The Moderating Role of Earnings Volatility in the Relationship Between RBBR, Interest Rates, and Stock Volatility

Authors

  • Sunarto Sunarto Universitas Pamulang, South Tangerang, Indonesia
  • Iin Rosini Universitas Pamulang, South Tangerang, Indonesia
  • Nofryanti Nofryanti Universitas Pamulang, South Tangerang, Indonesia

DOI:

https://doi.org/10.32493/jiaup.v14i2.56655

Keywords:

Earnings Volatility, Good Corporate Governance (GCG), Indonesian Banking Sector, Risk-Based Bank Rating (RBBR), Stock Price Volatility

Abstract

This study examines the effects of Risk-Based Bank Rating (RBBR), Loan-to-Deposit Ratio (LDR), Good Corporate Governance (GCG), Net Interest Margin (NIM), Capital Adequacy Ratio (CAR), and bank interest rates on stock price volatility in the Indonesian banking sector, with earnings volatility serving as a moderating variable. The study employs a quantitative approach using panel data from 20 banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period, resulting in 100 firm-year observations. Data were obtained from the companies' annual financial reports, the Indonesia Stock Exchange, and Bank Indonesia. The analysis utilizes panel data regression with the Fixed Effects Model (FEM) and is preceded by classical assumption tests to ensure the robustness of the model. The findings indicate that the independent variables jointly have a significant effect on stock price volatility. Partially, Risk-Based Bank Rating, Good Corporate Governance, Net Interest Margin (NIM), and bank interest rates significantly influence stock price volatility. In contrast, the Loan-to-Deposit Ratio (LDR) and Capital Adequacy Ratio (CAR) do not exhibit significant effects Regarding the moderating variable, earnings volatility has a direct and significant effect on stock price volatility but does not moderate the relationships between the RBBR components, bank interest rates, and stock price volatility. These findings contribute to the literature on banking performance and capital market behaviour by providing empirical evidence regarding the determinants of stock price volatility in the Indonesian banking industry. Practically, the study offers useful insights for investors in conducting fundamental analysis and evaluating the financial health and investment attractiveness of banking institutions when making investment decisions.

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Published

2026-07-31

Issue

Vol. 14 No. 2 (2026): Jurnal Ilmiah Akuntansi Universitas Pamulang

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Articles

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Copyright (c) 2026 Sunarto Sunarto, Iin Rosini, Nofryanti Nofryanti

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