The Effect Of Earnings Per Share, Debt To Equity Ratio And Net Profit Margin On Stock Returns In Property And Real Estate Sector Companies Listed On The Indonesian Sharia Stock Index (Issi) For The 2018  2023 Period

: The company's financial performance is one of the factors that investors pay attention to in investing in the capital market. One of the investment instruments is stocks. The purpose of stock investment is to obtain a share retreat. This study aims to determine the effect of Earning Per Share, Debt to Equity Ratio and Net Profit Margin on stock returns in Properties and Real Estate sector companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 023 period. The analysis method used is the panel data regression method with the selected model being the Common Effect Model (CEM). The population in this study is all companies included in the Properties and Real Estate sector listed on the Indonesia Stock Exchange (IDX) for the 2018 023 period as many as 87 companies. The determination of the number of samples was carried out using the Purposive Sampling technique and determined as many as 16 samples of the Company. The results of the t test show that partially Earnings Per Share and Net Profit Margin have a significant effect on stock returns while the Debt to Equity Ratio does not have a significant effect on stock returns. The results of the F test show that simultaneously Earning Per Share, Debt to Equity Ratio and Net Profit Margin have a significant effect on stock returns in Properties and Real Estate sector companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 023 period.


Introduction
The capital market in Indonesia is known as the Indonesia Stock Exchange (IDX).The capital market acts as a means of increasing business capital, a means of increasing production capacity for companies and being able to create business opportunities.One of the investment instruments in the capital market is stocks.The Indonesia Sharia Stock Index (ISSI) is all sharia stocks listed on the Indonesia Stock Exchange and is included in the Sharia Securities List (DES) issued by the Financial Services Authority (OJK) and the Sharia Securities List is updated every 6 (six) months every year, namely in May and November.The Properties and Real Estate sector is one of the sectors that investors are interested in.This business sector is very vulnerable to changes and challenges such as changes in economic conditions, consumer tastes, politics, technological advances, business competition both locally and globally and government policies.Therefore, it is necessary to analyze the right financial performance before investing in this sector so that later it can get the desired level of return.Stock return is income obtained from stock buying and selling transactions, which is the difference in comparison between the selling price and the purchase price of shares.
Figure 1 shows the rate of stock return in the property and real estate sector for the last 6 (six) years, namely from 2018 2023, the stock return rate for the last 6 (six) years continues to fluctuate.In 2018 the return rate obtained was .89%, in 2019 it experienced a fairly good increase of 21.51%, in 2020 it again decreased by 2.41%, then in 2021 it experienced a very good increase of 64.33%, in 2022 the return on property and real estate sector stocks It fell by 35.80% and in 2023 the return of shares in this sector showed a better value than the previous year of 10.16%.The cause of the ups and downs in stock returns is influenced by several internal factors, namely, Earning Per Share (EPS).The higher the value of Earnings Per Share (EPS), the higher the stock return that investors will get, and vice versa.Debt to Equity Ratio (DER) is a ratio to compare the amount of a company's debt to the company's equity.Based on figure 3, the value of Debt to Equity Ratio (DER) of property and real estate sector companies in the last 6 (six) years varies and tends to fluctuate.JRPT companies from 2018-2022 show a fairly good and stable DER value, which is less than 1.DILD companies in 2020-2022 the Company's DER value tends to increase to 1.85.The DER value is less than 1 (one), indicating that the Company is able to control debt well so that it is safe from the risk of default.Based on the data obtained, it was found that problems by researchers in the Properties and Real Estate Sector Companies that were sampled in this study, including GWSA companies in 2021, the EPS value decreased by 8.95% from the previous value of 11.7% and the NPM value of 1.79% from the previous value of 344.10%, but the return value the stock actually increased by 51.20% from the previous value of only 3.73%.DILD Companies in 2022, the value of DER increased quite high, namely by 1.85 from the previous value of 1.70, but the value of stock returns increased by 11.91% from the previous value of 31.92%.Whereas in theory if the DER value is lower, which is smaller than 1 (one), then the stock return will increase and vice versa.Based on the theory, if the value of EPS and NPM increases, stock returns will also increase and vice versa.But based on the data obtained by the researchers there are differences and gaps between theories and facts that occur in the field, so researchers are interested in conducting further research on the problems contained in these variables.Therefore, the title of this study is    Based on the results in table 3 shows the probability of the chi-square of 0.9982 and the Probability F of 0.9992 is greater than 0.05.So in accordance with the decision-making criteria, the more appropriate model used in this study is the Common Effect Model.Therefore, there is no need to do a hausman test and can directly perform a panel data regression test.Based on the results of the Common Effect Model regression in table 4, it can be seen that the value of the regression coefficient of the Earning Per Share (EPS) variable is 0.085044, the value of the regression coefficient of the Debt to Equity Ratio (DER) variable is 1.970317 and the value of the regression coefficient of the Net Profit Margin (NPM) variable is 0.096671.The variable probability value of Earnings Per Share (EPS) is 0.0384 and the variable probability value of Net Profit Margin (NPM) is 0.0048.So it shows that the variables EPS and NPM have a significant influence on stock returns, because they have a probability value of < 0.05.While the probability value of the Debt to Equity Ratio (DER) variable of 0.6945 shows that the variable does not have a significant influence on stock returns, because it has a probability value of > 0.05.Based on the test results shown in table 5, it is known that the value of the coefficient between variables is smaller than 0.80.This is in accordance with the criterion that the result of the multicollinearity test is that there is no correlation coefficient value between variables that is more than 0.80.So it can be concluded that the data does not have a multicollinearity problem.Based on the test results shown in Figure 6 it is known that the residual graph (blue color) can be seen that nothing crosses the limit (500 and -500), meaning that the residual variants are the same.Therefore, there are no symptoms of heteroscedasticity or passing the heteroscedasticity test.

