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Journal : Journal of Educational Management Research

Macroeconomic and Firm-Level Determinants of Bank Stock Returns: The Role of Interest Rates, Inflation, Profitability, and Firm Size Adelia, Steven; Syahputri, Anggraini; Setiawan, Harry; Giriati; Ristyawan, M. Ridwan
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2021

Abstract

This research examines the influence of the BI Rate, inflation, profitability (ROA), and firm size on banking stock returns. The analysis applies a quantitative approach using panel data regression with the Common Effect Model (CEM). The sample consists of 39 banking companies selected through purposive sampling, with observations covering the 2021–2024 period. Secondary data were analyzed using EViews 12 to evaluate the relationship between macroeconomic indicators and firm characteristics on stock returns. The results show that the BI Rate and inflation have a negative and significant effect on stock returns, while firm size has a positive and significant effect. In contrast, profitability (ROA) does not have a significant effect on banking stock returns. Simultaneously, all independent variables significantly influence stock returns, indicating that both macroeconomic conditions and firm characteristics jointly shape investor responses in the capital market. These findings imply that interest rate policy and inflation dynamics are important macroeconomic signals that influence investor behavior, while firm size reflects stability that can attract investment interest. Therefore, investors should consider macroeconomic trends and company scale when making investment decisions, while bank management needs to strengthen financial credibility and transparency to improve market confidence.
The Effect of Green Finance and Corporate Social Responsibility on Profitability with Capital Adequacy Ratio as A Moderating Variable Safitri, Evi; Malini, Helma; Fitriana, Ana; Wendy; Syahputri, Anggraini
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2039

Abstract

This study aims to analyze the effect of green finance and corporate social responsibility (CSR) on profitability and to examine the moderating role of the capital adequacy ratio (CAR). This research employs a quantitative approach using panel data regression analysis. The data used are secondary data obtained from the annual financial reports of banking companies over a five-year observation period. The sample consists of 16 banking companies with a total of 80 observations. The analytical model applied in this study is the Common Effect Model (CEM). The results show that green finance has a positive and significant effect on profitability, indicating that sustainable financial practices can enhance financial performance. In contrast, CSR does not have a significant effect on profitability. Furthermore, the moderation analysis reveals that CAR strengthens the relationship between green finance and profitability but does not moderate the relationship between CSR and profitability. These findings imply that the implementation of green finance plays an important role in improving banking profitability, particularly when supported by adequate capital strength. This study contributes to the development of the sustainable finance literature and provides insights for financial institutions in formulating strategic financial policies.
Determinant IPO Underpricing in the Post-Pandemic Period: The Effects of Underwriter Reputation Moderation Selie, Marselina; Shalahuddin, Ahmad; Azazi, Anwar; Wendy; Syahputri, Anggraini
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2327

Abstract

This study aims to examine the effects of firm age, proceeds, market return, and return on assets on IPO underpricing, as well as the moderating role of underwriter reputation. Grounded in signaling theory, information asymmetry theory, and behavioral finance theory, the study explains how company characteristics and market conditions influence investor perceptions and uncertainty before an initial public offering. This research employs a quantitative approach using secondary data obtained from company prospectuses and official economic sources. The data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA), supported by descriptive statistics, classical assumption tests, and robustness testing to address potential heteroscedasticity issues. The findings reveal that firm age has no significant effect on underpricing, whereas proceeds, market return, and return on assets significantly influence underpricing. Furthermore, underwriter reputation is only able to moderate the relationship between firm age and underpricing, while it does not moderate the relationships between proceeds, market return, return on assets, and underpricing. These findings provide empirical implications for understanding the role of company fundamentals, market conditions, and underwriter credibility in shaping IPO underpricing behavior in the post-pandemic capital market environment.