Analysis of the effect of return on assets, debt to equity ratio, net profit margin, earning per share on stock returns in automotive and component sub-sector companies

ABSTRACT


A. Background of the Study
In the increasingly competitive era of industrialization, companies are challenged to maintain or gain a competitive advantage by focusing on their operational and financial activities.The growth of vehicle sales in Indonesia has consistently shown a significant increase.Vehicle production reached 1.2 million units in 2013, with exports totaling 170,958 units.The substantial increase in sales has led to a higher demand for raw materials in vehicle production.Consequently, the automotive industry is required to be more responsive by making investments to meet the needs of the public (Ahmad et al., 2023;Kuldasheva et al., 2023).Such investments, however, necessitate significant funds.Therefore, companies need to seek alternative sources of funding to assist in realizing these investments.The required funding can come from internal sources, including equity capital and retained earnings, as well as external sources, including short-term and long-term debt.
The establishment of a company is aimed at obtaining profits from its business activities (Fahlevi et al., 2020), which are then Investment is a commitment of funds or other resources made in the present with the aim of obtaining benefits in the future (Fahlevi, Ahmad, et al., 2023;Kayani et al., 2023).Those engaging in investment activities are commonly referred to as investors.Investments can be made through various means, one of which is investing in the capital market.According to Zulfikar (2016:4), the capital market is a market for various long-term financial instruments that are usually traded, including bonds, equity (stocks), mutual funds, derivative instruments, and others.Thus, the capital market facilitates various facilities and used to sustain and fund the company's operations.Capital is a crucial factor for a company's survival, and it can take the form of equity capital and debt capital.Equity capital reflects a company's ability to meet its obligations, as indicated by several components of its equity used to pay off debt.Darmadji and Fakhruddin, as cited in Handayati R. and Zulyanti N.R. (2018), stated that society or investors have a significant influence on advancing a company, especially concerning the contributed capital.From an investor's perspective, the underlying reason for an investor to invest is to utilize surplus funds, strengthen business relationships, or gain benefits, especially in securities trading.
. infrastructure for buying and selling activities and other related activities.
For rational prospective investors, investment decisions in stocks should be preceded by an analysis of factors that are expected to affect stock returns.Fundamental analysis involves several financial ratios that can reflect a company's financial condition and performance.According to Juhandi N. (2014:24), financial ratios can be classified into five types: Liquidity Ratio, Leverage Ratio, Activity Ratio, Profitability Ratio, and Stock Ratio/Market Ratio.These financial ratios are used to explain the strengths and weaknesses of a company's financial condition and can predict stock returns in the capital market.
Investors expect to maximize returns in the future as compensation for the funds invested and the associated risks (Fahlevi, Moeljadi, et al., 2022;Fahlevi, Vional, et al., 2022).One crucial information for investors in stock trading transactions is the stock price and dividend distribution.The expected return for investors can be seen from the movement of stock prices (Meiryani et al., 2023).Therefore, when investors invest in stocks, they require information for consideration and evaluation of a company's performance and its potential impact or relationship with stock prices.Investors conduct a thorough assessment of the issuer before buying shares.Investors allocate their funds to securities in the capital market to obtain the highest return at a certain level of risk or a specific investment at the lowest risk level (Fahlevi, Moeljadi, et al., 2023;Yusuf et al., 2023).
According to Kasmir (2012: 207), Earning Per Share (EPS) is a Profitability ratio that shows a company's ability to obtain profits and distribute the earned profits to shareholders.Thus, EPS can be used as an indicator of a company's value.EPS is also one way to measure success in achieving profits for shareholders in the company.A lower EPS value reduces the likelihood of a company distributing dividends.Therefore, investors are more likely to be interested in stocks with high Earning Per Share compared to stocks with low Earning Per Share.A low Earning Per Share tends to decrease stock prices and stock returns.
The financial ratios used in this study include Profitability ratios and leverage.Profitability ratios used to predict stock returns include Return On Asset (ROA), Earning Per Share (EPS), and Net Profit Margin (NPM).Solvency ratios commonly used to predict stock returns include Debt to Equity Ratio (DER).Return On Asset (ROA) is one of the Profitability ratios used to measure a company's effectiveness in generating profits by utilizing its assets.A higher ROA percentage indicates that the company's financial performance is better, meaning the business provides a profitable return to shareholders who invest their capital in the company.(Cerlienia Juwita C. 2012).
The choice of automotive and component companies as the object of this research is a form of companies that are rapidly growing.Automotive and component companies are prioritized for development because they play a significant role in the nation's economic growth (www.kemenperin.go.id).Furthermore, according to the Minister of Industry Airlangga Hartanto, the Indonesian automotive industry is still a target, and investments in the automotive sector are acknowledged to have a major role in increasing Indonesia's gross domestic product (GDP) (http://m.tribunnews.com).

