DETERMINANT MODELS AFFECTING FINANCIAL PERFORMANCE AND STOCK RETURN COMPANIES REGISTERED IN INDONESIA STOCK EXCHANGE

This research aims to analyze the effect of Capital Adequacy Ratio (CAR), Operating Expenses to Operating Income Ratio (BOPO), Loan to Deposits Ratio (LDR), Net Interest Margin (NIM), and Non-Performing Loan Ratio (NPL) variables on ROA and Stock Return of Banks That Listed in the Indonesia Stock Exchange. The population in this research is all banks listed on the Indonesia Stock Exchange. At the same time, the samples are 30 companies. The sampling uses the purposive sampling method. Secondary data was obtained in the Indonesia Stock Exchange and Yahoo! Finance. The independent variables used are CAR, BOPO, LDR, NIM, and NPL. The data analysis technique used is multiple linear regression analysis by SmartPLS software. This research indicates that the LDR, NIM, and NPL variables have a significant effect on ROA. The CAR, BOPO, and NPL variables have a significant effect on Stock Return. The predictive ability of the independent variables (CAR, BOPO, LDR, NIM, and NPL) on ROA is 59.5%, as indicated by the value of Adjusted R Square is 59.5%, while the remaining is 40.5% influenced by other variables not included in this research. The independent variables (CAR, BOPO, NIM, and NPL) on Stock Returns have 13.3% of Adjusted R Square while the remaining is 86.7% influenced by other variables.

Law of the Republic of Indonesia number 8 of 1995 concerning capital markets, which is meant by the capital market is an activity concerned with public offering and trading of securities, public companies related to the issuance of securities, and institutions and professions re-lated to securities. Whereas the stock exchange is a party that organizes and provides a system and means to bring together the offer and sale of securities of other parties with the aim of trading securities between them.
The banking sub-sector is one sector that has an important role in helping to increase economic growth. To carry out the role of the bank, the bank obtained funds from three sources, namely from the bank itself, from the community, and from other in-stitutions. To finance operations and expand businesses, banks usually obtain funds from their own capital by selling shares.
Stock prices are influenced by two factors, namely external factors, and internal factors. External factors consist of Gross Domestic Product (GDP) growth rates, inflation rates, banking interest rates, currency exchange rates, and commodity prices, especially for commodity-based stocks such as mining and agriculture companies. Internal factors consist of company performance, planned issuance of new shares, and the existence of legal issues that may have implications for the development of the company's business.
Investors will choose to invest in securities that are expected to provide a rate of return in accordance with the risks borne by investors. For investors, this rate of return becomes a major factor because returns are the results obtained from an investment. Good banking performance will encourage increased returns obtained by investors. Starting from the statement, Bisnis.com. (2018) reported that the performance of the banking industry in 2014 declined when compared to the previous year. Deposit Insurance Agency (LPS), represented by Jun-ior Sub Manager -Banking System and Systematic Risk Analyst, LPS Totong Sudarto, explained that banking profit growth dropped dramatically, reaching only 11% or increasing Rp8 trillion to Rp143 trillion. When compared to last year, banking profit at the end of December 2013 rose 15% (Tribunnews, 2018). Totong Sudarto also explained several factors that caused the decline in banking performance, namely due to slowing economic performance in Indonesia, bank profitability decreased due to decreased Net Interest Margin (NIM), tight liquidity, and Non-Performing Loans (NPL) had increased.
The economic performance of a country can be seen from several indicators, including GDP, inflation rates, debt to service ratio (DSR), foreign direct investment, etc (Kompasiana, 2018). Basically, GDP is the amount of added value generated by all business units in a particular country or is the total value of final goods and services produced by all economic units (Badan Pusat Statistik, 2018). Bisnis.com (2018) reported that Indonesia's GDP in 2014 grew the lowest in the last five years. The Central Statistics Agency reported that Indonesia's GDP in the fourth quarter of 2014 rose 5.01%, making the 2014 economic growth of 5.02%. The eco- Source: Yahoo Finance dan Badan Pusat Statistik nomic growth was the lowest growth since the Indonesian economy grew 4.63% in 2009. In 2013, the Indonesian economy grew 5.58%, previously in 2012 (6.03%), 2011 (6.17%), and 2010 (6, 38%). If GDP growth continues to decline, it will have an impact on the decline in Indonesia's economic performance that can affect investors in investing in companies that can be seen in the growth (IDX), including investment in banking companies.
The following graph is the movement of Gross Domestic Product (GDP), Indonesia Stock Exchange (IDX), and Sectoral Finance Stock Price Index (Figure 1).
From Figure 1. there is an increase and decrease every year, gross domestic product (GDP) has a high economic growth in 2013 which is 5.78% and experienced a fairly low decline in 2015 which was 4.79%. And in the Indonesia Stock Exchange (IDX) increased from 2013 which was 42.74% to 63.55% in 2017. Then in the stock price index (IDX) Finance experienced the same movement as the composite stock price index (IDX), wherein 2013 it was 5.4% and experienced an increase in 2017 which was 11.4%. But there are differences that occur in the growth of Gross Domestic Product (GDP), Indonesia Stock Exchange (IDX), and Sectoral Finance Price Index. Where the difference occurred in 2014, IDX and IHS Finance increased from 2013 -2014 while the Domestic Product (GDP) decreased. The difference occurred because one of the factors was CAR, BOPO, LDR, NIM, and NPL which affected Stock Return.
The phenomenon of rising and falling GDP and the combined stock price index and the banking sector can at least indicate that the stock returns obtained by investors from the industry have not been optimal. This means that the realization of stock returns is not in accordance with the returns expected by investors. This condition can certainly affect the behavior of investors in determining their preferences in investing in the capital market. Given the main motive of investors investing in companies that go public is getting the maximum return. Therefore it is important for companies to be able to increase the value of the company so that there is an increase in sales of shares in the capital market. If it is assumed that an investor is a rational person, then the investor will definitely pay close attention to the fundamental aspects to assess the expected return or return that he will obtain. Nurmalasari (2017) states that one of the returns on investment or stock returns can be predicted through the profitability ratio of the company. Profitability ratios are ratios used to measure management effectiveness based on returns from investment sales and the company's ability to generate profits which will be the basis for dividend distribution. The profitability ratio used in this study is ROA (Return On Assets). ROA is a ratio used to measure the ability of a company with the total funds invested in assets used for company operations in an effort to generate profits. One indicator of the profitability ratio is the CAR, BOPO, LDR, NIM, and NPL ratios.
Research on CAR conducted by Khaddafi andSyamni (2011), Alexander (2012), and Zulfa (2013) who found that capital adequacy proxied by CAR had a positive and significant effect on stock returns of banking companies. While the research by Marviana (2009) showed that Capital Adequacy Ratio (CAR) has no effect on stock returns. Research conducted by Rendiana (2015), Christiano et al. (2014) found that the Capital Adequacy Ratio (CAR) had an effect on Return on Assets (ROA), whereas according to Hutagalung et al. (2013) the CAR variable had no effect significant to ROA.
Research on BOPO conducted by Hamonangan and Siregar (2009) which states the BOPO ratio affects stock returns. However, in contrast to Rico Wijaya's research, Mohd Ihsan and Agus Solikhin stated that the BOPO ratio had a negative effect on stock returns. The BOPO studied by Pratiwi and Wiagustini (2015) and Harun (2016) showed the results that BOPO had a negative and significant effect on ROA. Meanwhile, according to research by Havidz and Setiawan (2015), the results show that BOPO has a positive and significant effect on ROA.
Research on LDR conducted by Nurazi and Usman (2016) which found that liquidity proxied by LDR had a positive and significant effect on bank stock returns. These results are different from the results of research by Risky (2009) which shows that the Loan To Deposit Ratio (LDR) has no effect on stock returns. Research on the effect of LDR on ROA studied by Prasetyo and Darmayanti (2015) shows the results that LDR has a positive and significant effect on ROA and according to Pratiwi and Wiagustini (2015) research shows the results that LDR has a positive but not significant effect on ROA.
Research on NIM conducted by Marviana (2009) shows that Net Interest margin (NIM) affects stock returns. In a study conducted by Hutagalung et al. (2013) NIM had a negative and significant effect on ROA.
Research on NPL conducted by Dianasari (2012) and Khaddafi and Syamni (2008) which states that NPL has no effect on stock returns. The results of research on the effect of NPL on ROA conducted by Pratiwi and Wiagustini (2015) and Warsa and Mustanda (2016) show the results that NPL has a negative and significant effect on ROA. Meanwhile, according to research Buchory (2015) and Harun (2016) showed different results, where NPL has a positive but not significant effect on profitability (ROA).

