IPOs and Stock Returns: The Role of Capital Structure, Firm Size, Profitability, and Firm Value
Abstract
The purpose of this study is to empirically examine the relationship between stock returns and capital structure, firm size, profitability, and firm value. The population in this study were companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange (IDX) between 2020 and 2023. The sample was determined using a purposive sampling method. Data were analyzed using panel data analysis techniques. The results of this study found evidence that company size has a positive effect on stock returns, while capital structure and profitability have no effect on stock returns, and firm value has a negative effect on stock returns. The implications of these results suggest that companies planning to go public should pay attention to business scale and maintain a healthy financial structure to increase their attractiveness to investors. For investors, it is important to not only pay attention to market value but also to assess the company's overall business quality and viability before making investment decisions, particularly for IPO stocks that tend to be volatile.
Keywords: Stock Return; Capital Structure; Company Size; Profitability: Company value
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References
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AlZou’bi, M. J., Bashatweh, A. D., & Khader, L. F. A. (2020). The Influence of Capital Structure on Stock Returns – An Empirical Study on Industrial Companies. Research in World Economy, 11(6), 362. https://doi.org/10.5430/rwe.v11n6p362
Amani, T., Koeshardjono, H., & Aliyanty, N. (2022). the Effect of Net Profit, Operating Cash Flow and Company Size on Stock Return Companies Listed in Lq45 Stock Index 2018-2020. Jurnal Akuntansi Universitas Jember, 20(2), 78. https://doi.org/10.19184/jauj.v20i2.34925
Amir, Tjahjadi, B., & Harymawan, I. (2022). Net Volume Saham Market Maker, Asimetri Informasi, Fundamental Perusahaan Terhadap Profitabilitas; Pendekatan Model Fixed Effect. Journal of Accounting Science. https://doi.org/10.21070/jas.v4i1.401
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Riskiyani, D. N., & Dewi, E. K. (2023). Pengaruh Struktur Modal, Inflasi, Nilai Tukar Terhadap Return Saham Perusahaan Perbankan Di Bei Tahun 2017-2021. Jurnal Akuntansi Barelang, 8(1), 8–23. https://doi.org/10.33884/jab.v8i1.8213
Satoto, E. B. (2023). The Effect of Fuel Price Fluctuations, Exchange Rates, and Profitability on Stock Returns and Inflation as Intervening Variables. Jurnal Ilmiah Manajemen Dan Bisnis, 8(1), 110–127. https://doi.org/10.38043/jimb.v8i1.4460
Sinaga, A. N., Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio dan Size terhadap Return Saham Perusahaan Trade, Service & Investment Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 311–318. https://doi.org/10.31539/costing.v3i2.1043
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Surachmad, S. (2021). Pengaruh Size, Growth, Profitability Dan Liquidity Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen Dan Penelitian Akuntansi, 14(1), 61–69. https://doi.org/10.58431/jumpa.v14i1.214
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Wahyuningrum, I. F. S., Putri, N., & Hidayah, R. (2020). Pengaruh Kinerja Keuangan dan Karakteristik Perusahaan terhadap Pengungkapan Lingkungan di Perusahaan yang terdaftar di Singapore Exchange. Jurnal Ilmu Lingkungan, 18(2), 417–423. https://doi.org/10.14710/jil.18.2.417-423
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Williams, B., Brown Andrys Onsman, T., Onsman, A., Brown, T., Andrys Onsman, P., & Ted Brown, P. (2010). Exploratory factor analysis: A five-step guide for novices. Journal of Emergency Primary Health Care (JEPHC), 8(3), 990399.
Xie, H., Tan, Z., & Lv, X. (2024). Application of Artificial Intelligence in Financial Risk Management in a Company. ACM International Conference Proceeding Series, 349–354. https://doi.org/10.1145/1122445.1122456
Yulia, I. A. (2021). Pengaruh Return On Asset, Debt To Equity Ratio Dan Suku Bunga Terhadap Return Saham Perusahaan Property Dan Real Estate yang Terdaftar di BEI Tahun 2017-2019. Jurnal Ilmiah Manajemen Kesatuan, 9(3), 475–482. https://doi.org/10.37641/jimkes.v9i3.791
Adjani, M. G. D., & Parinduri, A. Z. (2022). PENGARUH STUKTUR MODAL, PROFITABILITAS, UKURAN PERUSAHAAN, DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA. 20(1), 105–123.
