Main Article Content
Abstract
Purpose – This study explores comparatively the effects of capital adequacy, non-performing loans/financing, liquidity, and operating expenses on Indonesia’s conventional and Islamic banking performances between the pre-and post-2008 Global Financial Crisis (GFC) periods.
Methodology – The study selected the three respective largest conventional and Islamic banks as a sample of the study using a purposive sampling technique. The data for the pre-2008 GFC period (i.e., 2003 – 2008) and the post-2008 GFC period (i.e., 2009 – 2017) were analyzed using a panel multiple regression analysis.
Findings – The study documented different influences of capital adequacy, liquidity, non-performing loans/financing, and operating expenses on conventional and Islamic banking performances between the pre- and post-2008 GFC.
Research limitations – This study only investigated the banks’ characteristics as the determinants of banking performances and compared merely the effects the pre- and post-2008 GFC periods.
Practical implications – To maintain and enhance their performances, the Islamic and conventional banks should adopt different financial policies between the normal and turbulent economic periods. The Islamic banks were in a better position amid the crisis, showing an urgent need for the government to further promote Islamic banks, as they could offer better solutions for economic stability.
Originality – The study examined a larger number of conventional and Islamic banks over more extended and updated study periods, namely six years (i.e., 2003-2008) before the 2008 GFC and ten years (i.e., 2009-2018) after the 2018 GFC. The study is among the first attempts to comparatively analyze the determinants of Indonesia’s Islamic and conventional banking performances between the pre- and post-2008 GFC periods using the panel multiple regression analysis to arrive at more comprehensive and robust empirical evidence.Article Details
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References
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- Arfan, M., Basri, H., Handayani, R., Shabri, M.S.A., Fahlevi, H., & Dianah, A. (2017). Determinants of cash holding of listed manufacturing companies in the Indonesian stock exchange. DLSU Business and Economics Review, 26(2), 1–12. Retrieved from https://www.dlsu.edu.ph/wp-content/uploads/2019/03/1arfan-012517.pdf
- Aryati, T., & Balafif, S. (2007). Analisis faktor yang mempengaruhi tingkat kesehatan bank dengan regresi logit. The Winners, 8(2), 111–125. https://doi.org/10.21512/tw.v8i2.734
- Banik, B.P., & Das, P.C. (2013). Comparison of financial performance of state owned commercial banks: A case study of Bangladesh. International Journal of Science and Research, 2(2), 423–428. Retrieved from https://www.ijsr.net/search_index_results_paperid.php?id=IJSRON2013449,
- Bank Indonesia. (2009). Outlook Ekonomi Indonesia 2009 - 2014, Edisi Januari 2009. Jakarta. Retrieved from https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/news_oei_0109.aspx
- Bank Indonesia. (2010). Krisis Global dan Penyelamatan atas Sistem Perbankan Indonesia. Jakarta. Retrieved from https://www.bi.go.id/id/publikasi/lain/artikel/Pages/buku_krisis_global_180110.aspx
- Betharino, L. (2015). Analisis perbandingan kinerja keuangan bank konvensional dan bank syariah pada PT. Bank Negara Indonesia Tbk. Artikel Ilmiah Mahasiswa. Universitas Padjajaran. Retrieved from https://repository.unej.ac.id/bitstream/handle/123456789/64460/LENGGA%20BETHARINO.pdf?sequence=1
- Chamberlain, T., Hidayat, S., & Khokhar, A.R. (2020). Credit risk in Islamic banking: Evidence from the GCC. Journal of Islamic Accounting and Business Research, 11(5), 1055–1081. https://doi.org/10.1108/JIABR-09-2017-0133
- Chowdhury, M.A.F., Haque, M.M., & Masih, M. (2017). Re-examining the determinants of Islamic bank performance: New evidence from dynamic GMM, quantile regression, and wavelet coherence approaches. Emerging Markets Finance and Trade, 53(7), 1519–1534. https://doi.org/10.1080/1540496X.2016.1250076.
