Analysis Of The Application Of Return On Equity (ROE), Price Earning Ratio (PER), And Price To Book Value (PBV) In Stock Investment Decision Making In The Banking Sector On The Idx During The 2019-2023 Period
Keywords:
Business Cycles, Economic Conditions, Financial Ratios, Banking Sector, Investment Decisions
Abstract
This study examines the influence of business cycles and macroeconomic conditions on the financial performance of banking companies in Indonesia, with particular attention to how financial ratios such as Return on Equity (ROE), Price-to-Earnings Ratio (PER), and Price-to-Book Value (PBV) inform investment decision-making. Covering the period from 2019 to 2023, this research addresses capital market dynamics shaped by shifts in domestic economic policy, global macroeconomic volatility, and the effects of the COVID-19 pandemic. The findings reveal that economic uncertainty and fluctuating business cycles contribute to increased market volatility, which in turn impacts the valuation of banking sector stocks. Moreover, while a high PER may indicate investor optimism regarding future earnings, it also poses the risk of overvaluation. These insights underscore the importance of a comprehensive understanding of financial ratios in making prudent investment decisions under conditions of market instability. This study contributes to the literature by offering practical implications for investors and policymakers navigating Indonesia's evolving financial landscape.
References
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Dwinanda, M. G., & Hendriyani, R. M. (2022). The Effect of Earning Per Share (EPS), Price Earning Ratio (PER), and Price To Book Value (PBV) on Stock Returns in Automotive Sub-Sector Companies. Primanomics : Jurnal Ekonomi & Bisnis, 20(3), 41–56. https://doi.org/10.31253/pe.v20i3.1460
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Fadlilah, A. H., Dambe, D. N., Cakranegara, P. A., Djohan, D., & Moridu, I. (2023). Literature Review: Diferensiasi Efek Current Ratio dan Profitability Ratio pada Harga Saham Perusahaan. Journal of Economic, Bussines and Accounting (COSTING), 6(2), 1105–1118. https://doi.org/10.31539/costing.v6i2.4920
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Ginting, E. R. B., & Sussanto, H. (2024). The Impact of Return on Asset ( ROA ), Capital Adequacy Ratio ( CAR ), Price-Earnings Ratio ( PER ), and Price-To-Book Value ( PBV ) on Stock Prices of Banking Companies Listed on the LQ45 Index during 2019- 2023. Journal of Economics, Finance and Management Studies, 07(10), 6199–6206. https://doi.org/10.47191/jefms/v7
Heliani, Mareta, F., Ulhaq, A., Resfitasari, E., Febriani, I., & Elisah, S. (2022). Effect of Debt to Equity Ratio, Current Ratio, Total Assets Turnover, Earning Per Share, Price Earning-Ratio, Sales Growth, and Net Profit Margin on Return on Equity. Proceedings of the International Conference on Economics, Management and Accounting (ICEMAC 2021), 207(Icemac 2021), 417–426. https://doi.org/10.2991/aebmr.k.220204.047
Hirzi, Z. F. A. H. A. H. D. S. O. P. M. F. (2023). Analysis of the Effect of Financial Performance on Stock Prices in Consumer Sector Manufacturing Companies Listed on The Indonesia Stock Exchange for the Period 2017 – 2022. International Journal of Social Service and Research, 3(8), 1939–1951. https://doi.org/10.46799/ijssr.v3i8.471
Hou, A. (2023). The Influence Of Financial Literacy And Quality Of Financial Statements On The Performance Of Msmes In Medan Marelan. International Journal of Accounting, Management, Economics and Social Sciences, 1(4), 1–10.
Hs, W. H., & Hou, A. (2023). Effect of Debt To Asset Ratio and Debt To Equity Ratio on Return on Equity in Manufacturing Companies in the Food and Beverage Sector Registered on Idx 2017 -2022. Jurnal Ekonomi, 12(03), 733–739.
Jurnal, J. M. K., & Wardana, G. K. (2024). Analysis of Factors Affecting Stock Valuation Based on Price Earning Ratio. JMK (Jurnal Manajemen Dan Kewirausahaan), 9(3), 281–291.
Khairani, R. D. V. N. J. B. E. Y. A. D. M. R. A. N. B. S. A. E. M. T. R. (2023). Pemasaran Bisnis Era Digital. CV. Media Sains Indonesia.
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Khofifa, anita nur, & Rahmawati, mia ika. (2024). Dividen Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Indeks Lq45 Di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi, 1–16.
Khoirunisa, H., & Karnasi, R. (2022). Factors Affecting Non-Performing Loans of Conventional Banking: Evidence in Indonesia Stock Exchange. Jurnal Syntax Transformation, 3(1), 65–78. https://doi.org/10.46799/jurnalsyntaxtransformation.v3i1.494
Lestari, I. (2019). Keuangan & Perbankan (Issue July 2020). CV. Sadari. https://www.academia.edu/download/63341955/Buku_Keuangan___Perbankan_Final20200517-129815-j80w6s.pdf
Lestari, I., & Nasib, A. K. H. M. (2021). Manajemen & Bisnis Modern. In Jakarta: PT Rineka Cipta. Pena Persada.
Levianti, A. H. A. F. D. T. M. R. R. R. A. (2023). The Influence of Company Age, Profitability, and Leverage on Tax Avoidance in Pharmaceutical Sector Companies Listed on the Indonesian Stock Exchange (BEI). Economics, Business and Innovation Research, 02(06), 54–66. www.bps.go.id
Mao, R. (2023). Verify the Relationship Between a Company’s Earning per Share, Return on Equity, Return on Asset, Sales Growth, Price to Earning Ratio, Current Ratio, Gross Profit Margin, Quick Ratio, Asset Turnover and Its Stock Price. SHS Web of Conferences, 163, 1–13. https://doi.org/10.1051/shsconf/202316303003
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Nastiti Rizky Shiyammurti, & Tiara Ningsih. (2024). Pengaruh Profitabilitas (ROE), Kebijakan Dividen (DPR), Dan Keputusan Investasi (PER) Terhadap Nilai Perusahaan (PBV) Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI). GEMILANG: Jurnal Manajemen Dan Akuntansi, 4(3), 189–211. https://doi.org/10.56910/gemilang.v4i3.1595
Nathasa, B., Purba, P. Y., Kaur, H., Christie, N., & Sipayung, A. (2024). The Influence Of Intellectual Capital, Liquidity, And Operational Efficiency On The Growth Of Banking Profitability In Indonesia (Case Study Of Banking Companies 2020-2023). International Conference on Economics, Business, Management, and Accounting (ICEBesMA), 1–16.
Nazah, K., Hou, A., Harahap, T. A., Ayni, T. W., & Harianto, A. (2024). Analisis Laporan Keuangan sebagai Alat untuk Mengukur Kinerja Keuangan pada PT. Gudang Garam dari Bursa Efek Indonesia. Arus Jurnal Sosial Dan Humaniora (AJSH), 4(2), 1–10. http://jurnal.ardenjaya.com/index.php/ajshhttp://jurnal.ardenjaya.com/index.php/ajsh
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Published
2025-05-24
How to Cite
Yenni Chandra, Winda Angelika Damanik, Tinitri Lestari Pasaribu, Hendra Nazmi, & Sri Puspa Dewi. (2025). Analysis Of The Application Of Return On Equity (ROE), Price Earning Ratio (PER), And Price To Book Value (PBV) In Stock Investment Decision Making In The Banking Sector On The Idx During The 2019-2023 Period. International Journal of Economics, Business and Innovation Research, 4(03), 1022-1041. https://doi.org/10.63922/ijebir.v4i03.1845
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