Formulation of the Problem
Based on the background that has been described previously, then the problem formulation can be made from this study, namely, whether CAR, BOPO, LDR, NIM, NPL ratios affect ROA and return of banking company shares listed on the Indonesia Stock Exchange 2013-2017 period.

Research Purposes
Based on the formulation of the problems that have been described, a research objective can be made, namely to find out and analyze the effect of CAR, BOPO, LDR, NIM, NPL on ROA and return of banking company shares listed on the Indonesia Stock Exchange 2013-2017.

Benefits of Research
This study certainly has benefits for several parties. For management, the results of this study are expected to provide useful information for com-panies in analyzing financial performance as an objective basis for making decisions. For Investors, the results of this study are expected to help investors examine the company's financial statements. For academics, the results of this study are expected to be able to add insight into the world of education and add discourse material for students who choose similar research topics.

LITERATURE REVIEW Signalling Theory
The signal theory aims to tell the market how the company finances so that the market knows companies that are good or bad quality. With the signal theory, investors who generally have limited financial information can receive signals from companies that have good prospects so that it helps in making investment decisions. Signal theory is intended to provide success signals or failure signals that are conveyed to the owners of capital.

Financial Performance
The company's financial performance is one of the fundamental aspects of the company's financial condition that can be done based on the analysis of the company's financial ratios in a period. Especially for financial institutions, in order to conduct fundamental analysis CAMEL financial ratios need to be considered, namely Capital, Asset Quality, Management, Earning Ability, Liquidity. CAMEL's financial ratios are financial factors that are used as the basis for assessing the soundness of banks by Bank Indonesia. The objectives of this assessment are to ensure that bank management has been carried out in line with sound credit principles and in accordance with applicable regulations and then to determine the basis for the direction of development and development, both individually and the banking industry as a whole.

Bank's Health Level
The assessment of the soundness of banks in Indonesia to date is based largely on the CAMEL factor (Capital, Assets Quality, Management, Earnings and Liquidity). These five factors are determinants of the condition of a bank. If a bank experi-ences problems with one or more of these factors, the bank will otherwise experience difficulties. Some cases, for example, a bank that has liquidity (even though the bank has sufficient capital, always profitable, well managed, good quality of productive assets) if the problem is not immediately resolved, it is certain the bank will become unhealthy. At the time of the banking crisis in Indonesia, not all banks were actually in an unhealthy condition, but because of the rush and liquidity problems, a number of banks that were actually healthy became unhealthy.

