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All Journal TECHNOBIZ : International Journal of Business
Rahma Febrianti
Fakultas Ekonomi Universitas Sriwijaya
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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STRATEGIC IMPLICATIONS OF STOCK PERFORMANCE AND FINANCIAL STABILITY: EVIDENCE FROM INDONESIA & MALAYSIA Rahma Febrianti; Wirda Mardyaningsih; Akhmad Ghozali; Bulan Nettiary Kelara
TECHNOBIZ : International Journal of Business Vol. 8 No. 2 (2025): Oktober 2025
Publisher : TECHNOBIZ : International Journal of Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33365/technobiz.v8i2.916

Abstract

This study aims to examine the influence of the Capital Adequacy Ratio (CAR), Return on Assets (ROA), and Gross Domestic Product (GDP) on the stock performance of publicly listed banks, proxied by the Price to Book Value (PBV), in Indonesia and Malaysia. Using a quantitative approach based on secondary data from annual financial reports and national macroeconomic indicators, multiple linear regression was employed to analyze both partial and simultaneous effects of the independent variables on stock performance. The findings reveal different relationships between the two countries. In Indonesia, CAR and GDP significantly affect PBV, while ROA shows no effect. In contrast, in Malaysia, all three variables—CAR, ROA, and GDP—significantly influence PBV. These results reflect differences in banking efficiency, financial stability, and investor sensitivity to fundamental indicators and economic conditions. This research enhances the understanding of how micro-level financial strength and macro-level economic performance jointly shape market perceptions of banking stock value. The results offer strategic insights for regulators, investors, and bank management to strengthen capital structure, sustain profitability, and align investment strategies with economic dynamics and market expectations across the ASEAN region.
Co-Authors Akhmad Ghozali Bulan Nettiary Kelara WIRDA MARDYANINGSIH