Based on IDX data from 2019–2023, the consumer sector experienced a decline in stock prices despite its significant contribution to Gross Domestic Product (GDP). This decline was caused by various internal factors, one of which was declining company financial performance. One important indicator in assessing this performance is cash flow, particularly cash flow from investing activities, which reflects a company's decisions regarding long-term asset management. Furthermore, profit, company size, and capital structure also play a role in determining investor interest and influencing stock prices. This study aims to examine the effect of cash flow from investing activities, profit, company size, and capital structure on stock prices in consumer manufacturing companies listed on the Indonesia Stock Exchange for the period 2019–2023, both partially and simultaneously.
The population of this study was 46 consumer sector companies. Purposive sampling was used, based on specific considerations or criteria, resulting in 41 companies. The data used was secondary data obtained from Annual Financial Reports for the 2019-2023 period. The sample size in this study was 205, derived from the 41 samples multiplied by the five-year study period. The data analysis method used was multiple linear regression with SPSS version 25. The testing stages in this study included descriptive statistics, classical assumption tests, and partial and simultaneous hypothesis testing.
The results of the study indicate that partially, cash flow has no effect on stock prices, profit does, company size does, and capital structure does. Simultaneously, cash flow, profit, company size, and capital structure all influence stock prices.