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Muhammad Basman Iqbal
Universitas Ibn Khaldun Bogor
Economics, Econometrics & Finance

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Pengaruh ROA, NIM, dan CAR terhadap Harga Saham Bank BUMN LQ45 (Studi pada Perusahaan Perbankan BUMN Periode 2017–2024) Muhammad Basman Iqbal; Immas Nurhayati; Yudiana Yudiana
Journal of Business Economics and Management | E-ISSN : 3063-8968 Vol. 3 No. 1 (2026): Juli - September
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study analyzes the effect of Return on Asset (ROA), Net Interest Margin (NIM), and Capital Adequacy Ratio (CAR) on the stock prices of state-owned bank companies (BUMN) listed in the LQ45 index for the 2017–2024 period. The background of this research is the gap between the improvement of BUMN banks' fundamental performance and their stock price movements, as well as inconsistent findings in previous studies. This study uses a quantitative approach with panel data from four BUMN banks (BBRI, BMRI, BBNI, BBTN), yielding 32 observations, analyzed using panel data regression with the Fixed Effect Model (FEM) selected through the Chow and Hausman tests and processed with EViews 12. The theoretical foundation is Signaling Theory (Ross, 1977). The results show that partially, ROA, NIM, and CAR each have no significant effect on stock price. Simultaneously, however, the three variables significantly affect stock price, with an F-statistic of 20.143 (p = 0.000) and an Adjusted R-squared of 78.75%. These findings suggest that investors tend to evaluate bank performance holistically as a unified fundamental signal rather than relying on a single ratio in isolation.
Co-Authors Nurhayati, Immas