Pengaruh Rasio Aktivitas, Solvabilitas, dan Ukuran Perusahaan terhadap Return Saham

Abstract. The industrial sector in Indonesia plays a strategic role in the national economy, but in recent years it has faced challenges such as the slowdown of non-oil and gas processing industries, contraction in the manufacturing PMI, and financial pressure in the textile sector. These issues are driven by declining global demand, inflation, supply chain disruptions, and geopolitical instability. This study uses a quantitative approach with a descriptive-verificative method. The analysis includes descriptive statistics, panel data regression, classical assumption tests, multiple linear regression, F-test, t-test, and coefficient of determination. The data is secondary, taken from the annual financial reports of manufacturing companies in the miscellaneous industry sector from 2020 to 2023, using purposive sampling. The results show that activity ratio and firm size do not have a partial effect on stock returns, while the solvency ratio does. Future research is advised to include more industry sectors, longer periods, and additional variables. Abstrak. Sektor industri di Indonesia memiliki peran strategis dalam perekonomian nasional, namun belakangan menghadapi tantangan seperti perlambatan industri pengolahan nonmigas, kontraksi PMI manufaktur, dan tekanan keuangan di sektor tekstil. Faktor penyebabnya meliputi turunnya permintaan global, inflasi, gangguan rantai pasok, dan ketidakstabilan geopolitik. Penelitian ini menggunakan pendekatan kuantitatif dengan metode deskriptif verifikatif. Analisis dilakukan melalui statistik deskriptif, regresi data panel, uji asumsi klasik, regresi linear berganda, uji F, uji t, dan koefisien determinasi. Data yang digunakan berupa laporan keuangan tahunan perusahaan sektor aneka industri tahun 2020–2023 dengan teknik purposive sampling. Hasil menunjukkan bahwa rasio aktivitas dan ukuran perusahaan tidak berpengaruh secara parsial terhadap return saham, sedangkan rasio solvabilitas berpengaruh. Penelitian selanjutnya disarankan mencakup lebih banyak sektor, periode lebih panjang, dan variabel tambahan.