ENVIRONMENTAL PERFORMANCE, PROFITABILITY, AND LEVERAGE ON STOCK RETURN

Main Article Content

Regina Valensia
Yanti Yanti

Abstract

This research aims to evaluate the influence of environmental performance, profitability, and leverage on stock return in energy companies listed on the Indonesia Stock Exchange. Purposive sampling method was employed, utilizing data from 82 samples across 17 energy companies during the 2018 to 2022. Samples were gathered and processed using Microsoft Excel 2019 and IBM Statistics Version 20. This research indicates that profitability has a positive and significant impact on stock return, while environmental performance and leverage do not significantly affect stock return. The adjusted R2 value of 9.3% suggests that there are still other factors influencing stock return within the regression model. This research provides valuable insights for stakeholders in understanding the factors influencing stock return in energy companies.

Article Details

Section
Articles

References

Agustin, R., Nurcahyono, Sinarasri, A., & Sukesti, F. (2023). Financial Ratio and Stock Returns in Indonesia Equity Markets: A Signaling Theory Approach. Advances in Economics, Business and Management Research, 1(1), 277–292. https://doi.org/10.2991/978-94-6463-154-8_25

Alfiyah, F. N., & Lubis, I. (2021). Effect of Return on Equity and Debt to Equity Ratio to Stock Return. Indonesian Financial Review, 1(1), 18-32. https://doi.org/10.55538/ifr.v1i1.3

Arianti, B. F. (2019). Analisis Pengaruh Voluntary Disclosure Dan Keuangan Terhadap Return Saham Dengan Good Corporate Governance Sebagai Pemoderasi. JIMUPB Jurnal Ilmiah Manajemen, 8(1), 28- 38. https://doi.org/10.33884/jimupb.v8i1.1483

Bowens, M. J. A., & Endri. (2018). Determinants of Stock Returns of Telecommunications Companies Listed on the Indonesia Stock Exchange. Saudi Journal of Economics and Finance (SJEF), 2(4), 193-204.

Dewi, S. N. (2019). Pengaruh Kinerja Lingkungan Terhadap Kinerja Keuangan Dengan Corporate Sosial Responsibility Sebagai Variabel Intervening (Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018). Jurnal Manajemen Dayasaing, 21(2), 144-150. https://doi.org/10.23917/dayasaing.v21i2.9866

Dinova, R. D. K., & Herawati, A. (2019). The Effect Of Profitability, Capital Structure, And Corporate Value On Stock Return (Pharmaceutical Sub Sector In Indonesia Stock Exchange 2015-2017). Dinasti International Journal of Education Management Social Science, 1(2), 224-234. https://doi.org/10.31933/dijemss.v1i2.86

Endri, E., Darmawan, 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.

Endri, E., Rinaldi, M., Arifian, D., Saing, B., & Aminudin, A. (2021). Oil Price and Stock Return: Evidence of Mining Companies in Indonesia. International Journal of Energy Economics and Policy, 11(2), 110-114. https://doi.org/10.32479/ijeep.10608

Febrianti, V. D., & Saadah, S. (2023). Stock liquidity and stock returns: the moderating role of financial constraints. Journal of Accounting and Investment, 24(2), 292-305. https://doi.org/10.18196/jai.v24i2.16483

Firdaus, Y. A., Ngatini, & Wijaya, S. U. (2023). Pemodelan Regresi Data Panel Harga Beras di Wilayah Indonesia Bagian Barat. J Statistika, 16(2), 486 - 498. https://doi.org/10.36456/jstat.vol16.no2.a8061

Gavrilakis, N., & Floros, C. (2023). ESG performance, herding behavior and stock market returns: evidence from Europe. Operational Research, 23(3), 1-21. https://doi.org/10.1057/s41310-023-00182-8

Harimauwan, J., & Lukman, H. (2023). The Effect of Environmental Performance, Corporate Social Responsibility, Earnings Per Share, and Return on Assets on Stock Returns on Manufacturing Companies. International Journal of Application on Economics and Business, 1(1), 61-69. https://doi.org/10.24912/ijaeb.v1i1.61-69

Iskandar, Y. (2020). The Effects Of ROA, ROE, NPL, and Operating Expenses To Operating Revenues On Stock Return At Commercial Banks In Indonesia. Journal of Applied Management (JAM), 18(4), 701-711. http://dx.doi.org/10.21776/ub.jam.2020.018.04.09

