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All Journal Formosa Journal of Multidisciplinary Research (FJMR)
Putra Arfiansyah
Universitas Negeri Surabaya
Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Social Sciences

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Determining the Stock Price of Bank KBMI 3 in Indonesia: A Financial Ratio Analysis Using a Panel Data Approach for the Period 2017–2024 Putra Arfiansyah; Ladi Wajuba Perdini Fisabilillah
Formosa Journal of Multidisciplinary Research Vol. 5 No. 4 (2026): April 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v5i4.50

Abstract

This study aims to analyze the influence of financial ratios on the stock price of KBMI 3 banks in Indonesia for the period 2017–2024. The variables used include: Return on Equity (ROE), Capital Adequacy Ratio (CAR), Price to Book Value (PBV), and Non-Performing Loan (NPL), with a Covid-19 dummy control variable. The study used a quantitative approach with quarterly panel data on nine banks listed on the Indonesia Stock Exchange, and was analyzed using a fixed effects model with robust standard errors. The results show that CAR and PBV significantly influence stock prices, while ROE and NPL are insignificant. Simultaneously, all variables have a significant effect. These findings suggest that investors respond more to capital strength and valuation than to profitability and credit risk.
Co-Authors Ladi Wajuba Perdini Fisabilillah