Pengaruh sales growth, struktur modal, dan profitabilitas pada return saham perusahaan dalam indeks IDXTECHNO pada tahun 2021-2024 dengan ukuran perusahaan, beta saham, dan nilai pasar saham sebagai variabel kontrol
DOI:
https://doi.org/10.26740/jim.v14n3.p816-831Keywords:
capital structure, profitability, sales growth, stock return, technology companiesAbstract
The IDXTECHNO index, which tracks technology companies listed on the Indonesia Stock Exchange, experienced a prolonged downward trend during 2021–2024, contrasting with the generally stronger performance of the IDX Composite. Inconsistent findings on the effects of firm fundamentals on stock returns and limited evidence from Indonesia’s technology sector motivate further investigation. This study examines the effects of sales growth, capital structure, and profitability on the stock returns of IDXTECHNO companies during 2021–2024. Using purposive sampling, 33 technology companies were selected, generating 95 observations of unbalanced panel data. The analysis employed one main model and two additional firm-size-based models. The full sample was estimated using the Common Effect Model with cluster-robust standard errors, while large firms were analyzed using the Fixed Effect Model and small firms using the Common Effect Model, both with cluster-robust standard errors. The main model shows that profitability has a positive and significant effect on stock returns, whereas sales growth and capital structure have no significant effect. Firm-size-based analysis further shows that capital structure has a significant negative effect on stock returns, while sales growth and profitability are insignificant. These findings indicate that the relationship between firm-specific fundamentals and stock returns varies across firm sizes and highlight the relevance of profitability in explaining stock return variations among Indonesian technology companies
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