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All Journal Greenation International Journal of Economics and Accounting
Yohanes Indrayono
Universitas Pakuan, Jawa Barat, Indonesia
Economics, Econometrics & Finance

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Analysis of the Effect of Non-Performing Loans, Loan to Deposit Ratio, and Capital Adequacy Ratio on Book Value per Share through Return on Assets Mediation Yandi Asmana; Hari Gusrida; Yohanes Indrayono
Greenation International Journal of Economics and Accounting Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i3.765

Abstract

This study examines the effect of Non-Performing Loans (NPL), Loan-to-Deposit Ratio (LDR), and Capital Adequacy Ratio (CAR) on firm value proxied by Book Value per Share (BVS), with Return on Assets (ROA) as a mediating variable in banking companies listed on the Indonesia Stock Exchange during 2015–2024. This research employs a quantitative approach using panel data regression. The sample consists of 11 banks selected through purposive sampling, resulting in 110 observations. Data analysis was conducted using EViews 12 and the Sobel test to examine the mediation effect. The results show that NPL has a negative and significant effect on ROA and BVS. LDR has no significant effect on ROA but positively affects BVS. CAR has a positive effect on both ROA and BVS. Furthermore, ROA significantly increases BVS. Mediation analysis indicates that ROA does not mediate the effect of NPL and LDR on BVS but mediates the relationship between CAR and BVS. These findings highlight the importance of credit risk management, effective intermediation, and strong capital structures in enhancing banking firm value.
Analysis of Bank-Specific Variables Viewed by Investors: The Impact of Intellectual Capital, Good Corporate Governance, Liquidity, and Solvency on the Value of Banking Firms in Indonesia Hammad Hammad; Hari Gursida; Yohanes Indrayono
Greenation International Journal of Economics and Accounting Vol. 3 No. 4 (2025): Greenation International Journal of Economics and Accounting (December 2025 - F
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v3i4.1325

Abstract

Bank-specific attributes may enhance profitability while conveying risks that reduce market valuation. Prior studies offer inconclusive findings and rarely examine net interest margin (NIM) as the mechanism linking intellectual capital (IC), good corporate governance (GCG), the loan-to-deposit ratio (LDR), and the capital adequacy ratio (CAR) to bank value. This study investigates their direct and NIM-mediated effects on price-to-book value (PBV). The sample comprises 26 Indonesian listed banks observed during 2018-2025, yielding 208 balanced panel observations. Both equations were estimated using random-effects Panel EGLS with White period robust covariance; indirect effects were evaluated using the robust Goodman test. IC and LDR positively affect NIM, whereas GCG and CAR do not. GCG and NIM positively affect PBV; IC and CAR are insignificant. LDR has a significant negative direct relationship with PBV, contrary to the hypothesized direction. NIM mediates only the LDR-PBV relationship: its positive indirect effect opposes the negative direct effect. The study's novelty is identifying this competitive mediation, showing that lending intensity improves valuation through interest-margin performance while investors simultaneously discount liquidity and credit risks.
Co-Authors Hammad Hammad Hari Gursida Hari Gusrida Yandi Asmana