Almira, F., Ridwan, H., & Nastiti, H. (2020). LEVERAGE, PROFITABILITAS, PERTUMBUHAN PENJUALAN TERHADAP FINANCIAL DISTRESS PADA PERUSAHAAN RITEL DI BEI Ivan. Business Management, Economic, and Accounting National Seminar, 1(1), 60–74.
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
AlZou’bi, M. J., Bashatweh, A. D., & Khader, L. F. A. (2020). The Influence of Capital Structure on Stock Returns – An Empirical Study on Industrial Companies. Research in World Economy, 11(6), 362. https://doi.org/10.5430/rwe.v11n6p362
Amani, T., Koeshardjono, H., & Aliyanty, N. (2022). the Effect of Net Profit, Operating Cash Flow and Company Size on Stock Return Companies Listed in Lq45 Stock Index 2018-2020. Jurnal Akuntansi Universitas Jember, 20(2), 78. https://doi.org/10.19184/jauj.v20i2.34925
Amir, Tjahjadi, B., & Harymawan, I. (2022). Net Volume Saham Market Maker, Asimetri Informasi, Fundamental Perusahaan Terhadap Profitabilitas; Pendekatan Model Fixed Effect. Journal of Accounting Science. https://doi.org/10.21070/jas.v4i1.401
Bisnis.com. (2022). Kaleidoskop 2022: Daftar IPO 2022, Emiten Teknologi GOTO-Blibli Unjuk Gigi Sejumlah 58 sudah melakukan IPO pada 2022, termasuk Gojek Tokopedia (GOTO) dan Blibli.com (BELI), bertumbuh dari 54 IPO pada 2021. Artikel ini telah tayang di Bisnis.com dengan judul “Kaleidoskop 2022: Daftar IPO 2022, Emiten Teknologi GOTO-Blibli Unjuk Gigi.”
Fadhilah, L. N., & Sutrisno. (2023). The Effect of Profitability, Firm Value, and Leverage on Stock Return before and During Covid-19 in Healtycare Sector Companies. International Journal of Economics, Business and Management Research, 07(02), 36–47. https://doi.org/10.51505/ijebmr.2023.7204
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th Editio).
Hasibuan, K. F., Hasibuan, A. N., & Mendrofa, S. L. (2023). Pengaruh Ukuran Perusahaan, Profitabilitas Dan Komite Audit Terhadap Pengungkapan Islamic Social Reporting. Journal Of Social Science Research, 3(3), 7196–7204.
Ilham Ramadhan, N., & Arum, P. (2024). INDEKSASI Google Scholar Ilham Ramadhan Nugraha Ilham Ramadhan Nugraha Pengaruh Tata Kelola Perusahaan Dan Modal Intelektual Terhadap Nilai Perusahaan (Vol. 3).
Intariani, W. P., & Suryantini, N. P. S. (2020). The Effect Of Liquidity, Profitability, And Company Size On The National Private Bank Stock Returns Listed On The Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 8, 289–295.
Investor.id. (2022). Saham IPO 2022 Diprediksi Berikan Gain 85%.
Jauhary, W., Ongario, A., & Alvin, A. (2023). Total Asset Turnover, Current Ratio, Pertumbuhan Laba dan Ukuran Perusahaan terhadap Return Saham pada Perusahaan Otomotif. Journal of Management and Bussines (JOMB), 5(1), 268–287. https://doi.org/10.31539/jomb.v5i1.4803
Jogiyanto Hartono. (2017). Teori Portofolio dan Analisis Investasi (Edisi ke-11). Yogyakarta :BPFE-Yogyakarta,2017.
Lauren, A., & Nugroho, V. (2024). 01++335+AKP+127+Jurnal+-+125180256+-+Anastasia+&+Vidyarto.
