Pengaruh Earning Per Share dan Return on Asset terhadap Return Saham Pada Perusahaan Subsektor Food and Beverage yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025

The Effect of Earning Per Share and Return on Asset on Return Shares in Food and Beverage Subsector Companies Listed on the Indonesia Stock Exchange for the 2021-2025 Period

Abstract

This study examines the effect of Earning Per Share (EPS) and Return On Asset (ROA) on stock returns of food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2021-2025 period. The background of this research is driven by inconsistent findings in prior studies regarding the influence of EPS and ROA on stock returns, as well as fluctuating stock price and return performance within the sector. This research applies a quantitative approach using secondary data obtained from annual financial statements and stock price data of fifteen companies selected through purposive sampling, resulting in 71 data points after outlier removal. Data were analyzed using classical assumption tests and multiple linear regression with SPSS. The findings reveal that EPS does not significantly affect stock return partially (sig. 0.469), ROA does not significantly affect stock return partially (sig. 0.637), and both variables simultaneously have no significant effect on stock return (sig. 0.669), with an R Square of only 0.012. These results imply that investors in this sub-sector should consider other financial and macroeconomic indicators beyond EPS and ROA when making investment decisions, while companies are encouraged to keep strengthening profitability and asset efficiency to maintain investor confidence.