Analysis of financial ratios as determinants of stock price changes
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Published:
Jul 20, 2026
Keywords:
Capital Adequacy Ratio, Loan to Deposit Ratio, Net Interest Margin, Non-Performing Loan, Stock Price
Section
Articles
Statistics Article
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Abstract
Focusing on banking companies listed on the IDX from 2021 to 2025, this study aims to analyze the impact of the LDR, NPL, NIM, and CAR on their stock prices. A panel data regression model and a quantitative methodology are used in this investigation. 41 businesses that satisfied the requirements during the study period were chosen using the purposive sample technique; as a result, the dataset had 205 data points. The findings show that whereas CAR significantly and favorably affects stock prices, LDR, NPL, and NIM have no influence. The variables examined in this study were restricted to LDR, NPL, NIM, and CAR, and cannot yet be applied to the whole banking sector, among other constraints. In order to present a more complete picture, future study is urged to incorporate more factors and prolong the observation duration.
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How to Cite
Amelia, A., Ansar, M., Parwati, N. M. S., & Usman, E. (2026). Analysis of financial ratios as determinants of stock price changes. Indonesia Auditing Research Journal, 15(2), 287–296. https://doi.org/10.35335/arj.v15i2.737
References
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Assegaf, A. R. (2023). Pengaruh Loan to Deposit Ratio, Capital Adequacy Ratio, dan Return on Equity terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Industri, 24(1).
Astuti, M. P., Rahayu, S., & Suryatama, F. (2024). Pengaruh Capital Adequacy Ratio (CAR), Return on Asset (ROA), dan Loan Deposit Ratio (LDR) terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2021. Business Economic Entrepreneurship, 7(1), 70. https://doi.org/10.61689/bisecer.v7i1.526
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Mustabsyirah, A., Azis, M., & Dunakhir, S. (2024). Pengaruh Non Performing Loan terhadap Profitabilitias pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Online Insan Akuntan, 9(1), 57–70.
Nugraha, K. C., & Artini, L. G. S. (2022). The Effect of Financial Performance on Stock Prices of Automotive and Component Sub Sector Companies in the Indonesia Stock Exchange. European Journal of Business and Management Research, 7. https://doi.org/10.24018/ejbmr.2022.7.4.1595
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Permana, A. H., Pohan, E. R., & Ananda, Y. Y. (2022). Mengukur Pengaruh CAR, ROA, NIM, LDR, dan Rasio NPL terhadap Harga Saham Bank pada Era Pre-Pandemic dan Era During Pandemic Covid-19. Journal Syntax Idea, 4(2).
Pertiwi, D. N. B., & Sarbullah. (2021). Pengaruh Likuiditas dan Rasio Efisiensi terhadap Harga Saham yang Dimediasi Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Capital, 3.
Purwati, A., & Mareta, S. (2024). The Effect of Return on Risk Assets (RORA), Loan to Deposit Ratio (LDR) and Capital Adequacy Ratio (CAR) on Stock Prices (Empirical Study on Banking Sector Companies on the Indonesia Stock Exchange in 2020-2023). Journal of Accounting and Finance Management, 5(5).
Putri, V. A., & Yustisia, N. (2021). Dampak Rasio Keuangan terhadap Harga Saham Perusahaan Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia. Jurnal Studi Islam Dan Sosial, 2(c).
Ramadhan, R. P., & 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
Richie, & Muliawati. (2026). Pengaruh Net Interest Margin, Non-Performing Loan, Suku Bunga, dan Nilai Tukar terhadap Harga Saham Perbankan (Periode 2020-2024). Akademik: Jurnal Mahasiswa Ekonomi & Bisnis, 6(1), 52–62. https://doi.org/10.37481/jmeb.v6i1.1677
Rimba, D. W., & Harnida, M. (2019). Pengaruh Kinerja Keuangan terhadap Harga Saham Perusahaan Perbankan BUMN di Bursa Efek Indonesia Periode Tahun 2010-2017. Jurnal Ilmiah Ekonomi Bisnis, 5(2). https://doi.org/10.35972/jieb.v5i2.268
Santoso, A., & Firdausy, C. M. (2020). Pengaruh Capital Adequacy Ratio, Non-Performing Loan, Net Interest Margin, Return on Assets, Loan to Deposit Ratio, dan Bank Size terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(1).