Conceptual Framework
The conceptual framework is a model that explains the relationship between theory and factors defined as significant problems, forming the backbone of the entire research.In this study, the independent variables to be examined are Return on Assets (ROA), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Earning Per Share (EPS).

Net Profit Margin (NPM) on Stock Returns
Net profit margin is the comparison of net profit to total company revenue.This ratio is used to calculate how much a company can generate net profit in terms of its total sales.NPM aims to directly determine its net profit.A higher NPM for a company indicates better management performance from a financial perspective.An increasing profit (net profit after tax) reflects a larger portion of profit in the form of dividends or capital gains received by shareholders.
1.Return on Assets (ROA) on Stock Returns Return on Assets (ROA) indicates how much assets contribute to creating net profit.ROA can be calculated by comparing Earning After Tax (EAT) with Total Assets.The high or low of ROA depends on the company's management of its assets, depicting the efficiency of the company's operations.The higher the ROA, the better the company uses its assets to generate profit, and an increase in ROA will enhance the company's profitability.This makes investors interested in buying company stocks, impacting an increasing stock price and followed by a high level of stock return.
2. Debt to Equity Ratio (DER) on Stock Returns Debt to Equity Ratio is an indicator of capital structure and financial risk used to measure the balance between a company's liabilities and equity.DER indicates a company's ability to meet its obligations, as shown in several parts of its equity used to pay off debt.The lower the DER ratio, the more significant the use of equity compared to debt and liabilities.Conversely, the higher the DER ratio, the less equity is used compared to its debt.

RESEARCH METHOD
4. Earning Per Share (EPS) on Stock Returns Shareholders and potential investors are generally interested in Earning Per Share (EPS) because EPS is an indicator of a company's success.Earning Per Share (EPS) is the ratio comparing pre-tax net profit to the price per share.EPS shows how much profit is given to investors for each share they own.Simply put, EPS depicts the amount of money earned per share.Based on the success level of the company, investors will pay attention to its impact in the future by assessing the prospects of the company.The growth of earnings per share will be carefully considered by investors in making investment decisions.If stock prices reflect the capitalization of expected future profits, an increase in earnings will enhance stock prices and the total market capitalization.  .
independent variables (X) and one dependent variable (Y) displayed in the form of a regression equation.Before the analysis process is carried out, the variables used have met several underlying assumptions.To facilitate data processing, the author used the Statistical Package for Social Science (SPSS) version 24.The formulation of multiple linear regression analysis in this study is as follows (Sujarweni V.W., 2016: 211): After the required data for this research is collected, the next step involves data analysis, which consists of classical assumption tests and hypothesis testing.The explanations for each method of data analysis are as follows : 1. Classical Assumption Tests Classical assumption testing is a statistical requirement for multiple linear regression analysis based on ordinary least squares (OLS).The commonly used classical assumption tests include normality test, multicollinearity test, heteroskedasticity test, and autocorrelation test.

F-test (Joint Regression Coefficient Test)
The F-test or joint regression coefficient test is used to determine whether independent variables, collectively, have a significant impact on the dependent variable.

B. Hypothesis Testing
1. Determination Analysis Determination analysis (R2) aims to measure how well the model explains the dependent variable.The coefficient of determination values ranges from zero to one.A small R2 value indicates a limited ability of independent variables to explain the variation in the dependent variable.

t-test (Partial Regression Coefficient Test)
The t-test or partial regression coefficient test is used to determine whether independent variables have a significant partial effect on the dependent variable.
The method of partial testing for the independent variables used in this study is: a.If the obtained t-value is greater than the critical t-value, it can be concluded that there is a partial influence between the independent variable and the dependent variable.b.If the obtained t-value is smaller than the critical t-value, it can be concluded that there is no partial influence between the independent variable and the dependent variable.

