Analysis of The Influence of Current Ratio, Debt to Equity Ratio, Total Asset Turnover and Price Earning Ratio on Stock Returns with Return on Asset as A Moderation Variable
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Published:
Oct 31, 2023
Keywords:
Current Ratio, Debt to Equity Ratio, Total Asset Turnover, Price Earning Ratio, Return on Assets, Stock Returns
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Abstract
This study aims to examine and analyze the effect of the Current Ratio, Debt to Equity Ratio, Total Asset Turnover and Price Earning Ratio on Stock Returns with Return on Assets as a Moderating Variable. The object of this research is companies indexed LQ45 on the Indonesia Stock Exchange in 2019-2021. The sampling method used purposive sampling and obtained data for 135 companies. The analysis technique used is Multiple Regression Analysis and Moderated Regression Analysis (MRA) using SPSS version 20. The results show that the Current Ratio (CR) has a negative and insignificant effect on stock returns; Debt to Equity Ratio (DER) and Total Asset Turnover (TATO) have a negative and significant effect on Stock Returns, while the Price Earning Ratio (PER) has a positive and significant effect on Stock Returns.
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How to Cite
Susilo, D., & Ismawati, T. (2023). Analysis of The Influence of Current Ratio, Debt to Equity Ratio, Total Asset Turnover and Price Earning Ratio on Stock Returns with Return on Asset as A Moderation Variable. ProBisnis : Jurnal Manajemen, 14(5), 53–64. https://doi.org/10.62398/probis.v14i5.289
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Asrini, ED (2020). The Effect of Earning Per Share and Price Earning Ratio on Stock Returns with Dividend Policy as an Intervening Variable. Entrepreneurship Business Management Accounting (E-BISMA), 1(2), 64–78. https://doi.org/10.37631/e-bisma.v1i2.196
Bagaswara, A., & Wati, LN (2020). The Influence of Internal and External Factors on Stock Returns with Good Corporate Governance (GCG) Moderation. Ecobis Journal: Business Economics & Management, 10(2), 263–277. https://doi.org/10.37932/jev10i2.145
Basalama, IS, Murni, S., & Sumarauw, JSB (2017). The Influence of Current Ratio, DER and ROA on Stock Returns in Automotive and Component Companies for the 2013-2015 Period. EMBA Journal: Journal of Research in Economics, Management, Business and Accounting, 5(2), 1793–1803.
Devi, NNSJP, & Artini, LGS (2019). The Influence of ROE, DER, PER, and Exchange Rates on Stock Returns. Udayana University Management E-Journal, 8(7), 4183–4212. https://doi.org/10.24843/ejmunud.2019.v08.i07.p07
Fuada, N. (2022). The Influence of Profitability, Liquidity, Activity, and Leverage on Company Share Returns. Economics, 6(1), 11–24.
Ghozali, I. (2018). Multivariate Analysis Applications with the IMBSPSS 25 Program (9th ed.). Diponegoro University Publishing Agency.
Hakim, MZ, & Abbas, DS (2019). The Influence of Price Earning Ratio, Earning Per Share, Return On Equity, Debt to Equity Ratio and Net Profit Margin on Stock Returns. Competitive: Journal of Accounting and Finance, 3(1), 1–20.
Halim, A. (2018). Investment Analysis and Its Applications: In Financial Assets and Real Assets (2nd ed.; ES Suharsi, ed.). South Jakarta: Salemba Empat.
Halimatussa'diah, H., & Putra, RAK (2021). Factors that influence stock returns in the wholesale trade and investment sub-sector. Journal of Management, 13(1), 17–25.
Harmono. (2011). Financial Management (1, printed ed.; R. Rachmatica, ed.). Jakarta: Bumi Literacy.
Harmono. (2015). Financial Management (1, Print ed.; R. Rachmatica, ed.). Jakarta: Bumi Literacy.
