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All Journal JURNAL ECONOMIA Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ekonomi & Studi Pembangunan JIET (Jurnal Ilmu Ekonomi Terapan) At-Tadbir : jurnal ilmiah manajemen JAST : Jurnal Aplikasi Sains dan Teknologi JSHP (Jurnal Sosial Humaniora dan Pendidikan) ECOPLAN : JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES International Journal of Economics Development Research (IJEDR) Studi Kasus Inovasi Ekonomi ANALISIS - SCIENTIFIC JOURNAL OF ECONOMICS, MANAGEMENT, BUSINESS, AND ACCOUNTING Journal of Digital Marketing and Halal Industry Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Jurnal Riset Ilmu Ekonomi Jurnal Perspektif Pembiayaan dan Pembangunan Daerah PERADABAN JOURNAL of ECONOMIC and BUSINESS Jurnal Pengabdian Masyarakat Bhinneka Pangripta Jurnal Ilmiah Kajian Perencanaan Pembangunan Jurnal Pengabdian Masyarakat Bangsa e-Jurnal Apresiasi Ekonomi Jurnal REP (Riset Ekonomi Pembangunan) Journal of Economic and Social Empowerment Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) International Journal of Information System and Innovation Management Economics Development Analysis Journal Optimum: Jurnal Ekonomi dan Pembangunan Research in Accounting Journal
Muhammad Firmansyah
Universitas Muhammadiyah Malang, Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Nursing Physics Public Health Social Sciences Other

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Journal : economics development analysis journal

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Rational and Irrational Factors Influencing Bank Stock Prices: GMM Approach Muhammad Firmansyah; Sri Budi Cantika Yuli; Stanislaw Flejterski
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.29643

Abstract

In the dynamic and volatile capital market, understanding the factors that influence stock prices is essential for making informed investment decisions. Stock price movements are influenced by rational, fundamental information, irrational investor behavior, and sentiment. This study aims to analyze the influence of rational and irrational factors on stock prices in the Indonesian banking sector during the 2020-2024 period. The rational variables include price-to-book value (PBV), financial literacy, technology adoption, and interest rates, while irrational influence is represented by investor sentiment or mood. Using a dynamic panel data approach with the Generalized Method of Moments (GMM), this study examines four major Indonesian banks: Bank Mandiri, BNI, BRI, and BCA. The results show that PBV, financial literacy, and technology adoption significantly affect stock prices, while interest rates have a significant negative effect. Additionally, investor sentiment has a considerable positive impact, indicating that emotional and psychological factors can drive stock price movements beyond fundamental valuation. This research presents a novel analytical model that integrates rational and irrational perspectives, offering a comprehensive understanding of stock price volatility in emerging markets. It suggests that investors, companies, and policymakers must consider both fundamental indicators and market sentiment simultaneously to make accurate, timely investment decisions.
Co-Authors Aan Fardani Ubaidillah Ahmad Fayaz Naziry Akhsan Makki Alfin Maulana Anindyah Rahmawati Arfida Boedirochminarni Arfida Boedirochminarni Ari Nurwahidah Arie Yusnelly Arie Yusnelly Aris Soelistyo Astiwi Indriani Astri Ayu Purwati Ayu Istiqomah Bella Bekti Triwulandari Castro, Jose Antonio Lopez Charisma Wulan Sari Dheko Dwi Arzhea Ermina Rusilawati Fadlian, Moch. Rizal Fika Fitriasari Firdan Thoriq Faza Flejterski, Stanislaw FX Gugus Febri Putranto Haneef Nouval Alannibras Ida Nuraini Immanuel Mu'ammal Immanuel Mu'ammal Immanuel Mu’ammal Jifatu, Ibrahim Halilu Jordi Fitriano Jose Antonio Lopez Castro Jose Antonio Lopez Castro Kusdiana, Yayu Lila Widya Rahajeng Luqman Dzul Hilmi M. Munawar Ansyori Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Mayliza, Riri Mirnawati Mirnawati Monalisa Monalisa Mu'ammal, Immanuel Muhammad Aqila Naufal Setiawan Muhammad Khoirul Fuddin Muhammad Sri Wahyudi Suliswanto Museliza, Virna Mu’ammal, Immanuel Najwah Putri Salsabila Nguyen, Tran Thai Ha Octavia, Azella Nosih Priyambodo, Reza Nugraha Dinda Putranto, FX Gugus Febri Ratna Nurani Reza, Deft Syatir Putri Riyanto, Wahyu Hidayat Rofik, Mochamad Sitti Rahmah Sri Budi Cantika Yuli Stanislaw Flejterski Stanislaw Flejterski Stanislaw Flejterski Subastian, Alvin Suryadi, Nanda Tania Zahra Zhafira Tesa Sindy Prameswari Putri Thi Kim Anh Vu Tiara Aulia Zahra Tran Thai Ha Nguyen Triwidia, Elsa Tsalasa, Arini Roro Anggun Uci Yuliati Wahyu Hidayat Riyanto Wulan Dwi Lusiarani Yayu Kusdiana Zahra, Tiara Aulia Zainal Arifin Zainal Arifin