Sudarno, Suyono, Yusrizal, & Tambunan, J. (2021). Determinant Models Affecting Financial Performance and Stock Return Companies Registered in Indonesia Stock Exchange. Jurnal Aplikasi Manajemen, 19(4), 905–924. https://doi.org/10.21776/ub.jam.2021.019.04.18
Trihatmoko, H., Ridarmelli, R., & Saputra, K. A. (2024). The Influence of Net Interest Margin, Non-Performing Loans, and Capital Adequacy Ratio on the Stock Prices of KBMI 4 Banks. Dinasti International Journal of Economics, Finance & Accounting, 5(3), 982–990. https://doi.org/10.38035/dijefa.v5i3.2781
Yanti, & Purwaningsih, E. (2024). Pengaruh Faktor Keuangan terhadap Harga Saham: Studi Kasus pada Perbankan Konvensional di IDX Tahun 2021-2023. Jurnal Sketsa Bisnis, 11(01), 160–177.
Zakaria, Khotimah, K., Saling, S., & Rasyid, A. (2023). Non-Performing Loan and its Impact on Stock Price Index Through Return on Equity in the Banking Industry. Innovation Business Management and Accounting Journal, 2(3), 179–184.
Akbar, E. R. S., & Rizqi, R. M. (2025). Pengaruh Return on Assets (ROA), Return on Equity (ROE), Earning Per Share (EPS), Net Profit Margin (NPM) dan Net Interest Margin (NIM) terhadap Harga Saham PT Bank Syariah Indonesia Tbk Tahun 2019-2023. Jurnal Nusa Akuntansi, 2(2), 717–741.
Arhinful, R., Gyamfi, B. A., Mensah, L., & Obeng, H. A. (2025). Non-Performing Loans and Their Impact on Investor Confidence: A Signaling Theory Perspective—Evidence from U.S. Banks. Journal of Risk and Financial Management, 18(7). https://doi.org/10.3390/jrfm18070383
Assegaf, A. R. (2023). Pengaruh Loan to Deposit Ratio, Capital Adequacy Ratio, dan Return on Equity terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Industri, 24(1).
Astuti, M. P., Rahayu, S., & Suryatama, F. (2024). Pengaruh Capital Adequacy Ratio (CAR), Return on Asset (ROA), dan Loan Deposit Ratio (LDR) terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2021. Business Economic Entrepreneurship, 7(1), 70. https://doi.org/10.61689/bisecer.v7i1.526
Effendy, L., Isnaini, Z., & Isnawati, I. (2023). Pengaruh Loan to Deposit Ratio dan Capital Adequacy Ratio terhadap Kinerja Saham (Studi pada Perusahaan Perbankan Tahun 2010 - 2019). Jurnal Sosial Ekonomi Dan Humaniora, 9(4), 400–407.
Fadilah, F., Nurhamdi, M., Shabrina, N., & Satria, R. (2024). Pengaruh Loan to Deposit Ratio (LDR) dan Non Performing Loan (NPL) terhadap Harga Saham pada PT Bank Negara Indonesia (Persero) Tbk Periode 2013 – 2022. Jurnal Nuansa: Publikasi Ilmu Manajemen Dan Ekonomi Syariah, 2(1).
Inggo, R. F., Pangerapan, S., & Tangkuman, S. J. (2026). Pengaruh Loan to Deposit Ratio (LDR), dan Return on Equity (ROE) terhadap Harga Saham pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024. Manajemen Bisnis Dan Keuangan Korporat, 24(1), 31–43.
Kasmir. (2015). Analisis Laporan Keuangan (1st ed.). PT RajaGrafindo Persada.
Lahamid, Q., Gunawan, H., & Miftah, D. (2023). Pengaruh Kinerja Keuangan terhadap Harga Saham Perbankan di Bursa Efek Indonesia. Akuntansi Dan Manajemen, 18(1), 1–19. https://doi.org/10.30630/jam.v18i1.206
Mulyani, A. F., & Manunggal, S. A. M. (2023). Pengaruh Kinerja Keuangan terhadap Harga Saham (Perusahaan Perbankan yang Terdaftar di Bursa Efek) Periode 2019-2021. Jurnal Maneksi, 12(2), 351–361.
