PENGARUH LIKUIDITAS, PROFITABILITAS, DAN LEVERAGE TERHADAP RETURN SAHAM DENGAN NILAI TUKAR SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine the effect of liquidity, profitability, and leverage on the stock return with the
exchange rate as the moderated variable. Furthermore, liquidity was measured by Debt to Equity Ratio, stock
return was measured by realization return, and the exchange rate was measured by the middlerate. The research
was quantitative. Moreover, the population was Technology companies listed on the Indonesia Stock Exchange.
It did not use a sample but used all of the population with determined criteria of 7 Technology companies.
Additionally, the data were taken during 5 years of observation (2018-2022). In total, there were 35 observation
data. The data analysis technique used ModeratedRegression Analysis with SPSS 26. The result showed that
liquidity had a negative and insignificant on stock return. However, both profitability and leverage had a
positive and significant effect on stock return. In addition, the result of the moderated variable indicated that
the exchange rate did not moderate the effect of liquidity and profitability on stock return. On the other hand,
the exchange rate moderated the effect of leverageon stock return.