Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024

Saripah ; Rahma Maripatu ; Heidi Siddiqa
JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE) 📅 2026 Vol 4, No 2 🔗 DOI: 10.59024/jise.v4i2.1647
Abstract
 This study was conducted to evaluate the influence of Total Asset Turnover (TATO), Debt to Equity Ratio (DER), and Net Profit Margin (NPM) in predicting stock return fluctuations. The study focuses on retail sector issuers listed on the Indonesian Stock Exchange (IDX) between 2021 and 2024. Through the application of panel data regression analysis, the study determined that the Common Effects Model (CEM) is the most appropriate estimation method. This decision was made based on a series of tests including the Chow Test and the Lagrange Multiplier. Although classical assumption testing showed symptoms of heteroscedasticity, this problem was addressed using the EGLS (cross-sector weighting) Panel method to ensure the validity of the estimates. Based on partial testing, it is found that TATO and NPM variables have a positive and significant contribution to stock returns, while DER is found to have no significant effect. Collectively, all independent variables had a significant effect, with the Adjusted R-Square value reaching 27.80%. This indicates that for investors in the retail sector, profitability and operational efficiency are important indicators in making investment decisions.
Keywords
DER; Financial Ratio; NPM; Retail Sector; Stock Return
How to Cite

Saripah, et al. (2026). Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024. JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE), 4(2). https://doi.org/10.59024/jise.v4i2.1647

Saripah, Rahma Maripatu; Heidi Siddiqa, "Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024," JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE), vol. 4, no. 2, 2026.

Saripah, Rahma Maripatu; Heidi Siddiqa. "Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024." JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE), vol. 4, no. 2, 2026.

Saripah, Rahma Maripatu; Heidi Siddiqa. "Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024." JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE) 4, no. 2 (2026).

Saripah, et al. (2026) 'Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024', JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE), 4(2). doi: 10.59024/jise.v4i2.1647.

Saripah, Rahma Maripatu; Heidi Siddiqa. Pengaruh Total Asset Turnover, Debt To Equity Ratio, dan Net Profit Margin terhadap Return Saham Perusahaan Ritel Bei 2021-2024. JURNAL EKONOMI BISNIS DAN MANAJEMEN (JISE). 2026;4(2).

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