Jakman

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Vol. 7 No. 4 (2026): September

Articles

Comparing Profitability, Solvency, and Capital Adequacy Effects on Price Earnings Ratio in Indonesian Banks

A Agus Maolana Hidayat Z Zia Tsabitah Khoirunnisa
01 September 2026 Vol. 7 No. 4 (2026): September https://doi.org/10.35912/jakman.v7.n4.p61-74.2026
Abstract
01 Sep 2026

Purpose: This study examines the effects of profitability, solvency, and capital adequacy on the Price Earnings Ratio (PER) in two distinct ownership segments of the Indonesian banking sector, namely state-owned banks (Himbara) and privately owned conventional commercial banks listed on the Indonesia Stock Exchange (IDX), and compares the differential patterns of influence between the two groups.
Research Methodology: This study employs a quantitative comparative descriptive approach with panel data regression estimated using EViews. The sample comprises four Himbara banks (Bank Mandiri, BRI, BNI, and BTN) and five private banks (BCA, OCBC NISP, CIMB Niaga, Bank Permata, and Bank Danamon), covering the period 2015–2024, and yielding 90 observations in total.
Results: In Himbara banks, ROE has a significant negative effect on the P/E ratio, DAR has a significant positive effect, and CAR has no significant effect. In private banks, ROE has no significant effect, DAR has no significant effect, and CAR has a significant positive effect. Taken together, the three variables jointly have a significant effect on the P/E ratio in both banking groups.
Conclusions: The differences in ownership structures between Himbara and private banks produce different patterns of influence on PER.
Limitations: This study is limited to nine banks over a ten-year period and does not include macroeconomic factors as control variables.
Contributions: This study provides empirical evidence that comparative research based on the bank ownership structure produces richer and more nuanced findings than studies that pool all banks into a single model.

Keywords: Capital Adequacy Ratio Debt to Asset Ratio Indonesian Bank Price-Earnings Ratio Return on Equity
How to Cite
“
Hidayat, A. M., & Khoirunnisa, Z. T. (2026). Comparing Profitability, Solvency, and Capital Adequacy Effects on Price Earnings Ratio in Indonesian Banks. Jurnal Akuntansi, Keuangan, Dan Manajemen, 7(4), 61–74. https://doi.org/10.35912/jakman.v7.n4.p61-74.2026
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