Optimizing stock returns: exploring the effects of profitability, leverage, and dividend policy on inflatio moderation – in-depth study of LQ45 companies
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Abstract
Investors primarily rely on the stock’s return as the primary indicator to evaluate the profitability of their investment in a company and how the company's performance affects the value of their investment over time. Investors conduct fundamental analysis and look at macroeconomic factors to obtain high returns before investing in a particular company. The aim of this research is to investigate how profitability, dividend policy, and leverage influence stock returns, and to assess how inflation may moderate this relationship. This study's population consists of twenty corporations listed on the LQ45 stock market index in Indonesia between 2018 and 2022. Multiple linear regression analysis is utilized, with inflation as the moderating variable. The study also includes a literature review on agency theory and the importance of investors obtaining comprehensive information about potential returns and risks before investing in a company. The study's findings can provide valuable insights for investors in analyzing these factors before allocating their investments. They also guide for companies to improve their standards and send positive signals to investors
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How to Cite
Kamesywara, S. F., Malini, H., Pebrianti, W., Mufrihah, M., & Mustarudin, M. (2023). Optimizing stock returns: exploring the effects of profitability, leverage, and dividend policy on inflatio moderation – in-depth study of LQ45 companies. Enrichment : Journal of Management, 13(5), 2875-2886. https://doi.org/10.35335/enrichment.v13i5.1697
References
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Ayyuna, R. N., Effendi, I., & Amelia, W. R. (2021). Pengaruh Leverage Ratio terhadap Return Saham pada Perusahaan Food and Beverages di Sumatera Utara yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 2(1), 51–56. https://doi.org/10.31289/jimbi.v2i1.468
Cahyati, M. Y., Hermuningsih, S., & Kusumawardhani, R. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahan dan Kebijakan Dividen Terhadap Return Saham pada Perusahaan Sektor Consumer Goods Industry yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Universitas Batanghari Jambi, 22(1), 22. https://doi.org/10.33087/jiubj.v22i1.1890
Christian, H., Saerang, I., & Tulung, J. E. (2021). THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY AND RETURN ON EQUITY ON RETURN OF SHARES IN TELECOMMUNICATION COMPANIES REGISTERED ON IDX (2014-2019). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1). https://doi.org/10.35794/emba.v9i1.32433
Devari, V. W., & Badjuri, A. (2023). THE EFFECT OF COMPANY SIZE AND PROFITABILITY ON STOCK RETURN WITH LIQUIDITY AS A MODERATION VARIABLE.
Dewi, N. N. S. R. T. (2021). MODERASI INFLASI PADA PENGARUH DIVIDEND PAYOUT RATIO (DPR) DAN RETURN ON EQUITY (ROE) TERHADAP RETURN SAHAM. In Journal of Applied Management and Accounting Science (JAMAS) (Vol. 2, Issue 2). http://jamas.triatmamulya.ac.id/index.php/AMAS/article/view/41
Dhany, U. R., & Rahmansyah, A. I. (2022). Pengaruh Return On Assets dan Debt To Equity Terhadap Return Saham Dengan Inflasi Sebagai Pemoderasi. Owner, 6(3), 3312–3323. https://doi.org/10.33395/owner.v6i3.1110
Fuada, N. (2022). Pengaruh Proftabilitas, Likuiditas, Aktivitas, dan Leverage Terhadap Return Saham Perusahaan. Jurnal Ekonomika, 6(1), 11–24. https://doi.org/10.37541/ekonomika.v6i1.673
Handayani, R., Suhendro, & W., E. M. (2022). Pengaruh Profitabilitas, Debt to Equity Ratio, Price to Earning Ratio dan Kapitalisasi Pasar terhadap Return Saham. INOVASI: Jurnal Ekonomi, Keuangan, Dan Manajemen, 18(1), 127–138. https://doi.org/10.29264/jinv.v18i1.10397
Hartanti, W., Hermuningsih, S., & Mumpuni, D. L. (n.d.). Pengaruh Earning Per Share dan Debt To Equity Ratio Terhadap Return Saham Dengan Kebijakan Deviden Sebagai Intervening Pada Perusahaan Property & Real Estate Yang Terdaftar di BEI Periode (2013-2017) (Vol. 9, Issue 1). Juni Hal. https://doi.org/10.32528/jsmbi.v9i1.2369
