The Influence of Financial Performance and Political Connections on Stock Returns Transportation and Logistics Companies Going Public on the IDX (2021-2023)
Keywords:
Return on Assets, Current Ratio, Political Connections, Stock Return
Abstract
Shares are also proof of return of shares or participants in a company in the form of a PT (Limited Liability Company). Finding empirical evidence regarding the influence of financial performance and political connections on stock returns is the aim of this research. This research was conducted quantitatively using a sample of transportation and logistics companies going public on the IDX (2021-2023). The analytical method used is multiple linear analysis. Simultaneously, the research results show that the variables ROA, CR and Political Connections have an effect on Stock Returns, but partially ROA and CR have an effect and Political Connections have no effect on Stock Returns.
References
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Afni, N., Muspa, & Suwandaru, R. (2023). Influence Performance Finance to Return Shares in Manufacturing Companies Listed on the Indonesia Stock Exchange. Nitro Journal of Management Science , 2 (1). https://ojs.nitromks.ac.id/index.php/jsmn
Amini, FI (2016). The Influence of Corporate Social Responsibility, Return on Assets Ratio, and Debt on Equity to Return Company Shares Which Recorded in Index Business 27 in Stock Exchange Effect Indonesia [Department Management]. University Country Yogyakarta.
Amrullah, H. (2021). The influence of managerial competence and learning orientation on work performance through entrepreneurial leadership in higher education. Journal of Management Science, Department Management, Faculty Economy And Business, University State of Surabaya , 9 (4), 1601–1612.
Annisa. (2017). The Effect of Asset Return, Leverage, Company Size, and Political Connections on the Level of Tax Avoidance. JOM Fekon , 4 (1), 2017. www.idx.co.id
Astuti, WASEMSA C., & Dr. Surtikanti, S. EMSA CA. (2021). Financial Accounting: Understanding Financial Accounting Calculations and Records . Engineering Science.
Ayuningrum, RG, Mai, YOUR, & Goddess, RPK (2021). Impact Performance Finance to Stock Returns with Inflation as a Variable Moderation on Sector Industry Goods Sharia Category Consumption on the Indonesia Stock Exchange. Journal of Applied Islamic Economics and Finance , 2 (1), 151–163. https://doi.org/10.35313/jaief.v2i1.2892
Bahri, S. (2018). Complete business research methodology with SPSS data processing techniques . CV Andi Offset.
Basalama, IS, Murni, S., & Sumarauw, JSB (2017). The Influence of Current Ratio, DER, and ROA to Return shares in automotive companies And component period 2013-2015. EMBA Journal , 5 (2), 1793–1803.
Bisara, C., & Trustworthy, L. (2015). Influence Performance Finance to Return Share. Journal of Accounting Science and Research , 4 (2).
Budialim, G. (2013). Influence performance And risk finance to Return share Consumer goods sector companies on the Indonesian Stock Exchange for the period 2007-2011. Student Scientific Journal of the University of Surabaya , 2 (1).
Darajat, Z. (2018). The Effect of ROA, EPS, and DER on Stock Returns (Case Study of Coal Mining Companies Listed on the Indonesia Stock Exchange for the Period 2012-2026) [Ministry of Accounting Education]. Yogyakarta State University.
Faccio, M. (2006). Politically Connected Firms. American Economic Review , 96 (1), 369–386.
Fahmi, I. (2013). Analysis Report Finance . Alphabet.
Guay, W., & Verrecchia, R. (2006). A Discussion of the Economic Framework for Conservative Accounting and Bushman and Piotroski (2006). In Journal of Accounting and Economics (Vol. 42, Issues 1–2, pp. 149–165). Elsevier. https://doi.org/10.1016/j.jacceco.2006.03.003
Hutahuruk, M. B. (2022). Influence Financial performance to Return Share (Studies Company Empirical Real Estate and The property that Recorded in Stock Exchange Effect Indonesia period 2015-2019 ). Accounting and Financial Sciences , 1 (3), 153–161. https://sak.akademimanajemen.or.id/
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Jaya, EP, & Kuswanto, R. (2021). The Influence of Return on Assets, Debt to Equity Ratio and Price to Book Value on Stock Returns of LQ45 Companies Listed on the Indonesia Stock Exchange for the 2016-2018 Period. Journal of Accounting Development , 8 (1), 51–67.
