Scientium Management Review

ISSN : 2962-8328
E-ISSN : 2962-6323
Pp : 563-585
Volume 2 No 2. 2023

THE EFFECT OF COMPANY SIZE AND LAVERAGE ON STOCK RETURN WITH

RETURN ON ASSETS AS AN INTERVENING VARIABLE IN GOVERNMENT-OWNED
COMMERCIAL BANKS
(Study On Government-Owned Commercial Banks 2017-2021 Period)

Ifa Laratifa Basri , Mursalim Nohong , and Andi Aswan

1 Hasanuddin University, Makassar, Indonesia. E -mail: [email protected]

Abstract
Study This aim For analyze influence Environment Work , and Leadership Style to loyalty
employee through satisfaction Work as intervening variables at Bone Arasoe Sugar Factory .
Data used in study This is the primary data obtained from questionnaire . Method taking
sample use method … As for the amount sample used _ a total of 113 employees remained at
the Arasoe Bone Sugar Factory . Method analysis used _ is method descriptive statistical
analysis and analysis path (Path Analysis) with SPSS application Version 25 for windows.
The results of research on pathways First show that Environment Work and Leadership Style
influential positive and significant to satisfaction work at Bone Arasoe Sugar Factory .
Whereas results research on pathways second show that Environment Work , Leadership
Style , and Satisfaction Work influential positive and significant to Loyalty employees at Bone
Arasoe Sugar Factory .

Keywords : Environment _ Work , Leadership Style , Satisfaction Work , Loyalty Employee

A. INTRODUCTION
The development of the capital market is very rapid moment this , so investors
want invest capital For get profit in period short nor period long . Generally objective
founded A company that is For obtain maximum profit _ Possible for the perpetrators
effort . Meanwhile , for their investors own objective For obtain profit or normal
called with returns (Lisan, 2018). Activity investment in the capital market for
investors require Lots information about company that will become place invest .
Holders _ share can obtain required information _ through evaluation to development
stocks and reports finance company . this _ is information used _ holder share in
evaluate performance A company so that produce profit maximum (Nardianandya,
2018).
Profit accounting in report finance is a performance parameter _ company that
gets attention main from investors. Investors also use information cash flow as size
performance company , so information cash flow can made as one _ investor
considerations . When faced with two size performance accountancy company , profit
accounting , and total cash flow , investors must feel Certain that size performance to

Scientium Management Review Vol. 2 no. 2. 2023 563

be focus attention they is capable _ in a manner Good describe condition economy as
well as provide A base for forecasting future cash flow something common stock _ be
measured with use price or stock return ( market value )(Arrasyid, 2017)
Researches on the capital market have Lots carried out , both in the domestic
capital market as well as abroad . Research on the capital market continues done
Because The factors that influence the capital market are very diverse So influence
from factors it can too changed anytime so that interesting For researched . The more
tall profit company , then the more many investors are interested so that influence
price stock . Error in taking decision investment will cause investors to experience
loss and no get expected returns . _ So from that , investors can make ratio finance as
material consideration in invest For evaluate performance company (Purba, 2019).
Stock returns is results obtained _ from investments made by investors. Returns are
motivation and principles important in investment as well as , a key that allows
investors to decide choice alternative the investment . Returns get obtained from two
shape , that is dividends and capital gains ( increase price sell share on price buy it ),
so investors will choose share which company will provide high returns (Setiyono &
Amanah, 2016).
operational performance something company can be measured with use ratio
finance . Ratio finance used in research _ This that is size company , profitability
(ROA) and leverage . a performance company in create profit shown by profitability
. Performance company focused performance appraisal _ company in reach optimal
profit from activity the operation . As for the ratio intended profitability _ is ratio level
asset return or Return On Assets (ROA). ROA is ratio that shows performance
company in asset management for produce income on profit for all investors. The
more high Return on Assets, mean the more tall ability company stimulate investors
to buy stock , then price the stock also increased . Vice versa _ the more low level
company asset turnover , then the more low ability company For stimulate investors
to buy resulting stock _ price share decrease because request will share follow
decreased . Anything else besides performance company in reach profit that can
influence level return share is ability company pay whole his obligations . Leverage
is size debt used _ company For assets . The more high leverage, show that company
must maximum Possible increase profit to be able finance and pay debt . Leverage
can be measured with debt to equity ratio (DER).
What if demand one company the more tall so income domestic gross will also
rise and prices the stock will too the more increase . it _ make added target _ trust
investors themselves _ embed shares in Ada's company various the methods used by
investors in analyze price stocks , for one that is use analysis ratio finance . For
possible comparison companies at different scales _ so information relevant must
reduced on a series indicator limited finances . _ For that's utility ratio finance
according to Rees (1995) ( in Sukardi Nature 2010). Companies use ratio This For
push burden cost operations in the period certain , according Hutami (2012). If mark
ratio This high , then ability create profit A company past sale the more high ,
otherwise If ratio This down , performance company For reach profit past sale low .

