Title:
STOCK RETURN ANALYSIS WITH FIRM VALUE AS A MODERATOR: EVIDENCE FROM BASIC MATERIALS COMPANIES IN INDONESIA

Authors:
Dandung Prada Sandika and Yuniningsih Yuniningsih

Abstract:
This study aims to examine the effect of sustainability report and leverage projected by Debt-to-Equity Ratio (DER) on stock returns in basic materials sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2023, with the moderating variable firm value projected by price to book value. The research method used is quantitative with the Moderated Regression Analysis (MRA) analysis technique. The population of this study consisted of basic materials sector companies listed on the IDX during the 2020-2023 period, with samples taken using purposive sampling technique. The data used is secondary data in the form of financial reports, sustainability reports, and stock market data. The results showed that sustainability reports contributed to stock returns. Leverage has no contribution to stock returns. Firm value has no contribution in the relationship of sustainability report to stock returns. Firm value has no contribution in the relationship of leverage to stock returns.

Keywords:
Firm Value, Leverage, Stock Returns, Sustainability Report

DOI:
https://doi.org/10.37500/IJESSR.2025.8408

Date of Publication: 21-07-2025