The study analyzed how different financial factors affect stock returns in the LQ45 index in 2013. They looked at things like current ratio, debt to equity ratio, and return on equity. The researchers found that some factors, like current ratio and debt to equity ratio, had a negative impact on stock returns, while others, like return on equity and price earnings ratio, had a positive impact. Overall, the price earnings ratio had a significant effect on stock returns in the LQ45 index during that period.