The Effect of Firm Size, NPM, EPS, and MVA on Energy Stock Returns, 2020–2024
DOI:
https://doi.org/10.56456/jebdeker.v6i2.954Keywords:
Stock Return, Firm Size, Net Profit Margin, Earnings Per Share, Market Value AddedAbstract
This study aims to examine the effect of firm size, net profit margin, earnings per share, and market value added on stock returns. The population used is 91 energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020 -2024 period. This study uses a quantitative research method with a sampling technique using purposive sampling, a sampling technique with certain criteria. Based on these criteria, 13 companies were obtained as samples. In this study, the researchers used data analysis techniques including descriptive statistical analysis, classical assumption tests, multiple linear regression tests, and hypothesis testing using the SPSS version 26 application. The results of the study indicate that firm size has a negative and significant effect on stock returns, net profit margin and earnings per share have a positive but insignificant effect on stock returns, while market value added has a positive and significant effect on stock returns. Finally, together, firm size, net profit margin, earnings per share, and market value added have a significant effect on stock returns. The policy implications of this research are that energy sector companies need to increase shareholder value through investment management and business strategies that can generate high MVA. Furthermore, investors are advised to consider MVA indicators and company size when making investment decisions, while capital market regulators can encourage increased transparency of information related to corporate value creation to support market efficiency and investor protection.
References
Abdullah, K., Jannah, M., Aiman, U., Hasda, S., Fadilla, Z., Taqwin, Masita, Ardiawan, K. N., & Sari, M. E. (2022). Metodologi Penelitian Kuantitatif (N. Saputra, Ed.). Yayasan Penerbit Muhammad Zaini .
Affan, J., Satritama, A., N Jati, A., & Supriono. (2024). 6995.
Anam, K., Nurfadillah, M., & Fauziah, F. (2021). (Anam) 746-Article Text-2384-1-10-20211028.
Anasta, L. (2021). Pengaruh Rasio Likuiditas, Economic Value Added, Market Value Added Terhadap Return Saham Lawe Anasta. In Journal Of Accounting Taxing And Auditing (Jata) Issn (Vol. 3, Number 1). Www.Idx.Co.Id.
Angelica, F., Mohklas, & Latifah, N. (2022). 452-946-3-Pb.
Arfah, Y., & Siregar, S. (2022). Analisis Pengaruh Ukuran Perusahaan, Leverage Dan Pbv Terhadap Return Saham Perusahaan Yang Terdaftar Dalam Jakarta Islamic Index (Jii). Jurnal Ilmiah Ekonomi Islam, 8(1), 862. Https://Doi.Org/10.29040/Jiei.V8i1.4309
Arramdhani, S., & Cahyono, K. E. (2020). Pengaruh Npm, Roa, Der, Dpr Terhadap Return Saham Krido Eko Cahyono Sekolah Tinggi Ilmu Ekonomi Indonesia (Stiesia) Surabaya.
Asriyanti, D. K. (2022). Pengaruh Current Ratio, Return On Asset Dan Ukuran Perusahaan Terhadap Return Saham. Maret 2022 Journal Accounting And Finance Edisi, 6(1). Https://Journals.Telkomuniversity.Ac.Id/Jaf
Ayanie, A. N. F., Mas’ud, M., & Zakaria, J. (2023). Copyrights @.
Bakari, M. S., Selvi, & Amali, L. M. (2024). Pengaruh Nilai Tambah Ekonomis Dan Nilai Tambah Pasar Terhadap Return Saham Pada Perusahaan Sektor Energi Yang Terdaftar Di Bei. Jurnal Cendekia Ilmiah, 4(1). Www.Industrikontan.Com
Bursa Efek Indonesia. (2021). Idx Industrial Classification (Idx-Ic).
Chandra, A. A., & Darmayanti, N. P. A. (2022). Pengaruh Profitabilitas, Likuiditas, Penilaian Pasar, Dan Ukuran Perusahaan Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 11(2), 358. Https://Doi.Org/10.24843/Ejmunud.2022.V11.I02.P08
Elwisam, Muhani, Ria, Digdowiseiso, K., Kartini, Juliandi, D., & Saputra, D. (2024). Implementation Of Signaling Theory In Financial Management: A Bibliometric Analysis. Revista De Gestao Social E Ambiental, 18(3). Https://Doi.Org/10.24857/Rgsa.V18n3-092
Fathoni, A., Fadhillah, P. R., Heriyanto, T., Hidayanti, R., & Mansur, A. (2024). Pengaruh Inflasi, Suku Bunga, Net Profit Margin, Dan Current Ratio Terhadap Return Saham. Http://Academicjournal.Yarsi.Ac.Id/Jeba
Firmansyah, R., & Yovita, L. (2023). Pengaruh Firm Size, Financial Leverage, Dan Profitabilitas Terhadap Return Saham (Studi Pada Perusahaan Sektor Telekomunikasi Di Bei Periode 2017-2022) Article Information. In Jekobs (Vol. 2, Number 4). Http://Publikasi.Dinus.Ac.Id/Index.Php/Jekobs
Gaib, I., Pakaya, S. I., & Hamin, D. I. (2022). Gaib 16504-39203-1-Sm.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program Ibm Spss 25.