Capital Adequacy Ratio (CAR)
According to Kasmir (2014), CAR is the ratio of the ratio between the ratio of capital to Risk-Weighted Assets and in accordance with government regulations. In other words, CAR is the ratio of bank performance to measure the adequacy of capital owned by banks to support assets that contain or generate risk, for example, loans granted. This ratio is formulated as follows, according to Kasmir (2014):

Operating Expenses to Operating Income Ratio (BOPO)
Operating Expenses to Operating Income (BOPO) is a ratio that shows the magnitude of the ratio between operating expenses or costs to operating income of a company in a certain period. BOPO has become one of the ratios whose change in value is of particular concern to the banking sector considering that one of the criteria for determining the soundness of banks by Bank Indonesia is the magnitude of this ratio. According to Pandia (2012), BOPO which is often called the efficiency ratio is used to measure the ability of bank management in controlling operating expenses to operating income. BOPO

Loan to Deposit Ratio (LDR)
The main function of a bank is as a financial intermediary institution or financial intermediary. This intermediation function can be demonstrated by the Loan to Deposit Ratio (LDR). According to Kasmir (2011), Loan to Deposit Ratio (LDR) is a ratio to measure the composition of the amount of credit given compared to the number of public funds and own capital used. To calculate the value of the LDR can be calculated using this formula, according to Kasmir (2011):

Net Interest Margin Ratio (NIM)
Net Interest Margin (NIM) is a ratio used to measure the ability of bank management to manage their productive assets to generate net interest income, according to Pandia (2012). NIM is a ratio used to measure the ability of bank management in managing their productive assets in order to generate net interest income. This ratio illustrates the level of total net interest income obtained by using productive assets owned by banks. The greater this ratio, the higher the interest income obtained from the productive assets managed by the bank so that the possibility of the bank is a problem less and less. The standard set by Bank Indonesia for the NIM ratio is 6% and above.

Non Performing Loan Ratio (NPL)
Non-Performing Loans (NPL) are non-performing loans or bad loans are loans that have obstacles caused by 2 elements namely from the banking sector in analyzing or from the customer who intentionally or unintentionally in their obligations not to make payments, according to Kasmir (2013). Non-performing loans are loans with substandard, doubtful and bad quality. Credit risk is the risk that

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arises if the borrower is unable to return the borrowed funds and the interest that must be paid. This ratio can be formulated as follows, according to Kasmir (2013):

HYPOTHESIS DEVELOPMENT Effect of CAR on ROA
CAR is a ratio that shows how far all bank assets that contain ratios that show how far all bank assets that contain risks (credit, participation in securities, bills at other banks) are also funded by the bank's own capital and capital in addition to obtaining funds from sources outside the bank, such as public funds, loans (debt), and others. In other words, CAR is the ratio of bank performance to measure the adequacy of capital owned by banks to support assets that contain or generate risk, for example, loans granted. CAR shows how far the decline in bank assets that can still be covered by available bank equity, the higher the CAR, the better the bank's condition. The greater the Capital Adequacy Ratio (CAR), the greater the bank's profits. In other words, the smaller the risk of a bank, the greater the benefits of a bank. Research conducted by Rendiana (2015), Christiano et al. (2014) found that Capital Adequacy Ratio (CAR) had a significant positive effect on Return on Assets (ROA). H 1 : CAR has a significant positive effect on Return On Assets (ROA)

Effect of BOPO on ROA
BOPO is the ratio between operating expenses to operating income. Operating expenses are used to measure the level of efficiency and ability of banks to carry out operational activities. Operating expenses are expenses incurred by banks in the context of carrying out their main business activities (such as interest expenses, labor expenses, marketing expenses, and other operating expenses). Operating income is the main income of the bank, i.e. interest income obtained from the placement of funds in the form of loans and other operating in-come. The smaller this ratio means the more efficient operating expenses incurred by the bank concerned so that the possibility of a bank in problematic conditions is smaller. So that it can be arranged a logic that the operating efficiency variable which is proxied by BOPO has a negative effect on banking performance which is proxied by Return on Assets (ROA). According to the research of Havidz and Setiawan (2015), the results show that BOPO has a positive and significant effect on ROA. H 2 : BOPO has a significant positive effect on Return on Assets (ROA)

Effect of LDR on ROA
Loan Deposit Ratio (LDR), which shows the ability of a bank in providing funds to its debtors with capital owned by banks and funds that can be collected by the public. Loan Deposit Ratio (LDR) reflects the ability of banks to repay withdrawals of funds made by depositors by relying on loans provided as a source of liquidity, in other words how far the provision of credit to credit customers can offset the bank's obligation to immediately meet the demand of depositors who want to withdraw their money which has been used by banks to provide loans granted with total third party funds. The higher the value of the Loan Deposit Ratio (LDR) indicates the lower ability of the bank's liquidity concerned so that the possibility of a bank in problematic conditions will be even greater, conversely the lower the Loan Deposit Ratio (LDR) ratio shows the lack of effectiveness of banks in lending so that the bank's opportunity is lost to make a profit. Research on the effect of LDR on ROA examined by Prasetyo and Darmayanti (2015) shows the results that LDR has a positive and significant effect on ROA. H 3 : LDR has a significant positive effect on Return on Assets (ROA)

