The Influence of Investment Returns, Growth Opportunities, Asset Structure on Stock Returns With Capital Structure As An Intervening Variable In Food & Beverage Sector Companies
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Abstract
This research aims to examine the influence of investment returns, growth opportunities, asset structure on stock returns with capital structure as an intervening variable in food & beverage sector companies.This research uses a quantitative type of research.The population in this research involved 40 food & beverage companies registered on the IDX in the 2018-2021 period. The sample was 13 companies. The data analysis method used is path analysis. The results of the research are that ROI-Return on Investment has no significant effect on stock returns in Food & Beverage Sector Companies. AG-Asset Growth has no significant effect on stock returns in Food & Beverage Sector Companies. FAR-Fixed Asset Ratio does not have a significant effect on stock returns in Food & Beverage Sector Companies.Return on Investmenthas a negative influence on stock returns throughdebt to equityIn Food & Beverage Sector Companies.Growth Opportunitieshas a negative influence on stock returns throughdebt to equityIn Food & Beverage Sector Companies.Asset Structurehas a negative influence on stock returns throughdebt to equityIn Food & Beverage Sector Companies.
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References
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Almira, NPAK, & Wiagustini, NLP (2020). Return on Assets, Return on Equity, and Earning Per Share Influence Stock Returns. Udayana University Management E-Journal, 9(3), 1069.https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
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Andika, IKR, & Sedana, IBP (2019). The influence of profitability, asset structure, and company size on capital structure. Management E-Journal, 8(9), 5803-5824.
Anggelita Prichilia T. Harijanto S. and Victorina Z. Tirayoh. 2018. The influence of asset structure and profitability on capital structure in consumer goods industry sector companies listed on the Indonesian stock exchange. Journal of Accounting Research Going Concern 13(3), 2018, 477-488.
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Kholifah, DN, & Retnani, ED (2021). The influence of interest rates, dividend policy, and capital structure on stock returns. Journal of Accounting Science and Research (JIRA), 10(7).
Mazid, A., Listyaningsih, E., & Indriani, W. (2022). THE IMPACT OF THE COVID-19 PANDEMIC ON STOCK RETURNS IN THE PROPERTY AND REAL ESTATE SECTOR LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE 2020 PERIOD. Bung Hatta University Management Journal, 17(1), 43-51.
Mulyono. 2018. Achievement Through JFP Come on, collect your credit score. Yogyakarta:
Nasution, DAD, Erlina, E., & Muda, I. (2020). The impact of the Covid-19 pandemic on the Indonesian economy. Benefita Journal, 5(2), 212-224.
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Ningsih, RA, & Soekotjo, H. (2017). The Influence of Capital Structure, Profitability and Liquidity on Stock Returns. Journal of Management Science and Research (JIRM), 6(1).
Novianti, RD, & Hendrawati, H. (2020). THE EFFECT OF ASSET GROWTH, RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO ON SHARIA STOCK RETURNS WITH INCOME SMOOTHING AS A MODERATION VARIABLE (Empirical Study of Property and Real Estate Sub-Sector Companies Listed in the Indonesian Sharia Stock Index for the 2016-2019 Period) THE EFFECT OF ASSET GROWTH , RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO TO SHARIA STOCK RETURN WITH INCOME SMOOTHING AS MODERATION VARIABLE (Empirical Study on Property and Real Estate Sub-Sector Companies Listed on .... EFFECT OF ASSET GROWTH, RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO ON SHARIA STOCK RETURN WITH INCOME SMOOTHING AS A MODERATION VARIABLE.
Priyagung, GP (2019). The Influence of Company Size, Asset Structure, Profitability, Growth and Liquidity on Capital Structure (Empirical Study of Manufacturing Companies listed on the IDX for the 2012-2016 Period). Dewantara Management, 3(2), 233-249.
Profitability, Company Size, Liquidity, and Managerial Ownership of
Rachdian, R., & Achadiyah, BN (2019). The Influence of Basic Earnings Power (BEP), Market Value Added (MVA), and Return on Investment (ROI) on Stock Returns. Nominal: Barometer of Accounting and Management Research, 8(2), 239-254.
RAHAYU, D.P. (2018). THE INFLUENCE OF ASSETS STRUCTURE, COMPANY SIZE, PROFITABILITY AND LIQUIDITY ON STOCK RETURNS (Doctoral dissertation, Muhammadiyah University Gresik).
Ramadan, A. (2019). The influence of profitability ratios and asset growth on stock returns with capital structure as an intervening variable: Study of food and beverage companies listed on the IDX for the 2014-2017 period (Doctoral dissertation, Maulana Malik Ibrahim State Islamic University).
Roza, S., & Hidayati, F. (2022). The Influence of Asset Structure and Working Capital on Stock Returns Case Study of Transportation Sub-Sector Companies Listed on the Indonesian Stock Exchange for the 2017-2020 Period. ADVANCED Journal, 16(1), 1-12.
Sabiila, Syahidah Izzata. (2022). First Corona Case in Indonesia, Here's a Look Back After 2 Years Have Passed. Detik news.
