The Effect of Operating Cash Flow, Earnings Per Share, and Intellectual Capital on Stock Returns (in Infrastructure Sector Companies Listed on the Indonesia Stock Exchange for the 2021-2023 Period)

Abstract

Infrastructure development is a top priority for Indonesia's economic growth. The government has consistently increased investment in this sector, as it plays a crucial role in creating connectivity and supporting national economic activity. This study aims to determine the effect of operating cash flow, earnings per share, and intellectual capital disclosure on stock returns partially and simultaneously in infrastructure sector companies listed on the IDX for the 2021-2023 period. This study uses quantitative methods and uses secondary data obtained from the IDX website. The research methods used in this study are descriptive statistical analysis, classical assumption tests, and hypothesis tests using SPSS Statistics 22 and the data is reprocessed using Microsoft Excel 2019. The sampling technique in this study is purposive sampling. The population in this study was 36 companies and there were 12 companies that met the research criteria. The results of the study obtained: (1) Operating Cash Flow has no effect on stock returns of -1.293 with a significance value of 0.205. (2) Earning Per Share has no effect on Stock Returns of 1.464 with a significance value of 0.153. (3) Intellectual Capital has an effect on Stock Returns with a value of -2.240 with a significance value of 0.021. (4) Operating Cash Flow, Earnings Per Share, and Intellectual Capital have a simultaneous effect with a significance value of 0.025 on Stock Returns.