Pengaruh Financial Ratio Terhadap Return Saham Pada Perusahaan Manufaktur Sektor Food And Baverage Tahun 2022-2024

Abstract

This study aims to analyze the influence of financial ratios, projected through Current Ratio (CR), Debt to Equity Ratio (DER), and Total Asset Turnover (TATO), on stock returns of food and beverage manufacturing companies listed on the Indonesia Stock Exchange. The primary issue addressed in this research is stock price volatility, which is often misaligned with the companies' fundamental conditions. The research methodology employed is a descriptive quantitative approach with multiple linear regression analysis conducted on a sample of 16 companies (48 observations) for the 2022-2024 period. The findings indicate that simultaneously, the variables CR, DER, and TATO have an influence on stock returns. However, partially, the t-test results reveal that all three variables (CR, DER, and TATO) do not have a significant effect on stock returns, as their respective significance values are greater than 0.05 (Sig. 0.641, 0.250, and 0.308). This suggests that investors in the food and beverage sector respond more to external sentiments or macroeconomic factors than to internal financial ratios. Theoretically, these results provide a new perspective on Signaling Theory regarding the existence of lagging market responses to financial statement information.