Effect of NIM on ROA
Net Income Margin (NIM) is a ratio that shows the ability of bank management in managing productive assets to generate net interest income. Net interest income is obtained from granting loans, while banks have interest expense obligations to deposi-DECEMBER 2021 Sudarno, Suyono, Yusrizal, Johannes Tambunan tors. The greater this ratio increases the interest income on earning assets managed by the bank so that the likelihood of a bank in problematic conditions is smaller. So it can be concluded that the greater the change in a bank's Net Income Margin (NIM), the greater the bank's profitability, which means the financial performance is increasing. In a study conducted by Hutagalung et al. (2013) NIM had a negative and significant effect on ROA. H 4 : NIM has a significant negative effect on Return On Assets (ROA)

Effect of NPL on ROA
The NPL ratio shows the ability of bank management to managing non-performing loans provided by banks. If a bank has a high NPL condition, it will increase other costs, potentially resulting in bank losses. The higher the NPL ratio, the worse the quality of credit that causes the number of problem loans is greater so that it can cause the possibility of a bank in a greater problematic condition. After credit is granted, banks are required to monitor the use of credit and the ability and compliance of debtors in meeting obligations. The Bank reviews the collateral valuation and binding to minimize credit risk. So in this case the higher the NPL ratio, the lower the profitability of a bank. The results of research on the effect of NPL on ROA conducted by Pratiwi and Wiagustini (2015) and Warsa and Mustanda (2016) show the results that NPL has a negative and significant effect on ROA. H 5 : NPL has a significant negative effect on Return on Assets (ROA)

Effect of CAR on Stock Return
CAR is a minimum capital that is sufficient to guarantee the interests of third parties. This capital is very important for the bank's progress and can be used to safeguard the possibility of loss risk arising from the movement of bank assets which basically derives a large portion of third party funds.
If the CAR ratio increases, the bank's own capital increases so that cheap funds are available large enough to accelerate lending and development. This condition will be able to increase company profits which in turn will open up opportunities for busi-ness scale development and opportunities for dividend distribution to shareholders. This will have an impact on improving the assessment of bank performance. Increased market perceptions of banking performance will increase stock demand so that it can trigger an increase in stock prices and ultimately will increase stock returns. Research on CAR conducted by Khaddafi and Syamni (2011) found that capital adequacy proxied by CAR had a positive and significant effect on stock returns. H 6 : CAR significantly positive effect on Stock Return

Effect of BOPO on Stock Return
Bank management aspects are assessed by Bank Indonesia using a questionnaire that must be responded to by bank managers in order to find out and map the quality of their management. This information is very private information so it is difficult to obtain it. As an alternative, a bank rating can be used by an independent institution or by using financial ratios, namely the ratio of Operating Expenses to Operating Income (BOPO). This ratio shows the comparison between operating expenses and operating income.
From this ratio, it can be seen that the greater this ratio means that bank management tends to produce relatively smaller operating income as a result of less efficient operations or relatively higher operating expenses. So that the greater the ratio means that management is operating less efficiently so that the final profit will be even smaller. This condition will reduce the bank's reputation for profit so that it will ultimately have an impact on the company's stock price. And next is the decline in stock returns. Research on BOPO conducted by Hamonangan and Siregar (2009) which states the BOPO ratio has a significant negative effect on stock returns. H 7 : BOPO has a significant negative effect on stock returns

Effect of LDR on Stock Return
Liquidity aspects in this study are proxied by LDR. Loans to Deposits Ratio is a comparison of the total loans granted with total third party funds or total deposits. LDR ratio illustrates the ratio between loans issued by banks with funds from third parties. An increase in the LDR ratio also means an increase in interest income earned by banks. An increasing LDR means increased profitability which indicates greater profit growth. Conversely, it will have an impact on the stock price decline if the ratio is smaller. Research on LDR conducted by Rosita et al. (2012) and Nurazi and Usman (2016) who found that liquidity proxied by LDR had a positive and significant effect on bank stock returns. H 8 : LDR has a significant positive effect on stock returns

Effect of NIM on Stock Return
NIM is the ratio between net interest income and earning assets or assets that generate interest. The NIM ratio is used to measure the ability of bank management to manage productive assets to generate net interest income. The greater this ratio, the interest income on earning assets managed by banks will increase so that the possibility of banks in problematic conditions is getting smaller.
Most investors will choose to invest their funds in companies that are not in trouble because if a company is experiencing problems will have an impact on revenue. The reason is that public confidence in banks has diminished so that the possibility of banks earning less profit. If the bank's income decreases, it will affect the stock price. The share price will go down more as investors' interest to invest in the bank decreases. Causing stock returns received by investors will decrease. Research on NIM conducted by Marviana (2009) shows that Net Interest margin (NIM) has a significant negative effect on stock returns. H 9 : NIM has a significant negative effect on Stock Return

Effect of NPL on Stock Return
NPL is a comparison between bad loans or bad loans with the total credit given to the public, not including loans given to other banks. The greater the value of NPL, the worse the banks will be be-cause this shows that they are not able to select prospective borrowers properly. If this is allowed to continue, the bank's income will decrease. Reduced bank income, will reduce investor interest to invest in the bank concerned. The reduced interest of investors to invest their funds in the bank will reduce the demand for shares which causes stock prices to fall. So that stock returns received by investors will be reduced. Research conducted by Syauta and Widjaja (2009) that the NPL ratio has a significant positive effect on stock returns. H 10 : NPL has a significant positive effect on Stock Return

Effect of ROA on Stock Return
ROA measures the ability to generate profits from the total assets used (Wiagustini, 2010). Every company tries to keep the value of their ROA high. The greater the value of ROA it means that the better the company uses its assets to make a profit, with the increasing value of ROA the profitability of the company increases (Arista et al., 2012). This makes investors become interested in buying company shares as well as an impact on stock prices that are increasing and followed by a high rate of return on stock returns. Research conducted by Haghiri and Soleyman (2012), and Bukit (2013) concluded that ROA had a significant positive effect on stock returns. H 11 : ROA has a significant positive effect on stock returns

Framework
Based on the theoretical basis, the results of previous studies, and the problems that have been raised, the framework of this research is as follows (Figure 1).

