Antecedents of sharia stock returns in Indonesia

Fachruddin, Mukhammad Hafidh and Aisyah, Esy Nur ORCID: https://orcid.org/0000-0001-9448-4277 (2025) Antecedents of sharia stock returns in Indonesia. Journal of Finance and Business Digital (JFBD), 4 (4). pp. 1021-1034. ISSN 2964-8688

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Abstract

For 2020–2024, this research examines the impact of Debt-to-Equity Ratio (DER), Return on Assets (ROA), Return on Equity (ROE), Earnings Per Share (EPS), and Price to Book Value (PBV) on stock returns in Jakarta Islamic Index (JII) businesses. A quantitative strategy employing secondary data from financial reports and purposeful selection of 12 firms is applied. Multiple linear regression was used in Eviews 12 to analyze data. ROA, ROE, and PBV significantly affected stock returns, whereas DER and EPS did not. These findings indicate that asset management efficiency, return on equity, and market perception of company value are important factors in increasing the attractiveness of sharia stocks. This study contributes to enriching the sharia finance literature and offers insight for investors in making investment decisions based on sharia principles.

Item Type:	Journal Article
Keywords:	financial ratios; islamic investment; islamic stock return; jakarta islamic index; sharia capital market
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150201 Finance
Divisions:	Faculty of Economics > Department of Islamic Banking
Depositing User:	Esy Nur Aisyah
Date Deposited:	30 Sep 2026 08:36

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