Size company reflect big its small viewed company _ of total assets company (Han
& Lesmond , 2009). Increasing company size _ big can be interpreted asset the

564 Scientium Management Review Vol. 2 no. 2. 2023

company is also big , p This is reflection growth fast company _ according to Sujoko
and Soebiantoro (2007). Firm size that is size big nor small something categorized
entities _ with diverse patterns , including total assets, logarithms size , market value
as well etc (Dewi & Sudiartha, 2019). Large entity scale _ can produce great income .
_ No only it , entity with scale big have capability compete more superior so that entity
will capable win competition in this world industry as well as capable endure For
continuity life entity (Fathillah, Novietta, & Habibie, 2022)
commercial bank financial reports owned by government period 201 7 - 202 1 ,
there is a phenomenon that the number assets and debts of several commercial banks
owned by government slow down every year. Decrease in assets and the increase in
debt held by commercial banks owned by government due to a condition that made
the bank experience a very drastic decline in which the amount of investment
decreased. Based on the data that has been observed, the following are assets and
liabilities of 4 commercial banks owned by government period 201 7 -202 1 which
was sampled in this study. The data can be seen as follows:

Table 1.1 Government- Owned Commercial Bank Asset Growth for the 2018-
2020 Period
(In million rupiah)
Year
Sector Banking 2017 2018 2019 2020 2021
PT Bank Rakyat 1,127,448 1,296,898 1,416,758 1,610,065 1,678,097
Indonesia
(BRI)
PT Bank Negara 709,330 808572 845605 819,337 964,838
Indonesia
(BNI)
State Savings Bank 306,436 261,365 311,776 361,208 371,868
(BTN)
PT Bank Mandiri 1,124,700 1,202,252 1,411,244 1,541,964 1,725,611
(BMRI)
Source: idx.co.id (year 202 3)

Table 1.1 above shows that the highest total assets of 1,725,611 are owned by
PT Bank Mandiri (BMRI) , which is assets BMRI in 2021 greatly jumped. While
the lowest assets of 261,365 are owned by PT Bank Mandiri (BMRI) .

Table 1.2
Obligations of Government - Owned Commercial Banks Period 2017-2020
( In Millions of Rupiah)
Year
Sector Banking 2017 2018 2019 2020 2021
PT Bank Rakyat 959,440 1,111,623 1,183,155 1,380,598 1,386,310
Indonesia
(BRI)
PT Bank Negara 548,087 671,238 688,489 746,236 838,318
Indonesia

Scientium Management Review Vol. 2 no. 2. 2023 565

 (BNI)

State Savings Bank 223,937 263,784 269,451 321,376 327,693

(BTN)
PT Bank Mandiri 888026 941,953 1,051,606 1,186,905 1,326,592
(BMRI)
Source : idx.co.id (year 2023)
In table 1.2 above show that commercial banks have _ amount obligation highest
is PT Bank Rakyat Indonesia (BRI) namely of 1,386,310 which in 2021 is a liability it
soared . _ Whereas amount obligation Lowest of 223,937 in 2017 owned by PT Bank
Tabungan Negara (BTN).
Based on the description above , this study will analyze " The Effect of Firm Size
and Leverage Against Stock Returns With Return On Assets As Intervening Variables
in Government- Owned Commercial Banks (Studies in Government- Owned
Commercial Banks Period 2017 -2021 ) ” . _

B. RESEARCH METHODOLOGY
1. Draft Study
This research was conducted at insurance companies listed on the Indonesia
Stock Exchange. The objects that will be examined in this study are premiums and
claims expenses on the financial performance of insurance companies for the 2018-
2020 period. This research is quantitative, that is, this research was conducted to
determine the value of a variable.
2. Location and Time of Research
This research was conducted on the official website of the Indonesia Stock
Exchange using internet technology. When collecting data, this study used cross-
section , which is research where data is collected only once. This study also uses a
time series , which is research conducted by collecting the same type of information
about changes in phenomena from time to time. Besides that. This research was
conducted for 2 months from July to August 202 3 .