Jogiyanto. (2014). Information Systems Analysis and Design, Information Systems: A Structured Approach to the Theory and Practice of Business Applications . OFFSET AND.
Karelina, A., Pakpahan, E., Toni, N., & Br. Tarigan, A.E. (2022). The Effect of Current Ratio, Return on Assets, and Debt-to-Equity Ratio on Profit Growth of Banking Companies Listed on the Indonesia Stock Exchange in 2019-2021. International Journal of Social Science Research and Review , 5 (11), 63–72. https://doi.org/10.47814/ijssrr.v6i11.617
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Khairani, R. (2018). The Effect of Current Ratio, Return on Assets (ROA), and Debt to Equity Ratio (DER) on Stock Underpricing . Mercu Buana University.
Khairudin, Aminah, And Anggita. (2018). Company Age, Size Company, Public Share Ownership and Completeness of Financial Report Disclosure. Journal of Accounting and Finance , 9 (1), 1–8.
Khairudin, & Wandita. (2017). Analysis of the Influence of Profitability Ratio, Debt to Equity Ratio (DER), and Price to Book Value (PBV) against the Company's Share Price Mining in Indonesia. Journal of Accounting & Finance , 8 (1), 68–84.
Kuncoro, NH, & Sudiyatno, B. (2022). Analysis of the Effect of Financial Performance on Stock Returns with Profitability as a Moderating Variable in Property and Real Estate Companies Listed on the IDX. Journal of Economics and Business , 25 (1). www.jurnal.unikal.ac.id/index.php/jebi
Kurniasih, F., Wati, LN, & Rajati, T. (2022). The Effect of Size, Beta, Price to Book Value, and Political Relations on Stock Returns of Companies Included in the LQ-45 Index on the Indonesia Stock Exchange for the 2014-2019 Period. Scientific Journal of Batanghari University, Jambi , 22 (1), 70. https://doi.org/10.33087/jiubj.v22i1.1782
Kurniawan, A. (2017). The Effect of Financial Performance on Stock Returns by Making Dividend Policy a Moderating Variable in Companies Listed in the Jakarta Sharia Index (JII 2007-2011). Acquisition Journal , 13 (1).
Li, A., & Xia, (2013). Political Connections, Crisis Finance, and Firm Value: Evidence from Chinese Listed Firms. International Journal of Business and Management , 8 (18). https://doi.org/10.5539/ijbm.v8n18p63
Lubis, H., Pratama, K., Pratama, I., & Pratami, A. (2019). A systematic review of corporate social responsibility disclosure. International Journal of Innovation, Creativity and Change , 6 (9). www.ijicc.net
Mangantar, A A, M., & Baramuli, DN (2020). Influence Return on Asset, Return on Equity and Debt to Equity Ratio to Return Share Subsector Food And Drink in Indonesia Stock Exchange. 272 EMBA Journal , 8 (1), 272–281.
Munawir, S. (2010). Analysis Report Finance (edition 4th). Liberty Yogyakarta.
Novita, ICE, & Herliansyah, Y. (2019). Influence mechanism order manage company, Liquidity, and firm size on tax avoidance. Saudi Journal of Economics and Finance , 03 (10), 366–373. https://doi.org/10.36348/sjef.2019.v03i09.001
Nurdin, E. (2017). The Effect of Financial Performance on Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange. Mega Aktiva Journal , 6 (1).
Praditasari, NKA, & Setiawan, PE (2017). The Influence of Good Corporate Governance, Company Size, Leverage, and Profitability on Tax Avoidance. E-Journal of Accounting, Udayana University , 19(2).
Pribadi, F., Tandelilin, E., Hanafi, MM, & Husnan, S. (2015). Testing moral hazard (risk transfer behavior) in the deposit insurance system based on reasonable premiums for determining coverage limits. International Information Institute , 20 (4(A)), 23345– 2360.
Rahmi, T., Wahyudi, T., & David, R. (2018). Influence performance finance to Return shares of manufacturing companies in the consumer goods industry sector listed on the stock exchange. Accountability: Journal of Accounting Research and Development , 12 (2).
