An Empirical Analysis of the Impact of Cash Flow, Stock Returns, and Capital Structure on Investment Decisions in Cigarette Sub-Sector Manufacturing Companies Listed on the Indonesia Stock Exchange

Aims: This study aims to determine the effect of Cash Flow (CF), Stock Returns (SR) and Capital Structure (CS) on Investment Decisions (ID) in cigarette sub-sector manufacturing companies on IDX. Study Design: The method used is an associative method with a quantitative approach. Place and Duration of Study: Indonesia Stock Exchange (IDX) between 2020 to 2024. Methodology: The population in the study, namely the financial statements of cigarette sub-sector manufacturing companies that have gone public. The number of samples in this study from 5 companies for 5 years using a purposive sampling approach. The type of data used in this study is secondary data using financial statement data for the period 2020-2024. The data analysis method used is multiple linear regression using SPSS. Results: Sig. value of influence between cash flow toward investment decisions is 0.004 with beta coefficient value of -5.109. It means that the influence of cash flow toward investment decisions is accepted. Furthermore, the Sig. value of the effect between capital structure on investment decisions is 0.010 with a beta coefficient value of -10.421. This provides information that the effect of stock return variables on investment decisions is accepted. However, the Sig. value of the effect between stock returns on investment decisions is 0.547 with a beta coefficient value of 1.105. This indicates that the effect of stock return variables on investment decisions cannot be accepted. Conclusion: The results showed that cash flow (X1) had a significant effect on investment decisions, stock returns (X2) had no significant effect on investment decisions, capital structure (X3) had a significant effect on investment decisions. Simultaneously, the cash flow, stock return and capital structure variables have a significant effect on investment decisions in cigarette sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2024.