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Abstract
Purpose – This study aims to measure the efficiency level of Indonesian Banking in the period 2015-2020, especially in the year 2020 when the Covid-19 pandemic began to spread in Indonesia. In addition, the efficiency determinant was further analyzed to find some factors that affect banking efficiency.
Methodology – Non-parametric approach-Data Envelopment Analysis (DEA) and Tobit Regression were employed as the research methods to determine determinants that affect efficiency level.
Findings – The findings show that the efficiency level of Indonesian Banks experienced a decreasing trend in 2020. The impact of Covid-19 on banking efficiency was also confirmed by RTS, which was included in the Decreasing Return to Scale (DRS) category. Islamic banking scored a higher score of 0.66 than conventional banking, with a score of 0.59. In addition, Indonesian Banks' most crucial variable to be improved during the pandemic is total financing. This study also found that ROA and LDR/FDR significantly affects banking efficiency. Therefore, Indonesian Banks should maintain and increase their bank profitability and financing distributions to improve their efficiency.
Implication – This research can be used as guidelines for policymakers, especially bank management, to improve their weaknesses in terms of banking efficiency.
Originality – This study was the first research that focuses on measuring the efficiency of Islamic banks compared to conventional banks in Indonesia during the Covid-19 and precisely measures the bank's internal factors affecting bank efficiency.
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Copyright (c) 2022 Ihsanul Ikhwan, Ririn Riani
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References
- Anwar, M. (2016). The efficiency of banks in Indonesia: Sharia vs. conventional banks. Buletin Ekonomi Moneter dan Perbankan, 18(3), 307–332. https://doi.org/10.21098/bemp.v18i3.552
- Ascarya, A., & Yumanita, D. (2009). Comparing the efficiency of Islamic banks in Malaysia and Indonesia. Buletin Ekonomi Moneter dan Perbankan, 11(2), 96-119. https://doi.org/10.21098/bemp.v11i2.237
- Ascarya, & Yumanita, D. (2006). Analisis efisiensi perbankan syariah di Indonesia dengan data envelopment analysis. Indonesia diterbitkan Dalam TAZKIA Islamic Finance and Business Review, 18(2), 1-27. https://www.researchgate.net/publication/316594804
- Baldwin, R., & Mauro, B. W. di. (2020). Economics in the time of Covid-19: A new ebook. CEPR Press. https://cepr.org/sites/default/files/news/COVID-19.pdf
- Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078-1092. https://doi.org/10.1287/mnsc.30.9.1078
- Bitar, M., Pukthuanthong, K., & Walker, T. (2020). Efficiency in Islamic vs. conventional banking: The role of capital and liquidity. Global Finance Journal, 46(June), 100487. https://doi.org/10.1016/j.gfj.2019.100487
- Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429-444. https://ideas.repec.org/a/eee/ejores/v3y1979i4p339-338.html
- Coelli, T. (1996). A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program. CEPA Working Paper University of New England, Armidale. http://www.une.edu.au/econometrics/cepa.htm
- Devi, A., & Firmansyah, I. (2020b). Efficiency determinant analysis in Islamic bank in Indonesia 1 2*. Muqtasid, 11(2), 11–13. https://doi.org/10.18326/.v11i2.104-116
- Elnahass, M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid-19 outbreak. Journal of International Financial Markets, Institutions and Money, 72, 101322. https://doi.org/10.1016/j.intfin.2021.101322
- Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society. Series A (General), 120(3), 253–290. https://doi.org/10.2307/2343100
- Firdaus, M. F., & Hosen, M. N. (2014). Efficiency of Islamic banks using two stage approach of data envelopment analysis. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 155–176. https://doi.org/10.21098/bemp.v16i2.442
- Firmansyah, I. (2018). Efficiency and performance of Islamic bank: Quadrant analysis approach. International Journal of Islamic Business and Economics (IJIBEC), 2(1), 15-25. https://doi.org/10.28918/ijibec.v2i1.1251
- Gujarati, D. (2008). N. (2003). Basic econometrics. MeGraw-Hill.
