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All Journal Indonesia Accounting Research Journal
Prihat Assih
Universitas Merdeka Malang, Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Determinants of banking firm value: Financial performance and audit quality Ahmad Jibrail; Grahita Chandrarin; Prihat Assih
Indonesia Accounting Research Journal Vol. 14 No. 1 (2026): September: Auditing, Finance, Accounting, Management
Publisher : Institute of Accounting Research and Novation (IARN)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/iacrj.v14i1.680

Abstract

This study examines whether audit quality conditions the association between banking financial performance and firm value in Indonesia. Using an 11-year panel of 20 commercial banks listed on the Indonesia Stock Exchange (2013–2023; 220 firm-year observations), the study estimates a random-effects moderated regression with heteroskedasticity-robust standard errors. Firm value is proxied by Price-to-Book Value (PBV), while financial performance is represented by Return on Assets (ROA), Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), and Net Interest Margin (NIM); audit quality equals one for Big Four auditors. CAR has a positive significant association with PBV (β = 0.0690; p = 0.001), whereas ROA has a significant negative coefficient (β = −0.8626; p < 0.001). LDR (p = 0.064) and NIM (p = 0.084) are not significant at the 5% level. Audit quality attenuates the CAR effect (CAR×AQ: β = −0.0651; p = 0.007) and offsets the negative ROA association (ROA×AQ: β = 0.9171; p < 0.001). LDR×AQ is positive at the reported 5% boundary (β = 0.0349; p = 0.050), while NIM×AQ is not significant. The evidence therefore positions audit quality as a selective credibility mechanism rather than a uniform amplifier of financial signals, extending agency and signaling perspectives in emerging-market banking
Co-Authors Grahita Chandrarin Jibrail, Ahmad