The Impact of Return on Risk Asset, Net Profit Margin, Earnings Per Share, and Inflation on Digital Banks’ Stock Prices (2020–2023)

Authors

  • Mirmaningtyas Sekar Arumdani Politeknik Negeri Semarang, Indonesia
  • Winarni Politeknik Negeri Semarang, Indonesia
  • Septian Yudha Kusuma Politeknik Negeri Semarang, Indonesia

DOI:

https://doi.org/10.32493/jiaup.v13i2.45345

Keywords:

Stock Price, EPS, RORA, NPM, Inflation

Abstract

This study aims to identify and analyze the effect of return on risk assets (RORA), Net Profit Margin (NPM), earnings per share (EPS), and inflation on stock prices at digital bank for the 2020-2023 period. This research employed a causal quantitative research design. The research population consisted of digital banks listed on the Indonesia Stock Exchange (IDX). A purposive sampling technique was used, resulting in a sample of five digital banks. The study observes quarterly data from Q2 2020 to Q4 2023, producing 75 observations (15 quarterly financial reports from each of the five banks). Secondary data were obtained from financial reports available on the official IDX website (www.idx.co.id) and the official websites of each of the digital banks. Inflation data were sourced from the official website of Bank Indonesia (www.bi.go.id). The data analysis method used in this study was multiple linear regression analysis. The analysis techniques include the F-statistic test, t-statistic test, and coefficient of determination test. The results indicate that RORA and EPS have a positive and meaningful effect on stock prices, NPM has a negative and meaningful effect on stock prices, and inflation has an insignificant effect on stock prices. This study contributes to a better understanding of the factors influencing stock prices in the digital banking sector. The findings provide insights that can help investors, analysts, and policymakers make more informed decisions related to stock valuation and investment strategies in the context of Indonesia's growing digital banking industry.

References

Achmadi, N. (2023). Analisis Pengaruh Inflasi, Suku Bunga, Nilai Tukar, Terhadap Harga Saham. Jurnal Riset Akuntansi Mercu Buana, 9(2), 116–126.

Afiah, Y., & Rachmawaty, R. (2023). Pengaruh Return on Asset dan Debt to Equity Ratio terhadap Dividend Payout Ratio PT Indocement Tunggal Prakarsa Tbk Periode 2012 - 2021. Jurnal Ilmiah Swara Manajemen (Swara Mahasiswa Manajemen), 3(3), 583. https://doi.org/10.32493/jism.v3i3.33276

Ahmad, I., Noholo, S., & Muhmad, M. (2018). Pengaruh Rasio Keuangan Terhadap Harga Saham Pada Perusahaan Jasa Yang Terdaftar Dalam Indeks LQ45 di Bursa Efek Indonesia (BEI) Periode 2012-2016. JAWARA: Jurnal Wawasan Dan Riset Akuntansi, 5(2), 127–138.

Albaity, M., Mallek, R., & Mustafa, H. (2022). Bank stock return reactions to the covid-19 pandemic: the role of investor sentiment in mena countries. Risks, 10(2), 43. https://doi.org/10.3390/risks10020043

Al Umar, A. U. A., & Savitri, A. S. N. (2020). Analisis Pengaruh ROA, ROE, EPS Terhadap Harga Saham. Jurnal Analisa Akuntansi Dan Perpajakan, 4(2), 92–98. https://doi.org/10.25139/jaap.v4i2.3051

Anam, H., Rakim, A. A., Ghozi, S., & Winarni, W. (2018). Analisis Data Pergerakan Harga Saham Bank BUMN melalui Debt to Equity Ratio (DER), Return On Equity (ROE) dan Earning Per Share (EPS). JSHP ( Jurnal Sosial Humaniora Dan Pendidikan), 2(2), 124. https://doi.org/10.32487/jshp.v2i2.499

Andhani, D., & Wahidah, N. R. (2023). Pengaruh tingkat inflasi, BI-7 Days Repo Rate, dan nilai tukar USD/kurs terhadap Indeks Harga Saham Gabungan. Jurnal Ilmiah Akuntansi Universitas Pamulang, 11(1).

Apriyando, I. D. M., & Mariana, M. (2023). Pengaruh kinerja keuangan, nilai perusahaan, earning per share, kesempatan investasi, dan financial leverage terhadap return saham. Jurnal Ilmiah Akuntansi Universitas Pamulang, 11(2).

Certo, S., Daily, C., & Dalton, D. (2001). Signaling firm value through board structure: an investigation of initial public offerings. Entrepreneurship Theory and Practice, 26(2), 33-50. https://doi.org/10.1177/104225870102600202

Chaery, A. R. F., & Ridho, A. (2019). Analisis Pengaruh Faktor Internal Perusahaan Terhadap Harga Saham Pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI. Jurnal Ilmiah Akuntansi Universitas Pamulang, 7(2), 128-136.

