PENGARUH FINANCIAL DISTRESS, INSTITUTIONAL OWNERSHIP, DAN EARNING PER SHARE TERHADAP STOCK RETURN PADA PERUSAHAAN SEKTOR TRANSPORTASI DAN LOGISTIK PADA BURSA EFEK INDONESIA PERIODE 2019-2023

THE EFFECT OF FINANCIAL DISTRESS, INSTITUTIONAL OWNERSHIP, AND EARNING PER SHARE ON STOCK RETURNS IN TRANSPORTATION AND LOGISTICS COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2019–2023

Penelitian ini bertujuan untuk menganalisis pengaruh financial distress, institutional ownership, dan earning per share terhadap stock return pada perusahaan yang tercatat di sektor transportasi dan logistik Bursa Efek Indonesia selama periode 2019-2023. Pendekatan penelitian yang digunakan bersifat kuantitatif dengan data sekunder sebagai sumber utama. Populasi penelitian mencakup entitas-entitas perusahaan yang tercatat dalam Bursa Efek Indonesia pada sektor dan periode yang ditentukan. Teknik pemilihan sampel diterapkan menggunakan purposive sampling yang menghasilkan tujuh perusahaan sebagai sampel penelitian. Analisis data dilakukan dengan pendekatan regresi data panel menggunakan perangkat EViews 13 dan Stata 17. Hasil penelitian menunjukkan bahwa financial distress dan earning per share memiliki pengaruh negatif yang signifikan terhadap stock return, sementara institutional ownership tidak menunjukkan pengaruh signifikan terhadap variabel tersebut. Implikasi dari temuan ini mengindikasikan bahwa perusahaan dalam sektor transportasi dan logistik perlu memberikan perhatian lebih terhadap kondisi financial distress serta nilai earning per share dalam merumuskan dan mengevaluasi kebijakan keuangan mengingat pengaruhnya terhadap harga dan pengembalian saham perusahaan.

This study seeks to examine the influence of financial distress, institutional ownership, and earnings per share (EPS) on stock returns in firms operating within the transportation and logistics sector and listed on the Indonesia Stock Exchange during the 2019–2023 period. Adopting a quantitative research approach, this investigation utilizes secondary data as its principal source, ensuring methodological rigor and empirical validity. The study population comprises corporate entities registered on the Indonesia Stock Exchange within the designated sector and timeframe. The sampling method employed is purposive sampling, which yielded a research sample of seven companies. The data analysis is conducted through panel data regression modeling, utilizing EViews 13 and Stata 17 to enhance the robustness of the findings. Empirical results indicate that financial distress and earnings per share exert a statistically significant negative effect on stock returns, whereas institutional ownership does not demonstrate a discernible impact. These findings underscore the necessity for firms within the transportation and logistics sector to strategically manage their financial distress conditions and earnings per share metrics when devising and evaluating financial policies, given their consequential role in influencing stock valuation and return dynamics