PENGARUH LIKUIDITAS, PROFITABILITAS DAN HARGA CRUDE PALM OIL (CPO) TERHADAP RETURN SAHAM PADA EMITEN SUBSEKTOR PERKEBUNAN KELAPA SAWIT YANG TERDAFTAR DI BURSA EFEK INDONESIA

This study aims to analyze the effects of liquidity, profitability, and Crude Palm Oil (CPO) prices on stock returns for companies in the oil palm plantation subsector listed on the Indonesia Stock Exchange during the 2021-2024 period. This study employs an explanatory approach using secondary data obtained from company financial statements and CPO price data. The sampling technique utilized purposive sampling with a sample size of 13 companies, resulting in 52 observations. The data analysis method employed was multiple linear regression using IBM SPSS version 26, involving the stages of classical assumption testing, determination coefficient testing, and hypothesis testing. The results indicate that, partially, profitability proxied by Return on Equity (ROE) has a positive and significant effect on stock returns. Liquidity, measured using the Current Ratio (CR), does not have a significant effect on stock returns. CPO prices, as an external factor, also do not have a significant effect on stock returns. The coefficient of determination indicates that the variables of liquidity, profitability, and CPO price can only explain 19.5% of the variation in stock returns, while the remainder is influenced by other factors outside the research model. Thus, this study confirms that internal fundamental factors, particularly profitability, are the primary determinants of stock returns in companies within the plantation sub-sector.