Kusmayadi, D., Rahman, R., & Abdullah, Y. (2018). Analysis Of The Effect Of Net Profit Margin, Price To Book Value, And Debt To Equity Ratio On Stock Return. International Journal of Recent Scientific Research, 9(7), 28091-28095. https://doi.org/10.24327/IJRSR

Luo, D. (2022). ESG, liquidity, and stock returns. Journal of International Financial Markets, Institutions & Money, 78(1), 1-21. https://doi.org/10.1016/j.intfin.2022.101526

Machdar, N. M. (2017). Corporate Financial Performance, Corporate Environmental Performance, Corporate Social Performance And Stock Return. Jurnal Manajemen dan Kewirausahaan, 19(2), 118–124. https://doi.org/10.9744/jmk.19.2.118-124

Mangindaan, J. V., & Manossoh, H. (2020). AnalisisPerbandinganHarga Saham PT Garuda Indonesia Persero (Tbk.) Sebelum dan Sesudah Pandemi Covid-19. Jurnal Administrasi Bisnis (JAB), 10(2), 80-85. https://doi.org/10.35797/jab.v10.i2.80-85

Mustika, D. I., Djatnika, D., & Setiawan. (2022). Pengaruh Kinerja Keuangan Perusahaan dan Variabel Makroekonomi terhadap Harga Saham yang Terdaftar di Jakarta Islamic Index. Journal of Applied Islamic Economics and Finance, 2(2), 351-362. https://doi.org/10.35313/jaief.v2i2.2974

Nadyayani, D. A. D., & Suarjaya, A. A. G. (2021). The Effect Of Profitability On Stock Return. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 695-703.

Okpo, S. A., & Emenyi, E. O. (2023). Corporate Strategies Information Disclosure And Behaviour Of Investors In The Nigerian Capital Market. Business Management GPH International Journal, 6(5), 38-50. https://doi.org/10.5281/zenodo.8074047

Qotimaj, K., Kalangi, L., & Korompis, C. W. M. (2023). Pengaruh Analisa Fundamental Terhadap Return Investasi Pada Saham Second Liner Di Sektor Energi Periode 2019-2022 yang Terdaftar Di Bursa Efek Indonesia. Jurnal EMBA, 11(3), 12-26. https://doi.org/10.35794/emba.v11i3.48797

Ratih, I. G. A. A. N., & Candradewi, M. R. (2020). The Effect of Exchange Rate, Inflation, Gross Domestic Bruto, Return on Assets, and Debt to Equity Ratio on Stock Return in LQ45 Company. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(6), 170-177.

Saputra, F. (2022). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. Dinasti International Journal Of Economics, Finance & Accounting, 3(1), 82-94. https://doi.org/10.38035/dijefa.v3i1.1238

Sausan, F. R., Korawijayanti, 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

Siregar, R., & Dewi, A. (2019). Analysis The Effect of Fundamental Financial Ratio of ROA, DER, CR, TATO And PBV on Stock Return of Plantation Sub Sector Industry at IDX 2014 – 2017. International Journal of Innovative Science and Research Technology, 4(7), 405-414.

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355-374. https://doi.org/10.2307/1882010

Syarif, M., Paksi, Y. F. A., Indrawan, H. E., & Gurhanawan. (2022). Analisis Pengaruh Kinerja Keuangan Dan Manajemen Modal Kerja Terhadap Return Saham (Studi kasus pada Perusahaan Leasing yang terdaftar di BEI tahun 2019 – 2021). Jurnal Akrab Juara, 7(2), 290-299.

Trisnowati, Y., Achsani, N. A., Sembel, R., & Andati, T. (2022). The Effect of ESG Score, Financial Performance, and Macroeconomics on Stock Returns during the Pandemic Era in Indonesia. International Journal of Energy Economics and Policy, 12(4), 166-172. https://doi.org/doi:10.32479/ijeep.13212

Wijaya, D. P., & Sedana, I. B. P. (2020). Effects of Quick Ratio, Return on Assets and Exchange Rates on Stock Returns. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(1), 323-329.

Wijaya, R. (2019). Analisis Perkembangan Return On Assets (ROA) dan Return On Equity (ROE) untuk Mengukur Kinerja Keuangan. Jurnal Ilmu Manajemen Universitas Muhammadiyah Palembang, 9(1), 40-51. https://doi.org/10.32502/jimn.v9i1.2115