RESULTS AND DISCUSSION
a.If the obtained F-value is greater than the critical F-value, it can be concluded that there is a simultaneous influence of all independent variables on the dependent variable.b.If the obtained F-value is smaller than the critical F-value, it can be concluded that there is no simultaneous influence of all independent variables on the dependent variable.
A. Data Return on Assets (ROA) for Automotive and Component Companies Listed on the Indonesia Stock Exchange (BEI) for the Period 2017-2021 Return on Assets (ROA) is a ratio that measures the return on investment made by a company using all of its funds (assets) (Kariyoto, 2017:43).The ROA ratio can help investors assess how well a company can convert its investments in assets into profits.The calculation of Return on Assets in this study uses earnings after tax divided by the total assets of the company.
The formula used to calculate Return on Assets is as follows : Return On Assets = Earning After Tax (EAT)) Total Assets

Table 4.1 Growth of Return on Assets for Automotive and Component Sub-Sector Companies for the Period 2017-2021
Based on Table 7 and Figure 1, it can be observed that the growth of Return on Assets for the four automotive and component sub-sector companies listed on the Indonesia Stock Exchange (BEI) during the period 2017-2021 experienced fluctuations.In 2017, the highest growth in Return on Assets was recorded by PT Selamat Sempurna Tbk at 18.63%, while the lowest growth was by PT Indospring Tbk at 8.05%.In 2018, PT Selamat Sempurna Tbk again had the highest growth at 20.62%, while PT Astra Otoparts Tbk had the lowest at 6.65%.In 2019, PT Selamat Sempurna Tbk maintained the highest growth at 24.09%, marking the highest growth during the research period, while PT Indospring Tbk recorded the lowest at 5.59%.In 2020, PT Selamat Sempurna Tbk had the highest growth at 20.78%, and PT Indospring Tbk had the lowest at 0.08%, marking the lowest growth during the research period.In 2021, PT Selamat Sempurna Tbk again had the highest growth at 22.27%, and PT Indospring Tbk had the lowest at 2.00%.Based on Table 8 and Figure 2, it can be observed that the comparison of debt to equity ratio for the four automotive and component sub-sector companies listed on the Indonesia Stock Exchange (BEI) during the period 2017-2021 experienced fluctuations.In 2017, the highest debt to equity ratio was held by PT Astra International Tbk at 1.03, while the lowest debt to equity ratio was held by PT Indospring Tbk at 0.46.In 2018, the highest debt to equity ratio was held by PT Astra International Tbk at 1.02, and the lowest was held by PT Indospring Tbk at 0.25.In 2019, the highest debt to equity ratio was held by PT Astra International Tbk at 0.96, and the lowest was held by PT Indospring Tbk at 0.33.In 2020, the highest debt to equity ratio was held by PT Astra International Tbk at 0.94, and the lowest was held by PT Indospring Tbk at 0.25.In 2021, the highest debt to equity ratio was held by PT Astra International Tbk at 0.87, and the lowest was held by PT Indospring Tbk at 0.20.Based on Table 9 and Figure 3, it can be observed that the net profit margin growth of the 4 companies in the automotive and component sub-sector listed on the Indonesia Stock Exchange (BEI) during the period 2017-2021 experienced fluctuations.In 2017, the highest growth in net profit margin ratio was owned by PT Astra Otoparts Tbk, amounting to 13.72%, while the lowest growth in net profit margin ratio was owned by PT Indospring Tbk, amounting to 9.08%.In 2018, the highest growth in net profit margin ratio was owned by PT Selamat Sempurna Tbk, amounting to 14.78%, while the lowest growth in net profit margin ratio was owned by PT Indospring Tbk, amounting to 8.67%.In 2019, the highest growth in net profit margin ratio was owned by PT Selamat Sempurna Tbk, amounting to 16.01%, while the lowest growth in net profit margin ratio was owned by PT Indospring Tbk, amounting to 6.84%.In 2020, the highest growth in net profit margin ratio was owned by PT Selamat Sempurna Tbk, amounting to 16.46%, while the lowest growth in net profit margin ratio was owned by PT Indospring Tbk, amounting to 0.12%.This decline in net profit margin growth represents the lowest growth during the research period.In 2021, the highest growth in net profit margin ratio was owned by PT Selamat Sempurna Tbk, amounting to 17.44%.This increase in net profit margin growth represents the highest growth during the research period, while the lowest growth in net profit margin ratio was owned by PT Indospring Tbk, amounting to 3.03 %.