Safyra, B. (2022). The Effect of Financial Performance on Stock Prices and Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period [Department of Management]. University of Lampung.
Sari, RC, & Zuhrotun. (2006). Profit Informative in Market Bond And Share: Liquidation Option Hypothesis Test. 9th National Accounting Symposium: Padang .
Setiyono, E. (2016). Influence performance finance And size company to Return share.
Journal Knowledge And Study Accountancy , 5 (5).
Simorangkir, RTMC (2019). The effect of financial performance on mining company stock returns. Journal of Business and Accounting , 21 (2), 155–164. http://jurnaltsm.id/index.php/JBA
Spence, M. (1973). Signal Market Work* . http://qje.oxfordjournals.org/ Sukamulja, S. (2021). Corporate Financial Management . Andi.
Suwarno, & Hardianti, T. (2014). The influence of intrinsic motivation and ability on human resource performance. Journal of Management Science , 2 (3), 928–939.
Tumandung, C. Oh, Pure, S., & Baramuli, D. N. (2017). Analysis Influence Performance Finance against Price Share Company Food And Drink Which Recorded in IDX 2011-2015 period. EMBA Journal , 5 (2), 1728–1737.
Wang, Z., Reimsbach, D., & Braam, G. (2018). Political Embedding and the Diffusion of Responsible Practices Answer Social Company in China: Trade-Off Between Financial performance and CSR. Journal of Cleaner Production , 198 , 1185–1197.
4
Wardani, YA (2020). The effect of financial performance on stock returns in the manufacturing subsector. food And drink Which recorded in Stock Exchange Effect Indonesia . School Indonesian Economic College (STIESIA).
Wulandari, S., & Darwis, R. (2019). Asset Efficiency and Its Impact on Financial Performance. Journal of Accounting and Finance .
Yuliana, AP (2022). The Effect of Financial Performance on Stock Returns with Inflation as a Variables Moderate on Company Manufacturing Subsector Metal And Similar companies listed on the Indonesia Stock Exchange (IDX). Putra Bangsa University .
Adhikari, A., Derashid, C., & Zhang, H. (2006). Public policy, political connections, and effective tax rates: Evidence longitudinal study from Malaysia. Journal Accountancy and Public Policy , 25 (5), 574–595 https://doi.org/10.1016/j.jaccpubpol.2006.07.001
Afni, N., Muspa, & Suwandaru, R. (2023). Influence Performance Finance to Return Shares in Manufacturing Companies Listed on the Indonesia Stock Exchange. Nitro Journal of Management Science , 2 (1). https://ojs.nitromks.ac.id/index.php/jsmn
Amini, FI (2016). The Influence of Corporate Social Responsibility, Return on Assets Ratio, and Debt on Equity to Return Company Shares Which Recorded in Index Business 27 in Stock Exchange Effect Indonesia [Department Management]. University Country Yogyakarta.
Amrullah, H. (2021). The influence of managerial competence and learning orientation on work performance through entrepreneurial leadership in higher education. Journal of Management Science, Department Management, Faculty Economy And Business, University State of Surabaya , 9 (4), 1601–1612.
Annisa. (2017). The Effect of Asset Return, Leverage, Company Size, and Political Connections on the Level of Tax Avoidance. JOM Fekon , 4 (1), 2017. www.idx.co.id
Astuti, WASEMSA C., & Dr. Surtikanti, S. EMSA CA. (2021). Financial Accounting: Understanding Financial Accounting Calculations and Records . Engineering Science.
Ayuningrum, RG, Mai, YOUR, & Goddess, RPK (2021). Impact Performance Finance to Stock Returns with Inflation as a Variable Moderation on Sector Industry Goods Sharia Category Consumption on the Indonesia Stock Exchange. Journal of Applied Islamic Economics and Finance , 2 (1), 151–163. https://doi.org/10.35313/jaief.v2i1.2892
Bahri, S. (2018). Complete business research methodology with SPSS data processing techniques . CV Andi Offset.
Basalama, IS, Murni, S., & Sumarauw, JSB (2017). The Influence of Current Ratio, DER, and ROA to Return shares in automotive companies And component period 2013-2015. EMBA Journal , 5 (2), 1793–1803.