METHOD Place and Time of Research
The place of this research is the Bank which is listed on the Indonesia Stock Exchange for the period of 2013 to 2017 and the time of the study is from April 2019. DECEMBER 2021

Data Types and Sources
The type of data used in this research is quantitative data. Quantitative data is statistical data in the form of figures, both directly extracted from the results of research and the results of qualitative data processing into quantitative data. The model in this study uses five variables, namely Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Operating Expenses to Operating Income (BOPO), Net Interest Margin (NIM) and Loan to Deposit Ratio (LDR). Secondary data is the type of data obtained and extracted through the results of second-party processing from the results of field research, both in the form of qualitative data and quantitative data. This type of data is often also called external data. Data can be in the form of documents, documents intended in this study in the form of financial reports and Bank Governance Reports for the period 2013-2017.

Population and Sample
The sample is a partial portion of the number and characteristics possessed by the population. The data collection technique used is purposive sampling, which is the determination of samples that are adjusted to predetermined criteria and then selected based on certain considerations that are tailored to the purpose of the study. The data criteria used as samples are Banking companies with the completeness of the required data related to the measurement of the variables used during the 2013-2017 period and Banking companies publish financial reports for the period 2013-2017 consistently and have been published on the Indonesia Stock Exchange. From these criteria, the number of samples in this study were 30 banks.

Definition of Variable Operations
The variables in this study consisted of independent variables and the dependent variable. The independent variable is the financial ratio consisting of CAR, BOPO, LDR, NIM and NPL. The dependent variable is ROA and stock return. CAR is the ratio of this ratio between the ratio of capital to Risk-Weighted Assets and in accordance with government regulations, according to Kasmir (2014).
BOPO / Operating Expenses to Operating Income ratio which is often called the efficiency ratio is used to measure the ability of bank management in controlling operating expenses against operating income, according to Pandia (2012). Loan to Deposit Ratio (LDR) is a ratio to measure the composition of the amount of credit given compared to the number of public funds and own capital used, according to Kasmir (2011).

Variable
Net Interest Margin (NIM) is a ratio used to measure the ability of bank management to manage their productive assets to generate net interest income, according to Pandia (2012).
Non-Performing Loans (NPL) are non-performing loans or bad loans are loans that have obstacles caused by 2 elements namely from the banking sector in analyzing or from the customer who intentionally or unintentionally in their obligations not to make payments, according to Kasmir (2013).

Understanding Return On Assets is the return on investment or better known as Return On Investment (ROI) or Return On Total
Assets is a ratio that shows the return on the number of assets used in the company. ROI is also a measure of the effectiveness of management in managing its investments, according to Kasmir (2010

Data Collection Technique
Data collection conducted in the making of this research are Literature research conducted is by collecting various kinds of literature and journals related to making this research with the aim of obtaining the theoretical basis and data analysis techniques in solving problems. Secondary data collection in the form of data of annual financial statements (Annual Report) published by the company that is the object of research. This research was obtained by collecting data from official sites such as the official website of the Indonesia Stock Exchange (PT. Bursa Efek Indonesia, 2018) and the yahoo finance site (yahoo! Finance, 2018) as well as GDP growth rate data sourced from the official website of the Central Statistics Agency (Badan Pusat Statistik, 2018).

Data Analysis Technique
This study uses partial linear regression analysis (Partial Least Square / PLS) to test the three hypotheses proposed in this study. Each hypothesis will be analyzed using SmartPLS software to test the relationship between variables.

Descriptive Analysis
Descriptive statistics provide a description or description of data that is seen from the average DECEMBER 2021 Sudarno, Suyono, Yusrizal, Johannes Tambunan value (mean), standard deviation, variance, maximum, minimum, (Ghozali, 2011). Descriptive analysis is used to describe and describe the variables used in this study. Descriptive analysis is carried out using descriptive statistics that produce average, maximum, minimum, and standard deviation values to describe the research variables so that they are contextually easy to understand.

Multicollinearity Test
The multicollinearity test aims to find out whether in the regression model each independent variable is linearly related (correlation). In a good regression model, there should be no correlation between independent or independent variables. This test can be detected by looking at the tolerance value or Variance Inflation Factors (VIF) from the SPSS analysis. If the tolerance value is greater than 0.1 or the VIF value is smaller than 10, it can be concluded that the data is good and there is no multicollinearity problem.

Model Feasibility Test
The feasibility test of this model uses the coefficient of determination (R2 test). The coefficient of determination is a value that indicates how much the independent variable can explain the dependent variable. The coefficient of determination is between zero and one. A small R2 value means that the ability of the independent variables to explain the variation of the dependent variable is very limited. A value close to 1 (one) means that the independent variables provide almost all the information needed to predict the variation of the dependent variable. In general, the coefficient of determination for time series data usually has a high coefficient of determination.