Net Profit Margin = Earning After Tax (EAT) Sales
Earning Per Share = Earning After Tax (EAT) ) Jsb

D. Data Earning Per Share (EPS) on Automotive and Component Companies Listed on BEI during 2017-2021
Earning per share is an indicator commonly used to assess a company's profitability.Earning per share, or income per share, is a form of profit distribution given to shareholders for each share they own (Irfan Fahmi, 2014, 83).The formula used to calculate earning per share is as follows : Companies Listed on the IDX for the Period 2017-2021 Return is the main attraction for an investor to be willing to invest their funds in a company.Investors or prospective investors will be interested in companies that have high profit levels with low risk.According to Harjito and Martono (2012:414), return can be in the form of realized return that has already occurred or expected return that has not yet occurred but is expected to happen in the future.The measurement of stock return in this study is in the form of total return, which is the measurement of realized return that has already occurred.Stock return is calculated from the difference in stock prices at the end of the observation period (t) and the stock prices at the end of the period before observation (t-1), plus the cash dividends for the observation period (t), divided by the stock price at the end of the period before observation (t-1).The formula used to calculate stock return is as follows :

DISCUSSION
Based on the data in Table 11 and Figure 5, it can be seen that the stock return growth of four automotive and component sub-sector manufacturing companies from 2017-2021 experienced fluctuations.In 2017, the highest stock return was held by PT Astra International Tbk at Rp 1,115,270,270, while the lowest stock return was held by PT Indospring Tbk at Rp 14,155,967.This stock return value is the lowest during the research period.In 2018, the highest stock return was held by PT Astra International Tbk at Rp 1,139,342,105, while the lowest stock return was held by PT Indospring Tbk at Rp 35,028,723.In 2019, the highest stock return was held by PT Astra International Tbk at Rp 1,285,147,058, and this stock return value is the highest during the research period, while the lowest stock return was held by PT Indospring Tbk at Rp 19,312,597.In 2020, the highest stock return was held by PT Astra International Tbk at Rp 1,176,969,696, while the lowest stock return was held by PT Indospring Tbk at Rp 22,211,718.In 2021, the highest stock return was held by PT Astra International Tbk at Rp 1,132,833,333, while the lowest stock return was held by PT Selamat Sempurna Tbk at Rp 58,977,730.

Multiple Linear Regression Analysis
In this study, to measure the influence of the dependent variable stock return influenced by the independent variables, namely Return on Assets (ROA), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Earning Per Share (EPS).The following are the results of the multiple linear regression analysis for automotive and component companies listed on the IDX for the period 2017-2021: Based on the analysis results in

Regression Coefficient of the Debt to Equity Ratio (DER) Variable
The regression coefficient value of the DER variable (b2) is positive, 1,448,496,213.275.This indicates that for every increase in DER by one unit, the stock return will also increase by 1,448,496,213.275,assuming that the other independent variables in this regression model remain constant.The positive coefficient indicates that DER has a positive relationship with stock return for automotive and component companies listed on the IDX in the period 2017-2021.

Regression
Coefficient of the Net Profit Margin (NPM) Variable The regression coefficient value of the NPM variable (b3) is positive, 50,342,098.003.This indicates that for every increase in NPM by one unit, the stock return will also increase by 50,342,098.003,assuming that the other independent variables in this regression model remain constant.The positive coefficient indicates that NPM has a positive relationship with stock return for automotive and component companies listed on the IDX in the period 2017-2021.