Semarang: Diponegoro University Publishing Agency.
Sudana, IM (2015). Corporate Financial Management Theory and Practice 2nd Edition. Jakarta: Erlangga
Sugiyono. (2017). Quantitative, Qualitative and R&D Research Methods. Bandung: PT. Alfabet.
Sugiyono. (2018). Quantitative, Qualitative, and R&D Research Methods. Bandung: Alphabeta.
Tumonggor, M., Murni, S., & Van Rate, P. (2017). Analysis of the influence of current ratio, return on equity, debt to equity ratio and growth on stock returns in the cosmetics and household industry listed on the IDX for the 2010-2016 period. EMBA Journal: Journal of Economic, Management, Business and Accounting Research, 5(2).
Utami, Evi Fatmi et al. 2020. Qualitative & Quantitative Research Methods. Yogyakarta : CV. Science Library
Yanti, ER, & SE, M. (2022). Capital Structure and Stock Prices (Theoretical & Practical Review). Indonesian Science Media.
Aini, N., Susilowati, Y., Murdianto, A., & Wulandari, P. (2020). The Influence of Return On Assets, Current Ratio, Debt To Equity Ratio, and Asset Growth on Stock Returns (Case Study of Mining Companies Listed on the IDX in 2015–2017).
Almira, NPAK, & Wiagustini, NLP (2020). Return on Assets, Return on Equity, and Earning Per Share Influence Stock Returns. Udayana University Management E-Journal, 9(3), 1069.https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Amri, A, & Ramdani, Z (2020). The influence of exchange rates, dividend policy and capital structure on stock returns in companies listed on the Jakarta Islamic Index. Journal of Finance and Banking Science (JIKA), ojs.unikom.ac.id,http://ojs.unikom.ac.id/index.php/jika/article/view/3556
Amri, A., & Ramdani, Z. (2020). The influence of exchange rates, dividend policy and capital structure on stock returns in companies listed on the Jakarta Islamic Index. Journal of Finance and Banking Science (IF), 10(1), 17-36.
Andika, IKR, & Sedana, IBP (2019). The influence of profitability, asset structure, and company size on capital structure. Management E-Journal, 8(9), 5803-5824.
Anggelita Prichilia T. Harijanto S. and Victorina Z. Tirayoh. 2018. The influence of asset structure and profitability on capital structure in consumer goods industry sector companies listed on the Indonesian stock exchange. Journal of Accounting Research Going Concern 13(3), 2018, 477-488.
Arikunto, Suharsimi. (2019). Research Procedures A Practical Approach. Jakarta: Rineka Cipta.
Baharuddin, B. (2022). The Influence of Asset Structure, Asset Growth, and Profitability on Capital Structure at PT. Bank Danamon Indonesia. Journal of Economics, Management and Banking, 7(3), 121-130.
Bandung: Alphabeta.
Cashmere. (2016). Financial Report Analysis. Jakarta: Rajawali Grafindo Persada.
Company Capital Structure (Empirical Study of Manufacturing Companies Listed on the Indonesian Stock Exchange for the 2013-2015 Period). Accounting Student Scientific Journal 7(1):1-12.
DEEPUBLISH.
Devi, NMNC, NLGE Sulindawati, and MA Wahyuni. 2017. Influence of Asset Structure,
Devy, H. S. (2018). Profitability of stock returns. Journal of Economics and Business, 19(3), 36–46.
Fahmi, Irham. (2017). Financial Report Analysis. Bandung: Alphabeta.
Fahmi, Irham. 2015. Introduction to Financial Management Theory and Questions and Answers.
Firmansyah, A., Karyadi, EA, & Setyaningtyas, HS (2021). Profit management, asset growth, stock returns in retail subsector companies in Indonesia. Jember University Accounting Journal, 18(2), 62-72.
Firmanullah, N., & Darsono, D. (2017). Factors that influence capital structure in Indonesian companies (in manufacturing companies listed on the IDX in 2011-2014). Diponegoro Journal of Accounting, 6(3), 190-198.
Ghozali, I. (2016) Application of Multivariate Analysis Using the IBM SPSS 23 Program. Edition 8. Semarang: Diponegoro University Publishing Agency.
Ghozali, I. 2018. Application of Multivariate Analysis Using the IBM SPSS 25 Edition 9 Program.
Ginting, G. (2021). Investment and Capital Structure. Bandung: CV. Azka Library
Halim, Siana. 2022. Operational Research I. Surabaya: Institute for Research and Community Service
Hani, Syafrida. (2015). Financial Report Analysis Techniques. Publisher Umsu Press.
Harry. (2015). Financial Statement Analysis (1st Edition). Yogyakarta: Center For Academic Publishing Services.
Harry. (2015). Financial Statement Analysis (1st Edition). Yogyakarta: Center For Academic Publishing Services.