Investor.Id. (2020). Sepanjang 2020, Ihsg Turun 5%, Indeks Saham Pertambangan Malah Naik 23%. Investor.Id. Https://Investor.Id/Market-And-Corporate/232501
Januardin, Wulandari, S., Simatupang, I., Meliana, I. A., & Alfarisi, M. (2020). Pengaruh Der, Npm, Dan Per Terhadap Return Saham Pada Perusahaan Sektor Property And Real Estate Di Bursa Efek Indonesia. Owner (Riset Dan Jurnal Akuntansi), 4(2), 423. Https://Doi.Org/10.33395/Owner.V4i2.251
Jaya, M. I. T., Novitriansyah, B., Pujiono, & Estu, A. Z. (2024). Maret (102-114) Pengaruh Harga Komoditas, Debt To Equity Ratio (Der), Dan Return On Asset (Roa) Terhadap Harga Saham Pada Sektor Energi Yang Terdaftar Pada Bei Periode. 4(1). Http://Www.Ejournal.Pelitaindonesia.Ac.Id/Ojs32/Index.Php/Lucrum/Index
Kandami, F. F., Andriarti, H. N., & Matani, C. D. (2022). 22100-Article Text-56805-61490-10-20220106.
Mayasari, D., & Syaipudin, U. (2023). Pengaruh Debt To Equity Ratio, Price Earning Ratio, Earning Per Share, Price To Book Value Terhadap Return Saham Selama Masa Pandemi Covid-19 (Studi Pada Perusahaan Yang Aktif Terdaftar Dalam Lq45 Tahun 2019-2021) (Vol. 15).
Mufidah, F., Purnama, S. I., & Hasanudin, E. (2021). Sri Dan Eka / Pengaruh Net Interest Margin (Nim) Dan Net Profit Margin. 65–76.
Nisa, K., Santoso, B., & Baharudin. (2024). The Effect Of Economic Value Added (Eva) And Market Value Added (Mva) On Stock Returns. Syntax Transformation, 5(5).
Nurhudawi, & Sitompul, S. (2020). Shar-E: Jurnal Kajian Ekonomi Hukum Syariah Analisis Return Saham Pada Perusahaan Pertambangan Batubara Di Bursa Efek Indonesia. 6(2), 108–116. Www.Idx.Co.Id.
Nursita, M. (2021). Cdatu,+Artikel.
Pelmelay, K. E., & Borolla, J. D. (2021). Pengaruh Earning Per Share Dan Price Earning Ratio Terhadap Return Saham. In Jurnal Keuangan Dan Bisnis Issn (Vol. 19, Number 1). Online. Www.Idx.Ac.Id
Pramesthy, S. R., & Octavia, D. I. (2025). Pengaruh rasio keuangan terhadap pertumbuhan laba perusahaan kosmetik terdaftar Bursa Efek Indonesia 2019–2024. Jurnal Ekonomi, Manajemen, Akuntansi Bisnis Digital, Ekonomi Kreatif, dan Entrepreneur (JEBDEKER), 6(1), 126–144.
Qomariah, C. (2024). Pengaruh Struktur Modal, Kebijakan Dividen Dan Nilai Perusahaan Terhadap Return Saham. In Cita Qomariah| Jimeb Volume (Vol. 1, Number 3).
Raini, D., Rumiasih, N. A., Hasnin, H. R., & Ridwan, M. (2023). Pengaruh_Return_On_Investment_Roi_Earnin.
Ramadhani, E., Putri, L. K., & Nuraeni, I. (2021). Pengaruh Earning Per Share (Eps), Return On Equity (Roe), Dan Net Profit Margin (Npm) Terhadap Return Saham Perusahaan Sub Sektor Makanan Dan Minuman Di Bursa Efek Indonesia (Bei). Https://Doi.Org/10.47080
Riani, D., Rumiasih, N. A., Hasnin, H. R., & Ridwan, M. (2023). Pengaruh Return On Investment (Roi), Earning Per Share (Eps), Net Profit Margin (Npm), Dan Market Value Added (Mva) Terhadap Return Saham. Journal On Education, 05(02), 3290–3301.
