Structural Model of Company Stock Return in Basic and Chemical Industries: Impact of Profitability, Market Value, Liquidity and Leverage

  • Mohamad Ridwan Rumasukun, Muhamad Yamin Noch, Victor Pattiasina, Arfan Ikhsan, Ridolof Wenand Batilmurik


This study aims to analyze the partial and simultaneous influence of profitability, market value and leverage on the stock market returns in primary industrial and chemical companies listed on the Indonesian Stock Exchange in 2019. This is exploratory research that applied the purposive technique for collecting data. Data were analyzed using SEM Amos version 24 and hypothesis tests. The analysis shows that profitability, market value and leverage, both partially and simultaneously, have no significant effect on stock market returns. Future studies will pay more attention to the size of the business, the number of financial ratios and the expansion of observation units and other factors such as interest rates, inflation rates and changes in exchange rates.