Mustabsyirah, A., Azis, M., & Dunakhir, S. (2024). Pengaruh Non Performing Loan terhadap Profitabilitias pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Online Insan Akuntan, 9(1), 57–70.
Nugraha, K. C., & Artini, L. G. S. (2022). The Effect of Financial Performance on Stock Prices of Automotive and Component Sub Sector Companies in the Indonesia Stock Exchange. European Journal of Business and Management Research, 7. https://doi.org/10.24018/ejbmr.2022.7.4.1595
Otoritas Jasa Keuangan. (2025). Siaran Pers: Sektor Jasa Keuangan yang Resilien untuk Mendukung Ketahanan Ekonomi Nasional. OJK. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/pages/rdkb-oktober-2025.aspx
Permana, A. H., Pohan, E. R., & Ananda, Y. Y. (2022). Mengukur Pengaruh CAR, ROA, NIM, LDR, dan Rasio NPL terhadap Harga Saham Bank pada Era Pre-Pandemic dan Era During Pandemic Covid-19. Journal Syntax Idea, 4(2).
Pertiwi, D. N. B., & Sarbullah. (2021). Pengaruh Likuiditas dan Rasio Efisiensi terhadap Harga Saham yang Dimediasi Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Capital, 3.
Purwati, A., & Mareta, S. (2024). The Effect of Return on Risk Assets (RORA), Loan to Deposit Ratio (LDR) and Capital Adequacy Ratio (CAR) on Stock Prices (Empirical Study on Banking Sector Companies on the Indonesia Stock Exchange in 2020-2023). Journal of Accounting and Finance Management, 5(5).
Putri, V. A., & Yustisia, N. (2021). Dampak Rasio Keuangan terhadap Harga Saham Perusahaan Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia. Jurnal Studi Islam Dan Sosial, 2(c).
Ramadhan, R. P., & 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
Richie, & Muliawati. (2026). Pengaruh Net Interest Margin, Non-Performing Loan, Suku Bunga, dan Nilai Tukar terhadap Harga Saham Perbankan (Periode 2020-2024). Akademik: Jurnal Mahasiswa Ekonomi & Bisnis, 6(1), 52–62. https://doi.org/10.37481/jmeb.v6i1.1677
Rimba, D. W., & Harnida, M. (2019). Pengaruh Kinerja Keuangan terhadap Harga Saham Perusahaan Perbankan BUMN di Bursa Efek Indonesia Periode Tahun 2010-2017. Jurnal Ilmiah Ekonomi Bisnis, 5(2). https://doi.org/10.35972/jieb.v5i2.268
Santoso, A., & Firdausy, C. M. (2020). Pengaruh Capital Adequacy Ratio, Non-Performing Loan, Net Interest Margin, Return on Assets, Loan to Deposit Ratio, dan Bank Size terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(1).
Sudarno, Suyono, Yusrizal, & Tambunan, J. (2021). Determinant Models Affecting Financial Performance and Stock Return Companies Registered in Indonesia Stock Exchange. Jurnal Aplikasi Manajemen, 19(4), 905–924. https://doi.org/10.21776/ub.jam.2021.019.04.18
Trihatmoko, H., Ridarmelli, R., & Saputra, K. A. (2024). The Influence of Net Interest Margin, Non-Performing Loans, and Capital Adequacy Ratio on the Stock Prices of KBMI 4 Banks. Dinasti International Journal of Economics, Finance & Accounting, 5(3), 982–990. https://doi.org/10.38035/dijefa.v5i3.2781
Yanti, & Purwaningsih, E. (2024). Pengaruh Faktor Keuangan terhadap Harga Saham: Studi Kasus pada Perbankan Konvensional di IDX Tahun 2021-2023. Jurnal Sketsa Bisnis, 11(01), 160–177.
Zakaria, Khotimah, K., Saling, S., & Rasyid, A. (2023). Non-Performing Loan and its Impact on Stock Price Index Through Return on Equity in the Banking Industry. Innovation Business Management and Accounting Journal, 2(3), 179–184.
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