3. Population and Sample

Population ( Sugiyono , 2007) is the generalization area that consists on object
or subject that has quality and characteristics specified by the researcher _ For
studied and then pulled in conclusion . So population No only people but also things
another nature . Neither does the population just the amount in the object or subject
studied , however _ covers whole characteristics / properties possessed by the object
or subject it . Population used _ in study This is a Commercial Bank Government .
Based on statistical data banking (Databoks.katadata.co.id), there are 4 Government-
Owned Commercial Banks , namely Bank Rakyat Indonesia (BRI), Bank Negara
Indonesia (BNI), State Savings Bank (BTN), and Bank Mandiri (BMRI).
Sample study This taken with use method Saturated Sampling . Saturated
sampling ( Sugiyono , 2007) is technique determination sample when all member
population used as sample . Based on matter such , then sample in study This namely
:

566 Scientium Management Review Vol. 2 no. 2. 2023

 Sample Study

No Code Bank name

1 BBRI PT Bank Rakyat Indonesia Tbk

2 BBNI PT Bank Negara Indonesia Tbk

3 BBTN PT Bank Tabungan Negara Tbk

4 BMRI PT Bank Mandiri Tbk

Source : www.idx.co.id
4. Data Types and Sources
The type of data used in study This is quantitative data . Quantitative data (
Hardani et al., 2020) is demonstrable data quantity and number absolute so that can
determined the magnitude . The quantitative data used in study This is report finance
public bank yearly owned by government that is period 31 December 2017 to 31
December 2021.
Source of data used in this research is secondary data. Secondary data (Hardani
et al ., 2020) is data obtained indirectly, this can be in the form of books, profiles,
libraries, financial reports and others. The secondary data used in this study is data
taken from the official website of the related bank and the website of the Indonesian
Stock Exchange for 5 years, namely 201 7 -202 1 .
5. Data Collection Techniques
Study This use two type data collection , namely :
a. Library Studies
Study This collect data and theory relevant with problem to be researched with
do studies bibliography on literature and materials References other like
journals , articles , and study earlier .

b. willing Documentary
Other data collection namely with method collect secondary data form report
finance each company's annual obtained insurance _ Indonesia Stock Exchange
official website .

Definition operational
NO Variable Definition Variable Indicator Measurement

1.Company Big its small company seen Total 𝑆𝑖𝑧𝑒

Size of the total assets Assets = 𝐿𝑛 × 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡

(X1)

2.leverage Ability company in utilise 𝐿𝑒𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜

his obligation to be 𝑇𝑜𝑡𝑎𝑙 𝐻𝑢𝑡𝑎𝑛𝑔
(X2) Ratio = 𝑥 100
buffered pay debt with use 𝑀𝑜𝑑𝑎𝑙
the eiqutas .

Scientium Management Review Vol. 2 no. 2. 2023 567

 3. Return Comparison between 𝑅𝑂𝐴
On Assets profit clean with total 𝐿𝑎𝑏𝑎 𝐵𝑒𝑟𝑠𝑖ℎ
Ratio = 𝑥 100
(ROA) assets . 𝑇𝑜𝑡𝑎𝑙 𝐴𝑘𝑡𝑖𝑣𝑎
(Y1)

4. Stock Gains achieved by

returns investors from something
investment of the funds 𝑅𝑖𝑡 (100)
(Y2) already invested . 𝑃𝑖𝑡 − 𝑃𝑖𝑡 − 1
Ratio = 𝑥100
𝑃𝑖𝑡 − 1

