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All Journal Indonesian Financial Review
Siti Asmonah
University of Pamulang
Economics, Econometrics & Finance

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Fundamental Financial Performance and Stock Prices: Panel Data Evidence from Indonesian State-Owned Conventional Banks Saksono Budi; Siti Asmonah; Angga Pratama
Indonesian Financial Review Vol. 6 No. 1 (2026)
Publisher : Yayasan Pendidikan Penelitian dan Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v6i1.165

Abstract

The research sample comprised four Indonesian state-owned conventional banks listed on the Indonesia Stock Exchange (IDX) during 2016–2024: PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Tabungan Negara Tbk (BBTN). Using purposive sampling, the study analyzed 36 balanced panel observations from annual reports and financial statements. Data analysis employed panel data regression with EViews 13, including the Chow, Hausman, and Lagrange Multiplier tests for model selection. The results indicated that Return on Assets (ROA) had a negative but insignificant effect on stock prices (p = 0.2683), whereas Earnings per Share (EPS) had a positive and significant effect (p = 0.0304). Simultaneously, ROA and EPS significantly influenced stock prices (F = 11.8056; p < 0.001), with an adjusted R-squared of 60.69%.
Co-Authors Angga Pratama Saksono Budi