Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334812 
Year of Publication: 
2023
Citation: 
[Journal:] Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration [ISSN:] 1804-8048 [Volume:] 31 [Issue:] 2 [Article No.:] 1693 [Year:] 2023 [Pages:] 1-11
Publisher: 
University of Pardubice, Pardubice
Abstract: 
This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on dependent variables. The objects in this study are companies incorporated in LQ45 for the period 2013 - 2021. The reason for choosing LQ45 is because it is a type of index used to measure the price performance of stocks that have high liquidity and large market capitalization and are supported by good firm fundamentals. The results of the study found that the capital structure with indicators debt to equity ratio has a significant negative effect on stock return. Profitability with indicators return on equity and investment opportunity set with indicators price earning ratio have a positive and significant effect on stock return. While other findings from our study are firm value with price to book value indicators, profitability from the investor's point of view represented by earning per share indicators, and dividend policy with dividend payout ratio indicators have no effect on stock return.
Subjects: 
Stock return
Capital structure
Profitability
Investment opportunity set
Firm value
Earning per share
Dividend policy
JEL: 
B26
G32
I22
O16
P45
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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