C. RESULTS AND DISCUSSION

1. Statistics Descriptive
Table 4.1
Statistics Descriptive Company Size , Leverage , ROA, and Stock Return
Descriptive Statistics
N Mini Maxi Mea std.
mum mum ns Deviation
Company 20 11.6 14.3 13.5 ,77693
Size 3 6 465
leverage 20 83.5 160 643, 440.34
1 7.85 4830 277
ROA 20 , 13 3.69 2.15 1.0848
70 7
Stock 20 - 105, 2.16 41.649
returns 81.86 17 57 21
Valid N 20
(listwise)
Source : SPSS Output 25 ( yr . 2023)
Table 4.1 above _ _ show that the average (mean) size company as big 13.54 of
20 samples that have researched with standard deviation 0.77. Whereas Size
company the lowest (minimum) is 11.63 and the highest ( maximum ) is 14.36.
The average value (mean) leverage of 643.48 with standard deviation of
440.34. Whereas leverage the lowest (minimum) is 83.51 and the highest (
maximum ) is 1607.85.
Furthermore the average value (mean) Return On Assets (ROA) , namely by
2.15 with standard deviation 1.08. While the lowest (minimum) ROA is of 0.13
and and the highest (maximum) is of 3.69.
Then the average value (mean) of stock returns at commercial banks have
government of 2.16 with mark highest ( maximum ) of 105, 17 and value the
lowest (minimum) of -81.86 with standard deviation of 41.64.

568 Scientium Management Review Vol. 2 no. 2. 2023

 2. Assumption Test Classic
a. Normality Test
Calculation results of the normality test in study This served in table following
:
Table 4.2
Normality Test Results (Original Data)
One-Sample Kolmogorov-Smirnov Test
Unstandardi Unstandardi
zed zed
Residuals Residuals
N 20 20
Normal Parameters Means ,0000000 ,0000000
a,b std. ,62039252 40.7229289
Deviation 2
Most Extreme absolute ,201 ,115
Differences Positive ,142 ,109
Negative -,201 -,115
Test Statistics ,201 ,115
Asymp . Sig. (2-tailed) , 033c ,200c ,d
Source: SPSS output 25 ( yr . 2023)
Based on normality test table above , got seen there is two the residual
equations tested Because in study This there is two equation . Equality First that
is influence Company Size (X1) and Leverage (X2) to ROA (Z), meanwhile second
equation _ is influence Company Size (X1), Leverage (X2), and ROA (Z) on Return
On Assets (Y). At the first residual value , value significant obtained _ is 0.033 (>
0.05), meanwhile second residual value mark the significance obtained is 0.200
(> 0.05). From analysis above the data can concluded that the data on the first
residual not normal, while the data on the second residual is normal because
mark greater significance _ from 0.05. It can too _ explained with results analysis
chart that is its Normal Probability plot graph as following :
Figure 4.1
Normal Probability Plot variable dependent on the intervening variable
(Original Data)

Scientium Management Review Vol. 2 no. 2. 2023 569

 Source : SPSS Output 25 ( yr . 2023)
Figure 4.2
Normal Probability Plot dependent variable to independent variable ( Original
Data)

Source : SPSS Output 25 ( yr . 2023)

In the Normal Probability Plots graph in Figure 4.1 above show that first
residual No distributed normally because _ distribution of residual data seen
away from the normal line , whereas in Figure 4.2 above show that second
residual distributed normally because _ distribution of residual data No away
from the normal line . For normalize the data on the first residual so must done
adjustment . Adjustment Can done with method transform data. As for the data
after the transformation is like following :

570 Scientium Management Review Vol. 2 no. 2. 2023

 Table 4.2
Normality Test Results ( Adjusted Data )
One-Sample Kolmogorov-Smirnov Test

Unstanda Unstand
rdized ardized
Residuals Residuals
N 20 8
Normal Mean ,0000000 ,000000
Parameters a,b s 0
std. ,5591765 ,564615
Deviati 9 02
on
Most Extreme absol ,185 , 181
Differences ute
Positi ,097 ,128
ve
Negat -.185 -,181
ive
Test Statistics ,185 , 181
Asymp . Sig. (2-tailed) , 070c ,200c ,d
Source : SPSS Output 25 ( yr . 2023)
From testing second or testing after data transformation to natural logarithm ,
visible that the data has residual 1 has normally distributed with mark
significance more big of 0.05 , namely 0.070.
Figure 4.3
Normal Probability Plot variable dependent on intervening variable ( Adjusted
Data )