Hasanudin, H. (2022). Current Ratio, Debt to Equity Ratio, dan Return on Asset terhadap Return Saham. Journal of Management and Bussines (JOMB), 4(1), 578–593. https://doi.org/10.31539/jomb.v4i1.3713
Hendrianto, S. (2022). Analysis of Return on Equity, Dividend Payout Ratio, Price to Earning Ratio and Their Effect on Stock Returns in LQ45 Companies Listed on the Indonesia Stock Exchange. Jurnal Multidisiplin Madani (MUDIMA), 2(4). https://journal.yp3a.org/index.php/mudima/index
Irawan, J. L. (2021). Pengaruh Return On Equity, Debt to Equity Ratio, Basic Earning Power, Economic Value Added Dan Market Value Added Terhadap Return Saham. 13(1), 148–159. http://journal.maranatha.edu
Kandami, F. F., Andriati, H. N., & Matani, C. D. (2022). Pengaruh Earnings, Arus Kas, Ukuran Perusahaan, ROI, dan DER terhadap return saham. https://doi.org/10.20885/ncaf.vol4.art17
Khoirul Fitroh, A., & Ella Fauziah, F. (2022). Pengaruh Return on Asset, Firm Size dan Price Earning …… 135 Pengaruh Return on Asset, Firm Size dan Price Earning Ratio Terhadap Return Saham. Jurnal Rekognisi Ekonomi Islam, 1(1), 135–146. https://doi.org/10.34001/jrei.v1i1.157
Krisna, A., & Elizabeth, S. M. (2023). ANALISIS PENGARUH EARNING PER SHARE DAN RETURN ON ASSETS TERHADAP RETURN SAHAM. The 2nd MDP Student Conference 2023, 2(2). https://doi.org/10.35957/mdp-sc.v2i2.4217
Laulita, N. B., & Yanni, . (2022). YUME : Journal of Management Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Millenia, L. (2022). FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN DIMODERASI INFLASI DAN SUKU BUNGA. Jurnal Multiparadigma Akuntansi, IV, 1055–1064. https://doi.org/10.24912/jpa.v4i3.19730
Mustaruddin, S. (2023). INVESTASI MODAL MANUSIA DAN NILAI PERUSAHAAN PUBLIK DI INDONESIA. JURNAL DIMENSI UNIVERSITAS KEPULAUAN RIAU, 12(1), 296–324. https://www.journal.unrika.ac.id/index.php/jurnaldms/article/view/5291
Ningsih, W. W., & Kristanti Maharani, N. (2022). PENGARUH KEBIJAKAN DIVIDEN, RETURN ON ASSET DAN RETURN ON EQUITY TERHADAP RETURN SAHAM. 5(1). https://doi.org/10.54783/japp.v5i1.509
Oman, A., Fitrianingsih, D., Salam, A. F., & Aeni, H. (2021). Pengaruh Current Ratio, Debt To Equity Ratio dan Return On Equity Terhadap Return Saham Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 4(2), 547–556. https://doi.org/10.31539/costing.v4i2.1533
Oroh, M. M., Van Rate, P., & Kojo, C. (2019). THE EFFECT OF PROFITABILITY AND LEVERAGE ON STOCK RETURNS ON AGRICULTURAL SECTORS ON IDX 2013-2017 PERIOD. 661 Jurnal EMBA, 7(1), 661–670. https://doi.org/10.35794/emba.7.1.2019.22477
Pramitha, A. O., & Yuniningsih. (2023). ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA. https://doi.org/10.23969/oikos.v7i1.6100
Rivaldo, R., & Malini, H. (2021). Pengaruh Economic Value Added, Earning Per Share, Dividend Per Share, Dan Volume Perdagangan Terhadap Harga Saham Sektor Perdagangan, Jasa, Dan Investasi. In ACE│Accounting Research Journal (Vol. 1, Issue 2). https://journal.feb.unipa.ac.id/index.php/ace
Rukmini, M., Dewandaru, B., Lidiawan, A. R., Firdausi, A., & Rahma, J. (2022). Pengaruh Return On Asset, Earning Per Share, dan Inflasi pada Perusahaan yang Terdaftar di Indeks Kompas 100 Periode 2018-2020. https://doi.org/10.51158/ekuivalensi.v8i1.665
Sanjaya, M. Y., & Maulida, A. (2023). Analisis Pengaruh Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Return Saham. In MES Management Journal (Vol. 2, Issue 2). https://doi.org/10.56709/mesman.v2i1.48
Simorangkir, R. T. M. C. (2019). PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PERUSAHAAN PERTAMBANGAN (Vol. 21, Issue 2). https://doi.org/10.34208/jba.v21i2.616
Sitanley, J. N., Sondakh, J. J., & Tirayoh, V. Z. (2021). THE INFLUENCE OF LOAN TO DEPOSIT RATIO (LDR) AND RETURN ON ASSET (ROA) ON STOCK RETURNS OF THE BANKING COMPANIES LISTED ON INDONESIA STOCK EXCHANGE PERIOD 2015-2017. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1). https://doi.org/10.35794/emba.v9i1.32013
Sugiyono. (2014). Metode Penelitian Kuantitatif Kualitatif dan R&D.