- Hendrawan, R., & Nasution, A. A. (2018). Assessing banking profit efficiency using stochastic frontier analysis. GATR Journal of Finance and Banking Review, 3(4), 67–76. https://doi.org/10.35609/JFBR.2018.3.4(5)
- Hidayati, N., Siregar, H., & Pasaribu, S. H. (2017). Determinant of efficiency of the Islamic banking in Indonesia. Bulletin of Monetary Economics and Banking, 20(1), 29-48. https://doi.org/10.21098/bemp.v20i1
- Hoff, A. (2007). Second stage DEA: Comparison of approaches for modelling the DEA score. European Journal of Operational Research, 181(1), 425–435. https://doi.org/10.1016/j.ejor.2006.05.019
- Jamaruddin, W. N., & Markom, R. (2020). The Application of fintech in the operation of Islamic banking. Syariah and Law in Facing Covid-19: The Way Forward, 3(1), 31–43. https://oarep.usim.edu.my/jspui/handle/123456789/16386
- Jiménez-Hernandez, I., Palazzo, G., & Sáez-Fernández, F. J. (2019). Determinants of bank efficiency: Evidence from the Latin American banking industry. Applied Economic Analysis, 27(81), 184–206. https://doi.org/10.1108/AEA-09-2019-0027
- Khalil, F., & Siddiqui, D. A. (2019). Comparative analysis of financial performance of Islamic and conventional banks: Evidence from Pakistan. SSRN Electronic Journal. 1, 1-29. https://doi.org/10.2139/SSRN.3397473
- Khan, M. N., Amin, M. F., Khokhar, I., Hassan, M. U., & Ahmad, K. (2018). Efficiency measurement of Islamic and conventional banks in Saudi Arabia: An EMpirical and comparative analysis. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), special issue, 111-134. https://journals.iium.edu.my/shajarah/index.php/shaj/article/download/718/316
- Kristianto, B., & Hendrawan, R. (2020). Indonesian Listed Bank Efficiency in 2008 – 2017 using Data Envelopment Analysis (DEA). Proceedings of the 2nd International Conference on Inclusive Business in the Changing World, 55–64. https://doi.org/10.5220/0008427500550064
- Li, X., Xie, Y., & Lin, J. H. (2021). Covid-19 outbreak, government capital injections, and shadow banking efficiency. Applied Economics, 53(4), 495–505. https://doi.org/10.1080/00036846.2020.1808183
- Majdina, N., Munandar, J. M., & Effendi, J. (2019). The determinant factors of efficiency on Islamic banking and conventional banking in Indonesia. Jurnal Keuangan dan Perbankan 23(3), 454–468. http://jurnal.unmer.ac.id/index.php/jkdp
- Matar, A. (2017). Evaluating the performance of Islamic and commercial banks in Jordan: A comparative study. Jordan Journal of Economic Sciences, 4(1), 57-75. https://platform.almanhal.com/Files/Articles/99152
- Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of financial reporting and Accounting, 14(1), 86-115 https://doi.org/10.1108/JFRA-05-2015-0060
- Musa, H., Natorin, V., Musova, Z., & Durana, P. (2020). Comparison of the efficiency measurement of the conventional and Islamic banks. Oeconomia Copernicana, 11(1), 29–58. https://doi.org/10.24136/oc.2020.002
- Nafla, A., & Hammas, A. (2016). Islamic banks, conventional banks and subprime crisis: Empirical evidence by using DEA approach. Journal of Islamic Banking and Finance, 4(1). https://doi.org/10.15640/jibf.v4n1a2
- Nasution, H., Siregar, H., & Novianti, T. (2020). Efficiency analysis of bank BUMN buku empat and its determinant in Indonesia. Jurnal Aplikasi Manajemen, 18(1), 95–104. https://doi.org/10.21776/ub.jam.2020
- Nugroho, L., Utami, W., Doktoralina, C. M., & Harnovinsah. (2020). Covid-19 and the potency of disruption on the islamic banking performance (Indonesia cases). International Journal of Economic and Business Applied, 1(1), 11-25. https://www.researchgate.net/publication/344432498_COVID-
- Nurul Fitri Habibah. (2020). Tantangan dan strategi perbankan syariah dalam menghadapi Covid-19. Jurnal Ekonomi Dan Perbankan Syariah (IQTISHODIAH), 2(1), 1–9. https://ejournal.ibntegal.ac.id/index.php/iqtishodiah/article/view/72
- Octrina, F., & Mariam, A. G. S. (2021). Islamic bank efficiency in Indonesia: Stochastic frontier analysis. Journal of Asian Finance, Economics and Business, 8(1), 751–758. https://doi.org/10.13106/jafeb.2021.vol8.no1.751
