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All Journal Jurnal Pengembangan Teknologi Informasi dan Ilmu Komputer Warta Penelitian Perhubungan Indonesian Journal of Anesthesiology and Reanimation (IJAR) CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) E-Jurnal Manajemen Trisakti School of Management (TSM) E-Jurnal Akuntansi TSM Eduvest - Journal of Universal Studies Jurnal Abdimas Sosial, Ekonomi, dan Teknologi Journal of International Accounting, Taxation and Information Systems Warta Penelitian Perhubungan
Pradipta, Arya
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Aerospace Engineering Automotive Engineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Neuroscience Social Sciences Transportation

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From Balance Sheets to Market Performance: How Internal Efficiency and Economic Conditions Shape Shareholder Value in Indonesian Major Banks Pradipta, Arya; Prirayani , Jagat
Eduvest - Journal of Universal Studies Vol. 5 No. 11 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i11.52389

Abstract

This study investigates how internal efficiency and external macroeconomic conditions jointly shape the profitability and shareholder value of Indonesia’s major banks under the KBMI 3 and KBMI 4 classifications during the post-COVID-19 period (2020–2024). Using a quantitative–causal explanatory design and panel data regression, the research analyzes quarterly financial and macroeconomic data from 15 publicly listed banks. Internal determinants are measured through bank size (KBMI), seasonal periods (Q1–Q4), and the CAMEL framework—Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Good Corporate Governance (GCG), Operational Efficiency (BOPO), and Loan-to-Deposit Ratio (LDR)—while external determinants include GDP growth, inflation, unemployment rate, consumer and business confidence indices, Bank Indonesia rate, exchange rate, and COVID-19 period. The results indicate that credit quality (NPL), intermediation efficiency (LDR), seasonal periods, and bank scale (KBMI) significantly affect profitability (ROA) and quarterly earnings per share (QEPS). Externally, consumer confidence, business optimism, and employment conditions play a supporting but secondary role. Overall, the findings highlight that sustainable profitability in Indonesia’s major banks is driven primarily by internal management efficiency, prudent risk governance, bank scale, and adaptive response to macroeconomic fluctuations, providing valuable insights for regulators, investors, and policymakers in maintaining financial stability and shareholder value.
Co-Authors Agustina Salinding Antar MT Sianturi Ghazi, Muhammad Gianchiara, Clearesta Issa Arwani Jachrizal Sumabrata Lase, Hofandrik Prirayani , Jagat Putri, Adeline Kezia Sabila, Denisa Septriayadi Sianturi, Riswan Siahaan, Magda Sutiningsih, Sutiningsih Wahyudi, Widiartha