- Davies, G. (2002). A History of Money: From Ancient Times to the Present Day. The UK: University of Wales Press. Retrieved from http://library.uniteddiversity.coop/Money_and_Economics/A_History_of_Money-From_Ancient_Times_to_the_Present_Day.pdf
- Dewi, D. (2010). Faktor-faktor yang mempengaruhi profitabilitas bank syariah di Indonesia. Thesis. Diponegoro University. Retrieved from http://eprints.undip.ac.id/26645/1/ARTIKEL_JURNAL-SKRIPSI.pdf
- Erol, C.F., Baklaci, H., Aydogan, B., & Tunc, G. (2014). Performance comparison of Islamic (participation) banks and commercial banks in Turkish banking sector. EuroMed Journal of Business, 9(2), 114–128. https://doi.org/10.1108/EMJB-05-2013-0024
- Hamid, A., Majid, M.S.A., & Khairunnisah, L. (2017). An empirical re-examination of the Islamic banking performance in Indonesia. International Journal of Academic Research in Economics and Management Sciences, 6(2), 219–232. https//doi.org/10.6007/IJAREMS/v6-i2/3022
- Hassan Al-Tamimi, H.A. (2010). Factors influencing performance of the UAE Islamic and conventional national banks. Global Journal of Business Research, 4(2), 1–9. Retrieved from https://www.researchgate.net/publication/228201551_Factors_Influencing_Performance_of_the_UAE_Islamic_and_Conventional_National_Banks
- Hassan Al-Tamimi, H.A., Miniaoui, H., & Elkelish, W.W. (2015). Financial risk and Islamic banks’ performance in the Gulf Cooperation Council Countries. The International Journal of Business and Finance Research, 9(5), 103–112. Retrieved from http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v9n5-2015/IJBFR-V9N5-2015-9.pdf.
- Hazzi, O.A., & Kilani, M.I.A. (2013). The financial performance analysis of Islamic and traditional banks: Evidence from Malaysia. European Journal of Economics, Finance and Administrative Sciences, 57, 133–144. Retrieved from https://www.researchgate.net/publication/258513889_The_Financial_Performance_Analysis_of_Islamic_and_Traditional_Banks_Evidence_from_Malaysia.
- Jaffar, M., & Manarvi, I. (2011). Performance comparison of Islamic and conventional banks in Pakistan. Global Journal of Management and Business Research, 11(1), 31–42. Retrieved from https://globaljournals.org/GJMBR_Volume11/7_Performance_comparison_of_Islamic_and_Conventional_banks_in_Pakistan.pdf.
- Kassim, S.H., & Majid, M.S.A. (2010). Impact of financial shocks on Islamic banks: Malaysian evidence during 1997 and 2007 financial crises. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 291–305. https://doi.org/10.1108/17538391011093243
- Kassim, S.H., Majid, M.S.A., & Hamid, Z. (2011). The 2007 global financial crisis and the Malaysian stock market: A sectoral analysis. Afro-Asian Journal of Finance and Accounting, 2(3), 185–209. https://doi.org/10.1504/AAJFA.2011.041629
- Kassim, S.H., Majid, M.S.A., & Yusof, R.M. (2009). Impact of monetary policy shocks on the conventional and Islamic banks in a dual banking system: Evidence from Malaysia. Journal of Economic Cooperation and Development, 30(1), 41–58. Retrieved from https://www.researchgate.net/publication/254369532_Impact_of_Monetary_Policy_Shocks_on_the_Conventional_and_Islamic_Banks_in_a_Dual_Banking_System_Evidence_from_Malaysia
- Khan, I., Khan, M., & Tahir, M. (2017). Performance comparison of Islamic and conventional banks: empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 419–433. https://doi.org/10.1108/IMEFM-05-2016-0077
- Kusumo, Y.A. (2008). Analisis kinerja keuangan Bank Syariah Mandiri periode 2002–2007 (Dengan pendekatan PBI No. 9/1/PBI/2007). La Riba Jurnal Ekonomi Islam, 2(1), 109–131. Retrieved from https://studylibid.com/doc/1076052/analisis-kinerja-keuangan-bank-syariah-mandiri-periode-2002