Chandra, D. S. (2021). Pengaruh Debt to Asset Ratio, Return on Asset Earning per Share Terhadap Harga Saham pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesiaperiode 2015-2019. Jurnal Akuntansi dan Keuangan Kontemporer (JAKK), 99–108. https://doi.org/10.30596/jakk.v4i1.6906

Connelly, B., Certo, S., Ireland, R., & Reutzel, C. (2010). Signaling theory: a review and assessment. Journal of Management, 37(1), 39-67. https://doi.org/10.1177/0149206310388419

Dluhopolskyi, O., Пахненко, О., Lyeonov, S., Semenog, A., Аrtyukhova, N., Cholewa-Wiktor, M., … & Jastrzębski, W. (2023). Digital financial inclusion: covid-19 impacts and opportunities. Sustainability, 15(3), 2383. https://doi.org/10.3390/su15032383

Drover, W., Wood, M., & Corbett, A. (2017). Toward a cognitive view of signalling theory: individual attention and signal set interpretation. Journal of Management Studies, 55(2), 209-231. https://doi.org/10.1111/joms.12282

Haidar, M., Lestari, P., & Utami, R. (2023). Strategic analysis of indonesia’s banking companies in dealing with the covid-19 pandemic. E3s Web of Conferences, 465, 02011. https://doi.org/10.1051/e3sconf/202346502011

Halim, M. A. (2018). Teori Ekonomi Makro (3rd ed., p. 78). Mitra Wacana Media.

Hamid, A., & Dailibas, D. (2021). Pengaruh Return On Asset dan Net Profit Margin Terhadap Harga Saham. Journal of Economic, Bussines and Accounting (COSTING), 4(2), 485–491. https://doi.org/10.31539/costing.v4i2.1664

Hashim, S. L. M. (2020). Interest, Exchange, And Inflation Rate And Stock Price In Asia Countries. 627–633. https://doi.org/10.15405/epsbs.2020.12.05.68

Kasmir. (2019). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.

Kurnia, M., Fauji, A., & Kusuma, A. C. (2020). Pengaruh Earning Per Share (EPS) dan Debt to Equity Ratio (DER) Terhadap Harga Saham Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Sub Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016-2020. National Conference on Applied Business, Education, & Technology (NCABET), 304–318.

Leeson, P. (2010). Pirational choice: the economics of infamous pirate practices. Journal of Economic Behavior & Organization, 76(3), 497-510. https://doi.org/10.1016/j.jebo.2010.08.015

Lestari, A. P., & Susetyo, A. (2020). Pengaruh NPM, EPS, DER dan PBV Terhadap Harga Saham pada Perusahaan Terdaftar IDX HIDIV20 Dengan DPR sebagai Variabel Intervening. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 2(2), 184–196. https://doi.org/10.32639/jimmba.v2i2.461

Linggadjaya, R. I. T., Sitio, B., & Situmorang, P. (2022). Transformasi Digital PT Bank Jago Tbk dari Bank Konvensional menjadi Bank Digital. International Journal of Digital Entrepreneurship and Business, 3(1), 9–22. https://doi.org/10.52238/ideb.v3i1.76

Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113.

Lule, B., & Tamboto, M. (2015). Analisis Pengaruh Rasio Camel Terhadap Harga Saham Perbankan Di Indonesia Tahun 2010-2013. Journal of Business and Economics, 53(9), 1689–1699.

Maliki, F., & Apandi, A. (2022). Analisis Capital Adequacy Ratio (CAR), Return on Risk Assets (RORA) dan Net Profit Margin (NPM) terhadap Nilai Perusahaan (Studi pada Sektor Perbankan yang Terdaftar di BEI 2015-2019). Jurnal Akuntansi STEI, 05(01), 1–18. www.sahamok.com

Napitupulu, F., Marbun, R., Natami, P., Namira, N., & Mariana, M. (2022). Pengaruh return on equity (ROE), net profit margin (NPM), return on risked asset (RORA), dan leverage terhadap devident payout ratio pada indeks MNC36 yang terdaftar di Bursa Efek Indonesia. Jurnal Paradigma Ekonomika, 17(1), 61–76. https://doi.org/10.22437/jpe.v17i1.15888

Novita, L. (2022). Economics and Digital Business Review Pengaruh Kinerja Keuangan Terhadap Harga Saham. Economics and Digital Business Review, 3(2), 41–58.

Nurcahyati, A., & Nurdin. (2023). Pengaruh Kinerja Keuangan dan Makro Ekonomi Terhadap Harga Saham. Bandung Conference Series: Business and Management, 3(1). https://doi.org/10.29313/bcsbm.v3i1.5519

Odoemela, O., Ibelegbu, G., & Ulonnamefula, C. (2024). Unveiling the effects of covid-19 on the efficiency of nigerian banks. African Journal of Accounting and Financial Research, 7(2), 181-196. https://doi.org/10.52589/ajafr-kvipnqda

Otorima, M., & Kesuma, A. (2016). Pengaruh Nilai Tukar, Suku Bunga, Inflasi, Jumlah Uang Beredar dan PDB Terhadap Indeks Harga Saham Gabungan (IHSG) Periode 2005-2015. Jurnal Terapan Manajemen dan Bisnis, 02(2), 12–24.