Source : SPSS Output 25 ( yr . 2023)

Scientium Management Review Vol. 2 no. 2. 2023 571

 Figure 4.4
Normal Probability Plot dependent variable to independent variable (
Adjusted Data )

Source : SPSS Output 25 ( yr . 2023)

From the Normal Probability plots graph in Figure 4.3 and Figure 4.2 above
show that residual 1 and residual 2 have distributed normally because _ seen dot,
dot, dot spread more close to the diagonal line / normal line compared with the
previous normal probability plots .
In table 3.1 regarding results testing validity Environment Work show all valid
instruments for used as an instrument or statement For measure environmental
variables researched work . _
b. Multicollinearity Test
Table 4.3
dependent variable multicollinearity test to intervening variable
Coefficients a
Model Unstandardized Standar t Sig. Collinearity
Coefficients dized Statistics
Coeffici
ents
B std. Betas toler VIF
Error ance
1 (Constant) - 7,546 - ,014
20,599 2,73
0
LN_Company 8,569 2,676 ,607 3.20 ,005 ,737 1.35
Size 3 7
LN_Laverage -,190 , 167 -,217 - ,269 ,737 1.35
1.14 7
3

572 Scientium Management Review Vol. 2 no. 2. 2023

a. Dependent Variable: LN_ROA
Source : SPSS Output 25 ( yr . 2023)
Based on table Equation 1, can seen that the tolerance value of each variable
is > 0.10 and the VIF value is < 10 so can concluded that in this equation 1 No
happen multicollinearity .
Table 4.4
dependent variable multicollinearity test to independent variable
Coefficients a

Model Unstandardized Standar t Sig. Collinearity

Coefficients dized Statistics
Coeffici
ents
B std. Betas toler VIF
Error ance
1 (Constant) 82,92 23,95 3,46 .026
1 3 2
LN_Company - 9.003 -1,284 - ,027 ,433 2,30
Size 30,59 3,39 9
0 8
LN_Laverage -.185 ,302 -,193 - ,574 ,620 1,61
,612 3
LN_ROA 1,639 ,767 ,755 2.13 ,099 ,496 2.01
8 6
a. Dependent Variable: LN_ReturnSaham

Source : SPSS Output 25 ( yr . 2023)

Based on table Equation 2, can seen that the tolerance value of each variable
is > 0.10 and the VIF value is < 10 so can concluded that in equation 2 no happen
multicollinearity .

c. Heteroscedasticity Test
Table 4.5
Heteroscedasticity test results equation 1
Coefficients a
Model Unstandardized Standa t Sig. Collinearity
Coefficients rdized Statistics
Coeffici
ents
B std. Betas toler VIF
Error ance
1 (Constant) 5.105 5,158 ,990 ,336
LN_Company -1,942 1,829 -.280 - ,303 ,737 1.35
Size 1,06 7
2

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 LN_Laverage .053 , 114 , 122 ,462 ,650 ,737 1.35
7
a. Dependent Variable: ABS_RES1
Source : SPSS Output 25 ( yr . 2023)
Based on table Glesjer test results in equation 1 above , can seen that mark
significance every dependent variable > 0.05 (5%), so can concluded that in this
equation 1 No happen symptom heteroscedasticity .
Table 4.6
Heteroscedasticity test results equation 2
Coefficients a
Model Unstandardized Standa t Sig. Collinearity
Coefficients rdized Statistics
Coeffici
ents
B std. Betas toler VIF
Error ance
1 (Constant) - 8,717 - ,
13,67 1,5 192
9 69
LN_Company 4,779 3,276 ,666 1,4 ,21 ,433 2,3
Size 59 8 09
LN_Laverage ,245 ,110 ,850 2,2 ,09 ,620 1,6
27 0 13
LN_ROA ,240 ,279 ,367 ,86 ,43 ,496 2.0
1 8 16
a. Dependent Variable: ABS_RES2
Source : SPSS Output 25 ( yr . 2023)
Based on table Glesjer 2 test results above , can seen that mark significance
every variable dependent and intervening > 0.05 (5%), so can concluded that in
equation 2 _ No happen symptom heteroscedasticity . Results above can explained
with analysis chart that is scatterplot graph , the dots are formed must spread in a
manner random , scattered Good diats nor under the number 0 on the Y axis . If
condition This fulfilled so No happen heteroscedasticity and regression models
worthy used . Heteroscedasticity test results with use the scatterplot graph is
shown in the figure below this :
Figure 4.5
Variable Scatterplots dependent against interventions