- Majid, M.S.A. (2018). Stability and resilience of equity markets amidst the 2008 global financial crisis: Islamic versus conventional markets. DLSU Business & Economics Review, 28(1), 34–48. Retrieved from http://dlsu-ber.com/stability-and-resilience-of-equity-markets-amidst-the-2008-global-financial-crisis-islamic-versus-conventional-markets/
- Majid, M.S.A., & Kassim, S.H. (2009). Impact of the 2007 US financial crisis on the emerging equity markets. International Journal of Emerging Markets, 4(4), 341–357. https://doi.org/10.1108/17468800910991241
- Majid, M.S.A., & Maulana, H. (2012). A comparative analysis of the productivity of Islamic and conventional mutual funds in Indonesia: Data envelopment analysis (DEA) and general least square (GLS) Approaches. Gadjah Mada International Journal of Business, 14(2), 183–208. https://doi.org/10.22146/gamaijb.5439
- Majid, M.S.A., Musnadi, S., & Putra, I.Y. (2014). A comparative analysis of the quality of Islamic and conventional banks’ asset management in Indonesia. Gadjah Mada International Journal of Business, 6(2), 185–200. https://doi.org/10.22146/gamaijb.5463
- Mokni, R.B.S., & Rachdi, H. (2014). Assessing the bank profitability in the MENA region: A comparative analysis between conventional and Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 7(3), 305–332. https://doi.org/10.1108/IMEFM-03-2013-0031
- Nugraha, D.A. (2014). Analisis perbandingan kinerja keuangan bank syariah dengan bank konvensional (Studi kasus pada PT. Bank Syariah Mandiri dan PT. Bank Central Asia). Universitas Muhammadiyah Surakarta. Retrieved from http://eprints.ums.ac.id/32037/9/2_JURNAL%20publikasi_damara-rev%20ok111.pdf
- Ongore, V.O., & Kusa, G.B. (2013). Determinants of financial performance of commercial banks in Kenya. Issues, International Journal of Economics and Financial, 3(1), 237–252. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.827.1383&rep=rep1&type=pdf
- Otoritas Jasa Keuangan. (2018). Sharia Banking Statistics. Jakarta. Retrieved from https://ojk.go.id/en/kanal/perbankan/data-dan-statistik/statistik-perbankan-syariah/Default.aspx
- Rose, P.S., & Hudgins, S.C. (2005). Bank Management and Financial Services. The UK: McGraw-Hill.
- Rosly, S.A., & Bakar, M.A.A. (2003). Performance of Islamic and mainstream banks in Malaysia. International Journal of Social Economics, 30(12), 1249–1265. https://doi.org/10.1108/03068290310500652
- Sabir, M.A., & Habbe, A.H. (2012). Pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di Indonesia. Jurnal Analisis, 1(1), 79–86.
- Setyaningsih, A., & Utami, S.S. (2013). Analisis perbandingan kinerja keuangan perbankan syariah dengan perbankan konvensional. Ekonomi dan Kewirausahaan, 3(1), 100–115. Retrieved from http://ejurnal.unisri.ac.id/index.php/Ekonomi/article/view/550
- Subaweh, I. (2008). Analisis perbandingan kinerja keuangan bank syariah dan bank konvensional periode 2003-2007. Jurnal Ilmiah Ekonomi Bisnis, 13(2), 112–125. Retrieved from https://ejournal.gunadarma.ac.id/index.php/ekbis/article/view/303
- Sudarsono, H. (2009). Dampak krisis keuangan global terhadap perbankan di Indonesia: Perbandingan antara bank konvensional dan bank Syariah. La Riba Jurnal Ekonomi Islam, 3(1), 12–23. Retrieved from https://journal.uii.ac.id/index.php/JEI/article/view/2551/2339
