SEJATI, ARIEF MAULANA (2025) PENGARUH LIKUIDITAS, SOLVABILITAS, AKTIVITAS DAN PROFITABILITAS TERHADAP RETURN SAHAM (Studi Pada Subsektor Restoran, Hotel, dan Pariwisata yang Tercatat di Bursa Efek Indonesia pada Tahun 2018-2023). S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
The restaurant, hotel, and tourism subsector is a part of the service industry that plays a crucial role in the national economy through its contribution to Gross Domestic Product (GDP), job creation, and foreign exchange earnings. However, despite its strategic importance, this subsector has experienced fluctuations in firm value, as reflected in stock returns, particularly following the impact of the COVID19 pandemic. This study aims to analyze the effect of liquidity (Current Ratio), solvency (Debt to Equity Ratio), activity (Total Asset Turnover), and profitability (Return on Asset) on stock returns of companies in the restaurant, hotel, and tourism subsector listed on the Indonesia Stock Exchange for the 2018–2023 period. The research uses a quantitative approach with a causal research design and panel data analysis. The sample consists of 6 companies selected using a saturated sampling method. Data were analyzed using panel data regression with EViews software. The results show that simultaneously, all independent variables affect stock returns. Partially, CR and DER have a positive and significant effect, TATO has a significant but negative effect, while ROA does not have a significant effect. These findings provide valuable insights for investors in making investment decisions and for company management in optimizing financial performance to enhance the attractiveness of their stock. stocks.Keywords: liquidity, solvability, activity, profitability, return saham Subsektor restoran, hotel, dan pariwisata merupakan bagian dari sektor jasa yang memiliki peran penting dalam perekonomian nasional, baik melalui kontribusi terhadap Produk Domestik Bruto (PDB), penciptaan lapangan kerja, hingga perolehan devisa negara. Namun, meskipun memiliki peran strategis, subsektor ini mengalami fluktuasi nilai perusahaan yang tercermin dalam return saham, terutama setelah terdampak pandemi COVID-19. Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas (Current Ratio), solvabilitas (Debt to Equity Ratio), aktivitas (Total Asset Turnover), dan profitabilitas (Return on Assets) terhadap return saham pada perusahaan subsektor restoran, hotel, dan pariwisata yang tercatat di Bursa Efek Indonesia periode 2018–2023. Penelitian ini menggunakan pendekatan kuantitatif dengan desain kausalitas dan analisis data panel. Sampel terdiri dari 6 perusahaan yang dipilih berdasarkan metode sampel jenuh. Data dianalisis dengan regresi data panel menggunakan software Eviews 13. Hasil penelitian menunjukkan bahwa secara simultan, keempat variabel independen berpengaruh terhadap return saham. Secara parsial, CR dan DER berpengaruh positif dan signifikan, TATO berpengaruh signifikan namun negatif, sedangkan ROA tidak berpengaruh signifikan. Temuan ini memberikan kontribusi bagi investor sebagai bahan pertimbangan dalam keputusan investasi, serta bagi manajemen perusahaan dalam mengelola kinerja keuangan untuk meningkatkan daya tarik saham perusahaan. Kata Kunci: likuiditas, solvabilitas, aktivitas, profitabilitas, return saham.
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