Fundamental Financial Performance and Stock Prices: Panel Data Evidence from Indonesian State-Owned Conventional Banks

Saksono Budi (University of Pamulang)
Siti Asmonah (University of Pamulang)
Angga Pratama (University of Pamulang)

Indonesian Financial Review
Vol. 6 No. 1 (2026)

The research sample comprised four Indonesian state-owned conventional banks listed on the Indonesia Stock Exchange (IDX) during 2016–2024: PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Tabungan Negara Tbk (BBTN). Using purposive sampling, the study analyzed 36 balanced panel observations from annual reports and financial statements. Data analysis employed panel data regression with EViews 13, including the Chow, Hausman, and Lagrange Multiplier tests for model selection. The results indicated that Return on Assets (ROA) had a negative but insignificant effect on stock prices (p = 0.2683), whereas Earnings per Share (EPS) had a positive and significant effect (p = 0.0304). Simultaneously, ROA and EPS significantly influenced stock prices (F = 11.8056; p < 0.001), with an adjusted R-squared of 60.69%.