Path Analysis PLS
In general, regression analysis is basically a study of the dependent variable dependent on one or more independent variables, with the aim of estimating and / or predicting population averages or values of known independent variables (Ghozali, 2013). The data analysis model used in this study uses multiple linear regression analysis and path analysis. Path analysis is an extension of multiple linear regression analysis, or path analysis is the use of regression analysis to estimate causality relationships between variables (models causal) which has been predetermined based on theory (Ghozali, 2013). The path analysis model in the regression equation consists of two equations as follows: Model 1 : Y 1 =  1 X 1 +  2 X 2 +  3 X 3 +  4 X 4 +  5 X 5 + e Model 2 : Y 2 =  6 X 1 +  7 X 2 +  8 X 3 +  9 X 4 +  10 X 5 +  11 X 11 + e The coefficient value determines the direction of the influence of the independent variable on the dependent variable, where the coefficient of positive value (+) means the direction of the linear effect and the coefficient of negative value (-) means the direction of the opposite effect.

Hypothesis Test
Hypothesis testing is seen from the path coefficients and p-values. Path coefficients are coefficients on each exogenous and endogenous latent variables that are described in the path analysis. Whereas P-values are influences between variables based on hypotheses that are built through resampling procedures (Ghozali and Latan, 2015).

Descriptive Analysis Capital Adequacy Ratio (CAR)
The highest CAR value is owned by BTPN banks in the 2013-2014 period, but in 2015 the highest CAR value was at Bumi Arta bank, and for the

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2016-2017 period the highest CAR value was held at Bank Of India Indonesia. In the 2013-2017 period, the lowest CAR value was found in Indonesian Pundi bank but still met the CAR standard.

Operating Expenses to Operating Income (BOPO)
The average BOPO ratio has good conditions, where the BOPO value is less than 94%, but in 2015 the BOPO value is greater than 94%. In 2013-2015, JTrust bank did not operate efficiently because the high value of this ratio showed a large amount of operating expenses incurred to obtain operating income. In 2016, a high BOPO value was found at Bank Of India Indonesia. For 2017 MNC International banks have high BOPO values. Bank Rakyat Indonesia, Woori Saudara Indonesia, and Central Asia banks had low ratio values in the 2013-2017 period.

Loan To Deposit Ratio (LDR)
The average LDR ratio has good conditions, where the LDR value is at 78% -100%. In 2013-2017 QNB banks, Tabungan Negara banks, and Woori Brothers Indonesia banks had high ratios, indicating increased bank revenues, but caused banks to become illiquid and to have the consequent increased risk that must be borne by banks. Bank Mega and Bank Capital Indonesia have low ratio values in the 2013-2017 period.

Net Interest Margin (NIM)
The average NIM ratio has a pretty good condition, where the NIM value approaches from 6%. In 2013-2017, Bank Pundi Indonesia and Bank BTPN had a high ratio value, with a high ratio increasing interest income obtained from productive assets managed by the bank so that the possibility of the bank in problematic conditions was getting smaller. Bank JTrust, bank Victoria, and QNB Indonesia banks have low ratio values in the 2013-2017 period.

Non Performing Loan (NPL)
The average NPL ratio has good conditions, where the NPL value is less than 5%. In 2013-2017 banks JTrust, Bank Of India Indonesia, and MNC International banks have a high ratio value, with high ratios it increases the credit risk that arises if the borrower is unable to return the borrowed funds and the interest to be paid. Bank Bumi Arta, Central Asia banks, and BTPN banks have low ratio values in the 2013-2017 period. Thus, credit risk at the bank is low.

Return On Assets (ROA)
The average ROA ratio has a bad condition, where the ROA value is less than 1.5%. In 2013-2017 Bank Rakyat Indonesia and Central Asia banks had a high ratio value, with a high ratio indicating the level of profitability of the bank's business is getting better or healthier. Bank JTrust, bank Of India Indonesia, and MNC International banks have a low ratio value in the period 2013-2017.

Stock Return
The average stock return ratio has a ratio between 0%-0.5%. In 2013-2017 banks of India Indonesia, BTN banks, Woori Brothers Indonesia banks, and Bank Jabar Banten had a high ratio value, with high ratios the return or expected level of profits from investors. Bank BTN, Permata bank, Woori Saudara Indonesia bank, and Bank of India Indonesia have low ratio values in the 2013-2017 period.

Multicollinearity Test
Based on the test results above, it can be seen that the LDR and ROA var iables have multicollinearity towards stock returns. So, the LDR and ROA variables on stock returns are not used in this study and change the model in the study. Where the test is carried out again as follows: DECEMBER 2021

Sudarno, Suyono, Yusrizal, Johannes Tambunan
From the results of testing the second multicollinearity, the model shows that all variables in this study have a VIF value of less than 10, the model used in the study is feasible to be tested.

Model Feasibility Test (R 2 )
This test aims to see whether the model under study is a feasible model or not, as for the results of the model feasibility test in this study as follows:    From the test results obtained R 2 values on the variable CAR, BOPO, LDR, NIM, and NPL to ROA of 0.595 or equal to 59.5%. While the remaining value of 40.5% (100% -59.5%) is explained by other variables not disclosed in this study. However, the CAR, BOPO, NIM, and NPL variables on Stock Return are 0.133 or equal to 13.3%. While the remaining 86.7% is explained by other variables not disclosed in this study.

