THE IMPACT OF FINANCIAL PERFORMANCE ON STOCK RETURNS OF COMPANIES ISSUING SUKUK IN INDONESIA

The goal of this study is to analyze the impact of financial performance with indicators namely Sukuk to Equity Ratio (SER), Debt to Equity Ratio (DER), Size, Return on Equity (ROE), and Earning Per Share (EPS) toward stock return on companies who issue sukuk and listed on the Indonesia Stock Exchange. Annual data for the period of observations from 2016 to 2020 was used. The population in this study is 21 companies. Purposive Sampling technique is used and found companies with certain criteria within 5 years of observations which made the total number of observations as much as 20. Data is gathered from Indonesia Stock Exchange. It is analyzed by using Regression Analysis of Panel Data. The model study chosen is Fixed Effect Model. The results of the analysis indicate that SER has positive impact on stock return as mentioned in Signalling Theory. Size and EPS also have positive impact on return while DER and EPS have negative impact on it.