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All Journal International Journal of Supply Chain Management Jurnal Wacana Ekonomi Jurnal PADMA: Pengabdian Dharma Masyarakat Journal of Knowledge Management Journal of Business and Management Inaba Politeia : Journal of Public Administration and Political Science and International Relations Moneta : Journal of Economics and Finance Commercium: Journal of Business and Management Communica : Journal of Communication Novatio : Journal of Management Technology and Innovation
Arus Reka Prasetia
Universitas Widyatama
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Transportation Other

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Maintaining Banking Asset Quality Through Investor Sentiment: Evidence From KBMI 3 Banks In Indonesia Widy Muchamad; Dedi Supiyadi; Arus Reka Prasetia; Wufron Wufron; Ahmad Mudzakir
Journal of Business and Management Inaba Vol. 5 No. 1 (2026): Volume 5 Number 1, June 2026
Publisher : Universitas Indonesia Membangun (Inaba)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56956/bw8zex41

Abstract

This paper investigates the transmission mechanism through which capital structure decisions shape bank credit quality, with investor sentiment serving as the mediating channel. Drawing on a balanced panel of 11 KBMI 3-classified commercial banks listed on the Indonesia Stock Exchange over the 2021–2025 post-pandemic period, the study employs the Debt-to-Equity Ratio (DER), Price-to-Book Value (PBV), and Non-Performing Loan (NPL) as proxies for the respective constructs. The empirical strategy combines Random Effect Model (REM) estimation with bootstrap-resampling mediation analysis (5,000 iterations) to yield robust inference across 55 balanced observations. Estimation results show that DER does not exert a statistically significant direct influence on PBV, yet PBV demonstrates a significant inverse relationship with NPL. More importantly, the indirect effect of DER on NPL through PBV is statistically significant under bootstrap confidence intervals that exclude zero, confirming full mediation. The evidence points to market perception—captured by PBV—as the primary conduit through which funding-structure choices ultimately affect loan portfolio quality. Theoretically, the findings reconcile Signaling Theory, Trade-Off Theory, and Market Discipline Theory within a single mediating framework, enriching the literature on bank risk transmission in emerging economies. Practically, the results underscore the strategic value of cultivating positive investor sentiment as an indirect lever for reducing credit risk and reinforcing financial stability.
Co-Authors Agatha Rinta Suhardi Ahmad Mudzakir Budiawan, Andi Darrini, Anni Edi Suryadi, Edi Galdeano, Dulcenombre Madrid Gilang Bhirawa Noraga Ikaputera Waspada, Ikaputera Maya Sari Muhammad Firdaus Benyamin Nanda Alvi Fauza Obsatar Sinaga Perdananti, Primanola Puspo Dewi Dirgantari Puspo Dewi Dirgantari Rasto Ratih Hurriyati Supiyadi, Dedi Titto Rohendra Vina S. Marinda Widy Muchamad Wufron Wufron Yati Mulyati, Yati