Effect of Capital Adequacy Ratio on Return on Assets
CAR is a ratio that shows how far all bank assets that contain ratios that show how far all bank assets that contain risks (credit, inclusion of securities, bills at other banks) are also funded by the bank's own capital and funds in addition to obtaining funds from sources outside the bank, such as public funds, loans (debt), and others. In other words, CAR is the ratio of bank performance to measure the adequacy of capital owned by banks to support assets that contain or generate risk, for example, loans granted. CAR shows how far the decline in bank assets that can still be covered by available bank equity, the higher the CAR, the better the bank's condition. The greater the Capital Adequacy Ratio, the greater the bank's profits. In other words, the smaller the risk of a bank, the greater the benefits of a bank. Based on the results of the study showed that the Capital Adequacy Ratio has no effect on Return On Assets so it can be interpreted that CAR has no impact on the ROA of banking companies. The results of this study are in line with the results of research conducted by Supeni (2019). However, research conducted by Rendiana (2015), Christiano et al. (2014), and Astutik and Djazuli (2014) found that Capital Adequacy Ratio significantly influenced Return on Assets.

Effect of Operating Expenses to Operating Income on Return on Assets
BOPO is the ratio between operating expenses to operating income. Operating expenses are used to measure the level of efficiency and ability of banks to carry out operational activities. Operating expenses are expenses incurred by banks in the context of carrying out their main business activities (such as interest expenses, labor espenses, marketing expenses, and other operating expenses). Operating income is the main income of the bank, i.e. interest income obtained from the placement of funds in the form of loans and other operating income. The smaller this ratio means the more efficient operating expenses incurred by the bank concerned so that the possibility of a bank in problematic conditions is smaller. So that it can be arranged a logic that the operating efficiency variable which is proxied by BOPO has a negative effect on banking performance which is proxied by Return on Assets (ROA   Magdalena and Hapsari (2021). However, according to the research of Havidz and Setiawan (2015), the results show that BOPO has a significant effect on ROA.

Effect of Loan Deposit Ratio on Return on Assets
Loan Deposit Ratio (LDR), which shows the ability of a bank in providing funds to its debtors with capital owned by banks and funds that can be collected by the public. Loan Deposit Ratio (LDR) reflects the ability of banks to repay withdrawals of funds made by depositors by relying on loans provided as a source of liquidity, in other words how far the provision of credit to credit customers can offset the bank's obligation to immediately meet the demand of depositors who want to withdraw their money which has been used by banks to provide loans granted with total third party funds. The higher the value of the Loan Deposit Ratio (LDR) indicates the lower ability of the bank's liquidity concerned so that the possibility of a bank in problematic conditions will be even greater, conversely the lower the Loan Deposit Ratio (LDR) ratio shows the lack of effectiveness of banks in lending so that the bank's opportunity is lost to make a profit. Based on the results of this study indicate that the Loan Deposit Ratio (LDR) has a significant effect on Return On Assets (ROA). So it can be interpreted that the LDR has an impact on the ROA of banking companies. Research on the effect of LDR on ROA examined by Prasetyo and Darmayanti (2015) and Santoso (2017) shows the results that LDR has a significant effect on ROA.

Effect of Net Income Margin on Return On Assets
Net Income Margin (NIM) is a ratio that shows the ability of bank management in managing productive assets to generate net interest income. Net interest income is obtained from granting loans or loans, while banks have interest expense obligations to depositors. The greater this ratio increases the interest income on earning assets managed by the bank so that the likelihood of a bank in problematic conditions is smaller. So it can be concluded that the greater the change in a bank's Net Income Margin (NIM), the greater the bank's profitability, which means the financial performance is increasing. Based on this research shows that Net Income Margin (NIM) has a significant effect on Return On Assets (ROA) so that it can be interpreted that NIM has an impact on the ROA of banking companies. In a study conducted by Hutagalung et al. (2013) and Mandagie (2021) NIM significantly influenced ROA.

Effect of Non-Performing Loans on Return On Assets
The NPL ratio shows the ability of bank management to managing non-performing loans provided by banks. If a bank has a high NPL condition, it will increase other costs, potentially resulting in bank losses. The higher the NPL ratio, the worse the quality of credit that causes the number of problem loans is greater so that it can cause the possibility of a bank in a greater problematic condition. After credit is granted, banks are required to monitor the use of credit and the ability and compliance of debtors in meeting obligations. The Bank reviews the collateral valuation and binding to minimize credit risk. So in this case the higher the NPL ratio, the lower the profitability of a bank. Based on the results of this study that the Non-Performing Loan (NPL) has a significant effect on Return On Assets (ROA) so that it can be interpreted that the NPL has an impact on the ROA of banking companies. The results of research on the effect of NPL on ROA conducted by Iskandar (2020), Pratiwi and Wiagustini (2015) and Warsa and Mustanda (2016) show that NPL has a significant effect on ROA.

Effect of Capital Adequacy Ratio on Stock Returns
CAR is a minimum capital that is sufficient to guarantee the interests of third parties. This capital is very important for the bank's progress and can be used to safeguard the possibility of loss risk aris-

Effect of Customer Relationship Management to Customer Retention Mediated by ...
ing from the movement of bank assets which basically derives a large portion of third party funds. If the CAR ratio increases, the bank's own capital increases so that there are cheap funds large enough to accelerate lending and development. This condition will be able to increase company profits which in turn will open up opportunities for business scale development and opportunities for dividend distribution to shareholders. This will have an impact on improving the assessment of bank performance. Increased market perceptions of banking performance will increase stock demand so that it can trigger an increase in stock prices and ultimately will increase stock returns. Based on the results of this study CAR has a significant effect on Stock Return so it can be interpreted that CAR has an impact on the Stock Returns of banking companies. Research on CAR conducted by Khaddafi andSyamni (2011), Alexander (2012), and Zulfa (2013) who found that capital adequacy proxied by CAR had a significant effect on stock returns.