Test The Hypothesis Partial Significant Test (t Test)
The t test aims to determine whether the independent variables partially or individually have a significant effect on the dependent variable.

Simultaneous Significance Test (F Test)
The F-statistical test is used to determine how much influence the independent variable has on the dependent variable simultaneously or together.

Common Effect Model Panel Data Regression Equation
Based on the results of the tests that have been carried out, the panel data regression equation for this study can be written as follows: Return 1.The constant value in the equation above of ̶ 1.875 shows that if all independent variables are considered to be 0 (zero) or constant, then the stock return is 1.875.2. The value of the Earning Per Share (EPS) coefficient is 0.085 which shows positive properties, meaning that if there is an increase in EPS while other variables are considered constant, then the stock return will increase by 0.085.Conversely, if there is a decrease in EPS while other variables are considered constant, the stock return will decrease by 0.085.3. The value of the Debt to Equity Ratio (DER) coefficient is 1.970 which shows a negative nature, meaning that if there is an increase in DER while other variables are considered constant, the stock return will decrease by 1.970.Conversely, if there is a decrease in DER while other variables are considered constant, the stock return will increase by 1.970.4. The value of the Net Profit Margin (NPM) coefficient is 0.096 which shows a positive trait, meaning that if there is an increase in NPM while other variables are considered constant, then the stock return will increase by 0.096.Conversely, if there is a decrease in NPM while other variables are considered constant, the stock return will decrease by 0.096.Earning Per Share reflects the amount of rupiah earned from each share.Earning Per Share Effect on return Shares are caused by the net profit obtained by the company then compared to the number of shares outstanding in the community.If the company's net income is high with the number of shares outstanding is low, then the profit earned by investors per share will also be high.thus causing the stock price to rise, when the price per share rises, then return Stocks will also rise.Based on ratio analysis in sector companies properties and real estate listed on the Indonesia Sharia Stock Index (ISSI) during the period 2018 023, companies with Earnings per Share The good ones over the past 6 years are PT Ciputra Development Tbk (CTRA), which shows a positive and consistent EPS value and continues to increase every year even during the Covid-19 pandemic in 2020.