- Otaviya, S. A., & Rani, L. N. (2020). Productivity and determinant of islamic banks evidence from indonesia. Journal of Islamic Monetary Economics and Finance, 6(1), 189-212. https://doi.org/10.21098/jimf.v6i1.1146
- Pambuko, Z. B. (2016). Determinan tingkat efisiensi perbankan syariah di Indonesia: Two stages data envelopment analysis. Cakrawala: Jurnal Studi Islam, 11(2), 178-194. https://doi.org/10.31603/cakrawala.v11i2.249
- Pantas, P. (2021). Islamic banking efficiency in Indonesia and Malaysia: Two stages data envelopment window analysis cointegration of stock market and exchange rate in Indonesia view project. Al-Uqud: Journal of Islamic Economics, 5(2), 234–249. https://doi.org/10.26740/al-uqud.v5n2.p234-249
- Park, C. Y., & Shin, K. (2021). Covid-19, nonperforming loans, and cross-border bank lending. Journal of Banking and Finance, 133, 106233. https://doi.org/10.1016/j.jbankfin.2021.106233
- Parsa, M. (2020). Efficiency and stability of Islamic vs. conventional banking models: A meta frontier analysis. Journal of Sustainable Finance and Investment, 12(3), 849-869. https://doi.org/10.1080/20430795.2020.1803665
- Repková, I. (2015). Banking efficiency determinants in the Czech banking sector. Procedia Economics and Finance, 23, 191–196. https://doi.org/10.1016/s2212-5671(15)00367-6
- Rozzani, N., & Rahman, R. A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management, 8(14). https://doi.org/10.5539/ijbm.v8n14p98
- Rusydiana, A. (2013). Mengukur tingkat efisiensi dengan data envelopment analysis (DEA) (1st ed.). Smart Publishing. https://www.konsultan-smart.blogspot.com
- Rusydiana, A. S., & Marlina, L. (2019). Financial and social efficiency on Indonesian Islamic banks. Journal of Islamic Monetary Economics and Finance, 5(3), 579–602. https://doi.org/10.21098/jimf.v5i3.1154
- Sakti, M. R. P., & Mohamad, A. (2018). Efficiency, stability and asset quality of Islamic vis-à-vis conventional banks: Evidence from Indonesia. Journal of Islamic Accounting and Business Research, 9(3), 378-400. https://doi.org/10.1108/JIABR-07-2015-0031
- Sari, P. Z., & Saraswati, E. (2017). The determinant of banking efficiency in Indonesia (DEA approach). Journal of Accounting and Business Education, 1(2), 208-229. http://dx.doi.org/10.26675/jabe.v1i2.8489
- Sarifuddin, S., Khairi Ismail, M., & Vija Kumaran, V. (2015). Comparison of banking efficiency in the selected ASEAN countries during the global financial crisis. Prosiding Perkem, 10(April 2020), 286–293.
- Sufian, F. (2009). Determinants of bank efficiency during unstable macroeconomic environment: Empirical evidence from Malaysia. Research in International Business and Finance, 23(1), 54–77. https://doi.org/10.1016/j.ribaf.2008.07.002
- Suryani, H., Sulaeman, F., Moelyono, S. M., & Nawir, J. (2019). Determinants of banking efficiency for commercial banks in Indonesia. Contemporary Economics, 13 (2), 205–219. https://doi.org/10.5709/ce.1897-9254.308
- Tobin, J. (1958). Estimation of relationships for limited dependent variables estimation of relationships for limited dependent variables. Econometrica, 26(1), 24–36. http://www.jstor.orgURL:http://www.jstor.org/stable/1907382http://www.jstor.org/page/info/about/policies/terms.jsp
- Wafik, D., & Tharwat, A. (2015). Investigating economical performance for UAE Islamic banks versus commercial banks. International Journal of Interdisciplinary Research and Innovations, 3(3), 61–71. www.researchpublish.com
- Widiarti, A. W., Siregar, H., & Andati, T. (2015). The determinants of bank’s efficiency in Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 18(2), 129–156. https://doi.org/10.21098/bemp.v18i2.520
- Yunita, P. (2020). The future of Indonesia Islamic banking industry: Bankruptcy analyzing the second wave of global financial crisis. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 199–226. https://doi.org/10.18196/ijief.3227
- Zaini, M., & Karim, A. (2015). Comparative across select efficiency countries. ASEAN Economic Bulletin, 18(3) 289–304. http://www.jstor.org/stable/25773688.