Suhendra, S. P., & Malini, H. (2022). THE IMPACT OF MACRO ECONOMIC VARIABLE TOWARD INDONESIA COMPOSITE STOCK PRICE INDEX. In OPTIMISM Journal of Management Business Entrepreneurship and Organization (Vol. 1, Issue 1). https://jurnal.untan.ac.id/index.php/optimism/index
Sutrisno, Dambe, D. N., Cakranegara, P. A., Anwar, Muh. Abduh., & Siddiqa, H. (2023). Literature Review: Analysis Of The Effect Of Inflation And Leverage On Stock Returns In Companies Literature Review: Analisis Pengaruh Inflasi Dan Leverage Terhadap Return Saham Di Perusahaan. In Management Studies and Entrepreneurship Journal (Vol. 4, Issue 1). https://doi.org/10.37385/msej.v4i1.1234
Utami, S., Libryani Sinaga, R., Namira, F., & Astuty, F. (n.d.). PENGARUH INFLASI, RETURN ON ASSETS (ROA), DEBT TO EQUITY RATIO (DER) TERHADAP RETURN SAHAM PADA SEKTOR INDUSTRI BARANG KONSUMSI (CONSUMER GOODS) YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2015-2019. 5(2), 2021. https://doi.org/10.31955/mea.v5i2.1091
Utami, S. R., & Sulistyowati, E. (2022). PENGARUH INFLASI, PDB, DAN NILAI PERUSAHAAN SELAMA PANDEMI COVID-19 TERHADAP RETURN SAHAM. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4525
Wahasusmiah, R., Lestari, E. P., Indriani, P., & Fransisca, S. (2022). ANALISIS DETERMINASI RASIO KEUANGAN DAN INFLASI TERHADAP RETURN SAHAM. JEMASI: Jurnal Ekonomi Manajemen Dan Akuntansi, 18(2). https://doi.org/10.35449/jemasi.v18i2.549
Wulandari, B., Wijaya, W., Winata, V., & Stephani, L. (2021). THE EFFECT OF DER, CR, DPR, EPS, INFLATION, AND GROWTH OF OPERATING CASH FLOW ON STOCK RETURNS IN PROPERTY, REAL ESTATE AND BUILDING CONSTRUCTION COMPANIES IN INDONESIA STOCK EXCHANGE. Business and Accounting, 4. https://doi.org/10.31539/costing.v4i2.1950
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Amri, A., & Ramdani, Z. (2020). PENGARUH NILAI TUKAR, KEBIJAKAN DEVIDEN DAN STRUKTUR MODAL TERHADAP RETURN SAHAM PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX INDONESIA. In Jurnal Ilmu Keuangan dan Perbankan (JIKA) (Vol. 10, Issue 1). https://doi.org/10.34010/jika.v10i1.3556
Anismawati, N. (2019). Pengaruh Debt To Equty Ratio dan Earning Per Share Terhadap Return Saham dengan Kebijakan Deviden sebaga Intervening. In Jurnal Akuntansi Bisnis dan Ekonomi (Vol. 5, Issue 1). https://doi.org/10.33197/jabe.vol5.iss1.2019.226
Aprillia, D., & Amanah, L. (2023). PENGARUH LEVERAGE, PROFITABILITAS, UKURAN PERUSAHAAN, DAN LIKUIDITAS TERHADAP RETURN SAHAM. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5335
Arramdhani, S., & Cahyono, K. E. (2020). PENGARUH NPM, ROA, DER, DPR TERHADAP RETURN SAHAM. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/3017/3032
Ayyuna, R. N., Effendi, I., & Amelia, W. R. (2021). Pengaruh Leverage Ratio terhadap Return Saham pada Perusahaan Food and Beverages di Sumatera Utara yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 2(1), 51–56. https://doi.org/10.31289/jimbi.v2i1.468
Cahyati, M. Y., Hermuningsih, S., & Kusumawardhani, R. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahan dan Kebijakan Dividen Terhadap Return Saham pada Perusahaan Sektor Consumer Goods Industry yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Universitas Batanghari Jambi, 22(1), 22. https://doi.org/10.33087/jiubj.v22i1.1890
Christian, H., Saerang, I., & Tulung, J. E. (2021). THE EFFECT OF CURRENT RATIO, DEBT TO EQUITY AND RETURN ON EQUITY ON RETURN OF SHARES IN TELECOMMUNICATION COMPANIES REGISTERED ON IDX (2014-2019). Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1). https://doi.org/10.35794/emba.v9i1.32433
Devari, V. W., & Badjuri, A. (2023). THE EFFECT OF COMPANY SIZE AND PROFITABILITY ON STOCK RETURN WITH LIQUIDITY AS A MODERATION VARIABLE.