574 Scientium Management Review Vol. 2 no. 2. 2023

 Source : SPSS Output 25 ( yr . 2023)

Figure 4.6
Variable Scatterplots dependent against independents

Source : SPSS Output 25 ( yr . 2023)

With see the scatterplot graphs in figures 4.5 and 4.6, are shown dot, dot, dot
spread in a manner random on the X and Y axes . Then can taken conclusion that
No there is symptom heteroscedasticity in the regression model used .

Scientium Management Review Vol. 2 no. 2. 2023 575

 3.Path Analysis
Analysis track is expansion from analysis multiple linear regression . Analysis
track aim for know influence in a manner direct nor No direct independent
variable to variable dependent (Ardina G. , 2016).
a. Influence direct Variable dependent to Intervening Variables
For know influence direct variable dependent to intervening variables ,
performed testing analysis multiple linear regression , coefficient test
determination , and partial test .
b. Analysis Multiple Linear Regression
Testing the data in this equation 1 aim For test hypothesis about There is or
nope influence variable dependent that is Firm Size (X1) and Leverage (X2) to
intervening variable namely Return On Assets (ROA) (Z) in a manner positive and
significant and significantly Partial nor simultaneous . As for the results data
processing with using the SPSS version 25 program seen through table following :

Table 4.7
Analysis results track equation 1
Coefficients a
Model Unstandardized Standardiz t Sig.
Coefficients ed
Coefficient
s
B std. Error Betas
1 (Constant) -20,599 7,546 -2,730 ,014
LN_Company Size 8,569 2,676 ,607 3.203 ,005
LN_Laverage -,190 , 167 -,217 -1.143 ,269
a. Dependent Variable: LN_ROA
Source : SPSS Output 25 ( yr . 2023)
Based on calculation in table 4.7, then is known that coefficient determination
multiple linear regression on the equation first on variables Firm Size (X1) is 8.569
and Leverage (X2) is -0.190, and with mark constant of -20.599. So equality formed
multiple linear regression _ are :

Z = -20.599 + 8.569X1 – 0.190X2

Determination Test (R2)

Coefficient determination (R2) measure closeness connection strong or nope
between variable free to the intervening variable in this equation 1 . At a value
close to One means independent variables that give almost all required
information _ For predict variable dependent . As for the results data management
for test coefficient determination with using the SPSS version 25 program seen
through table following :

576 Scientium Management Review Vol. 2 no. 2. 2023

 Table 4.8
Coefficient determination equation 1
Summary Model b
Model R R Square Adjusted R std. Error of
Square the Estimate
1 ,742 a ,550 ,497 ,59115
a. Predictors: (Constant), LN_Laverage , LN_CompanySize
b. Dependent Variable: LN_ROA
Source : SPSS Output 25 ( yr . 2023)
Based on table 4.8 above , magnitude mark coefficient determination (R
Square ) on the analysis multiple linear regression in equation 1 is of 0.550, so can
concluded that donation influence size company (X1) and Leverage (X2) to Return
On Assets (ROA) (Z) is by 55% temporarily the rest ie 45% is contribution from
other variables are not entered in study this . As for the magnitude other variables
are also known as error (e).

e1 =√(1 − 𝑅 𝑆𝑞𝑢𝑎𝑟𝑒)

=√(1 − 0,550)

= 0.670
From the results calculation standard error above , then can concluded that
magnitude mark variable that is not entered in study This is of 0.670.
Partial Test (T Test)
Parsail test (T test) in this equation 1 aim For know is there is influence of
each variable free to intervening variable and for know significance influence
those .. Testing This through t test with compare t- count with t- table at its level
real = 0.05. The t test has an effect significance if results t- count calculation more
big from the t- table or probability error more small than 5% (sig < 0.05). Table T
value in research This is as following .
T Table = / 2 ; n – k – 1

T Table = 0.05/ 2 ; 20 – 2 – 1

T Table = 0.025 ; 17

T Table = 2.109

From the results calculation with use formula above , is obtained results T
Table that is of 2.109.

