Pengaruh Profitabilitas, Struktur Modal, Dan Operating Cash Flow, Terhadap Return Saham (Studi Empiris Pada Perusahaan Property dan Real Estate Yang Terdaftar di Bursa Efek Indonesia)

Abstract

This study aims to examine and discover how far the empirical evidence: 1) The effect of profitability on stock returns, 3) The effect of capital structure on stock returns 3) Effect of operating cash flow on stock returns. This research study considered causative. The population in this study is property and real estate company listed on the Indonesia Stock Exchange in 2009 until 2012. The selection of the sample with purposive sampling method and sample criteria are as many as 25 companies. The analysis used is multiple linear regression and t-test to see the effect of profitability, capital structure, operating cash flow on stock returns. The results show that: 1) a significant positive effect on the profitability of stock returns, where the significance value 0.019 <α0.05, and β-value 0.242 with the positive direction (H1 accepted). 2) capital structure berpngaruh no significant negative stock returns, where the significance value 0.690> α0.05, and β -0.076 with a negative direction (H2 rejected). 3) operating cash flow is not a significant positive effect on stock returns, where significant value 0754> α 0.05, the value of t <t table ie, 0.314 <2.080 and β-value 0.609 with the positive direction (H3 rejected). In this study suggested: 1) For investors who want to invest in the stock market, particularly in property and real estate companies should also consider other factors such as market sentiment and macro varaibel. 2) For further research may add other variables that might impact on stock returns, such as business risk, market risk, company size, inflation, and other macroeconomic variables.

Keywords: Profitability, Earnings Per Share, Capital Structure, Deb to Equity Ratio, Operating Cash Flow, Stock Return