Pengaruh Profitabilitas, Leverage, dan Financial Distress Terhadap Return Saham Perusahaan BUMN di BEI Periode 2023 – 2025
DOI:
https://doi.org/10.57235/mantap.v4i2.9079Keywords:
BUMN; Financial Distress; Leverage; Profitabilitas; Return SahamAbstract
Penelitian ini menguji pengaruh profitabilitas, leverage, dan financial distress terhadap return saham lima perusahaan BUMN di Bursa Efek Indonesia periode 2023–2025. Profitabilitas diproksikan dengan Net Profit Margin (NPM), leverage dengan Debt to Assets Ratio (DAR), financial distress dengan Altman Z''-Score, dan return saham menggunakan price return tahunan. Data sekunder berasal dari laporan keuangan tahunan/auditan dan harga penutupan saham, dengan 15 observasi firm-year. Analisis menggunakan statistik deskriptif, uji diagnostik, dan regresi linear berganda. Hasil menunjukkan NPM (p=0,416), DAR (p=0,734), dan Altman Z''-Score (p=0,400) tidak berpengaruh signifikan secara parsial terhadap return saham. Secara simultan, ketiga variabel juga tidak signifikan (p=0,381). Nilai R² sebesar 0,235 menunjukkan model menjelaskan 23,5% variasi return saham. Dengan demikian, perubahan return saham selama periode pengamatan belum dapat dijelaskan secara langsung oleh ketiga indikator fundamental tersebut.
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Copyright (c) 2026 Sasa S Suratman, Azharin Julfianingsih Adriansyah, Evi Juwita, Rifaa Huwaidaa
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