References
Anwar, M. (2016). The efficiency of banks in Indonesia: Sharia vs. conventional banks. Buletin Ekonomi Moneter dan Perbankan, 18(3), 307–332. https://doi.org/10.21098/bemp.v18i3.552
Ascarya, A., & Yumanita, D. (2009). Comparing the efficiency of Islamic banks in Malaysia and Indonesia. Buletin Ekonomi Moneter dan Perbankan, 11(2), 96-119. https://doi.org/10.21098/bemp.v11i2.237
Ascarya, & Yumanita, D. (2006). Analisis efisiensi perbankan syariah di Indonesia dengan data envelopment analysis. Indonesia diterbitkan Dalam TAZKIA Islamic Finance and Business Review, 18(2), 1-27. https://www.researchgate.net/publication/316594804
Baldwin, R., & Mauro, B. W. di. (2020). Economics in the time of Covid-19: A new ebook. CEPR Press. https://cepr.org/sites/default/files/news/COVID-19.pdf
Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management Science, 30(9), 1078-1092. https://doi.org/10.1287/mnsc.30.9.1078
Bitar, M., Pukthuanthong, K., & Walker, T. (2020). Efficiency in Islamic vs. conventional banking: The role of capital and liquidity. Global Finance Journal, 46(June), 100487. https://doi.org/10.1016/j.gfj.2019.100487
Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429-444. https://ideas.repec.org/a/eee/ejores/v3y1979i4p339-338.html
Coelli, T. (1996). A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program. CEPA Working Paper University of New England, Armidale. http://www.une.edu.au/econometrics/cepa.htm
Devi, A., & Firmansyah, I. (2020b). Efficiency determinant analysis in Islamic bank in Indonesia 1 2*. Muqtasid, 11(2), 11–13. https://doi.org/10.18326/.v11i2.104-116
Elnahass, M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid-19 outbreak. Journal of International Financial Markets, Institutions and Money, 72, 101322. https://doi.org/10.1016/j.intfin.2021.101322
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society. Series A (General), 120(3), 253–290. https://doi.org/10.2307/2343100
Firdaus, M. F., & Hosen, M. N. (2014). Efficiency of Islamic banks using two stage approach of data envelopment analysis. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 155–176. https://doi.org/10.21098/bemp.v16i2.442
Firmansyah, I. (2018). Efficiency and performance of Islamic bank: Quadrant analysis approach. International Journal of Islamic Business and Economics (IJIBEC), 2(1), 15-25. https://doi.org/10.28918/ijibec.v2i1.1251
Gujarati, D. (2008). N. (2003). Basic econometrics. MeGraw-Hill.