Mevania, S., Wahyuni, S., Setyadi, E. J., & Inayati, N. I. (2022). The Effect of Managerial Ownership, Company Size, Liquidity, and Profitability on Financial Distress. Jurnal Manajemen Bisnis, Akuntansi Dan Keuangan, 1(2), 127–142. https://doi.org/10.55927/jambak.v1i2.1796
Mulyanti, K., & Randus, A. A. P. (2021). Pengaruh Earning Per Share (Eps) Dan Price Earning Ratio (Per) Terhadap Return Saham Pada Perusahaan Lq45 Periode 2017-2019. Land Journal, 2(1), 65–76. https://doi.org/10.47491/landjournal.v2i1.1031
Nahdhiyah, A. I., & Alliyah, S. (2023). The Effect Of Profitability, Liquidity, Leverage, Company Size and Assets Growth on Stock Return: Empirical evidence from Indonesia. Maksimum, 13(1), 50. https://doi.org/10.26714/mki.13.1.2023.50-65
Nesta, K. A., & Amir. (2023). The Effect of Capital Structure, Profitability, Leverage and Company Size on Company Value. RATIO: Reviu Akuntansi Kontemporer Indonesia, 4(2), 139–148. https://doi.org/10.30595/ratio.v4i2.18204
Nurwulandari, A., Hamonangan, M., Nasional, U., Investasi, K., Investasi, K., Perusahaan, N., & Saham, R. (2024). Machine Translated by Google Equivalent : Jurnal Ilmiah Sosial Teknik Machine Translated by Google Andini Nurwulandari , Maison Hamonangan Equivalent : Jurnal Ilmiah Sosial Teknik , Vol . 6 , No . 1 , January 2024. 6(1).
Okta, S., & Hariasih, M. (2021). The Effect of Company Size, Sales Growth, Profitability and Leverage on Stock Returns in Food And Beverage Companies Listed on the Indonesia Stock Exchange (IDX). Indonesian Journal of Innovation Studies, 16. https://doi.org/10.21070/ijins.v16i.559
Pambudi, A. S., Ahmad, G. N., & Mardiyati, U. (2022). Pengaruh Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan: Studi pada Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019 Anang. 9(1), 356–363.
Pamungkas, P., Achyani, F., & Witono, B. (2024). Pengaruh Profitabilitas , Struktur Aset , Ukuran Perusahaan , Tata Kelola Perusahaan , dan Peluang Investasi terhadap Harga Saham dengan Return Saham sebagai Variabel Moderasi. 5(2), 81–102.
Parawansa, D. S., Rahayu, M., & Sari, B. (2021). Pengaruh ROA, DER dan SIZE Terhadap Return Saham . Jurnal IKRA- ITH Ekonomika, 4(2), 1–10.
Penelitian, J., Sosial, I., Ajhssr, A., Likuiditas, P., Perusahaan, U., Bank, P., Nasional, S., Intariani, W. R., Putu, N., & Suryantini, S. (2020). PENGEMBALIAN SAHAM YANG TERDAFTAR DI INDONESIA BURSA EFEK Machine Translated by Google. 289–295.
Pertiwi, S. W., Nensi Yuniarti. Zs, Furqonti Ranidiah, Yudi Partama Putra, & Chairul Suhendra. (2023). Pengaruh Financial Distress, Leverage, Dan Ukuran Perusahaan Terhadap Konservatisme Akuntansi. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 3(2), 166–175. https://doi.org/10.55606/jaemb.v3i2.1655
Prastyawan, D., Wiyono, G., & Sari, P. P. (2022). Analisis Pengaruh Earning.per.Share (EPS), Price to.Book Value (PBV), Return on Asset (ROA), Current.Ratio (CR), dan Debt to Equity Ratio (DER) Terhadap Return Saham Pada Perusahan Manufaktur Subsektor Food and Beverage yang Terdaftar di Bursa Efek Indone. Jurnal Ilmiah Universitas Batanghari Jambi, 22(2), 849. https://doi.org/10.33087/jiubj.v22i2.1984
Purwanti, D., & Astuti, R. (2020). (n.d.).
Putri, A. M., Hidayati, N., & Amin, M. (2019). Dampak Penerapan Green Accounting dan Kinerja Lingkungan terhdap Profitabilitas Perusahaan Manufaktur di Bursa Efek Indonesia. E_Jurnal Ilmiah Riset Akuntansi, 08(04), 149–164.
