PENGARUH PROFITABILITAS, LIKUIDITAS DAN LEVERAGE TERHADAP RETURN SAHAM (STUDI PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR PADA BEI TAHUN 2022)

Abstract

This study aims to analyze the influence of profitability, liquidity, and leverage on stock returns in energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2022. The research seeks to provide insights for investors and company management in understanding the factors affecting stock returns in the energy sector, serving as a reference for future research. The study utilizes data from 39 companies selected out of 84 using purposive sampling techniques. The research methodology involves Structural Equation Modeling (SEM) tested with Warp PLS 8.0 software. Data collection and analysis methods are employed to examine the relationships between profitability, liquidity, leverage, and stock returns. The results indicate that profitability has a significant positive effect on stock returns (beta = 0.38, P-value < 0.01), suggesting that increased profitability tends to enhance stock returns. Conversely, liquidity does not have a significant effect on stock returns (beta = -0.13, P-value = 0.21), indicating that a company's liquidity does not impact stock returns. Similarly, leverage does not significantly influence stock returns (beta = -0.01, P-value = 0.48), suggesting that the level of a company's debt does not significantly affect stock returns. This study offers valuable insights into the factors influencing stock returns in the energy sector, highlighting the importance of profitability over liquidity and leverage. The findings contribute to the existing literature by providing empirical evidence from the Indonesian energy sector and offer practical implications for investors and company management in making informed decisions.