Bisara, C., & Trustworthy, L. (2015). Influence Performance Finance to Return Share. Journal of Accounting Science and Research , 4 (2).
Budialim, G. (2013). Influence performance And risk finance to Return share Consumer goods sector companies on the Indonesian Stock Exchange for the period 2007-2011. Student Scientific Journal of the University of Surabaya , 2 (1).
Darajat, Z. (2018). The Effect of ROA, EPS, and DER on Stock Returns (Case Study of Coal Mining Companies Listed on the Indonesia Stock Exchange for the Period 2012-2026) [Ministry of Accounting Education]. Yogyakarta State University.
Faccio, M. (2006). Politically Connected Firms. American Economic Review , 96 (1), 369–386.
Fahmi, I. (2013). Analysis Report Finance . Alphabet.
Guay, W., & Verrecchia, R. (2006). A Discussion of the Economic Framework for Conservative Accounting and Bushman and Piotroski (2006). In Journal of Accounting and Economics (Vol. 42, Issues 1–2, pp. 149–165). Elsevier. https://doi.org/10.1016/j.jacceco.2006.03.003
Hutahuruk, M. B. (2022). Influence Financial performance to Return Share (Studies Company Empirical Real Estate and The property that Recorded in Stock Exchange Effect Indonesia period 2015-2019 ). Accounting and Financial Sciences , 1 (3), 153–161. https://sak.akademimanajemen.or.id/
Inasari, RR (2018). Analysis of factors influencing the quality of financial reports (Case Study of Regional Government Work Units of Sukoharjo Regency). Muhammadiyah University .
Jaya, EP, & Kuswanto, R. (2021). The Influence of Return on Assets, Debt to Equity Ratio and Price to Book Value on Stock Returns of LQ45 Companies Listed on the Indonesia Stock Exchange for the 2016-2018 Period. Journal of Accounting Development , 8 (1), 51–67.
Jogiyanto. (2014). Information Systems Analysis and Design, Information Systems: A Structured Approach to the Theory and Practice of Business Applications . OFFSET AND.
Karelina, A., Pakpahan, E., Toni, N., & Br. Tarigan, A.E. (2022). The Effect of Current Ratio, Return on Assets, and Debt-to-Equity Ratio on Profit Growth of Banking Companies Listed on the Indonesia Stock Exchange in 2019-2021. International Journal of Social Science Research and Review , 5 (11), 63–72. https://doi.org/10.47814/ijssrr.v6i11.617
Cashmere. (2012). Analysis Report Finance . PT. King Grafindo Persada.
Khairani, R. (2018). The Effect of Current Ratio, Return on Assets (ROA), and Debt to Equity Ratio (DER) on Stock Underpricing . Mercu Buana University.
Khairudin, Aminah, And Anggita. (2018). Company Age, Size Company, Public Share Ownership and Completeness of Financial Report Disclosure. Journal of Accounting and Finance , 9 (1), 1–8.
Khairudin, & Wandita. (2017). Analysis of the Influence of Profitability Ratio, Debt to Equity Ratio (DER), and Price to Book Value (PBV) against the Company's Share Price Mining in Indonesia. Journal of Accounting & Finance , 8 (1), 68–84.
Kuncoro, NH, & Sudiyatno, B. (2022). Analysis of the Effect of Financial Performance on Stock Returns with Profitability as a Moderating Variable in Property and Real Estate Companies Listed on the IDX. Journal of Economics and Business , 25 (1). www.jurnal.unikal.ac.id/index.php/jebi
Kurniasih, F., Wati, LN, & Rajati, T. (2022). The Effect of Size, Beta, Price to Book Value, and Political Relations on Stock Returns of Companies Included in the LQ-45 Index on the Indonesia Stock Exchange for the 2014-2019 Period. Scientific Journal of Batanghari University, Jambi , 22 (1), 70. https://doi.org/10.33087/jiubj.v22i1.1782
Kurniawan, A. (2017). The Effect of Financial Performance on Stock Returns by Making Dividend Policy a Moderating Variable in Companies Listed in the Jakarta Sharia Index (JII 2007-2011). Acquisition Journal , 13 (1).