Regression Coefficient of the Earning Per Share (EPS) Variable
The regression coefficient value of the EPS variable (b4) is positive, 285,347.128.This indicates that for every increase in EPS by one unit, the stock return will also increase by 285,347.128,assuming that the other independent variables in this regression model remain constant.The positive coefficient indicates that EPS has a positive relationship with stock return for automotive and component companies listed on the IDX in the period 2017-2021.

Hypothesis Testing
Hypothesis testing aims to provide temporary answers to questions that have not been proven.Hypothesis testing consists of determination analysis, partial regression coefficient test (t-test), and joint regression coefficient test (F-test).

Analysis of Determination Coefficient (R2)
The determination test or model accuracy (goodness of fit) aims

Partial Regression Coefficient Test (t-test)
To examine the significance of the regression coefficient values for all independent variables in the regression equation, their t-values and significance levels are observed.This is done to test whether each independent variable has a significant partial effect on the dependent variable.The following are the results of the t-test related to stock returns in automotive and component companies listed on the Indonesia Stock Exchange (BEI) for the period 2017-2021:

Simultaneous Regression Coefficient Test (F-test)
The simultaneous regression coefficient test (F-test) is employed to determine whether Return on Assets (X1), Debt to Equity Ratio (X2), Net Profit Margin (X3), and Earning Per Share (X4) collectively or simultaneously have a significant impact on stock return (Y).All independent variables are considered to have a simultaneous effect on the dependent variable if the calculated F-value > F-table or if the significance value < 0.05.The following is the F-test for automotive and component companies listed on the Indonesia Stock Exchange (BEI) for the period 2017-2021: Based on Table 19, it can be concluded that the simultaneous F-value for independent variables is 31.139.Using a confidence level of 95%, α = 5%, df1 (number of variables -1) = 4, and df2 (n-k-1) or 20-4-1= 15 (n is the number of cases, and k is the number of independent variables), the obtained F-table value is 3.06.If the significance is < 0.05, then Ho is rejected, and if the significance is > 0.05, then Ho is accepted.The ANOVA table above shows that simultaneously, the independent variables

CONCLUSION
These results are consistent with the research conducted by Oroh M.M. et al. (2019) andTrianingsih D. (2017), concluding that Return on Assets, Debt to Equity Ratio, Net Profit Margin, and Earning Per Share collectively or simultaneously influence stock return.

A. Conclusion
Based on the analysis, discussion, and hypothesis testing regarding the "Influence of Return On Assets, Debt to Equity Ratio, Net Profit Margin, and Earning Per Share on Stock Returns in Automotive and Component Companies Listed on the Indonesia Stock Exchange Period 2017-2021," the following conclusions can be drawn: 1.There is a significant partial influence of Return on Assets on the stock returns of automotive and component companies listed on the Indonesia Stock Exchange during the period 2017-2021.This is indicated by the result of -t value < -t table, or it can be explained that the value of -2.868 < -2.13145 with a significance level below 0.05, namely 0.012.Thus, hypothesis 1 is accepted.Table 18 also shows that Return on Assets has a .negative influence on stock returns, meaning that an increase in Return on Assets leads to a decrease in stock returns, and vice versa when Return on Assets decreases, stock returns increase.This aligns with the data on the growth of stock returns and Return on Assets, where a decrease in Return on Assets results in an increase in stock returns.
2. There is a significant partial influence of debt to equity ratio on the stock returns of automotive and component companies listed on the Indonesia Stock Exchange during the period 2012-2016.This is indicated by the t value > t table, or it can be explained that the value of 6.202 > 2.13145 with a significance level below 0.05, namely 0.000.Thus, hypothesis 2 is accepted.This indicates that the higher the debt to equity ratio a company has, the higher the stock returns it can provide, making investors confident in using debt to equity ratio information as a reference to determine the certainty of returns before investing in stocks.
3. There is no significant partial influence of net profit margin on the stock returns of automotive and component companies listed on the Indonesia Stock Exchange during the period 2017-2021.This is indicated by the t value < t table, or it can be explained that the value of 1.607 < 2.13145 with a significance level above 0.05, namely 0.129.Thus, hypothesis 3 is rejected.This indicates that investors do not consider net profit margin as a ratio to be considered in investment decisions.It also shows that investors do not trust the company's ability to manage operational performance efficiency.
4. There is no significant partial influence of earnings per share on the stock returns of automotive and component companies listed on the Indonesia Stock Exchange during the period 2017-2021.This is indicated by the t value < t table, or it can be explained that the value of 0.660 < 2.13145 with a significance level above 0.05, namely 0.519.Thus, hypothesis 4 is rejected.This indicates that investors perceive that the earnings per share of automotive and component companies do not provide values in line with investor expectations.Therefore, investors do not pay attention to the stock returns of automotive and component companies.
5. There is a significant simultaneous influence of return on assets, debt to equity ratio, net profit margin, and earnings per share on the stock returns of automotive and component companies listed on the Indonesia Stock Exchange during the period 2017-2021.This is indicated by the significance value of 0.000, which is smaller than 0.05, and an F value of 31.139,where the value (F value > F table) or (31.139 > 3.06).Thus, hypothesis 5 is accepted.This indicates that the higher the return on assets, debt to equity ratio, net profit margin, and earnings per share created by the company, the higher the stock returns it can provide, making investors confident in using financial ratio information, in this case, information about return on assets, debt to equity ratio, net profit margin, and earnings per share as a reference to determine the certainty of returns before investing in stocks.