Hartono, J. (2017) Portfolio Theory and Investment Analysis. Yogyakarta: BPFE Yogyakarta.
https://news.detik.com/berita/d-5964691/kas-corona-pertama-di-indonesia-ini-kilas-baik-usai-2-tahun-berlalu
https://www.beritasatu.com/tajuk/5886/prospek-industri-makanan-dan-minuman
Irawan. (2018). Financial Management 2. Medan, North Sumatra: Smartprint.
Jusmansyah, M. (2020). ANALYSIS OF THE INFLUENCE OF CURRENT RATIO, DEBT TO EQUITY RATIO, TOTAL ASSET TURN OVER, AND RETURN ON EQUITY ON STOCK PRICES. Journal of Economics and Management, 9(2), 179-198.
Kholifah, DN, & Retnani, ED (2021). The influence of interest rates, dividend policy, and capital structure on stock returns. Journal of Accounting Science and Research (JIRA), 10(7).
Mazid, A., Listyaningsih, E., & Indriani, W. (2022). THE IMPACT OF THE COVID-19 PANDEMIC ON STOCK RETURNS IN THE PROPERTY AND REAL ESTATE SECTOR LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE 2020 PERIOD. Bung Hatta University Management Journal, 17(1), 43-51.
Mulyono. 2018. Achievement Through JFP Come on, collect your credit score. Yogyakarta:
Nasution, DAD, Erlina, E., & Muda, I. (2020). The impact of the Covid-19 pandemic on the Indonesian economy. Benefita Journal, 5(2), 212-224.
News One. (2018). Food and Beverage Industry Prospects. BeritaSatu.
Ningsih, RA, & Soekotjo, H. (2017). The Influence of Capital Structure, Profitability and Liquidity on Stock Returns. Journal of Management Science and Research (JIRM), 6(1).
Novianti, RD, & Hendrawati, H. (2020). THE EFFECT OF ASSET GROWTH, RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO ON SHARIA STOCK RETURNS WITH INCOME SMOOTHING AS A MODERATION VARIABLE (Empirical Study of Property and Real Estate Sub-Sector Companies Listed in the Indonesian Sharia Stock Index for the 2016-2019 Period) THE EFFECT OF ASSET GROWTH , RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO TO SHARIA STOCK RETURN WITH INCOME SMOOTHING AS MODERATION VARIABLE (Empirical Study on Property and Real Estate Sub-Sector Companies Listed on .... EFFECT OF ASSET GROWTH, RETURN ON INVESTMENT, AND DIVIDEND PAYOUT RATIO ON SHARIA STOCK RETURN WITH INCOME SMOOTHING AS A MODERATION VARIABLE.
Priyagung, GP (2019). The Influence of Company Size, Asset Structure, Profitability, Growth and Liquidity on Capital Structure (Empirical Study of Manufacturing Companies listed on the IDX for the 2012-2016 Period). Dewantara Management, 3(2), 233-249.
Profitability, Company Size, Liquidity, and Managerial Ownership of
Rachdian, R., & Achadiyah, BN (2019). The Influence of Basic Earnings Power (BEP), Market Value Added (MVA), and Return on Investment (ROI) on Stock Returns. Nominal: Barometer of Accounting and Management Research, 8(2), 239-254.
RAHAYU, D.P. (2018). THE INFLUENCE OF ASSETS STRUCTURE, COMPANY SIZE, PROFITABILITY AND LIQUIDITY ON STOCK RETURNS (Doctoral dissertation, Muhammadiyah University Gresik).
Ramadan, A. (2019). The influence of profitability ratios and asset growth on stock returns with capital structure as an intervening variable: Study of food and beverage companies listed on the IDX for the 2014-2017 period (Doctoral dissertation, Maulana Malik Ibrahim State Islamic University).
Roza, S., & Hidayati, F. (2022). The Influence of Asset Structure and Working Capital on Stock Returns Case Study of Transportation Sub-Sector Companies Listed on the Indonesian Stock Exchange for the 2017-2020 Period. ADVANCED Journal, 16(1), 1-12.
Sabiila, Syahidah Izzata. (2022). First Corona Case in Indonesia, Here's a Look Back After 2 Years Have Passed. Detik news.
Semarang: Diponegoro University Publishing Agency.
Sudana, IM (2015). Corporate Financial Management Theory and Practice 2nd Edition. Jakarta: Erlangga
Sugiyono. (2017). Quantitative, Qualitative and R&D Research Methods. Bandung: PT. Alfabet.
Sugiyono. (2018). Quantitative, Qualitative, and R&D Research Methods. Bandung: Alphabeta.
Tumonggor, M., Murni, S., & Van Rate, P. (2017). Analysis of the influence of current ratio, return on equity, debt to equity ratio and growth on stock returns in the cosmetics and household industry listed on the IDX for the 2010-2016 period. EMBA Journal: Journal of Economic, Management, Business and Accounting Research, 5(2).
Utami, Evi Fatmi et al. 2020. Qualitative & Quantitative Research Methods. Yogyakarta : CV. Science Library
Yanti, ER, & SE, M. (2022). Capital Structure and Stock Prices (Theoretical & Practical Review). Indonesian Science Media.