- Sugema, I. (2012). Krisis keuangan global 2008-2009 dan implikasinya pada perekonomian Indonesia. Jurnal Ilmu Pertanian Indonesia (JIPI), 17(3), 145–152. Retrieved from https://journal.ipb.ac.id/index.php/JIPI/article/view/8333
- Sukarno, K.W., & Syaichu, M. (2006). Analisis faktor-faktor yang mempengaruhi kinerja bank umum di Indonesia. Jurnal Studi Manajemen Organisasi, 3(2), 46–58. https://doi.org/10.14710/jsmo.v3i2.4193
- Tong, H., & Wei, S.H. (2008). Real effects of the subprime mortgage crisis: Is it a demand of finance shock? (No. w14205). National Bureau of Economic Research. Retrieved from https://www.cepal.org/noticias/paginas/3/35143/tongrealeffectofsubprime_w14205.pdf
- Wasiuzzaman, S., & Nair Gunasegavan, U. (2013). Comparative study of the performance of Islamic and conventional banks: The case of Malaysia. Humanomics, 29(1), 43–60. http://dx.doi.org/10.1108/08288661311299312
- Wibowo, E.S., & Syaichu, M. (2013). Analisis pengaruh suku bunga, inflasi, CAR, BOPO, NPF terhadap profitabilitas bank syariah. Diponegoro Journal of Management, 2(2), 10–19. Retrieved from https://ejournal3.undip.ac.id/index.php/djom/article/view/2651
- Yani, R.N., Arfan, M., & Majid, M.S.A. (2020). What determines Islamic stock returns in Indonesia?. Share: Jurnal Ekonomi dan Keuangan Islam, 9(1), 1–13. https://doi.org/10.22373/share.v9i1.6259
References
Ardiyana, M. (2011). Analisis perbandingan kinerja keuangan bank syari’ah dan bank konvensional sebelum, selama, dan sesudah krisis global tahun 2008 dengan menggunakan metode CAMEL (Studi kasus pada PT Bank Syari’ah Mandiri dan PT Bank Mandiri Tbk). Thesis. Diponegoro University. Retrieved from http://eprints.undip.ac.id/29852/
Arfan, M., Basri, H., Handayani, R., Shabri, M.S.A., Fahlevi, H., & Dianah, A. (2017). Determinants of cash holding of listed manufacturing companies in the Indonesian stock exchange. DLSU Business and Economics Review, 26(2), 1–12. Retrieved from https://www.dlsu.edu.ph/wp-content/uploads/2019/03/1arfan-012517.pdf
Aryati, T., & Balafif, S. (2007). Analisis faktor yang mempengaruhi tingkat kesehatan bank dengan regresi logit. The Winners, 8(2), 111–125. https://doi.org/10.21512/tw.v8i2.734
Banik, B.P., & Das, P.C. (2013). Comparison of financial performance of state owned commercial banks: A case study of Bangladesh. International Journal of Science and Research, 2(2), 423–428. Retrieved from https://www.ijsr.net/search_index_results_paperid.php?id=IJSRON2013449,
Bank Indonesia. (2009). Outlook Ekonomi Indonesia 2009 - 2014, Edisi Januari 2009. Jakarta. Retrieved from https://www.bi.go.id/id/ruang-media/info-terbaru/Pages/news_oei_0109.aspx
Bank Indonesia. (2010). Krisis Global dan Penyelamatan atas Sistem Perbankan Indonesia. Jakarta. Retrieved from https://www.bi.go.id/id/publikasi/lain/artikel/Pages/buku_krisis_global_180110.aspx
Betharino, L. (2015). Analisis perbandingan kinerja keuangan bank konvensional dan bank syariah pada PT. Bank Negara Indonesia Tbk. Artikel Ilmiah Mahasiswa. Universitas Padjajaran. Retrieved from https://repository.unej.ac.id/bitstream/handle/123456789/64460/LENGGA%20BETHARINO.pdf?sequence=1
Chamberlain, T., Hidayat, S., & Khokhar, A.R. (2020). Credit risk in Islamic banking: Evidence from the GCC. Journal of Islamic Accounting and Business Research, 11(5), 1055–1081. https://doi.org/10.1108/JIABR-09-2017-0133
Chowdhury, M.A.F., Haque, M.M., & Masih, M. (2017). Re-examining the determinants of Islamic bank performance: New evidence from dynamic GMM, quantile regression, and wavelet coherence approaches. Emerging Markets Finance and Trade, 53(7), 1519–1534. https://doi.org/10.1080/1540496X.2016.1250076.
