Debt to Equity Ratio, Total Asset Turnover dan Stock Return Perusahaan Energi
DOI:
https://doi.org/10.33998/jumanage.2026.5.2.2959Abstrak
Abstrak
Stock return merupakan salah satu indikator yang digunakan investor dalam menilai kinerja investasi sehingga dipengaruhi oleh kondisi fundamental perusahaan. Penelitian ini bertujuan menganalisis pengaruh Debt to Equity Ratio (DER) dan Total Asset Turnover (TATO) terhadap Stock Return pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2015–2023. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan dan harga saham enam perusahaan sektor energi yang dipilih melalui teknik purposive sampling sehingga diperoleh 54 observasi. Data dianalisis menggunakan regresi data panel dengan bantuan software EViews 12. Hasil penelitian menunjukkan bahwa secara parsial DER tidak berpengaruh signifikan terhadap stock return, sedangkan TATO juga tidak berpengaruh signifikan terhadap stock return. Secara simultan, DER dan TATO tidak berpengaruh signifikan terhadap stock return. Nilai koefisien determinasi sebesar 0,000414 menunjukkan bahwa variasi stock return lebih banyak dipengaruhi oleh faktor lain di luar model penelitian. Penelitian ini menyimpulkan bahwa leverage dan efisiensi penggunaan aset belum mampu menjelaskan perubahan stock return pada perusahaan sektor energi selama periode penelitian.
Kata kunci: debt to equity ratio, sektor energi, stock return, total asset turnover
Unduhan
Referensi
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