Analisis Pengaruh Tingkat Kesehatan Bank terhadap Return Saham (Studi Kasus: Bank Terdaftar di Bursa Efek Indonesia Pada Tahun 2016-2021)

Abstract

Bank performance evaluation is done by analyzing its financial statements. An Understanding the company's performance through financial statements and good financial performance can reflect a good stock returns. Stock returns can be obtained by the movement of stock prices so as to obtain capital gains or by the distribution of profits made by the company or dividends. The bank's financial report also describes the development and management of the bank in carrying out its operations to assess the health of the bank. The bank's health assessment aims to determine whether the bank is in a healthy, moderately healthy, unhealthy and unhealthy condition because its activities involve raising money from the public and the trust given by the community. The health or financial condition of a bank is in the interest of all related parties, whether it is the owner, manager (management) of the bank, and the public who use bank services. Likewise, the Covid-19 pandemic caused panic in the financial sector and had an impact on banking in Indonesia. Economic growth experienced a contraction, the current account balance and capital account experienced a deficit, the rupiah weakened against the US dollar. The crisis this time is different in that the Covid-19 pandemic has never happened before, so a synergy of financial sector stimulus is needed in the form of credit restructuring in the business world. The impact on the national economy is becoming uncertain. This research aims to analyze the development and soundness of banks from financial performance ratios in banking companies listed on the IDX in 2016-2021 using the RGEC approach; analyze the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2016-2019 or before Covid19; analyzed the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2020-2021 or during the Covid-19 pandemic. This research analyzes the performance of the banking sub-sector listed on the Indonesia Stock Exchange in the period 2016 to 2021 using the RGEC method. The part of the method and the ratios used in assessing the health of the bank is to conduct an assessment of the risk profile (Risk Profile), Good Corporate Governance (GCG), and profitability (Earnings), capital (Capital). First, the assessment indicators used in assessing the Risk Profile aspect are NPL (Non Performing Loan) and LDR (Loan to Deposit Ratio). Second, the indicators used in the assessment of aspects of Good Corporate Governance (GCG) are Governance Structure, Governance Process, and Governance Outcomes. Third, the indicators used in the assessment of the Earnings aspect in this study are RoA (Return on Assets) and NIM (Net Interest Margin). Fourth, the indicator used in the assessment of the Capital aspect is CAR (Capital Adequacy Ratio). These four aspects were then carried out three analyzes, namely an analysis of the soundness of banks from financial ratios using the RGEC method, an analysis of the effect of RGEC ratios on stock returns before Covid-19 and an analysis of the effect of RGEC ratios on stock returns during the Covid-19 pandemic. Based on the calculation of bank soundness, it can be seen that the key figures for the risk profile, GCG, earning and equity (RGEC) in the banking sub-sector listed on the Indonesia Stock Exchange developed well in 2016-2021 in the banking sector on average from 39 banks studied. there are 11 Banks that are in Composite Rating 1 (Very Healthy), 25 Banks are on Composite Rating 2 (Healthy) and 3 Banks are on Composite Rating 3 (Sufficiently Healthy). It can be said that the banking subsector reflects the overall healthy condition of the bank so that it is considered very capable of dealing with the significant negative effects of economic uncertainty conditions, both internal and external influences of banking. Based on the results of panel regression tests in 2016-2019 or before Covid19, bank health metrics which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 28.89 % of bank stock returns and 71.11% stock returns are influenced by other factors outside the variables studied. However, based on the p-value results, the variables NPL, GCG, NIM and CAR have no significant effect on bank stock returns, while the LDR and ROA variables have a significant effect on stock returns. In general, the soundness of banks listed on the IDX is in a healthy condition. Based on the results of panel regression tests in 2020-2021 or after Covid19, bank health metrics which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 4, 93% of bank stock returns and 95.07% of stock returns are influenced by other factors outside the variables studied. However, based on the results of the p-value variables, NPL, LDR, GCG, ROA, NIM and CAR have no significant effect on bank stock returns. However, in general, the health level of banks listed on the IDX during the COVID-19 pandemic is in a healthy condition. This proves that the bank's financial performance before and during the COVID19 storm was stable, indicating the resilience of the banking system in dealing with the economic turmoil caused by COVID19 as well as regulatory support issued by the Government, Bank Indonesia and OJK.