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All Journal Contemporary Studies in Economic, Finance and Banking (CSEFB)
Samudra, Mohamad Rizky
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Economics, Econometrics & Finance Social Sciences

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Determinants of Banks’ Stock Prices: A Study of Core Capital Group 4 (KBMI 4) Banks Samudra, Mohamad Rizky; Pimada, Laila Masruro
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study analyzes the factors influencing stock prices of the largest banks in Indonesia classified under KBMI 4, namely Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), and Bank Central Asia (BCA). Stock price fluctuations that are not always aligned with fundamental performance indicate a gap in understanding the determinants of banking stock prices. This research examines the effects of internal fundamental factors, namely return on assets (ROA), earnings per share (EPS), price to book value (PBV), and debt to equity ratio (DER), as well as macroeconomic variables, including gross domestic product (GDP) growth, inflation, Bank Indonesia’s policy interest rate, and the exchange rate, on stock prices during the period 2009–2024. The analysis employs a panel data regression approach. The results show that price to book value (PBV) and the exchange rate have a positive and significant effect on the stock prices of KBMI 4 banks, while debt to equity ratio (DER) and earnings per share (EPS) have a significant negative effect. Meanwhile, return on assets (ROA), gross domestic product (GDP), inflation, and the interest rate do not have a significant effect. These findings indicate that market valuation and exchange rate dynamics are the primary factors driving banking stock prices in Indonesia.
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