Figure
Figure 2.1 Conceptual Framework coefficient for return on assets (ROA) X1 = Return on assets (ROA) b2 = Regression coefficient for debt to equity ratio (DER) X2 = Debt to equity ratio (DER) b3 = Regression coefficient for net profit margin (NPM) X3 = Net profit margin (NPM) b4 = Regression coefficient for earning per share (EPS) X4 = Earning per share (EPS) Debt to Equity Ratio = Total Liabilities Total Equity Table 4.2 Growth of Debt to Equity Ratio for Automotive and Component Sub-Sector Companies for the Period 2017-2021 B. Data Debt to Equity Ratio (DER) for Automotive and Component Companies Listed on the Indonesia Stock Exchange (BEI) for the Period 2017-2021 Debt to Equity Ratio is an indicator of capital structure and financial risk used to measure the balance between the company's liabilities and equity.Debt to Equity Ratio shows the company's ability to meet obligations, indicated in various parts of its equity used to pay debts.The formula used to calculate the debt to equity ratio is as follows : Net Profit Margin (NPM) for Automotive and Component Companies Listed on the Indonesia Stock Exchange (BEI) for the Period 2017-2021Net Profit Margin is a ratio used to measure the percentage of operational profit over net sales.This ratio indicates the proportion of sales remaining after deducting all related costs.By comparing net profit with total sales, investors can see the percentage of income used to cover operational and non-operational costs and the percentage remaining to pay dividends to shareholders.The formula used to calculate the net profit margin is as follows:

Table 1 .1 Average Stock Returns, ROA, DER, NPM, and EPS of Automotive and Component Companies Listed on the Indonesia Stock Exchange The
following are the conditions of Return On Assets, Debt to Equity Ratio, Net Profit Margin, Earning Per Share, and Stock Return for automotive and component companies listed on the Indonesia Stock Exchange during the period 2017-2021.Refer to tables 2, 3, 4, and figure 5 below: Based on the above Table1.1, it can be observed that the movement of stock returns in the automotive and component industry listed on the Indonesia Stock Exchange experienced fluctuations.The lowest stock return occurred at 325,868, while the highest stock return was 372,390.The table also indicates that DER shows a consistent condition with stock returns for automotive and component companies in the period 2017 -2021.However, ROA, NPM, and EPS show inconsistent conditions with stock returns for automotive and component companies listed on the Indonesia Stock Exchange in the period 2017 -2021.It can be noticed that the decrease in ROA in 2017 is followed by an increase in stock returns.When NPM experienced a decline in 2017 and 2018, it was followed by an increase in stock returns.Similarly, when EPS decreased in 2017, 2018, and 2019, stock returns increased.
: www.idx.co.id and data processed by the author Source

