Pengaruh BI Rate, Non Performing Loan, dan Net Interest Margin terhadap Price to Book Value

Adellya Lourence; Hamka Halkam

Adellya Lourence Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Persada Indonesia Y.A.I, Jakarta
Hamka Halkam Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Persada Indonesia Y.A.I, Jakarta

Abstract

The purpose of this study is to examine how the Price to Book Value (PBV) of banking
companies listed on the Indonesia Stock Exchange between 2022 and 2025 is affected by
the BI Rate, Non-Performing Loans (NPL), and Net Interest Margin (NIM). Purposive
sampling was used to choose the sample, which produced 33 banking firms and 132
observations in total. Financial statements and other relevant sources provided secondary
data. Panel data regression using a Fixed Effect Model (FEM) technique was used in the
analysis. The findings show that the BI Rate significantly lowers PBV on its own (p-value
= 0.0491). While NIM significantly influences PBV (p-value = 0.0757), NPLs have no effect
on PBV (p-value = 0.0665). PBV is significantly impacted by the BI Rate, NPL, and NIM
taken together. These three factors account for 80.77% of the variation in PBV, with
variables outside the research model accounting for the remaining 19.23%, according to
the Adjusted R-squared value of 0.807738.

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