Hasbullah, H., Adam, M., & Hamdan, U. (2018). The Influence of Current Ratio, Total Asset Turnover, Debt To Equity Ratio, and Working Capital Turnover on Stock Returns with Return on Assets as a Moderating Variable in Lq45 Companies. Bridge, 14(1), 13–24.
Hertina, D., & Hidayat, MBH (2019). Financial Performance and Systemic Risk Effect on Stock Return (Case Study on Oil and Gas Companies Listed in IDX Year 2011-2016). Global Business and Management Research: An International Journal, 11(1), 45–54. https://doi.org/10.21070/perisai.v2i2.1533
Ibn. (2022). LQ45 Shares Are: Definition, Criteria and List of Stock Indexes 2022. Retrieved from accurate.co.id website: https://accurate.id/economic-keuangan/saham-lq45-dengan/#:~:text=6 Conclusion-, Understanding LQ45 Shares is the selection criteria for the stock market.
idx.co.id/stock index. (nd). Retrieved from idx.co.id website:https://idx.co.id/id/produk/index/
Ika, D., & Listiorini. (2020). The Influence of Financial Performance on Sharia Stock Returns with Interest Rates as Moderating. Journal of Accounting and Business, 6(2), 134–146.
Karyatun, S. (2022). The Influence of Fundamental Factors on Stock Returns (Study of the Tourism Industry Sub-Sector for the 2015 - 2019 Period). Fair Value: Scientific Journal of Accounting and Finance, 4(3), 1146–1157.
Cashmere. (2010). Introduction to Financial Management (Second). Jakarta: Prenadamedia Group.
Kumalasari, R. (2022). Debt to Equity Ratio (DER): Definition and Calculating Formula. Retrieved from majoo.id website: https://majoo.id/ Solusi/detail/debt-to-equity-ratio-rumus-der
Kuncoro, NH, & Sudiyatno, B. (2022). Airlangga Journal of Economics and Business. Pekalongan University Journal of Economics and Business, 25(2), 1–19.
Lestari, R., & Cahyono, KE (2020). The Influence of Profitability, Liquidity and Solvency on Stock Returns (Study of Consumer Goods Companies on the IDX). Journal of Management Science and Research, 9(3), 17.
Listiorini, DI (2017). Analysis of Fundamental Factors That Influence Share Returns of Companies Listed in the LQ45 Index on the Indonesian Stock Exchange for the Period 2013 – 2015. Journal of Accounting and Business, 17(1), 1–14.
Margaretha, F. (2014). Basics of Financial Management (K. Priyadi, Ed.). Jakarta: Dian Rakyat.
Meilinda, V., & Destriana, N. (2019). Factors That Influence Stock Returns in Non-Financial Companies Veny. Journal of Business And Accounting, 21(1a–1), 39–48.
Nikmah, LC, Hermuningsih, S., & Cahya, AD (2021). The Influence of DER, NPM, ROA, and TATO on Stock Returns (Study on Companies in the Automotive and Components Industry Sector). JIMKES: Scientific Journal of Unitary Management, 9(2), 221–232. https://doi.org/10.37641/jimkes.v9i2.450
Nurhayati, S. (2019). Practical Research Methodology. Unikal Press.
Parhusip, PT, & Silalahi, E. (2017). The Influence of Fundamental Factors and Systematic Risk on Stock Returns in Manufacturing Companies that Go Public on the Indonesian Stock Exchange. Journal of Accounting & Finance Research, 3(1), 71–88. https://doi.org/10.54367/jrak.v3i1.441
Pradana, J.G., & Maryono, M. (2022). The Influence of Profitability, Liquidity, Solvency, and Market Value Ratio on Stock Returns in Mining Companies on the IDX 2016 - 2020. Fair Value: Scientific Journal of Accounting and Finance, 5(2), 1026–1036. https://doi.org/10.32670/fairvalue.v5i2.1982
Puspitaningtyas, Z. (2015). Stock Investment Risk Prediction (A. Giyanto, Ed.). Yogyakarta: Griya Pandiva.