Rohi, M. A., De Rozari, P. E., Makatita, R. F., & Ndoen, W. M. (2024). The Influence Of Economic Value Added And Market Value Added On Stock Returns In Manufacturing Companies Listed On The Indonesian Stock Exchange Koresponden : A). Www.Idx.Co.Id
Ross, S. A. (1977). The Determination Of Financial Structure: The Incentive-Signalling Approach. The Bell Journal Of Economics, 8(1), 23–40.
Safira, L., & Budiharjo, R. (2021). Pengaruh Return On Asset, Earning Per Share, Price Earning Ratio Terhadap Return Saham. Akurasi: Jurnal Riset Akuntansi Dan Keuangan, 3(1), 57–66. Https://Doi.Org/10.36407/Akurasi.V3i1.325
Sahfasat, V. M., & Nurmala, P. (2022). Pengaruh Arus Kas Investasi, Arus Kas Operasi, Dan Market Value Added Terhadap Return Saham (Vol. 12, Number 2). Https://Jurnal.Unimus.Ac.Id/Index.Php/Max
Sari, A. N., & Hermuningsih, S. (2020). Pengaruh Earning Per Share (Eps), Return On Equity (Roe) Dan Debt To Equity Ratio (Der) Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Industri Barang Konsumsi Yang Terdaftar Di Bei. 14(1).
Sirait, T. S. (2025). Pengaruh Return On Assets, Earning Per Share, Debt To Equity Ratio, Current Ratio, Dan Firm Size Terhadap Return Saham Pada Perusahaan Manufaktur Subsektor Property Dan Real Estate Yang Terdaftar Di Bei Pada Tahn 2020-2023 (Vol. 4, Number 1). Www.Idx.Co.Id.
Smarabhawa, A. A. G. A., & Putra, I. M. P. D. (2023). Likuiditas, Leverage, Profitabilitas, Penilaian Pasar, Firm Size Dan Return Saham. Https://Doi.Org/10.24843/Eja.2023.V33.I06.P20
Sovita, I., & Rosa, M. L. (2022). Pengaruh Return On Equity (Roe), Debt On Equity Ratio (Der) Dan Net Profit Margin (Npm) Terhadap Return Saham (Studi Empiris Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia 2016-2020). Jurnal Penelitian Dan Pengkajian Ilmiah Sosial Budaya, 1(1), 27–45. Https://Doi.Org/10.47233/Jppisb.V1i1.371
Spence, M. (1973). Job Market Signaling. The Quarterly Journal Of Economics, 87(3), 355–374.
Susanti, W., Kesuma, I. M., Maya, W., & Rifvi Sari, N. P. (2021). Pengaruh Return On Asset, Return On Equity, Net Profit Margin. Journal Ekombis Review, 9(2), 171–182. Https://Doi.Org/10.37676/Ekombis.V9i2.1325
Syahputra, A. I., & Budi, S. (2025). Pengaruh Pertumbuhan Laba, Firm Size Dan Current Ratio Terhadap Return Saham Pada Pt Bayan Resources Tbk Tahun. In Akademik: Jurnal Mahasiswa Ekonomi & Bisnis (Vol. 5, Number 1).
Utami, M. P., Sundara, D., & Hermiyetti. (2023). Pengaruh Economic Value Added (Eva) Dan Market Value Added (Mva) Terhadap Return Saham. 3(1), 28–41.
Utami, T., & Faidah, F. (2025). Operating Cash Flow Terhadap Return Saham (Studi Kasus Pada Perusahaan Energy Yang Terdaftar Di Bursa Efek Indonesia (Bei) Tahun 2020-2024). Jurnal Emas, 6, 2009–2030. Https://Doi.Org/10.30388/Emas.V6i9.12491
Widad, D. L., & Herlina, E. (2023). Pengaruh_Debt_To_Equity_Ratio_Der_Current_Ratio_Cr.
Yuningsih, V. (2020). Pengaruh Net Profit Margin (Npm) Dan Earning Per Share (Eps) Terhadap Return Saham Dengan Struktur Modal Sebagai Variabel Intervening. Entrepreneurship Bisnis Manajemen Akuntansi (E-Bisma), 31–41. Https://Doi.Org/10.37631/E-Bisma.V1i1.215
