Pengaruh Arus Kas Operasi, Nilai Perusahaan, dan Dewan Komisaris Independen Terhadap Return Saham Perusahaan Sektor Properti yang Terdaftar di BEI

Abstract

This study aims to determine the effect of operating cash flow, firm value, and independent board of commissioners on stock returns in property and real estate sector companies listed on the Indonesia Stock Exchange for the 2020-2024 period. This study uses a quantitative associative method with secondary data obtained from financial statements and annual reports. The sampling technique used was purposive sampling, resulting in 8 companies. Data analysis was conducted using panel data regression with the assistance of EViews 12. The results show that operating cash flow partially has a significant effect on stock returns, with a t-statistic of |-2.610864| > t-table of 2.02809 and a significance value of 0.0141 < 0.05. Firm value partially has a significant effect on stock returns, with a t-statistic of 3.129312 > t-table of 2.02809 and a significance value of 0.0046 < 0.05. Meanwhile, the independent board of commissioners has no significant effect on stock returns, with a t-statistic of -0.687999 < t-table of 2.02809 and a significance value of 0.4969 > 0.05. Simultaneously, the three variables have a significant effect on stock returns, with an F-statistic of 4.860162 > F-table of 2.87 and a significance value of 0.000394 < 0.05. The Adjusted R Square of 0.497433 indicates that operating cash flow, firm value, and independent board of commissioners explain 49.74% of the variation in stock returns, while the remaining 50.26% is explained by other factors outside this study.