Effect of Financial Performance on Stock Price with Return on Assets as an Intervening Variable in State-Owned Banks in Indonesia

The objective of this study is to examine the significant effect of financial performance on stock price with Return on Assets (ROA) as an intervening variable in state-owned banks. This is an explanatory research. The research population is Indonesian banking industry owned by the government, namely the State-Owned Commercial Bank (SOE). The 4 (four) banks involved as the sample among other PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, and PT Bank Tabungan Negara (Persero) Tbk. The test results showed that Non-Performing Loan (NPL) ratio does not have a significant negative effect on Return on Assets (ROA), Loan to Deposit Ratio (LDR) ratio does not have a significant positive effect on Return on Assets (ROA), Capital Adequacy Ratio (CAR) ratio does not have a significant positive effect on Return on Assets (ROA), Operating Expenses toward Operating Income (OEOI) has a significant negative effect on Return on Assets (ROA), BI Rate has a significant positive effect on Return on Assets (ROA), Return on Assets (ROA) has a significant positive effect on the return of stock price