Pengaruh Arus Kas Operasi, Leverage, Efisiensi, Ukuran Perusahaan, Kualitas Audit dan Kepemilikan Institusional Terhadap Return Saham dengan Kinerja Keuangan sebagai Variabel Intervening pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Abstract

The objective of the study was to find out and to analyze the influence of operating cash flow, leverage, efficiency, firm size, audit quality, institutional ownership, and jinar,cial pe,formance simultaneously and partially on stock return in manufacture companies listed in the Indonesia Stock Exchange and the influence of operating cash flow, leverage, efficiency, firm size, audit quality, and institutional ownership on stock retum through financial pe,formance. The research used causal method by using secondary data. The population was 89 manufacture companies listed in the Indonesia Stock Exchange in the period of 2012-2015, and all of them were used as the samples, taken by using census sample technique. The data were analyzed by using multiple linear regression analysis and path analysis. The result of the research showed that (1) simultaneously, operating cash flow, leverage, efficiency, firm size, audit quality, institutional ownership, and financial pe,formance had significant influence on stock return, (2) partially, the variables of leverage and financial pe,formance had positive and signfficant influence on stock return, while the variables of operating cash flow, efficiency, firm size, audit quality, and institutional ownership did not have any significant influence on stock return, and (3) financial pe,formance could mediate the correlation of operating cash flow, efficiency, firm size, and audit quality with stock return, but it could not mediate the correlation of leverage and institutional ownership with stock return.