As for the results partial test analysis obtained , is _ as following :

Scientium Management Review Vol. 2 no. 2. 2023 577

 Table 4.9
Partial Test Results equation 1
Coefficients a
Model Unstandardized Standardiz t Sig.
Coefficients ed
Coefficient
s
B std. Error Betas
1 (Constant) -20,599 7,546 -2,730 ,014
LN_Company Size 8,569 2,676 ,607 3.203 ,005
LN_Laverage -,190 , 167 -,217 -1.143 ,269
a. Dependent Variable: LN_ROA
Source : SPSS Output 25 ( yr . 2023)
Based on table 4.9 t test, it is obtained result :

1) Influence Company Size (X1) to Return On Assets (ROA) (Z) of Government -

Owned Commercial Banks
Based on results testing with SPSS version 25 for variable Company Size (X1)
to Return On Assets (Z) is obtained t - count value of 3.203 with mark significance
of 0.05, then H0 is rejected and H1 is accepted . this _ means variable Company
Size (X1) has influence and significant on Return On Assets (ROA) (Z) of
Government - Owned Commercial Banks .
2) Influence Leverage (X2) on Return On Assets (ROA) (Z) of Government-
Owned Commercial Banks
Based on results testing with SPSS version 25 for variable Leverage (X2) to
Return On Assets (ROA) (Z) is obtained t- count value of -1.143 with mark
significance 0.269 > 0,05 , then 𝐻0 accepted and 𝐻2 rejected. This means that the
Leverage variable (X2) has no significant effect on the Return On Assets (ROA)
(Z) of Government-Owned Commercial Banks.
Based on a number of testing is done , then can obtained chart equality
regression line 1 as following :
Figure 4.7
Analysis Multiple Linear Regression Equation 1
Ukuran
Perusahaan
e1 = 0,670
(X1)
Return On Asset

(ROA)

Laverage (Z)

(X2)

Influence Direct Variable dependent to Variable Independent

578 Scientium Management Review Vol. 2 no. 2. 2023

 For know influence direct variable dependent to independent variable , done
the same test on the equation previously that is analysis multiple linear regression
, coefficient test determination , and partial test .

Analysis Multiple Linear Regression

Testing the data on this equation 2 aim For test hypothesis about There is or
nope influence variable dependent that is Firm Size (X1), Leverage (X2), and
Return On Assets (ROA) (Z) against variable Independent namely Stock Return
(Y) in a manner positive and significant and significantly Partial nor simultaneous
. As for the results data management with using the SPSS version 25 program seen
through table following :

Table 4.10
Results of Path Analysis Equation 2
Coefficients a
Model Unstandardized Standardi t Sig.
Coefficients zed
Coefficien
ts
B std. Betas
Error
1 (Constant) 82,921 23,953 3,462 .026
LN_Company Size -30,590 9.003 -1,284 - ,027
3,398
LN_Laverage -.185 ,302 -,193 -,612 ,574
LN_ROA 1,639 ,767 ,755 2.138 ,099
a. Dependent Variable: LN_ReturnSaham
Source : SPSS Output 25 ( yr . 2023)
Based on calculations obtained in table 4.10 , then is known that coefficient
regression double on the equation second on variables Firm size (X1) is -30.590,
Leverage (X2) is -0.185, and Return On Assets (Z) is 1.639, and the value constant
of 82.921, mka equality the second multiple linear regression is formed are :

Y = 82.291 - 30.590X1 – 0.185X2 + 1.639Z

Determination Test (R2)

Coefficient determination (R2) measure closeness connection strong or nope

between variable free to variable bound . At a value close to ssatu rate variables
independent that delivers almost everything required information _ For predict
variable dependent . As for the results data management for test coefficient
determination with using the SPSS version 25 program seen through table
following :