Rahman, A., & Artikel, I. (2022). Perusahaan Perbankan di Indonesia. 354–364.
Riskiyani, D. N., & Dewi, E. K. (2023). Pengaruh Struktur Modal, Inflasi, Nilai Tukar Terhadap Return Saham Perusahaan Perbankan Di Bei Tahun 2017-2021. Jurnal Akuntansi Barelang, 8(1), 8–23. https://doi.org/10.33884/jab.v8i1.8213
Satoto, E. B. (2023). The Effect of Fuel Price Fluctuations, Exchange Rates, and Profitability on Stock Returns and Inflation as Intervening Variables. Jurnal Ilmiah Manajemen Dan Bisnis, 8(1), 110–127. https://doi.org/10.38043/jimb.v8i1.4460
Sinaga, A. N., Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio dan Size terhadap Return Saham Perusahaan Trade, Service & Investment Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 311–318. https://doi.org/10.31539/costing.v3i2.1043
Suandi, S., Aziz, A. A., & Sanurdi, S. (2023). Inflasi Pemoderasi ROA, EPS dan DER Terhadap Return Saham Perusahaan Consumer Goods di JII. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 925–933. https://doi.org/10.47065/ekuitas.v4i3.2909
Surachmad, S. (2021). Pengaruh Size, Growth, Profitability Dan Liquidity Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen Dan Penelitian Akuntansi, 14(1), 61–69. https://doi.org/10.58431/jumpa.v14i1.214
Trisnawati, H., & Wahyudi, I. (2023). 6b26f732858c420b4f9574c0d0677e52.
Utami, D., Melvani, F. N., Hanifa, R., Palembang, U. M., & Selatan, U. S. (2023). Struktur Modal terhadap Return Saham PErusahaan Sektor Industri di Indonesia. Jurnal EKOBIS: Kajian Ekonomi Dan Bisnis, 7(1), 23–30.
Wahyuningrum, I. F. S., Putri, N., & Hidayah, R. (2020). Pengaruh Kinerja Keuangan dan Karakteristik Perusahaan terhadap Pengungkapan Lingkungan di Perusahaan yang terdaftar di Singapore Exchange. Jurnal Ilmu Lingkungan, 18(2), 417–423. https://doi.org/10.14710/jil.18.2.417-423
Wibowo, W., & Mekaniwati, A. (2020). Pengaruh Struktur Modal dan Kemampulabaan Terhadap Return Saham Perusahaan Properti dan Real Estate Yang Terdaftar di BEI Tahun 2013-2015. Jurnal Ilmiah Manajemen Kesatuan, 8(1), 19–28. https://doi.org/10.37641/jimkes.v8i1.308
Wijaya, N. S., & Fitriati, I. R. (2022). Pengaruh likuiditas, ukuran perusahaan, profitabilitas, dan struktur modal terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(12), 5606–5616. https://doi.org/10.32670/fairvalue.v4i12.1870
Williams, B., Brown Andrys Onsman, T., Onsman, A., Brown, T., Andrys Onsman, P., & Ted Brown, P. (2010). Exploratory factor analysis: A five-step guide for novices. Journal of Emergency Primary Health Care (JEPHC), 8(3), 990399.
Xie, H., Tan, Z., & Lv, X. (2024). Application of Artificial Intelligence in Financial Risk Management in a Company. ACM International Conference Proceeding Series, 349–354. https://doi.org/10.1145/1122445.1122456
Yulia, I. A. (2021). Pengaruh Return On Asset, Debt To Equity Ratio Dan Suku Bunga Terhadap Return Saham Perusahaan Property Dan Real Estate yang Terdaftar di BEI Tahun 2017-2019. Jurnal Ilmiah Manajemen Kesatuan, 9(3), 475–482. https://doi.org/10.37641/jimkes.v9i3.791
Published
2025-06-20
How to Cite
ANDIYANTO, Stevanus et al.
IPOs and Stock Returns: The Role of Capital Structure, Firm Size, Profitability, and Firm Value.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 7, june 2025.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/128130>. Date accessed: 14 oct. 2025.
doi: https://doi.org/10.24843/EJA.2025.v35.i07.p11.
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