Main Article Content
Abstract
Investment is activity aimed at making a profit. One manifestation of strategic investment management is through selecting the right investment instruments. Currently the instrument with the highest interest in Indonesia is stock. One indicator to measure investment success is stock price returns. Therefore, a study is needed to examine the determinants of stock price returns in Indonesia, so this research is to explain the literature statistics on the determinants of stock stock returns, explain the determinants of stock price returns through bibliometric clustering and density analysis in Indonesia. The data needed is in the form of scientific literature originating from Google Scholar. The results of the research show that (1) the total number of papers that examine the determinants of stock returns in Indonesia is 59 and there has been an increase in studies in the period 2021 to 2023. (2) there are five main topic clusters that are discussed in research, (3) The density model show that there are 19 keywords that appear most frequently, as for these determinants such as deposit interest, exchange rate, profit per share, company financial condition, structure capital, profitability, solvency, price earning ratio, and price to book value.
Keywords
Article Details

This work is licensed under a Creative Commons Attribution 4.0 International License.
References
- Alam, S. M. S., Chowdhury, M. A. M., & Razak, D. B. A. (2021). Research evolution in banking performance: a bibliometric analysis. Future Business Journal, 7(1), 66. https://doi.org/10.1186/s43093-021-00111-7
- Alhilfi, M. (2019). Role of using the Relative Strength Index in Making Speculation Decision in Stock Applied Research in the Iraq Stock Exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(1). https://doi.org/10.6007/IJARAFMS/v9-i1/5855
- Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
- Annisa, D, C, N. et al. (2023). Pengaruh Rasio Pasar, Leverage, Profitabilitas Terhadap Return Saham Pada Perusahaansub Sektor Minyak Dan Gas Bumi Yang terdaftar Di Bursa Efek Indonesia periode 2017-2021. Triwikrama: Jurnal Ilmu Sosial, 01(05), 50–60. https://ejournal.warunayama.org/index.php/triwikrama/article/view/209/201
- Day, M.-Y., Cheng, Y., Huang, P., & Ni, Y. (2023). The profitability of Bollinger Bands trading bitcoin futures. Applied Economics Letters, 30(11), 1437–1443. https://doi.org/10.1080/13504851.2022.2060494
- Dihni, V, A. (2022). Apa Jenis Investasi yang Paling Banyak Diminati Masyarakat. Databooks. https://databoks.katadata.co.id/datapublish/2022/01/13/apa-jenis-investasi-yang-paling-banyak-diminati-masyarakat
- Fathihani, et al. (2023). Pengaruh Pengungkapan Corporate Social Responsibility, Struktur Modal, dan Financial Distress terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2017 -2021. Jurnal Samudra Ekonomi & Bisnis, 14(1). https://www.ejurnalunsam.id/index.php/jseb/article/view/6046/3818
- Fauziah, N, D & Tulmafiroh, A. (2020). Analisis Waqf Linked Sukuk Untuk Memberdayakan Tanah Yang Tidak Produktif. Al-Tsaman Jurnal Ekonomi Dan Keuangan Islam, 2(2). https://ejournal.inaifas.ac.id/index.php/Al-tsaman/article/view/406
- Firdhausa, F., & Apriani, R. (2021). Pengaruh Platform Media Sosial Terhadap Minat Generasi Milenial Dalam Berinvestasi Di Pasar Modal. Supremasi Hukum, 17(02), 96–103. https://doi.org/10.33592/jsh.v17i02.1227
- Hanapi, H. (2019). Penerapan Sukuk dan Obligasi Syariah di Indonesia. Musyarokah Jurnal Hukum Ekonomi Syariah, 7. https://jurnal.staihas.ac.id/wp-content/uploads/2020/04/Hapil-Hanapi-Musyarokah-okt-2019.pdf
- Hulu, H. P. (2023). Analisis Determinan Return Saham Perusahaan Publik Subsektor Transportasi. Owner, 7(3), 2633–2639. https://doi.org/10.33395/owner.v7i3.1540
- Hung, N. H. (2016). Various moving average convergence divergence trading strategies: A comparison. Investment Management and Financial Innovations, 13(2), 363–369. https://doi.org/10.21511/imfi.13(2-2).2016.11
- Kapoh, Y. (2019). Instrumen Pasar Modal Menurut Undang Undang Nomor 8 Tahun 1995. LEX ET SOCIETATIS, 7(8).
- Karyatun, S. (2023). periode 2016-2020 dengan analisis rasio keuangan.
- KSEI. (2020). Data Statistik KSEI. https://www.ksei.co.id/publications/Data_Statistik_KSEI
- Kususma, R, A. & T. (2020). Pengaruh Economic Value Added (EVA) Dan Market Value Added (MVA) Terhadap Return Saham (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 11(1), 59.
