The Effect of Capital Structure, Profitability, and Liquidity on Stock Returns, with Company Size as a Moderating Variable  in Food and Beverage Companies Listed on the  Indonesia Stock Exchange (IDX) for  the 2019-2023 Period

Firza Azzahra; Keulana Erwin; Parapat Gultom

doi:10.60076/ijeam.v2i5.1767

Authors

Firza Azzahra Universitas Sumatera Utara
Keulana Erwin Universitas Sumatera Utara
Parapat Gultom Universitas Sumatera Utara

DOI:

https://doi.org/10.60076/ijeam.v2i5.1767

Keywords:

Capital Structure, Profitability, Liquidity, Company Size, Stock Returns

Abstract

The purpose of this research is to examine the impact of capital structure, profitability, and liquidity on stock returns, taking into account company size as a moderating factor, in food and beverage firms listed on the Indonesia Stock Exchange (BEI) between 2019 and 2023. Data from the Indonesia Stock Exchange served as the foundation for this research. The sampling technique employed was purposive sampling. This research included a sample of 11 companies from the food and beverage sub-sector listed on the Indonesia Stock Exchange between 2019 and 2023, with a total of 55 companies. Moderated Regression Analysis (MRA), secondary data, and panel data regression analysis were the methods used. According to the findings of this study, capital structure has a positive and considerable impact on share returns, liquidity has a positive and significant impact on share returns, and profitability has no effect on share returns. The impact of profitability on stock returns is not greatly moderated (strengthened) by firm size

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