Analisis Pengaruh Faktor – Faktor Spesifik Bank terhadap Nilai Intrinsik Ekuitas Studi Kasus pada Perbankan di Indonesia

Abstract

The value that represents the ownership interest of a company is the intrinsic value of equity. The objective of this research is to determine affecting factors on the intrinsic value of banking equity in Indonesia. The intrinsic value of equity in this research is determined using the discounted method for free cash flow to equity (FCFE). The population in this study is 39 banking sector companies listed on the Indonesia Stock Exchange with a research period of 2015 to 2019. Panel data regression is used as a statistical testing tool. The test results in this research show that credit risk, profitability and bank leverage have no significant effect on the intrinsic value of bank equity in Indonesia under normal conditions before the Covid-19 pandemic. However, on the contrary, cost efficiency and bank stability have a negative and significant effect on the intrinsic value of equity, while size has a positive effect on the intrinsic value of bank equity. The findings of this research confirm that the intrinsic value of bank equity is greatly affected by managerial ability to carry out cost efficiency and maintain the level of bank stability. The results of this research are beneficial for banking practitioners and regulators to identify factors that affect the intrinsic value of banking equity.