Publikasi
Karya Ilmiah MahasiswaPencarian Spesifik
Kunjungan
This study aims to analyze the impact of Inventory Turnover (ITO) and Net Profit Margin (NPM) on stock returns, specifically for companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange between 2021 and 2025. A quantitative associative approach was employed using secondary data obtained from annual financial reports and stock price data published by the Indonesia Stock Exchange. Purposive sampling was used to select the sample, resulting in 54 firm-year observations that met the study's criteria. Multiple linear regression analysis was conducted using SPSS software. Prior to hypothesis testing, the data underwent classical assumption tests, including tests for normality, multicollinearity, heteroscedasticity, and autocorrelation. The results indicate that Inventory Turnover has a positive and significant effect on stock returns, whereas Net Profit Margin has a negative and significant effect. This unexpected negative relationship between NPM and stock returns suggests that investors in the food and beverage sector prioritize operational efficiency signals (inventory management) over accounting profitability measures when market conditions are marked by supply chain pressures and inflationary cost pressures. Collectively, Inventory Turnover and Net Profit Margin exert a significant influence on stock returns. The R-squared value of 0.978 indicates that 97.8% of the variation in stock returns can be explained by Inventory Turnover and Net Profit Margin, which is exceptionally high for equity market studies and reflects the defensive and product-driven nature of the food and beverage sector where fundamental operational performance dominates market sentiment, while the remaining 2.2% is attributable to factors outside the variables examined such as macroeconomic conditions and market sentiment. These findings imply that efficient inventory management is a stronger positive signal to investors than accounting profitability alone in this defensive, fast-moving-goods sector.
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| Properti | Nilai Properti |
|---|---|
| Organisasi | Universitas Muhammadiyah Pekajangan Pekalongan |
| umpp.pekalongan@yahoo.com | |
| Alamat | Jl. Raya Pekajangan No. 1A Kedungwuni Pekalongan |
| Telepon | (0285) 7832294 |
| Tahun | 2026 |
| Kota | Pekalongan |
| Provinsi | Jawa Tengah |
| Negara | Indonesia |