- Nurhapsari, R. (2023). Analisis Determinan Return Saham pada Perusahaan Manufaktur. Jurnal Ilmiah Aset, 25(1), 81–91. https://doi.org/10.37470/1.25.1.218
- Nuzula, N, F & Nurlaily, F. (2020). Dasar-Dasar Manajemen Investasi. UB Press.
- Sawhney, R. et al. (2022). Corporate Social Responsibility and Financial Performance: Literature Review and Bibliometric Analysis. The Electrochemical Society, 107(1). https://iopscience.iop.org/article/10.1149/10701.11051ecst/meta
References
Alam, S. M. S., Chowdhury, M. A. M., & Razak, D. B. A. (2021). Research evolution in banking performance: a bibliometric analysis. Future Business Journal, 7(1), 66. https://doi.org/10.1186/s43093-021-00111-7
Alhilfi, M. (2019). Role of using the Relative Strength Index in Making Speculation Decision in Stock Applied Research in the Iraq Stock Exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(1). https://doi.org/10.6007/IJARAFMS/v9-i1/5855
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Annisa, D, C, N. et al. (2023). Pengaruh Rasio Pasar, Leverage, Profitabilitas Terhadap Return Saham Pada Perusahaansub Sektor Minyak Dan Gas Bumi Yang terdaftar Di Bursa Efek Indonesia periode 2017-2021. Triwikrama: Jurnal Ilmu Sosial, 01(05), 50–60. https://ejournal.warunayama.org/index.php/triwikrama/article/view/209/201
Day, M.-Y., Cheng, Y., Huang, P., & Ni, Y. (2023). The profitability of Bollinger Bands trading bitcoin futures. Applied Economics Letters, 30(11), 1437–1443. https://doi.org/10.1080/13504851.2022.2060494
Dihni, V, A. (2022). Apa Jenis Investasi yang Paling Banyak Diminati Masyarakat. Databooks. https://databoks.katadata.co.id/datapublish/2022/01/13/apa-jenis-investasi-yang-paling-banyak-diminati-masyarakat
Fathihani, et al. (2023). Pengaruh Pengungkapan Corporate Social Responsibility, Struktur Modal, dan Financial Distress terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2017 -2021. Jurnal Samudra Ekonomi & Bisnis, 14(1). https://www.ejurnalunsam.id/index.php/jseb/article/view/6046/3818
Fauziah, N, D & Tulmafiroh, A. (2020). Analisis Waqf Linked Sukuk Untuk Memberdayakan Tanah Yang Tidak Produktif. Al-Tsaman Jurnal Ekonomi Dan Keuangan Islam, 2(2). https://ejournal.inaifas.ac.id/index.php/Al-tsaman/article/view/406
Firdhausa, F., & Apriani, R. (2021). Pengaruh Platform Media Sosial Terhadap Minat Generasi Milenial Dalam Berinvestasi Di Pasar Modal. Supremasi Hukum, 17(02), 96–103. https://doi.org/10.33592/jsh.v17i02.1227
Hanapi, H. (2019). Penerapan Sukuk dan Obligasi Syariah di Indonesia. Musyarokah Jurnal Hukum Ekonomi Syariah, 7. https://jurnal.staihas.ac.id/wp-content/uploads/2020/04/Hapil-Hanapi-Musyarokah-okt-2019.pdf
Hulu, H. P. (2023). Analisis Determinan Return Saham Perusahaan Publik Subsektor Transportasi. Owner, 7(3), 2633–2639. https://doi.org/10.33395/owner.v7i3.1540
Hung, N. H. (2016). Various moving average convergence divergence trading strategies: A comparison. Investment Management and Financial Innovations, 13(2), 363–369. https://doi.org/10.21511/imfi.13(2-2).2016.11
Kapoh, Y. (2019). Instrumen Pasar Modal Menurut Undang Undang Nomor 8 Tahun 1995. LEX ET SOCIETATIS, 7(8).
Karyatun, S. (2023). periode 2016-2020 dengan analisis rasio keuangan.
KSEI. (2020). Data Statistik KSEI. https://www.ksei.co.id/publications/Data_Statistik_KSEI
Kususma, R, A. & T. (2020). Pengaruh Economic Value Added (EVA) Dan Market Value Added (MVA) Terhadap Return Saham (Studi pada Perusahaan yang Terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan, 11(1), 59.
Nurhapsari, R. (2023). Analisis Determinan Return Saham pada Perusahaan Manufaktur. Jurnal Ilmiah Aset, 25(1), 81–91. https://doi.org/10.37470/1.25.1.218
Nuzula, N, F & Nurlaily, F. (2020). Dasar-Dasar Manajemen Investasi. UB Press.
Sawhney, R. et al. (2022). Corporate Social Responsibility and Financial Performance: Literature Review and Bibliometric Analysis. The Electrochemical Society, 107(1). https://iopscience.iop.org/article/10.1149/10701.11051ecst/meta