Jurnal Manajemen Teknologi · 2019 · 31 citations · 0 references
BusinessEconomicsFinanceFinancial EconometricsFinancial EconomicsFinancial MarketsAsset Return ModelingExchange Rate DeterminationExchange Rate PolicyExchange RatesFinancial Performance AnalysisRisk-return AnalysisFinancial Performance ImpactFinancial Performance ManagementFinancial Performance ReportingFirm Financial PerformanceManufacturingReturn On EquityStock Market ReturnsStock Return Performance
Abstract This study aims to find out and understand what variables influence stock returns on the Indonesia Stock Exchange. Stock return is the first and foremost consideration for investors in making investment decisions, besides fundamental factors and the business environment. The methodology uses financial data with a sample of manufacturing companies recorded in the period 2013-2018, on the Indonesia Stock Exchange. The analysis used multiple regression analyisis and moderated regression analysis (MRA) for before and after mediating the IDR-USD exchange rate. The findings obtained are before being moderated, and after being mediated shows the liquidity (CR), efficiency (TATO), profitability (ROA and EPS), and solvency (DER) proxy, have a significant effect on stock returns, both before and after being mediated. Thus, it is evident that the exchange rate can influence financial performance factors, both partially and simultaneously. Managerial implications: capital market practitioners, especially investors/asset managers, can consider the variables and observe the movements of the IDR-USD exchange rate above as a component of investment decision making. \n \nKeywords: Stock return, financial performance, liquidity, efficiency, profitability, solvency, exchange rate