Pengaruh Ukuran Perusahaan, Kebijakan Hutang, Kinerja Keuangan Dan Struktur Modal Terhadap Return Saham Pada Perusahaan Tambang Yang Terdaftar di Bei Tahun 2018 – 2024

Abstrak

The purpose of this study is to determine the partial influence of Firm Size, Debt Policy, Financial Performance, and Capital Structure on Stock Returns in Mining Companies Listed on the Indonesia Stock Exchange (IDX) from 2018 to 2024. The study sampled 15 mining companies listed on the IDX, observed over the period from 2018 to 2024. The results of the study indicate that firm size does not have a significant effect on stock returns in mining companies. This suggests that the size of a company is not a primary consideration for investors when assessing stock return prospects in the mining sector. Debt policy also does not significantly affect stock returns, indicating that a company's leverage level is not a determining factor in investment decisions within this sector. Financial performance does not significantly influence stock returns either, suggesting that historical financial ratios are less relevant in predicting stock price movements in the mining industry. Capital structure, however, has a significant positive effect on stock returns of mining companies. This finding indicates that a company's capital composition is an important consideration for investors when evaluating stock return prospects. An optimal capital structure can send a positive signal to the market regarding the company's ability to manage risk and capitalize on growth opportunities. Simultaneously, all independent variables (firm size, debt policy, financial performance, and capital structure) significantly influence stock returns in mining companies. This indicates that internal company factors collectively have a limited impact on stock returns in the mining sector, as investors tend to focus more on external factors such as commodity prices, global economic conditions, and government regulations. Keywords: Firm Size, Debt Policy, Financial Performance, Capital Structure, Stock Return