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All Journal Al Tijarah Accounting Profession Journal (APAJI) Jurnal Penelitian Manajemen Terapan (Penataran) AMAR (Andalas Management Review) Disclosure: Journal of Accounting and Finance Babakti : Journal of Community Engangement Babakti: Journal of Community Engangement
Maiyaliza
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Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Public Health Social Sciences Other

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Journal : Accounting Profession Journal (APAJI)

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THE IMPACT OF NPL, LDR, BOPO, AND NIM ON BANKING STOCK PRICES LISTED ON THE IDX (2020–2024) Reza Pahlevi Ramadhan; Maiyaliza
Accounting Profession Journal (APAJI) Vol. 8 No. 1 (2026): Accounting Profession Journal (APAJI)
Publisher : Program Studi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Kristen Indonesia Paulus

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Abstract

The purpose of this study is to examine the impact of non-performing loans, loan-to-deposit ratio, operating cost-to-operating income, and net interest margin on the share prices of traditional financial institutions listed on the Indonesia Stock Exchange during the period 2020–2024. A quantitative methodology was used, drawing on secondary data from the market capitalization-based financial statements of the top ten banks. The sample was selected through purposive sampling, and the data were analyzed using multiple linear regression. The results show that, simultaneously, non-performing loans, loan-to-deposit ratio, operating cost-to-operating income, and net interest margin have a statistically significant influence on banking stock prices. However, when assessed individually, only the BOPO variable exhibits a substantial and adverse effect. This indicates that higher operational inefficiency tends to reduce investor interest and negatively impact stock valuation in the banking sector. In contrast, the NPL, LDR, and NIM variables, although aligned with theoretical expectations, did not demonstrate statistically significant effects within the model. The coefficient of determination (R²) is 0.240, indicating that approximately 24% of the variation in stock prices can be explained by the four independent variables, while the remaining 76% may be attributed to other external or internal factors not accounted for in the model. These findings underscore the critical role of operational efficiency as reflected by the BOPO ratio, particularly during periods of economic uncertainty such as the post-pandemic era. The study provides valuable insights for investors, banking managers, and policymakers in making informed strategic financial decisions based on fundamental performance indicators.
Co-Authors Fitriani, Dina Amelia Linda Munandar, Irwansyah Natasya Nurhana Dhea Parlina Putri, Nurcika Reza Pahlevi Ramadhan