DECISIONS ON CORPORATE EARNINGS: A SURVEY OF NON FINANCIAL FIRMS LISTED IN KENYA.
Ramdiani, D. M., & Iradianty, A. (2022). Pengaruh Roa, Roe, Eps, Der, Tato Dan Firm Size Terhadap Return Saham Perusahaan Transportasi Dan Logistik. Jurnal Ilmiah MEA, 6(2), 884–893.
Rizkina Swara, L. (2019). Pentingnya Teknologi dalam Sektor Pariwisata – Ditjen Aptika. Kementrian Komunikasi Dan Informatika RI.
Sinaga, N., Hutabarat, A. Y., & Silalahi, E. (2020). Pengaruh Kinerja Keuangan Terhadap Return Saham Pada Perusahaan Sektor Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2017-2020. Seminar Nasional Manajemen Dan Akuntansi (SMA), 1(1), 209–223.
Sulastri, S., Sari, M., & Rismayanti, E. (2021). Dividend Policy and Solvency Effects on Stock Returns of Manufacturing Companies. Proceedings of the 5th Global Conference on Business, Management and Entrepreneurship (GCBME 2020), 187(Gcbme 2020), 91–97. https://doi.org/10.2991/aebmr.k.210831.020
Umdiana, N., & Claudia, H. (2020). Struktur Modal Melalui Trade Off Theory. Jurnal Akuntansi Kajian Ilmiah Akuntansi (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930
Labbaik, M., Mujtaba, M. I. E., Primasatya, R. D., & Lorensa, L. (2024). Faktor yang berdampak kepada harga saham saat pemulihan ekonomi nasional Covid-19. Owner: Accounting Research & Journal, 8(4), 4887–4899.
Basu, S. (1977). Investment performance of common stocks in relation to their price-earnings ratios: A test of the efficient market hypothesis. The Journal of Finance, 32(3), 663-682.
Rana, J., & Purohit, H. (2021). Efficient Market Hypothesis (EMH) through the application of distributed ledger technology (DLT) tools. The American Journal of Humanities and Social Sciences Research (THEAJHSSR), 4(5), 79–86.
Basuki, A. T., & Prawoto, N. (2021). Analisis data panel dalam penelitian ekonomi dan bisnis. Universitas Muhammadiyah Yogyakarta.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Business, Economics, Law, Communication, and Social Sciences
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
