Pengaruh Kualitas Aset dan Kecukupan Modal terhadap Nilai Perusahaan pada Bank Umum Konvensional di BEI Periode 2021-2025

Abstract

This research investigates the impact asset quality and capital adequacy relate to the market value of conventional commercial banks listed on the IDX from 2021 to 2025. Gross NPL stands in for asset quality, CAR for capital adequacy, and PBV for firm value. Using secondary data from annual reports, financial statements, and share-price records, purposive sampling yielded 35 banks and 175 bank-year observations. After removing 39 outliers, 136 observations went into the panel regression, and the model-selection tests pointed to the Random Effect Model (REM). NPL showed a significant positive link to PBV (coefficient 3.953733; p = 0.0090), the opposite of the expected negative direction. CAR had a negative but insignificant coefficient (−0.010713; p = 0.9683), so the expected positive effect was not supported. Jointly, the two variables are significant (Prob(F) = 0.037024), yet an R-squared of 0.048358 shows weak explanatory power. Bank valuation therefore appears to depend on factors beyond NPL and CAR. Since NPL measures credit risk rather than good asset quality, its positive coefficient must be read with caution.