Pengaruh Arus Kas Operasi, Struktur Modal dan Laba Akuntansi Terhadap Pengembalian Saham

Abstract

Background: The capital market plays an important role in supporting economic activities by providing investment opportunities for investors and funding sources for companies. Stock return is one of the considerations for investors in making investment decisions and may reflect the company's financial performance and future prospects. Purpose: This study aims to examine the effect of operating cash flow, capital structure, and accounting profit on stock returns. Method: This study used a quantitative approach with an associative research design. The population consisted of Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025. Using purposive sampling, 49 companies were selected, resulting in 245 observations over five years. Secondary data were analyzed using panel data regression with EViews 13. Findings: The results show that operating cash flow, capital structure, and accounting profit simultaneously have a significant effect on stock returns. Partially, operating cash flow and capital structure do not have a significant effect on stock returns, while accounting profit has a positive and significant effect on stock returns.
Conclusion: Accounting profit is the financial factor that significantly affects stock returns in Consumer Non-Cyclicals companies during the 2021–2025 period. The study is limited by its sector coverage, five-year observation period, sample size, variables used, and reliance on secondary data. Future research is recommended to expand the sector and observation period, use more diverse samples, and include other variables that may affect stock returns.