Pambudi, J. E., Febrianto, H. G., & Zatira, D. (2021). Faktor Fundamental Keuangan Terhadap Harga Saham di Perusahaan Makanan dan Minuman yang Terdaftar di BEI 2015-2019. Jurnal Manajemen Bisnis, 11(2), 67–81. non-dwnldmngr-download-dont-retry2download

Pratiwi, S. M., Miftahuddin, M., & Amelia, W. R. (2020). Pengaruh current ratio (CR),debt to equity ratio (DER), dan earning per share (EPS) terhadap harga saham pada PT. Indofood Sukses Makmur Tbk. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 1(2), 1–10. https://doi.org/10.31289/jimbi.v1i2.403

Rahmadewi, P. W., & Abundanti, N. (2018). Pengaruh Eps, Per, Cr Dan Roe Terhadap Harga Saham Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(4), 2106. https://doi.org/10.24843/ejmunud.2018.v07.i04.p14

Romadhoni, N., Prihatiningsih, P., & Kusuma, S. Y. (2022). the Effect of Profitability Ratios on Share Prices of Persero Commercial Banks in Indonesia for Period 2017-2021. Dinamika Akuntansi Keuangan Dan Perbankan, 11(2), 143–154. https://doi.org/10.35315/dakp.v11i2.9108

Safitri, V. T., & Sulistiyo, H. (2021). Pengaruh Roe Dan Npm Terhadap Harga Saham Perusahaan Subsektor Otomotif Dan Komponen Yang Terdaftar Di Bei Periode 2014-2019. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 10(01), 39. https://doi.org/10.24843/eeb.2021.v10.i01.p05

Sanjaya, S., & Afriyenis, W. (2018). Analisis Tingkat Harga Saham Perusahaan Manufaktur Sektor Industri Barang Konsumsi. Kajian Akuntansi, 3(1), 169–178.

Sari, D. I. (2021). Pengaruh ROA, ROE Dan EPS Terhadap Harga Saham Perusahaan Perbankan Yang Terdaftar Di Bei Periode 2016-2019. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 5(1), 1. https://doi.org/10.31851/neraca.v5i1.5068

Simamora, M. Q. K. (2023). Analisis Pengaruh Rasio Camels Terhadap Harga Saham Pada Perbankan Yang Go Public di Bursa Efek Indonesia (BEI) Tahun 2018 – 2022. Doctorral Dissertation.

Sunarsi, D., Suratminingsih, S., & Arga Teriyan. (2021). Pengaruh Current Rasio (CR), Return On Equity (ROE), Dan Earning Per Share (EPS) Terhadap Harga Saham PT. Astra Agro Lestari Tbk Periode 2011-2020. … : Jurnal Ekonomi, 05, 1–12. https://jurnal.rumahilmiah.com/index.php/average/article/view/2

Sunardi, S., & Holiawati, H. (2013). Pengaruh Corporate Governance Perception Index (cgpi) dan opini audit terhadap harga saham (studi empiris pada perusahaan yang terdaftar di The Indonesian Institute For Corporate Governance Tahun 2009-2013). Jurnal Ilmiah Akuntansi Universitas Pamulang, 4(1), 268506.

Tumbelaka, F. P. M., Pardita, D. P. Y., & Aryawan, I. G. (2023). Pengaruh Kurs, Inflasi, dan Pertumbuhan PDB Terhadap Harga Saham Sub Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia. WICAKSANA: Jurnal Lingkungan Dan Pembangunan, 7(1), 27–34. https://doi.org/10.22225/wicaksana.7.1.2023.27-34

Zahrani, S. A., Hakim, D. A., Widayanti, A., & Fahrudin, T. (2023). Bank digital Indonesia: Influence analysis financial ratio. Jurnal Ilmiah Akuntansi Universitas Pamulang, 11(2).

Zahrani, S. A., & Sendjaja, T. (2025). The digital rupiah and the future of accountants: A central bank digital currency (CBDC) study. Jurnal Ilmiah Akuntansi Universitas Pamulang, 13(1).

Downloads

Published

2025-07-31

Issue

Vol. 13 No. 2 (2025): Jurnal Ilmiah Akuntansi Universitas Pamulang

Section

Articles

License

Copyright (c) 2025 Mirmaningtyas Sekar Arumdani, Winarni, Septian Yudha Kusuma

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 that allows others to share the work with an acknowledgement 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 acknowledgement 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).

JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang have CC-BY-SA or an equivalent license as the optimal license for the publication, distribution, use, and reuse of scholarly work.

In developing strategy and setting priorities, JIAUP: Jurnal Ilmiah Akuntansi Universitas Pamulang recognize that free access is better than priced access, libre access is better than free access, and libre under CC-BY-SA or the equivalent is better than libre under more restrictive open licenses. We should achieve what we can when we can. We should not delay achieving free in order to achieve libre, and we should not stop with free when we can achieve libre.