Downloads: 161
Research Paper | Management | Indonesia | Volume 5 Issue 12, December 2016
Analysis the Impact of Macroeconomic on Financial Performance and Stock Returns of State-Owned Banks in Indonesia Stock Exchange 2006-2016
Citra Putri Septanti | Hermanto Siregar [10] | and Hendro Sasongko
Abstract: This study aims to analyze the developments of macroeconomic, financial performance and stock returns and to analyze how macroeconomic influence directly and indirectly through the financial performance on the stock return of state-owned banks in the Indonesia Stock Exchange period 2006 to 2016. Macroeconomic variables used are the interest rate (SB), exchange rate (NT) and Gross Domestic Product (GDP). Financial performance variables used are Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), Operating Expenses to Operating Income (BOPO) and Loan to Deposit Ratio (LDR). The analysis technique used in this research is path analysis, using SPSS and Lisrel software. The results found in this study are development of macroeconomic variables, financial performance and stock returns four state-owned banks showed positive value. Directly, interest rate has a significant impact on stock returns of Bank Mandiri and BNI, the exchange rate has a significant impact on stock returns of BTN and GDP has a significant impact on stock returns of BRI. Indirectly, interest rate has a significant impact on stock returns of Bank Mandiri and BNI, the exchange rate has a significant impact on stock returns of all state-owned banks, the GDP has no significant impact on all stock returns the state-owned bank.
Keywords: stock returns, state-owned banks, macroeconomic variables, financial performance, path analysis
Edition: Volume 5 Issue 12, December 2016,
Pages: 212 - 217
Similar Articles with Keyword 'macroeconomic variables'
Downloads: 128
Research Paper, Management, Sri Lanka, Volume 3 Issue 10, October 2014
Pages: 227 - 231Macroeconomic Variables Effect on Financial Sector Performance in Emerging Sri Lankan Stock Market
Downloads: 134
Research Paper, Management, Nigeria, Volume 4 Issue 6, June 2015
Pages: 717 - 724Macroeconomic Variables and Stock Market Prices in Nigeria: A Cointegration and Vector Error Correction Model Tests
Gabriel Nkechukwu | Justus Onyeagba | Johnson Okoh