Sakhowi, A., & Mahirun. (2019). Financial management. Faculty of Economics and Business, Pekalongan University.
Saputri, AP, Mardani, RM, & Wahono, B. (2018). The Influence of Price Book Value (PBV), Price Earning Ratio (PER), Return on Assets (ROA) on Stock Returns (Study of Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2016-2018). Journal of Management Research, 9(3), 133–149.
Saraswati, A. (2020). The Influence of Earning Per Share, Debt to Equity Ratio, Return on Assets, Price to Book Value, and Price Earning Ratio on Share Returns of Manufacturing Companies Listed on the IDX for the 2014-2015 Period. Accounting Student Research Journal, 8(1), 1–14.
Sari, LP, & Cardinal. (2023). Analysis of the Effect of Price Earning Ratio (PER), Current Ratio (CR) and Total Assets Turnover (TAT) on Stock Returns (Case Study in the Agricultural Sector Listed on the Indonesian Stock Exchange for the 2017-2021 Period. Management Student Research Publication, 4(2) , 154–161.
Sartono, A. (2011). Financial Management Theory and Applications (5th ed.; BPFE, Ed.). Yogyakarta.
Sartono, S., & Ratnawati, T. (2020). Determining Factors of Capital Structure. DiE: Journal of Economics and Management, 11(1). https://doi.org/10.30996/die.v11i01.3403
Setianingsih, S., & Hamzah, ZZ (2020). The Influence of Financial Ratios on Stock Returns in Cosmetics Companies in the Consumer Goods Industry Category on the Indonesian Stock Exchange in 2010-2017. Journal of Chemical Information and Modeling, 2(1), 2656–6923
Silalahi, E., & Silalahi, ERR (2020). Factors that influence stock returns in the banking sector that goes public on the Indonesian Stock Exchange. Journal of Accounting & Finance Research, 6(2), 271–288.
Simorangkir, RTMC (2019). The Influence of Financial Performance on Mining Company Share Returns. Journal of Business and Accounting, 21(2), 155–164. https://doi.org/10.34208/jba.v21i2.616
Sinaga, AN, Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio and Size of Share Returns of Indonesian Trade, Service & Investment Companies. Journal of Economics, Business and Accounting (COSTING), 3(2), 311–318.
Sinaga, AN, Natalia, Wijaya, J., & Shelviana. (2022). The Influence of Price Earning Ratio, Profitability, Cash Flow, Current Ratio, Dividend Policy on Share Returns in Property, Real Estate and Building Construction Companies Listed on the Indonesian Stock Exchange. JIMEA: Scientific Journal of MEA (Management, Economics, and Accounting), 6(1), 123–146.
Siregar, S. (2017). Quantitative Research Methods: Equipped with Comparison of Manual Calculations & SPSS (Print to). Jakarta: Kencana.
Sudana, IM (2015). Corporate Financial Management Theory and Practice (NI Sallama, Ed.). Jakarta: Erlangga Publishers.
Sugiyono. (2015). Quantitative, Qualitative, and R&D Research Methods (print 22). Bandung.
Sujarweni, VW (2015). Business & Economic Research Methodology (1st ed.). Yogyakarta: Pustaka Baru Press.
Sululing, S., & Sandangan, S. (2019). The Influence of Liquidity and Profitability on Stock Returns (Empirical Study of Manufacturing Companies in the Food and Beverage Sub-Sector on the Indonesian Stock Exchange). Compartment: Scientific Journal of Accounting, 17(1), 1–9.
Sumani, Roziq, A., & Manurung, DTH (2020). Is Capital Structure Theory Relevant in Indonesia? Journal of Multiparadigm Accounting, 11(2), 373–385. https://doi.org/10.21776/ub.jamal.2020.11.2.22
Tandellin, E. (2001). Investment Analysis & Capital Market Management (First). Yogyakarta: BPFE Yogyakarta.
Tanzeh, A. (2009). Introduction to Research Methods (1st ed.; N. Naim, Ed.). Yogyakarta: Terrace.
