The Impact of Fundamental Factors on Stock Returns of Toll Road Companies Listed on the Indonesia Stock Exchange from 2016 to June 2026
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Exchange Rate,
Market Return,
Return on Equity (ROE),
Current Ratio (CR),
Total Asset Turnover (TATO),
Debt to Equity Ratio (DER),
Price to Earnings Ratio (PER),
Stock Returns
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Abstract
Stock returns represent the profits earned by investors from investment activities in the capital market and are influenced by various macroeconomic factors and firm-specific performance. This study aims to analyze and evaluate the effects of Gross Domestic Product (GDP) growth, exchange rates, market returns, profitability (Return on Equity/ROE), liquidity (Current Ratio/CR), total asset turnover (TATO), capital structure (Debt-to-Equity Ratio/DER), and the price-to-earnings ratio (PER) on stock returns. The population of this study consists of toll road companies listed on the Indonesia Stock Exchange (IDX). The sampling technique employed was purposive sampling based on several criteria, including companies whose primary business is toll road operations, those listed on the IDX prior to 2016, and those that consistently published financial statements and stock price data during the observation period from 2016 to March 2026. The analytical method used in this study is quantitative analysis with panel data regression. Data processing and analysis were conducted using Microsoft Excel, EViews, and IBM SPSS Statistics. The results indicate that market returns and the price-to-earnings ratio (PER) have a positive and significant effect on stock returns. In contrast, GDP growth, exchange rates, Return on Equity (ROE), Current Ratio (CR), Total Asset Turnover (TATO), and Debt-to-Equity Ratio (DER) show positive or negative relationships but do not have a statistically significant effect on stock returns.
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