ANALISIS DAMPAK KETEGANGAN AS – TIONGKOK TERHADAP RETURN SAHAM: STUDI EMPIRIS PADA PERUSAHAAN LQ45 DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.35794/9ew3v856Abstract
China Tension (UCT) on the stock returns of companies listed in the LQ45 Index of the Indonesia Stock Exchange during the 2020–2024 period while controlling for firm-specific and macroeconomic factors. The firm-specific variables include Total Assets, Return on Assets (ROA), Debt-to-Asset Ratio (DAR), and Earnings per Share (EPS), whereas the macroeconomic variables consist of Inflation and Gross Domestic Product (GDP). Using a quantitative approach, panel data regression was applied to 120 observations from 24 companies and estimated using Stata software. Based on the model selection tests, the Common Effect Model (CEM) was identified as the most appropriate model. The results indicate that UCT has a negative but statistically insignificant effect on stock returns. Meanwhile, Total Assets and Inflation have positive and significant effects, whereas GDP has a negative and significant effect on stock returns. In contrast, ROA, DAR, and EPS are not statistically significant. These findings suggest that the stock returns of LQ45 companies are influenced more by firm-specific characteristics and macroeconomic conditions than by U.S.–China tensions.
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