Hendrawan, R., & Nasution, A. A. (2018). Assessing banking profit efficiency using stochastic frontier analysis. GATR Journal of Finance and Banking Review, 3(4), 67–76. https://doi.org/10.35609/JFBR.2018.3.4(5)
Hidayati, N., Siregar, H., & Pasaribu, S. H. (2017). Determinant of efficiency of the Islamic banking in Indonesia. Bulletin of Monetary Economics and Banking, 20(1), 29-48. https://doi.org/10.21098/bemp.v20i1
Hoff, A. (2007). Second stage DEA: Comparison of approaches for modelling the DEA score. European Journal of Operational Research, 181(1), 425–435. https://doi.org/10.1016/j.ejor.2006.05.019
Jamaruddin, W. N., & Markom, R. (2020). The Application of fintech in the operation of Islamic banking. Syariah and Law in Facing Covid-19: The Way Forward, 3(1), 31–43. https://oarep.usim.edu.my/jspui/handle/123456789/16386
Jiménez-Hernandez, I., Palazzo, G., & Sáez-Fernández, F. J. (2019). Determinants of bank efficiency: Evidence from the Latin American banking industry. Applied Economic Analysis, 27(81), 184–206. https://doi.org/10.1108/AEA-09-2019-0027
Khalil, F., & Siddiqui, D. A. (2019). Comparative analysis of financial performance of Islamic and conventional banks: Evidence from Pakistan. SSRN Electronic Journal. 1, 1-29. https://doi.org/10.2139/SSRN.3397473
Khan, M. N., Amin, M. F., Khokhar, I., Hassan, M. U., & Ahmad, K. (2018). Efficiency measurement of Islamic and conventional banks in Saudi Arabia: An EMpirical and comparative analysis. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), special issue, 111-134. https://journals.iium.edu.my/shajarah/index.php/shaj/article/download/718/316
Kristianto, B., & Hendrawan, R. (2020). Indonesian Listed Bank Efficiency in 2008 – 2017 using Data Envelopment Analysis (DEA). Proceedings of the 2nd International Conference on Inclusive Business in the Changing World, 55–64. https://doi.org/10.5220/0008427500550064
Li, X., Xie, Y., & Lin, J. H. (2021). Covid-19 outbreak, government capital injections, and shadow banking efficiency. Applied Economics, 53(4), 495–505. https://doi.org/10.1080/00036846.2020.1808183
Majdina, N., Munandar, J. M., & Effendi, J. (2019). The determinant factors of efficiency on Islamic banking and conventional banking in Indonesia. Jurnal Keuangan dan Perbankan 23(3), 454–468. http://jurnal.unmer.ac.id/index.php/jkdp
Matar, A. (2017). Evaluating the performance of Islamic and commercial banks in Jordan: A comparative study. Jordan Journal of Economic Sciences, 4(1), 57-75. https://platform.almanhal.com/Files/Articles/99152
Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of financial reporting and Accounting, 14(1), 86-115 https://doi.org/10.1108/JFRA-05-2015-0060
Musa, H., Natorin, V., Musova, Z., & Durana, P. (2020). Comparison of the efficiency measurement of the conventional and Islamic banks. Oeconomia Copernicana, 11(1), 29–58. https://doi.org/10.24136/oc.2020.002
Nafla, A., & Hammas, A. (2016). Islamic banks, conventional banks and subprime crisis: Empirical evidence by using DEA approach. Journal of Islamic Banking and Finance, 4(1). https://doi.org/10.15640/jibf.v4n1a2
Nasution, H., Siregar, H., & Novianti, T. (2020). Efficiency analysis of bank BUMN buku empat and its determinant in Indonesia. Jurnal Aplikasi Manajemen, 18(1), 95–104. https://doi.org/10.21776/ub.jam.2020
Nugroho, L., Utami, W., Doktoralina, C. M., & Harnovinsah. (2020). Covid-19 and the potency of disruption on the islamic banking performance (Indonesia cases). International Journal of Economic and Business Applied, 1(1), 11-25. https://www.researchgate.net/publication/344432498_COVID-
Nurul Fitri Habibah. (2020). Tantangan dan strategi perbankan syariah dalam menghadapi Covid-19. Jurnal Ekonomi Dan Perbankan Syariah (IQTISHODIAH), 2(1), 1–9. https://ejournal.ibntegal.ac.id/index.php/iqtishodiah/article/view/72
Octrina, F., & Mariam, A. G. S. (2021). Islamic bank efficiency in Indonesia: Stochastic frontier analysis. Journal of Asian Finance, Economics and Business, 8(1), 751–758. https://doi.org/10.13106/jafeb.2021.vol8.no1.751