Davies, G. (2002). A History of Money: From Ancient Times to the Present Day. The UK: University of Wales Press. Retrieved from http://library.uniteddiversity.coop/Money_and_Economics/A_History_of_Money-From_Ancient_Times_to_the_Present_Day.pdf
Dewi, D. (2010). Faktor-faktor yang mempengaruhi profitabilitas bank syariah di Indonesia. Thesis. Diponegoro University. Retrieved from http://eprints.undip.ac.id/26645/1/ARTIKEL_JURNAL-SKRIPSI.pdf
Erol, C.F., Baklaci, H., Aydogan, B., & Tunc, G. (2014). Performance comparison of Islamic (participation) banks and commercial banks in Turkish banking sector. EuroMed Journal of Business, 9(2), 114–128. https://doi.org/10.1108/EMJB-05-2013-0024
Hamid, A., Majid, M.S.A., & Khairunnisah, L. (2017). An empirical re-examination of the Islamic banking performance in Indonesia. International Journal of Academic Research in Economics and Management Sciences, 6(2), 219–232. https//doi.org/10.6007/IJAREMS/v6-i2/3022
Hassan Al-Tamimi, H.A. (2010). Factors influencing performance of the UAE Islamic and conventional national banks. Global Journal of Business Research, 4(2), 1–9. Retrieved from https://www.researchgate.net/publication/228201551_Factors_Influencing_Performance_of_the_UAE_Islamic_and_Conventional_National_Banks
Hassan Al-Tamimi, H.A., Miniaoui, H., & Elkelish, W.W. (2015). Financial risk and Islamic banks’ performance in the Gulf Cooperation Council Countries. The International Journal of Business and Finance Research, 9(5), 103–112. Retrieved from http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v9n5-2015/IJBFR-V9N5-2015-9.pdf.
Hazzi, O.A., & Kilani, M.I.A. (2013). The financial performance analysis of Islamic and traditional banks: Evidence from Malaysia. European Journal of Economics, Finance and Administrative Sciences, 57, 133–144. Retrieved from https://www.researchgate.net/publication/258513889_The_Financial_Performance_Analysis_of_Islamic_and_Traditional_Banks_Evidence_from_Malaysia.
Jaffar, M., & Manarvi, I. (2011). Performance comparison of Islamic and conventional banks in Pakistan. Global Journal of Management and Business Research, 11(1), 31–42. Retrieved from https://globaljournals.org/GJMBR_Volume11/7_Performance_comparison_of_Islamic_and_Conventional_banks_in_Pakistan.pdf.
Kassim, S.H., & Majid, M.S.A. (2010). Impact of financial shocks on Islamic banks: Malaysian evidence during 1997 and 2007 financial crises. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 291–305. https://doi.org/10.1108/17538391011093243
Kassim, S.H., Majid, M.S.A., & Hamid, Z. (2011). The 2007 global financial crisis and the Malaysian stock market: A sectoral analysis. Afro-Asian Journal of Finance and Accounting, 2(3), 185–209. https://doi.org/10.1504/AAJFA.2011.041629
Kassim, S.H., Majid, M.S.A., & Yusof, R.M. (2009). Impact of monetary policy shocks on the conventional and Islamic banks in a dual banking system: Evidence from Malaysia. Journal of Economic Cooperation and Development, 30(1), 41–58. Retrieved from https://www.researchgate.net/publication/254369532_Impact_of_Monetary_Policy_Shocks_on_the_Conventional_and_Islamic_Banks_in_a_Dual_Banking_System_Evidence_from_Malaysia
Khan, I., Khan, M., & Tahir, M. (2017). Performance comparison of Islamic and conventional banks: empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 419–433. https://doi.org/10.1108/IMEFM-05-2016-0077
Kusumo, Y.A. (2008). Analisis kinerja keuangan Bank Syariah Mandiri periode 2002–2007 (Dengan pendekatan PBI No. 9/1/PBI/2007). La Riba Jurnal Ekonomi Islam, 2(1), 109–131. Retrieved from https://studylibid.com/doc/1076052/analisis-kinerja-keuangan-bank-syariah-mandiri-periode-2002
Majid, M.S.A. (2018). Stability and resilience of equity markets amidst the 2008 global financial crisis: Islamic versus conventional markets. DLSU Business & Economics Review, 28(1), 34–48. Retrieved from http://dlsu-ber.com/stability-and-resilience-of-equity-markets-amidst-the-2008-global-financial-crisis-islamic-versus-conventional-markets/
Majid, M.S.A., & Kassim, S.H. (2009). Impact of the 2007 US financial crisis on the emerging equity markets. International Journal of Emerging Markets, 4(4), 341–357. https://doi.org/10.1108/17468800910991241
