Determinants of Stock Returns on the Food and Beverage Companies Sub-Sector Beverages on Stock Index Sharia Indonesia 2017-2021

Revi Candra; Husni Shabri; Gampito Gampito; Deena Sawiyya; Elfadhli Elfadhli

doi:10.31958/imara.v8i1.12317

Determinants of Stock Returns on the Food and Beverage Companies Sub-Sector Beverages on Stock Index Sharia Indonesia 2017-2021

Revi Candra, Husni Shabri, Gampito Gampito, Deena Sawiyya, Elfadhli Elfadhli

Abstract

Background. The research was conducted based on the phenomenon that Earning Per Share (EPS) and Price Book Value (PBV) did not increase stock returns linearly, as well as a decrease in the Leverage Ratio (DER) value, did not increase stock returns linearly.

Purpose. This study aims to determine the effect of EPS, DER, and PBV on stock market returns of food and beverage subsector manufacturing companies on the Indonesia Stock Exchange in 2017-2021.

Method. This research was conducted using a quantitative descriptive approach, the research data was accessed through the IDX website at www.idx.co.id. The population of this research data is food and beverage sub-sector manufacturing companies listed on the IDX, the sampling technique uses purposive sampling technique, from determining the sample. get 11 manufacturing companies in the food and beverage sub-sector on the Indonesia Stock Exchange in 2017-2021. Based on initial observations between 2017 and 2021 there is a deviation between each variable, from the theory obtained, if Earning Per share (EPS) increases, stock returns also increase, and vice versa, as well as the Debt to Equtiy Ratio (DER), if DER increases, stock returns decrease, and vice versa, and if the PBV value is larger, the share price will also increase, If the stock price is higher, then the stock return is also higher. Meanwhile, based on the analysis of financial statement data obtained from the Indonesian Sharia Stock Index in 2017-2021, there are data that are not in accordance with the theory. The software used Eviews12 with the data analysis method is a multiple linear regression test.

Results. This study proves that EPS, DER, and PBV affect Stock Returns. Partially. EPS and PBV do not affect stock returns. DER affects stock returns.

Conclusion. Simultaneously, EPS, DER, and PBV affect Stock Returns. Partially EPS and PBV do not affect stock returns. DER affects stock returns

Keywords

Stock Return, Earning PerShare, Debt to Equity Ratio, Price Book Value

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DOI: http://dx.doi.org/10.31958/imara.v8i1.12317