Table 4 .4 Earning Per Share Growth of Automotive and Component Sub-Sector Companies Period 2017-2021
Based on Table10and Figure4, it can be observed that the earnings per share values for the 4 companies in the automotive and component sub-sector listed on the Indonesia Stock Exchange (BEI) during the period 2017-2021 experienced fluctuations.In 2017, the highest earnings per share ratio was held by PT Astra International Tbk at Rp 568.55, and this increase represents the highest value during the research period, while the lowest earnings per share ratio was held by PT Selamat Sempurna Tbk at Rp 186.53.In 2018, the highest earnings per share ratio was held by PT Astra International Tbk at Rp 550.82, while the lowest ratio was held by PT Astra Otoparts Tbk at Rp 233.45.In 2019, the highest earnings per share ratio was held by PT Astra International Tbk at Rp 546.57, while the lowest ratio was held by PT Indospring Tbk at Rp 194.53.In 2020, the highest earnings per share ratio was held by PT Astra International Tbk at Rp 385.66, while the lowest ratio was held by PT Indospring Tbk at Rp 2.95, and this decrease represents the lowest value during the research period.In 2021, the highest earnings per share ratio was held by PT Astra International Tbk at Rp 452.08, while the lowest ratio was held by PT Indospring Tbk at Rp 75.51.

Table 4
Regression Coefficient of the Return on Assets VariableThe regression coefficient value of the ROA variable (b1) is negative, -53,143,285.716.This indicates that ROA has an inverse relationship with the stock return.For every increase in ROA by one unit, the stock return will decrease by -53,143,285.716,assuming that the other independent variables in this regression model remain constant.The negative coefficient indicates that ROA has a negative relationship with stock return for automotive and component companies listed on the IDX in the period 2017-2021.

(
Source : www.idx.co.id data processed by the author, 2022)

Table 4 .11 Results of Determination Coefficient Test Model Summary to
measure how well the model can explain the dependent variable.The coefficient of determination value ranges from zero to one.The R2 value, which is the square of R, indicates the percentage contribution of independent variables to the dependent variable.In this research, the R2 and coefficient of determination are calculated for stock return as the dependent variable.The results of Table4.11explain the summary of the model, which consists of the results of multiple correlation values, determination coefficients (R Square), adjusted determination coefficient (adjusted R Square), and the measure of prediction error (Std Error of the Estimate), among others: a. R indicates the multiple correlation value, which is the correlation between two or more independent variables and the dependent variable.The R value ranges from zero to one, and if it approaches one, the relationship becomes stronger.The obtained R value is 0.945, indicating a correlation between the variables Return on Assets, Debt to Equity Ratio, Net Profit Margin, and Earning Per Share with Stock Return of 0.945.This signifies a very close relationship as the value approaches one.

Table 4 .12 Results of Partial Regression Coefficient Test Coefficients
The regression coefficients of each independent variable are considered to have a significant impact on the dependent variable if -t calculated < -t table or t calculated > t table.The t table is determined at a significance level of 0.05/2 = 0.025 (two-tailed test) with degrees of freedom df = n-k-1 or df = 20-4-1 = 15 (n is the number of data, and k is the number of independent variables).The obtained t table value is 2.13145.The t-test analysis based on the above table 18 is as follows: c.Net Profit Margin (X3) towards Stock Return (Y) The results above show that the t-value is 1.607, which is less than the t-table value of 2.13145.With a significance value of 0.129 (above 0.05), it can be concluded that Net Profit Margin does not have a significant partial effect on stock return.d.Earning Per Share (X4) towards Stock Return (Y)The results above show that the t-value is 0.660, which is less than the t-table value of 2.13145.With a significance value of 0.519 (above 0.05), it can be concluded that Earning Per Share does not have a significant partial effect on stock return.

of Return on Assets, Debt to Equity Ratio, Net Profit Margin, and Earning Per Share on Stock Return The
simultaneous testing results indicate that Return on Assets, Debt to Equity Ratio, Net Profit Margin, and Earning Per Share collectively influence stock return in automotive and component companies listed on the Indonesia Stock Exchange (BEI) for the period 2017-2021.This is evidenced by the significance value of 0.000, which is smaller than 0.05, and F-value > F-table or (31.139 > 3.06).Therefore, H5 is accepted, concluding that Return on Assets, Debt to Equity Ratio, collectively and simultaneously influence stock return.