Analisis Probability Financial Distress sebagai Pemoderasi Faktor-Faktor yang Mempengaruhi Return Saham pada Perusahaan Batu Bara Periode 2018-2022

Abstract

The purposes of this research is to examine and analyze whether operating activity cash flow, investing activity cash flow, financing activity cash flow, liquidity, and total asset turnover affect stock returns with probability financial distress as moderating variables in coal companies listed on the Indonesia Stock Exchange in 2018-2022. This research was conducted based on information obtained on the Indonesian Stock Exchange. The sampling technique used a purposive sampling method. The population in this study were 32 coal companies listed on the Indonesia Stock Exchange in 2018-2022, with a total sample of 26 companies and 130 observations were obtained. Hypothesis testing uses panel data regression analysis using the E-Views application. The results of this research indicate that operating activity cash flow has a positive effect on stock returns. Meanwhile, investing activity cash flow, financing activity cash flow, liquidity and total asset turnover have no effect on stock returns. The probability of financial distress is not able to moderate the relationship between operating activity cash flow, investing activity cash flow, financing activity cash flow, liquidity, and total asset turnover with stock returns.