Stock return analysis of food consumer goods companies listed on the Indonesia Stock Exchange in the Post-COVID-19 pandemic period

Authors

  • Anak Agung Ngurah Surya Yuda Pratama Wibawa Udayana University, Denpasar, Indonesia
  • I Made Sudarma Udayana University, Denpasar, Indonesia
  • Putu Udayani Wijayanti Udayana University, Denpasar, Indonesia

Keywords:

stock return, financial ratios, food consumer goods sector, Indonesia Stock Exchange

Abstract

This study aims to examine the influence of financial ratios, including Current Ratio (CR), Debt to Equity Ratio (DER), Return on Assets (ROA), Total Asset Turnover (TATO), and Price to Book Value (PBV), on stock returns in the food consumer goods sector. This research employs a quantitative approach using secondary data obtained from companies’ annual financial reports and stock price data published by the Indonesia Stock Exchange. The sampling technique used purposive sampling based on predetermined criteria. Data analysis was conducted using multiple linear regression to test the partial and simultaneous effects of financial ratios on stock returns. The results show that the Current Ratio (CR) and Price to Book Value (PBV) have a positive and significant effect on stock returns. Return on Assets (ROA) has a negative and significant effect on stock returns, while Debt to Equity Ratio (DER) and Total Asset Turnover (TATO) do not have a significant effect on stock returns of food consumer goods companies during the research period. The findings indicate that company liquidity and market valuation are the most influential factors affecting stock returns in the food consumer goods sector. Therefore, investors are advised to consider company liquidity conditions and market valuation before making investment decisions, while companies are expected to improve their financial performance to maintain investor confidence.

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Published

2026-03-12

How to Cite

Wibawa, A. A. N. S. Y. P., Sudarma, I. M., & Wijayanti, P. U. (2026). Stock return analysis of food consumer goods companies listed on the Indonesia Stock Exchange in the Post-COVID-19 pandemic period. Tennessee Research International of Social Sciences, 8(1), 124–136. Retrieved from https://triss.org/index.php/journal/article/view/138

Issue

Vol. 8 No. 1: January-June 2026

Section

Research Articles

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