Citation:

Dodi Sukmawan, Irni Yunita. "Exploring the Impact of Excise Tariff, Exchange Rate, Inflation, EPS & DPR on Stock Returns: A Case Study of Cigarette Companies Listed on the Indonesian Stock Exchange from 2012 to 2022" International Research Journal of Economics and Management Studies, Vol. 3, No. 1, pp. 281-290, 2024.

Abstract:

This study aims to analyze the impact of excise tax, exchange rate, earnings per share, and dividend payout ratio on the stock returns of cigarette companies in the Indonesian Stock Exchange throughout the period spanning 2012 to 2022. The method used in this research is the descriptive quantitative method. Using panel data regression. The study found that excise tax, exchange rate, and inflation have no significant effect on stock returns. However, earnings per share (EPS) and dividend payout ratio have a significant effect on stock returns. Furthermore, the F-test conducted on the panel data regression analysis demonstrates that excise tax, exchange rate, EPS, and DPR collectively yield a substantial effect on stock returns. The coefficient of determination test on the dependent variable, stock return, yields an adjusted R-squared value of 0.391169, indicating that the independent variables (Excise Tariff, Exchange Rate, Inflation, EPS, and DPR) can elucidate 39.11% of the dependent variable stock return, while 60.89% may be influenced by other factors. Consequently, it can be inferred that a robust relationship exists between the independent variables and the dependent variable.

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Keywords:

DPR, EPS, Excise, Exchange Rate, Inflation, Stock Return.