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Based on the tests conducted, the results of this study showed that the DER variable did not have a significant effect on return shares, where t count smaller than t table ( 0.394031< 1.986086) and the significance value is 0.694 which means it is greater than 0.05.The results of this study are supported by research conducted by Januardin, Siti Wulandari, Indra Simatupang, Indah Asih Meliana and Muammar (2020) stating that the DER variable has no effect on return stock.DER is a ratio analysis that shows the debt ratio.This debt ratio better reflects the company's relatively high risk, resulting in stock price uncertainty and has an impact on return shares that will later be received by investors.
Debt to Equity Ratio has no effect on return shares due to an increase in debt to the company.It could be that the debt owned by the company is much higher than its own capital.If the company has a high DER and cannot pay off debts to creditors, the company is at risk of liquidation.So that companies that have high financial risks tend to be avoided by investors and even creditors.Based on ratio analysis in sector companies properties and real estate listed on the Indonesia Sharia Stock Index (ISSI) during the period 2018 023, companies with Debt to Equity Ratio The good ones over the past 6 years are PT Kawasan Industri Jababeka Tbk (KIJA), which shows a value of DER 1 (one) so that the company's category is in good health even during the Covid 19 pandemic in 2020.

The Effect of Net Profit Margin on Stock Return
Based on the tests conducted, the results of this study show that the variables Net Profit Margin positive and significant effect on return shares, where t count greater than t table (2.887179 >1.986086) and the significance value is 0.0048 which means it is smaller than 0.05.This research is in line with research from Dedi Kusmayadi, Rani Rahman and Yusuf Abdullah (2018) which also concluded that NPM has an effect on return stock.Net Profit Margin is a ratio that shows how the company is able to maximize its sales to get profits.The higher this ratio, the better and shows that the company is effectively and able to minimize operating costs so as to generate high profits.Companies with high NPM automatically also have higher profits.This is what will attract investors to buy shares of the company.This is because investors consider that companies that have high NPM have good prospects because they are able to effectively manage operational costs.So investors will be very interested in buying shares of companies that have high NPM.With so many investors buying company shares, the stock price will increase and will give return which is increasing as well.Based on ratio analysis in sector companies properties and real estate listed on the Indonesia Sharia Stock Index (ISSI) during the period 2018 023, showing that over the past 6 years the value of Net Profit Margin on the company properties and real estate average is quite good.Value Net Profit Margin The good one is >5%.

Conclusion
Based on the results of research and discussion that have been described earlier, the conclusions that can be drawn in this study are as follows:

Figure 6 :
Figure 6: Heterokedasticity Test Results Per Share DER = Debt to Equity Ratio NPM = Net Profit Margin ε = Error factor (Error term) The coefficient regression equation of the panel data above can be explained as follows:

"The Effect of Earnings Per Share, Debt to Equity Ratio and Net Profit Margin on Stock Return in Properties and Real Estate Sector Companies Listed on the Indonesian Sharia Stock Index (ISSI) for the Period". Literature Review Stock Return According
toHartono (2017:28)Return Shares are rewards obtained from investing in shares.Return Shares are calculated by the difference between the current share price and the stock price in the previous period and added by Dividend which is paid annually, then divided by the share price.According to Hartono (2017) stock returns can be obtained using the formula:

Earning Per Share (EPS)
According to Sukamulja (2019:103) Earning Per Share (EPS) is a ratio used to measure how much a company's net income is contained in one share of outstanding shares.According to Sukamulja (2019:104) Earning Per Share can be measured using the formula:

Table 1 :
Sharia stock issuers in the Properties and Real Estate sector that enter the main listing board (have a good track record).3. Sharia stock issuers in the Properties and Real Estate sector that publish annual financial statements for the period.Based on the criteria that have been stated, the selected sample is 16 samples from 87 issuer populations in the Properties and Real Estate sector. Research Sample Companies Population and SampleThe population in this study consists of 87 issuers in the Properties and Real Estate sector and those listed on the Indonesia Stock Exchange for the 2018 2023 period.Sample selection in this study used purposive sampling method.Here are the criteria used in sample selection: 1. Sharia stock issuers in the Properties and Real Estate sector are consecutively listed on the Sharia Stock Index (ISSI) for the period.2.

