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Articles
Articles
Effects of Liquidity and Solvency on Stock Investment Returns in PT Telkom Indonesia Tbk for the 2014-2025 Period
Nurwita, Noryani, Lisdawati
View Author Affiliations
- Nurwita: Universitas Pamulang, Indonesia
- Noryani: Universitas Pamulang, Indonesia
- Lisdawati: Universitas Pamulang, Indonesia
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Abstract
This study analyzes the effects of liquidity and solvency on stock investment returns in PT Telkom Indonesia Tbk for the 2014-2025 period. A quantitative design is applied using secondary data from the company’s annual financial statements and year-end stock closing prices. Liquidity is measured by the current ratio, while solvency is measured by the debt to equity ratio. Stock investment return is calculated from yearly stock price changes. The data are tested through multiple linear regression with SPSS version 26. The findings show that liquidity and solvency have no significant effect on stock investment returns, either individually or jointly. The coefficient of determination reaches 45.2%, meaning that both financial ratios explain less than half of the variation in stock investment returns. The remaining 54.8% is linked to other factors outside the model. This result suggests that a healthy liquidity or solvency position does not automatically lead to higher stock returns. Investors need to compare these ratios with profitability, dividend policy, interest rates, market sentiment, and industry conditions before making investment decisions.
Keywords
Author Biographies
Nurwita
Universitas Pamulang
Management Study Program, The Faculty of Economics and Business, Universitas Pamulang, South Tangerang City, Banten Province, Indonesia.
Noryani
Universitas Pamulang
Management Study Program, The Faculty of Economics and Business, Universitas Pamulang, South Tangerang City, Banten Province, Indonesia.
Lisdawati
Universitas Pamulang
Management Study Program, The Faculty of Economics and Business, Universitas Pamulang, South Tangerang City, Banten Province, Indonesia.
Article Identifiers
- Article Title: Effects of Liquidity and Solvency on Stock Investment Returns in PT Telkom Indonesia Tbk for the 2014-2025 Period
- DOI: 10.59431/ijer.v6i2.820
- Publication Date: 2026-06-28
- Journal: Indonesian Journal Economic Review (IJER)
- Volume: 6
- Issue: 2
- Pages: 635–642
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Issue Information
Article Details
| Volume: | 6 |
| Issue: | 2 |
| Year: | 2026 |
| Published: | 2026-06-28 |
| Pages: | 635–642 |
| Section: | Articles |
Additional Information
How to Cite
Nurwita, Noryani, & Lisdawati. (2026). Effects of Liquidity and Solvency on Stock Investment Returns in PT Telkom Indonesia Tbk for the 2014-2025 Period. Indonesian Journal Economic Review (IJER), 6(2), 635–642. https://doi.org/10.59431/ijer.v6i2.820
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This work is licensed under a Creative Commons License.
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