THE IMPACT OF FINANCIAL PERFORMANCES AND MACROECONOMIC FACTORS ON STOCK RETURN OF BANKS IN INDONESIA FROM 2014 TO 2024

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Chandra, Steven (2025) THE IMPACT OF FINANCIAL PERFORMANCES AND MACROECONOMIC FACTORS ON STOCK RETURN OF BANKS IN INDONESIA FROM 2014 TO 2024. Graduate thesis, Institut IPMI.

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Abstract

In 2024, the Indonesian financial service industry faced turmoil which leading to the closure of 20 banks. It was the highest number of bank bankruptcies in Indonesian financial service history since Asian financial crisis in 1998. Then, Rupiah fell to an all-time low in April 2025. The depreciation of Rupiah against US Dollar has a negative effect in slip of Indonesian Composite Index (IHSG). IHSG hit level at 6,734 in June 2024 which has dropped by ~30% from 7,905 in Sep-24 to 5,882 in Apr-25. Preceding research run by previous analysts explained the research gaps in relation to the impact of financial performances on stock returns in banking industry. The study exploring on how financial performances and macroeconomic factors influence bank stock return. A quantitative approach was used in this research, relying on the publicly audited financial statement of banks KBMI IV from Q1 2014 to Q4 2024. This research uses a regression of panel data analysis. The findings resulted in financial performance has insignificant effect on stock return of bank. Market return has a positive and strong significant effect on stock return. Inflation has a positive and significant effect on stock return of bank. GDP of financial service, money supply growth rate, and foreign exchange rate return has a negative and insignificant effect of stock return of bank. There is no statistically significant difference in stock return of banks within KBMI IV. This study suggests investor to monitor the macroeconomic and market risk when consider purchase share of bank. Keywords: Financial Service, Stock Return, Financial Performance, Macroeconomic Factors, Market Risk

Item Type: Thesis (Graduate)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Thesis > Master of Business Administration
Depositing User: Dwi Selviyana
Date Deposited: 17 Dec 2025 02:23
Last Modified: 17 Dec 2025 02:23
URI: http://repository.ipmi.ac.id/id/eprint/2887

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