Dampak Kualitas Aset terhadap Leverage dan Harga Saham Bank di ASEAN

Abstract

This study aims to analyze the impact of asset quality on leverage and stock prices in the banking sector across the ASEAN region. Asset quality is measured using the Non-Performing Loan (NPL) ratio, leverage is measured by the Debt to Equity Ratio (DER), and stock price is represented by the closing price. The study also includes three control variables: bank size (Size), Loan Loss Provision (LLP), and Return on Assets (ROA). This research employs a descriptive quantitative approach using a dynamic panel data regression model estimated with the Generalized Method of Moments (GMM). The sample consists of 44 banks from six ASEAN countries, selected through purposive sampling based on data availability from 2013 to 2023. Based on the estimation results, the study finds that the independent variable, Non-Performing Loan (NPL), has a negative and significant effect on the dependent variable, Debt to Equity Ratio (DER). Furthermore, NPL also has a negative and significant impact on the stock price.