SULISTIA, AMI (2025) PENGARUH LIKUIDITAS, SOLVABILITAS, AKTIVITAS, DAN PROFITABILITAS TERHADAP RETURN SAHAM (Studi Pada Subsektor Telekomunikasi Yang Tercatat Di Bursa Efek Indonesia Periode 2019-2023). S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
The telecommunications subsector is one of the strategic sectors that continues to grow in the era of globalization and makes a significant contribution to Indonesia’s economic growth. Although the number of internet users in Indonesia increased in 2023, the stock returns received by investors in this subsector actually declined. This study aims to analyze the effect of liquidity, solvency, activity, and profitability on stock returns of telecommunications subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The research design used is a causal study. The sampling technique employed is purposive sampling. Out of a total population of 14 telecommunications companies, 6 companies met the criteria to be used as samples. The analytical technique used in this study is panel data regression analysis with the assistance of Eviews 12 software. The results of the best panel data regression model test show that the fixed effect model is the most suitable model. The findings of this study indicate that liquidity, solvency, activity, and profitability simultaneously affect stock returns. Partially, solvency and profitability have a positive and significant effect on stock returns, while liquidity and activity do not have a significant effect on stock returns. Keywords: Current Ratio, Debt to Equity Ratio, Total Asset Turnover, Return on Asset, Stock Returns, and Telecommunications Subsector Subsektor telekomunikasi merupakan salah satu sektor strategis yang terus berkembang di era globalisasi dan memberikan kontribusi signifikan terhadap pertumbuhan ekonomi Indonesia. Meskipun jumlah pengguna internet di Indonesia meningkat pada tahun 2023, return saham yang diterima invertor perusahaan di subsektor ini justru mengalami penurunan. Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, solvabilitas, aktivitas, dan profitabilitas terhadap return saham perusahaan subsektor telekomunikasi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2023. Desain penelitian ini adalah studi kausalitas. Teknik pengambilan sampel yang digunakan adalah purposive sampling. Berdasarkan total populasi 14 perusahaan telrkomunikasi, terdapat 6 perusahaan yang memenuhi kriteria sebagai sampel. Teknik analisis yang digunakan dalam penelitian ini adalah analisis regresi data panel dengan bantuan perangkat lunak Eviews 12. Hasil pengujian model regresi data panel terbaik menunjukkan bahwa fixed effect model adalah model terbaik. Hasil penelitian ini menunjukkan bahwa likuiditas, solvabilitas, aktivitas, dan profitabilitas secara simultan berpengaruh terhadap return saham. Secara parsial, solvabilitas dan profitbilitas berpengaruh positif dan signifikan terhadap return saham. Sedangkan likuiditas dan aktivitas tidak berpengaruh signifikan terhadap return saham. Kata Kunci: Current Ratio, Debt to Equity Ratio, Total Asset Turnover, Return on Asset, Return Saham, Subsektor Telekomunikasi
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