The Effect of Profitability, Liquidity, and Leverage on Stock Returns with Inflation and Interest Rates as Moderating Variables in Energy Sector Companies Listed on the Indonesia Stock Exchange for the Period 2018 – 2023

The purpose of this study is to examine and analyze whether profitability, liquidity, and leverage affect stock returns with inflation and interest rates as moderating variables in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2023 period. This study was conducted based on information obtained at the Indonesia Stock Exchange. The sampling technique used purposive sampling. The population in this study were 87 energy companies listed on the Indonesia Stock Exchange for the 2018-2023 period, with a sample size of 55 companies and 330 observations. Hypothesis testing uses pooled data regression analysis using the EViews application. The results of this study indicate that profitability has a positive effect on stock returns, liquidity has no effect on stock returns. While leverage has a negative effect on stock returns. Inflation is able to moderate the effect of profitability on stock returns, but is unable to moderate the effect of liquidity on stock returns. Interest rates are able to moderate the effect of leverage on stock returns.