The Effect of Third Party Funds, Loans Disbursed, and Allowance for Impairment Losses on Stock Prices
Empirical Study on Conventional Banking Companies Listed on the Indonesia Stock Exchange for the 2023–2025 Period
DOI:
https://doi.org/10.24256/kharaj.v8i2.10750Keywords:
Stock Price, Third Party Funds, Loans Disbursed, Allowance for Impairment Losses for LoansAbstract
This study aims to analyze the effect of Third Party Funds (DPK), Loans Disbursed, and Allowance for Impairment Losses (CKPN) on Stock Prices of conventional banking companies listed on the Indonesia Stock Exchange for the period 2023–2025. The study is motivated by the empirical phenomenon of declining banking stock prices concurrent with increasing net income, indicating that investor decision making is not exclusively driven by profitability considerations, but also encompasses fund mobilization, credit disbursement, and credit risk management practices.
This study employs a quantitative approach with panel data regression analysis. The sample was determined using purposive sampling, yielding 39 banking companies with a total of 117 observations over the study period. Data analysis was conducted using EViews 12, encompassing descriptive statistics, classical assumption tests, panel data model selection, and hypothesis testing using the Random Effect Model (REM).
The results indicate that Third Party Funds, Loans Disbursed, and CKPN jointly exert a significant effect on Stock Price. On a partial basis, Third Party Funds exert a positive and significant effect on Stock Price; Loans Disbursed do not exert a significant effect on Stock Price; and CKPN exerts a positive and significant effect on Stock Price. These findings are consistent with Signaling Theory, which posits that information relating to fund mobilization and credit risk management constitutes an important signal for investors in assessing banking company prospects.
This study, therefore, demonstrates that investors do not assess banking companies solely based on profitability, but also consider the bank's capacity to mobilize public funds and manage credit risk effectively as foundational considerations in investment decision making.
Keywords: Stock Price, Third Party Funds, Loans Disbursed, Allowance for Impairment Losses.
References
Ahmed, A. S., Takeda, C., & Thomas, S. (1999). Bank loan loss provisions: a reexamination of capital management, earnings management and signaling effects. Journal of Accounting and Economics, 28, 1-25.
Alam, N., & Tui, S. (2023). Pengaruh Cadangan Kerugian Penurunan Nilai dan Net Interest Margin terhadap Profitabilitas pada Bank BUMN yang Terdaftar di Bursa Efek Indonesia. YUME: Journal of Management, 6(2), 220–232. https://doi.org/10.37531/yum.v6i2.4140.
Bank Indonesia. (2012). Peraturan Bank Indonesia Nomor 14/15/PBI/2012 Tentang Penilaian Kualitas Aset Bank Umum. Jakarta: Bank Indonesia.
Devi, F. C., Istikhoroh, S., & Kurniawan, W. O. (2022). Pengaruh Dana Pihak Ketiga dan Kredit Bermasalah Terhadap Profitabilitas Bank BUMN yang Terdaftar di BEI. Journal of Sustainability Business Research, 3(2), 182-190.
Efriyanto, E., & Azali, A. (2024). Pengaruh LDR dan CAR terhadap harga saham Bank Rakyat Indonesia periode 2017-2023. Account: International Journal for Accountancy, Finance, and Banking, 11(2), 2319–2328.
Fahmi, I. (2014). Manajemen Keuangan Perusahaan dan Pasar Modal. Jakarta: Mitra Wacana Media.
Fajryanti, H., & Zuhri, M. (2021). Kinerja Keuangan Sebagai Prediktor Harga Saham Unggulan. Jurnal Manajemen dan Perbankan, 8(2), 1–17.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (Edisi Kesebelas). Yogyakarta: BPFE.
Hidayati, D., & Sugiyono. (2026). Analisis Pengaruh Cadangan Kerugian Penurunan Nilai, Dana Pihak Ketiga, dan Non-Performing Loan terhadap Kinerja Keuangan (Studi pada Perusahaan Perbankan yang Tercatat di Bursa Efek Indonesia Tahun 2019- 2023). Jurnal Akuntansi, Manajemen, dan Perencanaan Kebijakan, 3(3), 1–14.
Marwansyah, S. (2016). Analisis Kinerja Keuangan Terhadap Harga Saham Pada Bank BUMN. Moneter: Jurnal Akuntansi dan Keuangan, 3(2), 188–207.
Medyawicesar, H., Tarmedi, E., & Purnamasari, I. (2018). Analisis Komponen Tingkat Kesehatan Bank terhadap Harga Saham Bank Umum Swasta Nasional Devisa yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016. Journal of Business Management Education, 3(1), 21–31.
Otoritas Jasa Keuangan. (2021). Peraturan Otoritas Jasa Keuangan Nomor 12/POJK.03/2021 tentang Bank Umum. Jakarta: Otoritas Jasa Keuangan.
Pasaribu, P., & Mindosa, B. (2021). The bank specific determinants of loan growth and stability: Evidence from Indonesia. Journal of Indonesian Economy and Business, 36(2), 93–123. http://journal.ugm.ac.id/jieb.
Putra, Y. T., & Riza, F. (2021). Pengaruh Dana Pihak Ketiga dan Kekuatan Perusahaan terhadap Harga Saham yang Dimoderasi oleh Risiko Keuangan. Business Management Journal, 17(2), 165-179. http://dx.doi.org/10.30813/bmj.v17i2.2951
Rizkia, A. P. (2023). The Effect Of Ldr, Roa, Per, Der, Npl On Stock Prices In Banking Sub-Sector Companies In 2019-2021. Owner: Riset & Jurnal Akuntansi, 7(4).
Shaliha, A. F., & Prastiwi, A. (2023). Analisis Pengaruh Loan Loss Provision Dan Current Account Saving Account Terhadap Harga Saham Yang Dimoderasi Oleh Risiko Kredit. Reviu Akuntansi, Keuangan, dan Sistem Informasi, 2(3).
Subroto, F. N. K., & Purwanti, L. (2023). Pengaruh Cadangan Kerugian Penurunan Nilai Terhadap Profitabilitas Berdasarkan PSAK 55 dan PSAK 71. Telaah Ilmiah Akuntansi dan Perpajakan, 1(2).
Sugiyono. (2020). Metode Penelitian Kualitatif. Bandung : Alfabeta.
Syahrizal, H., & Jailani, M. S. (2023). Jenis-Jenis Penelitian Dalam Penelitian Kuantitatif dan Kualitatif. QOSIM: Jurnal Pendidikan, Sosial & Humaniora, 1.
Wirantika, R., & Awali, H. (2024). Analisis Perbandingan Kinerja Keuangan pada Bank Rakyat Indonesia dan Bank Tabungan Pensiunan Nasional Syariah Periode 2017-2022. MABNY: Journal of Sharia Management and Business, 4(1), 36–46.
Yoewono, H., & Ande, D. F. (2018). The Effect of Financial Performance and Financial Distress Indicators to the Stock Price of Bank Rakyat Indonesia. International Journal of Business Studies, 2(1), 1–15. ISSN: 2580-0132.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Venni Avionita, Rizke Wiliyanti, Rediawan Miharja, Rabhi Fathan Muhammad
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
