Pengaruh Profitabilitas, Tingkat Suku Bunga, dan Likuiditas Terhadap Return Saham dengan Ukuran Perusahaan Sebagai Variabel Moderating pada Perusahaan Sektor Pertambangan

Abstract

This study aims to analyze the effect of profitability, interest rates, and liquidity on stock returns with company size as a moderating variable in mining sector companies listed on the Indonesia Stock Exchange (IDX) for the 2018–2022 period. This study uses a quantitative approach with secondary data obtained from company financial reports and related economic data. The study population was 91 companies, while the study sample was 42 companies selected using a purposive sampling technique. Data analysis techniques used multiple linear regression and Moderated Regression Analysis (MRA) with the help of the EViews 12 program. The results of the study indicate that profitability and liquidity partially have no significant effect on stock returns, while interest rates have a positive and significant effect on stock returns. In addition, company size is able to moderate the effect of profitability on stock returns, but is unable to moderate the effect of interest rates and liquidity on stock returns. This study contributes to the development of financial studies, particularly regarding the factors that influence stock returns in the mining sector, and becomes a consideration for investors in making investment decisions.