Analisis Pengaruh Pertumbuhan Kredit, Non Performing Loan, Restrukturisasi Kredit dan Hapus Buku Kredit Terhadap Harga Saham dengan Profitabilitas Sebagai Variabel Intervening

Abstract

This study aims to analyze the effect of credit growth, Non-Performing Loans (NPL), credit restructuring and credit write-offs on stock prices, with profitability as an intervening variable. The research object comprises banking companies listed on the Indonesia Stock Exchange. Credit policy and management are crucial elements in the banking industry, as they not only represent the bank’s primary function but also serve as the main source of income for the company. This study adobts a quantitative approach using multiple linear regression analysis. Data processing and analysis were performed using Eviews version 12. The research sample consists of 37 purposively selected banking companies, observed over a three-year period (2022-2024), resulting in a total of 111 observations. The analysis results show that credit growth has a positive and significant effect on stock prices. Conversely, non-performing loan (NPL) and credit restructuring have a negative an significant effect on stock prices, while credit write-offs have no significant effect. Furthermore, credit growth positively and significantly effect stock prices through profitability as an intervening variable. In contrast, NPL and credit restructuring negatively and significantly effect of stock price through profitability, whereas credit write-offs show no significant effect through profitability.