Tarmizi, R., Soedarsa, HG, Indrayenti, & Andrianto, D. (2018). The Influence of Liquidity and Profitability on Stock Returns. Journal of Accounting and Finance, 9(1), 21–23.
Ulinnuha, NL, Farida, & Dewi, VS (2022). The Influence of Profitability, Solvency, Liquidity and Market Value on Stock Returns. Business and Economics Conference in Utilization of Modern Technology, 726–746.
Umdiana, N., & Claudia, H. (2020). Capital Structure Through Trade Off Theory. Accounting Journal of Scientific Accounting Studies (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930
Adnyana, IM (2020). Investment and Portfolio Management (Melati, ed.). South Jakarta: National University Publishing Institute (LPU-UNAS).
Ahmad, K. (2004). Basics of Investment and Portfolio Management. Jakarta: PT Rineka Cipta.
Asrini, ED (2020). The Effect of Earning Per Share and Price Earning Ratio on Stock Returns with Dividend Policy as an Intervening Variable. Entrepreneurship Business Management Accounting (E-BISMA), 1(2), 64–78. https://doi.org/10.37631/e-bisma.v1i2.196
Bagaswara, A., & Wati, LN (2020). The Influence of Internal and External Factors on Stock Returns with Good Corporate Governance (GCG) Moderation. Ecobis Journal: Business Economics & Management, 10(2), 263–277. https://doi.org/10.37932/jev10i2.145
Basalama, IS, Murni, S., & Sumarauw, JSB (2017). The Influence of Current Ratio, DER and ROA on Stock Returns in Automotive and Component Companies for the 2013-2015 Period. EMBA Journal: Journal of Research in Economics, Management, Business and Accounting, 5(2), 1793–1803.
Devi, NNSJP, & Artini, LGS (2019). The Influence of ROE, DER, PER, and Exchange Rates on Stock Returns. Udayana University Management E-Journal, 8(7), 4183–4212. https://doi.org/10.24843/ejmunud.2019.v08.i07.p07
Fuada, N. (2022). The Influence of Profitability, Liquidity, Activity, and Leverage on Company Share Returns. Economics, 6(1), 11–24.
Ghozali, I. (2018). Multivariate Analysis Applications with the IMBSPSS 25 Program (9th ed.). Diponegoro University Publishing Agency.
Hakim, MZ, & Abbas, DS (2019). The Influence of Price Earning Ratio, Earning Per Share, Return On Equity, Debt to Equity Ratio and Net Profit Margin on Stock Returns. Competitive: Journal of Accounting and Finance, 3(1), 1–20.
Halim, A. (2018). Investment Analysis and Its Applications: In Financial Assets and Real Assets (2nd ed.; ES Suharsi, ed.). South Jakarta: Salemba Empat.
Halimatussa'diah, H., & Putra, RAK (2021). Factors that influence stock returns in the wholesale trade and investment sub-sector. Journal of Management, 13(1), 17–25.
Harmono. (2011). Financial Management (1, printed ed.; R. Rachmatica, ed.). Jakarta: Bumi Literacy.
Harmono. (2015). Financial Management (1, Print ed.; R. Rachmatica, ed.). Jakarta: Bumi Literacy.
Hasbullah, H., Adam, M., & Hamdan, U. (2018). The Influence of Current Ratio, Total Asset Turnover, Debt To Equity Ratio, and Working Capital Turnover on Stock Returns with Return on Assets as a Moderating Variable in Lq45 Companies. Bridge, 14(1), 13–24.
