Do Economic Value Added, Operating Cash Flow, and Environmental, Social, Governance Have an Impact on Stock Returns? (Case Study of Energy Companies on the Indonesia Stock Exchange)

In making investment decisions, investors anticipate returns that align with their overall financial objectives and level of risk. To mitigate the risk, investors must consider the company’s performance by analyzing financial reports. This research used economic value added and operating cash flow to analyze financial reports and also used environmental, social, and governance factors to consider the company’s performance since the energy sector is closely related to environmental, social, and governance. This research used secondary data derived from financial and sustainability reports. The population in this research are energy companies that were listed on the Indonesian Stock Exchange from 2021 to 2023 with a total population of 87 companies. This research used a purposive sampling method and the sample was 49 companies. The results of this research showed that Economic Value Added and Environmental, Social, and Governance have no impact on Stock Returns. Operating Cash Flow has a positive impact on Stock Returns. For further research, it is recommended to increase samples and period of the research, adding other variables or using different measurement methods, and also provide environmental, social, and governance factors in more detail.