Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Sektor Perbankan di Bursa Efek Indonesia: Studi pada ROA, ROE, dan NPL sebagai Penentu Tobin's Q

Abstract

This study aims to examine the effect of bank financial performance on firm value as measured by Tobin's Q. Financial performance is operationalized through three main indicators, namely Return on Assets (ROA), Return on Equity (ROE), and Non-Performing Loans (NPL), which reflect the efficiency of asset use, profitability on equity, and non-performing loan risk, respectively. This study uses a quantitative approach with a causal design, observing 32 banks listed on the Indonesia Stock Exchange (IDX) during the 2016–2019 period, resulting in 128 observational panel data. Secondary data obtained from the Indonesia Capital Market Directory (ICMD) and the official IDX website, were analyzed using multiple linear regression after going through a series of classical assumption tests. The results show that ROA and ROE have a significant positive effect on Tobin's Q, while NPL has a significant negative effect. The adjusted R² value of 0.417 indicates that 41.7% of the variation in firm value can be explained by the model, while the remainder is influenced by other factors outside the model. These findings confirm that financial performance, particularly asset efficiency and credit risk management, is a key determinant of the market's assessment of a bank's value. This research provides an empirical contribution to the corporate finance literature in the banking sector and provides practical applications for management, investors, and regulators in strategic decision-making.