Dewi, N. N. S. R. T. (2021). MODERASI INFLASI PADA PENGARUH DIVIDEND PAYOUT RATIO (DPR) DAN RETURN ON EQUITY (ROE) TERHADAP RETURN SAHAM. In Journal of Applied Management and Accounting Science (JAMAS) (Vol. 2, Issue 2). http://jamas.triatmamulya.ac.id/index.php/AMAS/article/view/41
Dhany, U. R., & Rahmansyah, A. I. (2022). Pengaruh Return On Assets dan Debt To Equity Terhadap Return Saham Dengan Inflasi Sebagai Pemoderasi. Owner, 6(3), 3312–3323. https://doi.org/10.33395/owner.v6i3.1110
Fuada, N. (2022). Pengaruh Proftabilitas, Likuiditas, Aktivitas, dan Leverage Terhadap Return Saham Perusahaan. Jurnal Ekonomika, 6(1), 11–24. https://doi.org/10.37541/ekonomika.v6i1.673
Handayani, R., Suhendro, & W., E. M. (2022). Pengaruh Profitabilitas, Debt to Equity Ratio, Price to Earning Ratio dan Kapitalisasi Pasar terhadap Return Saham. INOVASI: Jurnal Ekonomi, Keuangan, Dan Manajemen, 18(1), 127–138. https://doi.org/10.29264/jinv.v18i1.10397
Hartanti, W., Hermuningsih, S., & Mumpuni, D. L. (n.d.). Pengaruh Earning Per Share dan Debt To Equity Ratio Terhadap Return Saham Dengan Kebijakan Deviden Sebagai Intervening Pada Perusahaan Property & Real Estate Yang Terdaftar di BEI Periode (2013-2017) (Vol. 9, Issue 1). Juni Hal. https://doi.org/10.32528/jsmbi.v9i1.2369
Hasanudin, H. (2022). Current Ratio, Debt to Equity Ratio, dan Return on Asset terhadap Return Saham. Journal of Management and Bussines (JOMB), 4(1), 578–593. https://doi.org/10.31539/jomb.v4i1.3713
Hendrianto, S. (2022). Analysis of Return on Equity, Dividend Payout Ratio, Price to Earning Ratio and Their Effect on Stock Returns in LQ45 Companies Listed on the Indonesia Stock Exchange. Jurnal Multidisiplin Madani (MUDIMA), 2(4). https://journal.yp3a.org/index.php/mudima/index
Irawan, J. L. (2021). Pengaruh Return On Equity, Debt to Equity Ratio, Basic Earning Power, Economic Value Added Dan Market Value Added Terhadap Return Saham. 13(1), 148–159. http://journal.maranatha.edu
Kandami, F. F., Andriati, H. N., & Matani, C. D. (2022). Pengaruh Earnings, Arus Kas, Ukuran Perusahaan, ROI, dan DER terhadap return saham. https://doi.org/10.20885/ncaf.vol4.art17
Khoirul Fitroh, A., & Ella Fauziah, F. (2022). Pengaruh Return on Asset, Firm Size dan Price Earning …… 135 Pengaruh Return on Asset, Firm Size dan Price Earning Ratio Terhadap Return Saham. Jurnal Rekognisi Ekonomi Islam, 1(1), 135–146. https://doi.org/10.34001/jrei.v1i1.157
Krisna, A., & Elizabeth, S. M. (2023). ANALISIS PENGARUH EARNING PER SHARE DAN RETURN ON ASSETS TERHADAP RETURN SAHAM. The 2nd MDP Student Conference 2023, 2(2). https://doi.org/10.35957/mdp-sc.v2i2.4217
Laulita, N. B., & Yanni, . (2022). YUME : Journal of Management Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Millenia, L. (2022). FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN DIMODERASI INFLASI DAN SUKU BUNGA. Jurnal Multiparadigma Akuntansi, IV, 1055–1064. https://doi.org/10.24912/jpa.v4i3.19730
Mustaruddin, S. (2023). INVESTASI MODAL MANUSIA DAN NILAI PERUSAHAAN PUBLIK DI INDONESIA. JURNAL DIMENSI UNIVERSITAS KEPULAUAN RIAU, 12(1), 296–324. https://www.journal.unrika.ac.id/index.php/jurnaldms/article/view/5291
Ningsih, W. W., & Kristanti Maharani, N. (2022). PENGARUH KEBIJAKAN DIVIDEN, RETURN ON ASSET DAN RETURN ON EQUITY TERHADAP RETURN SAHAM. 5(1). https://doi.org/10.54783/japp.v5i1.509