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 4.11
Coefficient Result Determination Equation 2
Summary Model b
Mod R R Adjusted R std. Error
el Square Square of the
Estimate
1 , 868a ,753 ,567 ,74692
a. Predictors: (Constant), LN_ROA, LN_Laverage ,
LN_CompanySize
b. Dependent Variable: LN_ReturnSaham
Source : SPSS Output 25 ( yr . 2023)
Based on table 4.11 above , magnitude mark coefficient determination (R
Square) on the analysis linear regression in equation 2 is of 0.753, so can
concluded that donation Company Size (X1), Leverage (X2), and Return On Assets
(ROA) (Z) to Stock Return (Y) are by 75.3%. Temporary the remaining 24.7%
constitute contribution from other variables that are not entered in study this . As
for the magnitude mark other variables are also known as error (e).

e2 =√(1 − 𝑅 𝑆𝑞𝑢𝑎𝑟𝑒)

=√(1 − 0,753

= 0.496

From the results calculation standard error above , then can concluded that
magnitude mark variable yag No entered in study This is of 0.496.

Partial Test (T Test)

Partial test (T test) in this equation 2 aim For know is there is influence of each
variable free to variable bound and for know significance influence the . Testing
This through t test with compare t- count with t- table at level real = 0.05. The t
test has an effect significant if results t- count calculation more big from the t- table
or probability error more small than 5% (sig < 0.05). Based on results calculation
, value T Table obtained _ is of 2.570. Table following This serve results the analysis
obtained , namely :

4.12
Partial Test Results Equation 2
Coefficients a
Model Unstandardized Standardiz t Sig.
Coefficients ed
Coefficient
s
B std. Error Betas
1 (Constant) 82,921 23,953 3,462 .026
LN_Company Size -30,590 9.003 -1,284 -3,398 ,027
LN_Laverage -.185 ,302 -,193 -,612 ,574

580 Scientium Management Review Vol. 2 no. 2. 2023

 LN_ROA 1,639 ,767 ,755 2.138 ,099
a. Dependent Variable: LN_ReturnSaham
Source : SPSS Output 25 ( yr . 2023)
Based on table 4.12 t test, then obtained result :

1) Influence Company Size (X1) to Share Return (Y) of Government -Owned

Commercial Banks
Based on results testing with SPSS version 25 for variable Firm size (X1) to stock
returns ( Y) is obtained t- count value of -3.398 with mark significance of 0.027, then
H0 is rejected and H4 is accepted . this _ means variable Company Size (X1) has
influence and significance on stock returns (Y) of Government - Owned Commercial
Banks .
2) Influence Leverage (X2) on Share Return (Y) of Government - Owned
Commercial Banks
Based on results testing with SPSS version 25 for variable Leverage (X2) on stock
returns (Y) is obtained t- count value of -0.612 (<2.570) with mark significance of
0.574, then H0 is accepted and H5 is rejected . this _ means variable Leverage (X2) is
not There is influence significant on stock returns (Y) of Government - Owned
Commercial Banks .
3) Effect of Return On Assets (ROA) (Z) on Stock Return (Y) of Government- Owned
Commercial Banks
Based on results SPSS version 25 testing for the variable Return On Assets (ROA)
(Z) to stock returns (Y) is obtained t- count value of 2.138 (<2.570) with mark
significance of 0.099, then H0 is accepted and H6 is rejected . this _ means variable
Return On Assets (ROA) (Z) no There is influence significant on stock returns (Y) of
Government - Owned Commercial Banks .
Based on a number of testing is done , then can obtained chart equality regression
line 2 as following :
Figure 4.8
Analysis Multiple Linear Regression Equation 2

Ukuran
Perusahaan e2 = 0,496
(X1) e1 = 0,670
Retrun Saham
Return On Asset 0,755
(Y)
(ROA)
(Z)
Laverage
(X2)

D. CONCLUSION
From the analysis performed on can pulled conclusion , namely :
1. Variable Company Size (X1) has influence and significant on Return On
Assets (ROA) (Z) of Government - Owned Commercial Banks .

Scientium Management Review Vol. 2 no. 2. 2023 581

 2. Variable Leverage (X2) is not There is influence significant on Return On
Assets (ROA) (Z) of Government - Owned Commercial Banks .
3. variable Company Size (X1) has influence and significance on stock
returns (Y) of Government - Owned Commercial Banks .
4. Variable Leverage (X2) is not There is influence significant on stock
returns (Y) of Government - Owned Commercial Banks .
5. variable Return On Assets (ROA) (Z) no There is influence significant on
stock returns (Y) of Government - Owned Commercial Banks .

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