Otaviya, S. A., & Rani, L. N. (2020). Productivity and determinant of islamic banks evidence from indonesia. Journal of Islamic Monetary Economics and Finance, 6(1), 189-212. https://doi.org/10.21098/jimf.v6i1.1146
Pambuko, Z. B. (2016). Determinan tingkat efisiensi perbankan syariah di Indonesia: Two stages data envelopment analysis. Cakrawala: Jurnal Studi Islam, 11(2), 178-194. https://doi.org/10.31603/cakrawala.v11i2.249
Pantas, P. (2021). Islamic banking efficiency in Indonesia and Malaysia: Two stages data envelopment window analysis cointegration of stock market and exchange rate in Indonesia view project. Al-Uqud: Journal of Islamic Economics, 5(2), 234–249. https://doi.org/10.26740/al-uqud.v5n2.p234-249
Park, C. Y., & Shin, K. (2021). Covid-19, nonperforming loans, and cross-border bank lending. Journal of Banking and Finance, 133, 106233. https://doi.org/10.1016/j.jbankfin.2021.106233
Parsa, M. (2020). Efficiency and stability of Islamic vs. conventional banking models: A meta frontier analysis. Journal of Sustainable Finance and Investment, 12(3), 849-869. https://doi.org/10.1080/20430795.2020.1803665
Repková, I. (2015). Banking efficiency determinants in the Czech banking sector. Procedia Economics and Finance, 23, 191–196. https://doi.org/10.1016/s2212-5671(15)00367-6
Rozzani, N., & Rahman, R. A. (2013). Determinants of bank efficiency: Conventional versus Islamic. International Journal of Business and Management, 8(14). https://doi.org/10.5539/ijbm.v8n14p98
Rusydiana, A. (2013). Mengukur tingkat efisiensi dengan data envelopment analysis (DEA) (1st ed.). Smart Publishing. https://www.konsultan-smart.blogspot.com
Rusydiana, A. S., & Marlina, L. (2019). Financial and social efficiency on Indonesian Islamic banks. Journal of Islamic Monetary Economics and Finance, 5(3), 579–602. https://doi.org/10.21098/jimf.v5i3.1154
Sakti, M. R. P., & Mohamad, A. (2018). Efficiency, stability and asset quality of Islamic vis-à-vis conventional banks: Evidence from Indonesia. Journal of Islamic Accounting and Business Research, 9(3), 378-400. https://doi.org/10.1108/JIABR-07-2015-0031
Sari, P. Z., & Saraswati, E. (2017). The determinant of banking efficiency in Indonesia (DEA approach). Journal of Accounting and Business Education, 1(2), 208-229. http://dx.doi.org/10.26675/jabe.v1i2.8489
Sarifuddin, S., Khairi Ismail, M., & Vija Kumaran, V. (2015). Comparison of banking efficiency in the selected ASEAN countries during the global financial crisis. Prosiding Perkem, 10(April 2020), 286–293.
Sufian, F. (2009). Determinants of bank efficiency during unstable macroeconomic environment: Empirical evidence from Malaysia. Research in International Business and Finance, 23(1), 54–77. https://doi.org/10.1016/j.ribaf.2008.07.002
Suryani, H., Sulaeman, F., Moelyono, S. M., & Nawir, J. (2019). Determinants of banking efficiency for commercial banks in Indonesia. Contemporary Economics, 13 (2), 205–219. https://doi.org/10.5709/ce.1897-9254.308
Tobin, J. (1958). Estimation of relationships for limited dependent variables estimation of relationships for limited dependent variables. Econometrica, 26(1), 24–36. http://www.jstor.orgURL:http://www.jstor.org/stable/1907382http://www.jstor.org/page/info/about/policies/terms.jsp
Wafik, D., & Tharwat, A. (2015). Investigating economical performance for UAE Islamic banks versus commercial banks. International Journal of Interdisciplinary Research and Innovations, 3(3), 61–71. www.researchpublish.com
Widiarti, A. W., Siregar, H., & Andati, T. (2015). The determinants of bank’s efficiency in Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 18(2), 129–156. https://doi.org/10.21098/bemp.v18i2.520
Yunita, P. (2020). The future of Indonesia Islamic banking industry: Bankruptcy analyzing the second wave of global financial crisis. International Journal of Islamic Economics and Finance (IJIEF), 3(2), 199–226. https://doi.org/10.18196/ijief.3227
Zaini, M., & Karim, A. (2015). Comparative across select efficiency countries. ASEAN Economic Bulletin, 18(3) 289–304. http://www.jstor.org/stable/25773688.