Oman, A., Fitrianingsih, D., Salam, A. F., & Aeni, H. (2021). Pengaruh Current Ratio, Debt To Equity Ratio dan Return On Equity Terhadap Return Saham Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 4(2), 547–556. https://doi.org/10.31539/costing.v4i2.1533
Oroh, M. M., Van Rate, P., & Kojo, C. (2019). THE EFFECT OF PROFITABILITY AND LEVERAGE ON STOCK RETURNS ON AGRICULTURAL SECTORS ON IDX 2013-2017 PERIOD. 661 Jurnal EMBA, 7(1), 661–670. https://doi.org/10.35794/emba.7.1.2019.22477
Pramitha, A. O., & Yuniningsih. (2023). ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA. https://doi.org/10.23969/oikos.v7i1.6100
Rivaldo, R., & Malini, H. (2021). Pengaruh Economic Value Added, Earning Per Share, Dividend Per Share, Dan Volume Perdagangan Terhadap Harga Saham Sektor Perdagangan, Jasa, Dan Investasi. In ACE│Accounting Research Journal (Vol. 1, Issue 2). https://journal.feb.unipa.ac.id/index.php/ace
Rukmini, M., Dewandaru, B., Lidiawan, A. R., Firdausi, A., & Rahma, J. (2022). Pengaruh Return On Asset, Earning Per Share, dan Inflasi pada Perusahaan yang Terdaftar di Indeks Kompas 100 Periode 2018-2020. https://doi.org/10.51158/ekuivalensi.v8i1.665
Sanjaya, M. Y., & Maulida, A. (2023). Analisis Pengaruh Rasio Likuiditas, Solvabilitas dan Profitabilitas terhadap Return Saham. In MES Management Journal (Vol. 2, Issue 2). https://doi.org/10.56709/mesman.v2i1.48
Simorangkir, R. T. M. C. (2019). PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PERUSAHAAN PERTAMBANGAN (Vol. 21, Issue 2). https://doi.org/10.34208/jba.v21i2.616
Sitanley, J. N., Sondakh, J. J., & Tirayoh, V. Z. (2021). THE INFLUENCE OF LOAN TO DEPOSIT RATIO (LDR) AND RETURN ON ASSET (ROA) ON STOCK RETURNS OF THE BANKING COMPANIES LISTED ON INDONESIA STOCK EXCHANGE PERIOD 2015-2017. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1). https://doi.org/10.35794/emba.v9i1.32013
Sugiyono. (2014). Metode Penelitian Kuantitatif Kualitatif dan R&D.
Suhendra, S. P., & Malini, H. (2022). THE IMPACT OF MACRO ECONOMIC VARIABLE TOWARD INDONESIA COMPOSITE STOCK PRICE INDEX. In OPTIMISM Journal of Management Business Entrepreneurship and Organization (Vol. 1, Issue 1). https://jurnal.untan.ac.id/index.php/optimism/index
Sutrisno, Dambe, D. N., Cakranegara, P. A., Anwar, Muh. Abduh., & Siddiqa, H. (2023). Literature Review: Analysis Of The Effect Of Inflation And Leverage On Stock Returns In Companies Literature Review: Analisis Pengaruh Inflasi Dan Leverage Terhadap Return Saham Di Perusahaan. In Management Studies and Entrepreneurship Journal (Vol. 4, Issue 1). https://doi.org/10.37385/msej.v4i1.1234
Utami, S., Libryani Sinaga, R., Namira, F., & Astuty, F. (n.d.). PENGARUH INFLASI, RETURN ON ASSETS (ROA), DEBT TO EQUITY RATIO (DER) TERHADAP RETURN SAHAM PADA SEKTOR INDUSTRI BARANG KONSUMSI (CONSUMER GOODS) YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2015-2019. 5(2), 2021. https://doi.org/10.31955/mea.v5i2.1091
Utami, S. R., & Sulistyowati, E. (2022). PENGARUH INFLASI, PDB, DAN NILAI PERUSAHAAN SELAMA PANDEMI COVID-19 TERHADAP RETURN SAHAM. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4525
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