Li, A., & Xia, (2013). Political Connections, Crisis Finance, and Firm Value: Evidence from Chinese Listed Firms. International Journal of Business and Management , 8 (18). https://doi.org/10.5539/ijbm.v8n18p63
Lubis, H., Pratama, K., Pratama, I., & Pratami, A. (2019). A systematic review of corporate social responsibility disclosure. International Journal of Innovation, Creativity and Change , 6 (9). www.ijicc.net
Mangantar, A A, M., & Baramuli, DN (2020). Influence Return on Asset, Return on Equity and Debt to Equity Ratio to Return Share Subsector Food And Drink in Indonesia Stock Exchange. 272 EMBA Journal , 8 (1), 272–281.
Munawir, S. (2010). Analysis Report Finance (edition 4th). Liberty Yogyakarta.
Novita, ICE, & Herliansyah, Y. (2019). Influence mechanism order manage company, Liquidity, and firm size on tax avoidance. Saudi Journal of Economics and Finance , 03 (10), 366–373. https://doi.org/10.36348/sjef.2019.v03i09.001
Nurdin, E. (2017). The Effect of Financial Performance on Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange. Mega Aktiva Journal , 6 (1).
Praditasari, NKA, & Setiawan, PE (2017). The Influence of Good Corporate Governance, Company Size, Leverage, and Profitability on Tax Avoidance. E-Journal of Accounting, Udayana University , 19(2).
Pribadi, F., Tandelilin, E., Hanafi, MM, & Husnan, S. (2015). Testing moral hazard (risk transfer behavior) in the deposit insurance system based on reasonable premiums for determining coverage limits. International Information Institute , 20 (4(A)), 23345– 2360.
Rahmi, T., Wahyudi, T., & David, R. (2018). Influence performance finance to Return shares of manufacturing companies in the consumer goods industry sector listed on the stock exchange. Accountability: Journal of Accounting Research and Development , 12 (2).
Safyra, B. (2022). The Effect of Financial Performance on Stock Prices and Stock Returns in Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period [Department of Management]. University of Lampung.
Sari, RC, & Zuhrotun. (2006). Profit Informative in Market Bond And Share: Liquidation Option Hypothesis Test. 9th National Accounting Symposium: Padang .
Setiyono, E. (2016). Influence performance finance And size company to Return share.
Journal Knowledge And Study Accountancy , 5 (5).
Simorangkir, RTMC (2019). The effect of financial performance on mining company stock returns. Journal of Business and Accounting , 21 (2), 155–164. http://jurnaltsm.id/index.php/JBA
Spence, M. (1973). Signal Market Work* . http://qje.oxfordjournals.org/ Sukamulja, S. (2021). Corporate Financial Management . Andi.
Suwarno, & Hardianti, T. (2014). The influence of intrinsic motivation and ability on human resource performance. Journal of Management Science , 2 (3), 928–939.
Tumandung, C. Oh, Pure, S., & Baramuli, D. N. (2017). Analysis Influence Performance Finance against Price Share Company Food And Drink Which Recorded in IDX 2011-2015 period. EMBA Journal , 5 (2), 1728–1737.
Wang, Z., Reimsbach, D., & Braam, G. (2018). Political Embedding and the Diffusion of Responsible Practices Answer Social Company in China: Trade-Off Between Financial performance and CSR. Journal of Cleaner Production , 198 , 1185–1197.
4
Wardani, YA (2020). The effect of financial performance on stock returns in the manufacturing subsector. food And drink Which recorded in Stock Exchange Effect Indonesia . School Indonesian Economic College (STIESIA).
Wulandari, S., & Darwis, R. (2019). Asset Efficiency and Its Impact on Financial Performance. Journal of Accounting and Finance .
Yuliana, AP (2022). The Effect of Financial Performance on Stock Returns with Inflation as a Variables Moderate on Company Manufacturing Subsector Metal And Similar companies listed on the Indonesia Stock Exchange (IDX). Putra Bangsa University .
Published
2026-04-04
How to Cite
Wyne Carolina, & Khairudin. (2026). The Influence of Financial Performance and Political Connections on Stock Returns Transportation and Logistics Companies Going Public on the IDX (2021-2023). International Journal of Economics, Business and Innovation Research, 5(03), 64-85. https://doi.org/10.63922/ijebir.v5i03.3127
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