The Impact of Non-Performing Loan, Loan to Deposit Ratio, Operating Expenses to Operating Income, and Net Interest Margin on Banking Stock Prices

Authors

  • Reza Pahlevi Ramadhan University of Swadaya Gunung Jati, Cirebon, Indonesia
  • Maiyaliza University of Swadaya Gunung Jati, Cirebon, Indonesia

DOI:

https://doi.org/10.29240/disclosure.v5i2.14525

Keywords:

Stock Price, NPL, LDR, BOPO, NIM, Banking Sector

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 significant and negative 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, meaning 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 captured 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 offers useful insights for investors, banking management, and policymakers in making strategic financial decisions based on fundamental performance indicators.

Downloads

Download data is not yet available.

References

Ariyanti, D., & Rahmawati, A. (2017). ‘Pengaruh NPL, LDR, dan CAR terhadap Harga Saham Perbankan di BEI.’ Jurnal Ilmu Manajemen, 5(2), 188–197

Fama, E. F. (1970). ‘Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance’, 25(2), 383–417.

Isnaini, L., Mahendra, R., & Yusuf, A. (2025). Uji Normalitas Kolmogorov–Smirnov dalam Penelitian Keuangan. Jurnal Ilmu Ekonomi dan Statistik, 4(1), 15–25.

Kasmir. (2014). ‘Analisis Laporan Keuangan. Edisi Pertama. Cetakan Ke 12. PT Raja Grafindo Persada.’.

Lestari, I., & Setiawan, R. (2019). ‘Pengaruh CAR, LDR, dan NIM terhadap Harga Saham pada Perusahaan Perbankan di BEI’. Jurnal Ekonomi dan Bisnis, 14(1), 44–53.

Mardiatmoko, M. (2020). Uji Heteroskedastisitas dan Pengaruhnya terhadap Akurasi Model Regresi. Jurnal Ekonomika, 12(3), 101–109.

Prastowo, D., & Sardjito. (2017). ‘Pengaruh Risiko Kredit terhadap Harga Saham Perbankan di Indonesia. Jurnal Keuangan dan Perbankan,’ 21(1), 57–66.

Siamat, D. (2005). Manajemen Lembaga Keuangan. Jakarta: Lembaga Penerbit FEUI.

Sholihah, N., Fajri, I., & Mustaqim, A. (2023). Analisis Multikolinearitas pada Model Regresi Linear Berganda. Jurnal Statistika dan Data Sains, 6(2), 87–95

Sulung, M., & Muspawi, A. (2024). Peran Statistik Deskriptif dalam Analisis Kuantitatif. Jurnal Ilmiah Metodologi Penelitian, 5(1), 25–34.

Suryani, T., & Rakhman, F. (2015). ‘Pengaruh Rasio Keuangan terhadap Harga Saham Perbankan di Bursa Efek Indonesia. Jurnal Akuntansi dan Investasi, 16(2), 142–154.

Susanti, N., & Firmansyah, R. (2021). ‘Analisis Pengaruh NPL, LDR, dan NIM terhadap Harga Saham Bank Umum Konvensional di Indonesia.’ Jurnal Ilmiah Ekonomi dan Bisnis, 8(1), 91–100.

Tandelilin, E. (2010). ‘Portofolio dan Investasi: Teori dan Aplikasi’.’ Yogyakarta: Kanisius.

Wibowo, A., & Syaiful, I. (2020). ‘Pengaruh BOPO, NPL dan NIM terhadap Harga Saham Bank Umum. Jurnal Riset Keuangan’ dan Akuntansi, 6(1), 1–12.

Downloads

Published

2025-11-25

How to Cite

Reza Pahlevi Ramadhan, & Maiyaliza. (2025). The Impact of Non-Performing Loan, Loan to Deposit Ratio, Operating Expenses to Operating Income, and Net Interest Margin on Banking Stock Prices . Disclosure: Journal of Accounting and Finance, 5(2), 183–196. https://doi.org/10.29240/disclosure.v5i2.14525

Issue

Vol. 5 No. 2 (2025): November 2025

Section

Articles

Citation Check

License

Copyright (c) 2025 Reza Pahlevi Ramadhan, Maiyaliza

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-NC-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).