Determinan Reaksi Pasar: Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan : Studi pada Perusahaan Subsektor Ritel di Indonesia Periode 2023-2025

Ruth Alexandra Victoria Tobing; Amin Wijoyo

doi:10.61132/santri.v4i5.2714

Authors

Ruth Alexandra Victoria Tobing Universitas Tarumanagara
Amin Wijoyo Universitas Tarumanegara

DOI:

https://doi.org/10.61132/santri.v4i5.2714

Keywords:

Capital Structure, Firm Size, Market Reaction, Profitability, Retail Subsector

Abstract

This study aims to analyze the effects of capital structure, profitability, and firm size on market reactions among retail subsector companies listed on the Indonesia Stock Exchange during the 2023–2025 period. Market reaction was measured using Cumulative Abnormal Return (CAR) within an event window covering three days before and three days after the publication of financial statements. This study employed a quantitative approach with purposive sampling, resulting in a sample of 38 companies and 114 initial observations. After excluding six outliers, 108 observations remained for analysis. Data were analyzed using multiple linear regression and classical assumption tests. The results indicate that capital structure has a positive and significant effect on market reaction (p = 0.002), while profitability (p = 0.070) and firm size (p = 0.532) have no significant effects. Simultaneously, the three independent variables significantly affect market reaction (p = 0.005), with an adjusted R-squared value of 0.090. These findings suggest that capital structure is a more relevant indicator of investor responses than profitability and firm size.

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