Analysis of the Effect of Operating Cash Flow, Accounting Profit, and Leverage on Stock Returns in Pharmaceutical Subsector Companies in Indonesia Stock Exchange for the 2019-2021 Period

Sari, Ni Putu Eka Satya and Ariana, I Made and Sukra, I Nyoman (2022) Analysis of the Effect of Operating Cash Flow, Accounting Profit, and Leverage on Stock Returns in Pharmaceutical Subsector Companies in Indonesia Stock Exchange for the 2019-2021 Period. Repositori Politeknik Negeri Bali.

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Abstract

This research is motivated by the problem of stock returns in pharmaceutical subsector companies experiencing fluctuat-ing or instability and even decreasing every year, especially from 2019 to 2021. The analysis technique in this study uses de-scriptive statistical analysis, classical assumption test, Multiple Linear Regression Analysis, and hypothesis testing which is analyzed. with SPSS Statistics version 26. The purpose of this study was to determine the effect of operating cash flow, accounting profit, and leverage (DER) on stock returns, either partially or simultaneously in Pharmaceutical Subsector companies on the Indonesia Stock Exchange for the 2019-2021 period. The results of the study show that operating cash flow has a positive and significant effect on stock returns, accounting profit has a positive and significant effect on stock returns, leverage using debt to total equity ratio has a positive and significant effect on stock returns, and the results of the analysis using the F test in this study. shows that operating cash flow, accounting profit and leverage as measured by DER have a significant effect on stock returns simultaneously have a significant effect on stock returns. Keywords: Operating Cash Flow, Accounting Profit, Leverage, and Stock Return

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