Majid, M.S.A., & Maulana, H. (2012). A comparative analysis of the productivity of Islamic and conventional mutual funds in Indonesia: Data envelopment analysis (DEA) and general least square (GLS) Approaches. Gadjah Mada International Journal of Business, 14(2), 183–208. https://doi.org/10.22146/gamaijb.5439
Majid, M.S.A., Musnadi, S., & Putra, I.Y. (2014). A comparative analysis of the quality of Islamic and conventional banks’ asset management in Indonesia. Gadjah Mada International Journal of Business, 6(2), 185–200. https://doi.org/10.22146/gamaijb.5463
Mokni, R.B.S., & Rachdi, H. (2014). Assessing the bank profitability in the MENA region: A comparative analysis between conventional and Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 7(3), 305–332. https://doi.org/10.1108/IMEFM-03-2013-0031
Nugraha, D.A. (2014). Analisis perbandingan kinerja keuangan bank syariah dengan bank konvensional (Studi kasus pada PT. Bank Syariah Mandiri dan PT. Bank Central Asia). Universitas Muhammadiyah Surakarta. Retrieved from http://eprints.ums.ac.id/32037/9/2_JURNAL%20publikasi_damara-rev%20ok111.pdf
Ongore, V.O., & Kusa, G.B. (2013). Determinants of financial performance of commercial banks in Kenya. Issues, International Journal of Economics and Financial, 3(1), 237–252. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.827.1383&rep=rep1&type=pdf
Otoritas Jasa Keuangan. (2018). Sharia Banking Statistics. Jakarta. Retrieved from https://ojk.go.id/en/kanal/perbankan/data-dan-statistik/statistik-perbankan-syariah/Default.aspx
Rose, P.S., & Hudgins, S.C. (2005). Bank Management and Financial Services. The UK: McGraw-Hill.
Rosly, S.A., & Bakar, M.A.A. (2003). Performance of Islamic and mainstream banks in Malaysia. International Journal of Social Economics, 30(12), 1249–1265. https://doi.org/10.1108/03068290310500652
Sabir, M.A., & Habbe, A.H. (2012). Pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di Indonesia. Jurnal Analisis, 1(1), 79–86.
Setyaningsih, A., & Utami, S.S. (2013). Analisis perbandingan kinerja keuangan perbankan syariah dengan perbankan konvensional. Ekonomi dan Kewirausahaan, 3(1), 100–115. Retrieved from http://ejurnal.unisri.ac.id/index.php/Ekonomi/article/view/550
Subaweh, I. (2008). Analisis perbandingan kinerja keuangan bank syariah dan bank konvensional periode 2003-2007. Jurnal Ilmiah Ekonomi Bisnis, 13(2), 112–125. Retrieved from https://ejournal.gunadarma.ac.id/index.php/ekbis/article/view/303
Sudarsono, H. (2009). Dampak krisis keuangan global terhadap perbankan di Indonesia: Perbandingan antara bank konvensional dan bank Syariah. La Riba Jurnal Ekonomi Islam, 3(1), 12–23. Retrieved from https://journal.uii.ac.id/index.php/JEI/article/view/2551/2339
Sugema, I. (2012). Krisis keuangan global 2008-2009 dan implikasinya pada perekonomian Indonesia. Jurnal Ilmu Pertanian Indonesia (JIPI), 17(3), 145–152. Retrieved from https://journal.ipb.ac.id/index.php/JIPI/article/view/8333
Sukarno, K.W., & Syaichu, M. (2006). Analisis faktor-faktor yang mempengaruhi kinerja bank umum di Indonesia. Jurnal Studi Manajemen Organisasi, 3(2), 46–58. https://doi.org/10.14710/jsmo.v3i2.4193
Tong, H., & Wei, S.H. (2008). Real effects of the subprime mortgage crisis: Is it a demand of finance shock? (No. w14205). National Bureau of Economic Research. Retrieved from https://www.cepal.org/noticias/paginas/3/35143/tongrealeffectofsubprime_w14205.pdf
Wasiuzzaman, S., & Nair Gunasegavan, U. (2013). Comparative study of the performance of Islamic and conventional banks: The case of Malaysia. Humanomics, 29(1), 43–60. http://dx.doi.org/10.1108/08288661311299312
Wibowo, E.S., & Syaichu, M. (2013). Analisis pengaruh suku bunga, inflasi, CAR, BOPO, NPF terhadap profitabilitas bank syariah. Diponegoro Journal of Management, 2(2), 10–19. Retrieved from https://ejournal3.undip.ac.id/index.php/djom/article/view/2651
Yani, R.N., Arfan, M., & Majid, M.S.A. (2020). What determines Islamic stock returns in Indonesia?. Share: Jurnal Ekonomi dan Keuangan Islam, 9(1), 1–13. https://doi.org/10.22373/share.v9i1.6259