Hertina, D., & Hidayat, MBH (2019). Financial Performance and Systemic Risk Effect on Stock Return (Case Study on Oil and Gas Companies Listed in IDX Year 2011-2016). Global Business and Management Research: An International Journal, 11(1), 45–54. https://doi.org/10.21070/perisai.v2i2.1533
Ibn. (2022). LQ45 Shares Are: Definition, Criteria and List of Stock Indexes 2022. Retrieved from accurate.co.id website: https://accurate.id/economic-keuangan/saham-lq45-dengan/#:~:text=6 Conclusion-, Understanding LQ45 Shares is the selection criteria for the stock market.
idx.co.id/stock index. (nd). Retrieved from idx.co.id website:https://idx.co.id/id/produk/index/
Ika, D., & Listiorini. (2020). The Influence of Financial Performance on Sharia Stock Returns with Interest Rates as Moderating. Journal of Accounting and Business, 6(2), 134–146.
Karyatun, S. (2022). The Influence of Fundamental Factors on Stock Returns (Study of the Tourism Industry Sub-Sector for the 2015 - 2019 Period). Fair Value: Scientific Journal of Accounting and Finance, 4(3), 1146–1157.
Cashmere. (2010). Introduction to Financial Management (Second). Jakarta: Prenadamedia Group.
Kumalasari, R. (2022). Debt to Equity Ratio (DER): Definition and Calculating Formula. Retrieved from majoo.id website: https://majoo.id/ Solusi/detail/debt-to-equity-ratio-rumus-der
Kuncoro, NH, & Sudiyatno, B. (2022). Airlangga Journal of Economics and Business. Pekalongan University Journal of Economics and Business, 25(2), 1–19.
Lestari, R., & Cahyono, KE (2020). The Influence of Profitability, Liquidity and Solvency on Stock Returns (Study of Consumer Goods Companies on the IDX). Journal of Management Science and Research, 9(3), 17.
Listiorini, DI (2017). Analysis of Fundamental Factors That Influence Share Returns of Companies Listed in the LQ45 Index on the Indonesian Stock Exchange for the Period 2013 – 2015. Journal of Accounting and Business, 17(1), 1–14.
Margaretha, F. (2014). Basics of Financial Management (K. Priyadi, Ed.). Jakarta: Dian Rakyat.
Meilinda, V., & Destriana, N. (2019). Factors That Influence Stock Returns in Non-Financial Companies Veny. Journal of Business And Accounting, 21(1a–1), 39–48.
Nikmah, LC, Hermuningsih, S., & Cahya, AD (2021). The Influence of DER, NPM, ROA, and TATO on Stock Returns (Study on Companies in the Automotive and Components Industry Sector). JIMKES: Scientific Journal of Unitary Management, 9(2), 221–232. https://doi.org/10.37641/jimkes.v9i2.450
Nurhayati, S. (2019). Practical Research Methodology. Unikal Press.
Parhusip, PT, & Silalahi, E. (2017). The Influence of Fundamental Factors and Systematic Risk on Stock Returns in Manufacturing Companies that Go Public on the Indonesian Stock Exchange. Journal of Accounting & Finance Research, 3(1), 71–88. https://doi.org/10.54367/jrak.v3i1.441
Pradana, J.G., & Maryono, M. (2022). The Influence of Profitability, Liquidity, Solvency, and Market Value Ratio on Stock Returns in Mining Companies on the IDX 2016 - 2020. Fair Value: Scientific Journal of Accounting and Finance, 5(2), 1026–1036. https://doi.org/10.32670/fairvalue.v5i2.1982
Puspitaningtyas, Z. (2015). Stock Investment Risk Prediction (A. Giyanto, Ed.). Yogyakarta: Griya Pandiva.
Sakhowi, A., & Mahirun. (2019). Financial management. Faculty of Economics and Business, Pekalongan University.
Saputri, AP, Mardani, RM, & Wahono, B. (2018). The Influence of Price Book Value (PBV), Price Earning Ratio (PER), Return on Assets (ROA) on Stock Returns (Study of Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2016-2018). Journal of Management Research, 9(3), 133–149.
Saraswati, A. (2020). The Influence of Earning Per Share, Debt to Equity Ratio, Return on Assets, Price to Book Value, and Price Earning Ratio on Share Returns of Manufacturing Companies Listed on the IDX for the 2014-2015 Period. Accounting Student Research Journal, 8(1), 1–14.
