Determining the Stock Price of Bank KBMI 3 in Indonesia: A Financial Ratio Analysis Using a Panel Data Approach for the Period 2017–2024

Putra Arfiansyah (Universitas Negeri Surabaya)
Ladi Wajuba Perdini Fisabilillah (Universitas Negeri Surabaya)

Formosa Journal of Multidisciplinary Research (FJMR)
Vol. 5 No. 4 (2026): April 2026

This study aims to analyze the influence of financial ratios on the stock price of KBMI 3 banks in Indonesia for the period 2017–2024. The variables used include: Return on Equity (ROE), Capital Adequacy Ratio (CAR), Price to Book Value (PBV), and Non-Performing Loan (NPL), with a Covid-19 dummy control variable. The study used a quantitative approach with quarterly panel data on nine banks listed on the Indonesia Stock Exchange, and was analyzed using a fixed effects model with robust standard errors. The results show that CAR and PBV significantly influence stock prices, while ROE and NPL are insignificant. Simultaneously, all variables have a significant effect. These findings suggest that investors respond more to capital strength and valuation than to profitability and credit risk.