Effect of Operating Expenses to Operating Income on Stock Returns
Bank management aspects are assessed by Bank Indonesia using a questionnaire that must be responded by bank managers in order to find out and map the quality of their management. This information is very private information so it is difficult to obtain it. As an alternative, a bank rating can be used by an independent institution or by using financial ratios, namely the ratio of Operating Expenses to Operating Income (BOPO). This ratio shows the comparison between operating expenses and operating income. From this ratio, it can be seen that the greater this ratio means that bank management tends to produce relatively smaller operating profit as a result of less efficient operations or relatively higher operating expenses. So if the greater the ratio means that management is operating less efficiently so that the final profit will be even smaller. This condition will reduce the bank's reputation for profit so that it will ultimately have an impact on the company's stock price. And next is the decline in stock returns. Based on the results of this study indicate that the BOPO has a significant effect on Stock Return so it can be interpreted that the BOPO has an impact on the banking company's Stock Return. Research on BOPO conducted by Iskandar (2017) and Hamonangan and Siregar (2009) which states the BOPO ratio has a significant effect on stock returns.

Effect of Loan Deposit Ratio on Stock Returns
Liquidity aspects in this study are proxied by LDR. Loans to Deposits Ratio is a comparison of the total loans granted with total third party funds or total deposits. LDR ratio illustrates the ratio between loans issued by banks with funds from third parties. An increase in the LDR ratio also means an increase in interest income earned by banks. An increasing LDR means increased profitability which indicates greater profit growth. Conversely, it will have an impact on the stock price decline if the ratio is smaller. Based on the results of this study indicate that the LDR on Stock Return there is multicollinearity. With the LDR multicollinearity towards Stock Return, in this study, the LDR variable for Stock Return is not used. But in the partial test, LDR has a significant effect on Stock Return. Research on LDR conducted by Rosita et al. (2012) and Nurazi and Usman (2016) who found that liquidity proxied by LDR had a significant effect on bank stock returns but it is different from the results of research by Iskandar (2017) which states that LDR have no significant effect on Stock Return.

Effect of Net Interest Margin on Stock Returns
NIM is the ratio between net interest income and earning assets or assets that generate interest. The NIM ratio is used to measure the ability of bank management to manage their productive assets to generate net interest income. The greater this ratio, the interest income on earning assets managed by banks will increase so that the possibility of banks in problematic conditions is getting smaller. Most investors will choose to invest their funds in companies that are not in trouble because if a company is experiencing problems will have an impact on revenue. The reason is that public confidence in banks has diminished so that the possibility of banks earn-DECEMBER 2021 Sudarno, Suyono, Yusrizal, Johannes Tambunan ing less profit. If the bank's income decreases, it will affect the stock price. The share price will go down more as investors' interest to invest in the bank decreases. Causing stock returns received by investors will decrease. Based on the results of this study indicate that the NIM has no effect on Stock Return so it can be interpreted that the NIM has no impact on the banking company stock returns. The results of this study are in line with the results of research conducted by Dewi (2019). However, the research on NIM conducted by Fathoni (2010) and Marviana (2009) shows that Net Interest margin (NIM) has a significant effect on stock returns.

Effect of Non-Performing Loans on Stock Returns
NPL is a comparison between bad loans or bad loans with the total credit given to the public, not including loans given to other banks. The greater the value of NPL, the worse the banks will be because this shows that they are not able to select prospective borrowers properly. If this is allowed to continue, the bank's income will decrease. Reduced bank income, will reduce investor interest to invest in the bank concerned. The reduced interest of investors to invest their funds in the bank will reduce the demand for shares which causes stock prices to fall. So that stock returns received by investors will be reduced. Based on the results of this study indicate that the NPL has a significant effect on Stock Return so that it can be interpreted that the NPL has an impact on the banking company stock returns. Research conducted by Iskandar (2020) and Syauta and Widjaja (2009) that NPL ratios have a significant effect on stock returns.

Effect of Return on Assets on Stock Return
ROA measures the ability to generate profits from the total assets used (Wiagustini, 2010). Every company tries to keep the value of their ROA high. The greater the value of ROA it means that the better the company uses its assets to make a profit, with the increasing value of ROA the profitability of the company increases (Arista et al., 2012). This makes investors become interested in buying company shares as well as an impact on stock prices that are increasing and followed by a high rate of return on stock returns. Based on the results of this study indicate that ROA on Stock Return there is multicollinearity. Similar to the LDR, then in this study, LDR and ROA on Stock Returns are not used. In the t-test conducted ROA has no effect on Stock Return. Research conducted by Abdel and Kabajeh (2012), Haghiri and Soleyman (2012), Bukit (2013), Har and Ghafar (2015), and Dhamayanti and Rahayu (2020) concluded that ROA has a significant effect on stock returns.

CONCLUSIONS
This research was conducted to see whether or not there was an influence of CAR, BOPO

RECOMMENDATIONS
From the conclusions that have been outlined, a number of suggestions are expected to be useful in further research. For companies, banking companies that have good performance or profitability must continue to be maintained or increased again so that stock returns are in good condition as well. Vice versa for banking companies that have poor performance in order to continue to improve its performance, so that investors want to invest in the company concerned. For investors, investors are expected to be careful in analyzing the performance or profitability of banking companies to predict future stock returns. In addition, it is expected to be able to use more significant ratios to assess the company's performance before investing in shares. Future research is expected to be able to add other ratios that are more significant to ROA and stock returns and can increase the time span of the study.