Pengaruh Net Profit Margin, Debt To Equity Ratio, dan Current Ratio Terhadap Return Saham Industri Dasar Kimia 2022-2024

Abstrak

This study aims to examine the effect of Net Profit Margin (NPM), Debt to Equity Ratio (DER), and Current Ratio (CR) on stock Returns of basic industry and chemical sector companies listed on the Indonesia Stock Exchange (IDX) during 2022-2024, with firm size as a control variable, motivated by inconsistent findings in prior studies on profitability and liquidity ratios and by the limited research attention given to this capital-intensive, externally sensitive sector. Using a quantitative approach, secondary data were drawn from 56 of 95 companies selected through purposive sampling, yielding 141 final observations after eliminating negative-NPM and outlier data, analyzed using multiple linear regression in IBM SPSS Statistics version 26. The results show that NPM has a positive and significant effect, DER has no significant effect, and CR has a negative and significant effect on stock Returns, with the model explaining 11.4% of the variance. These findings imply the importance of profitability and liquidity, alongside broader market factors, in investment decision-making. This study contributes empirical evidence on an underexamined sector and clarifies prior mixed findings on financial ratios and stock Returns in emerging markets.