Table 2 :
Discriptive Statistics Based on table 2, the discriptive statistics can be explained as follows: 1.The variable stock return has a sample number of 96, a minimum value of 64, a maximum value of 72.120 mean (average value) of 0.171, and a Standard Deviation of 23.163.2. The variable Earnings Per Share (EPS) has a sample number of 96, a minimum value of 66,300, a maximum value of 121 mean (average value) of 18,028 and a Standard Deviation of 29,245.3. The variable Debt to Equity Ratio (DER) has a sample number of 96, a minimum value of 0.050, a maximum value of 1.850 mean (average value) of 0.629, and a Standard Deviation of 0.464.4. The variable Net Profit Margin (NPM) has a sample number of 96, a minimum value of 299, a maximum value of 344.10 mean (average value) of 10.215 and a Standard Deviation of 68.355.
Regression Model SelectionThere are 3 (three) regression models in the panel data, namely Common Effect Model, Fixed Effect Model, and Random Effect Model.So to get the best model, it is necessary to carry out the testing stage.The Chow test is the first stage of testing that must be done.The chow test is used to determine whether the selected model is a common effect model or a fixed effect model.If based on the chow test the selected model is a common effect, then a panel data regression test is immediately carried out.

Table 3 :
Chow Test Result Source: Data Processing Results with eviews10 (2024)

Table 4 :
Common Effect Model Regression Results Source: Data Processing Results with eviews 10 (2024)

Table 6 :
Based on table 6, it can be explained the influence of each independent variable on the dependent variable as follows: a. Earnings Per Share (EPS) has a calculated t of 2.100733 with a significance level of 0.0384.So this shows that t count is greater than t in table (2.100733 > 1.986086) with significance values (0.0384 < 0.05).So it can be concluded that, Earnings Per Share partially has a significant effect on stock returns in Property and Real Estate Sector Companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 2023 period.b.The Debt to Equity Ratio (DER) has a t count of 0.394031, with a significance level of 0.6945.This shows that t count is smaller than t in table ( 0.394031< 1.986086) with significance values (0.6945 > 0.05).So it can be concluded that the partial Debt to Equity Ratio does not have a significant effect on stock returns in Property and Real Estate Sector Companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 2023 period.c.Net Profit Margin (NPM) has a calculated t of 2.887179.with a significance level of 0.0048.This indicates that t count is greater than that of table t (2.887179 >1.986086) with significance values (0.0048< 0.05).So it can be concluded that Net Profit Margin partially has a significant effect on stock returns in Property and Real Estate Sector Companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 2023 period.

Table 7 :
F Based on table 7, the results of the F Test can be seen, namely the calculated F value of 4.216877 with a significance level of 0.007674 < 0.05 while the F table is 2.703594.Therefore, the F value is calculated > F table or 4.216877 > 2.703594, this proves that the variables Earning Per Share, Debt to Equity Ratio and Net Profit Margin together (simultaneously) affect stock returns in Property and Real Estate Sector Companies listed on the Indonesian Sharia Stock Index (ISSI) for the 2018 2023 period.

The Effect of Earnings Per Share on Stock Return Based
on the tests conducted, the results of this study show that the EPS variable has a positive and significant effect on return shares, where t count greater than t table(2.100733> 1.986086) and the significance value is 0.038 which means less than 0.05.The results in this study are in line with research conducted by Ahmad Abdallah Ahmed, Nuradli Shah bin Mohd Dali, Areen Zuhair Alta'ani (2021) which states that EPS has a significant effect on return stock.
1.The results showed that Earning Per Share partially had a significant effect on stock returns in Properties and Real Estate Sector Companies listed on the Indonesian Shari Sto Ind x (ISSI) for th period with t count results greater than t table (2.100733 > 1.986086) with significance values (0.0384 < 0.05).2. The results showed that the partial Debt to Equity Ratio did not have a significant effect on stock returns in Prop rti s nd R l st t S tor Comp ni s list d on th Indon si n Sh ri Sto Ind x (ISSI) for th period with t calculated results smaller than t table ( 0.394031< 1.986086) with significance values (0.6945 > 0.05).3. The results show d th t N t Profit M rgin p rti lly h d signifi nt ff t on sto r turns in Prop rti s nd R l st t S tor Comp ni s list d on th Indon si n Sh ri Sto Ind x (ISSI) for th