Sari, LP, & Cardinal. (2023). Analysis of the Effect of Price Earning Ratio (PER), Current Ratio (CR) and Total Assets Turnover (TAT) on Stock Returns (Case Study in the Agricultural Sector Listed on the Indonesian Stock Exchange for the 2017-2021 Period. Management Student Research Publication, 4(2) , 154–161.
Sartono, A. (2011). Financial Management Theory and Applications (5th ed.; BPFE, Ed.). Yogyakarta.
Sartono, S., & Ratnawati, T. (2020). Determining Factors of Capital Structure. DiE: Journal of Economics and Management, 11(1). https://doi.org/10.30996/die.v11i01.3403
Setianingsih, S., & Hamzah, ZZ (2020). The Influence of Financial Ratios on Stock Returns in Cosmetics Companies in the Consumer Goods Industry Category on the Indonesian Stock Exchange in 2010-2017. Journal of Chemical Information and Modeling, 2(1), 2656–6923
Silalahi, E., & Silalahi, ERR (2020). Factors that influence stock returns in the banking sector that goes public on the Indonesian Stock Exchange. Journal of Accounting & Finance Research, 6(2), 271–288.
Simorangkir, RTMC (2019). The Influence of Financial Performance on Mining Company Share Returns. Journal of Business and Accounting, 21(2), 155–164. https://doi.org/10.34208/jba.v21i2.616
Sinaga, AN, Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio and Size of Share Returns of Indonesian Trade, Service & Investment Companies. Journal of Economics, Business and Accounting (COSTING), 3(2), 311–318.
Sinaga, AN, Natalia, Wijaya, J., & Shelviana. (2022). The Influence of Price Earning Ratio, Profitability, Cash Flow, Current Ratio, Dividend Policy on Share Returns in Property, Real Estate and Building Construction Companies Listed on the Indonesian Stock Exchange. JIMEA: Scientific Journal of MEA (Management, Economics, and Accounting), 6(1), 123–146.
Siregar, S. (2017). Quantitative Research Methods: Equipped with Comparison of Manual Calculations & SPSS (Print to). Jakarta: Kencana.
Sudana, IM (2015). Corporate Financial Management Theory and Practice (NI Sallama, Ed.). Jakarta: Erlangga Publishers.
Sugiyono. (2015). Quantitative, Qualitative, and R&D Research Methods (print 22). Bandung.
Sujarweni, VW (2015). Business & Economic Research Methodology (1st ed.). Yogyakarta: Pustaka Baru Press.
Sululing, S., & Sandangan, S. (2019). The Influence of Liquidity and Profitability on Stock Returns (Empirical Study of Manufacturing Companies in the Food and Beverage Sub-Sector on the Indonesian Stock Exchange). Compartment: Scientific Journal of Accounting, 17(1), 1–9.
Sumani, Roziq, A., & Manurung, DTH (2020). Is Capital Structure Theory Relevant in Indonesia? Journal of Multiparadigm Accounting, 11(2), 373–385. https://doi.org/10.21776/ub.jamal.2020.11.2.22
Tandellin, E. (2001). Investment Analysis & Capital Market Management (First). Yogyakarta: BPFE Yogyakarta.
Tanzeh, A. (2009). Introduction to Research Methods (1st ed.; N. Naim, Ed.). Yogyakarta: Terrace.
Tarmizi, R., Soedarsa, HG, Indrayenti, & Andrianto, D. (2018). The Influence of Liquidity and Profitability on Stock Returns. Journal of Accounting and Finance, 9(1), 21–23.
Ulinnuha, NL, Farida, & Dewi, VS (2022). The Influence of Profitability, Solvency, Liquidity and Market Value on Stock Returns. Business and Economics Conference in Utilization of Modern Technology, 726–746.
Umdiana, N., & Claudia, H. (2020). Capital Structure Through Trade Off Theory. Accounting Journal of Scientific Accounting Studies (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930