Evidence of Moderation Maqashid Sharia : Financial Performance, Islamic Social Reporting and The Value of the Company Bukti Moderasi Maqashid Syariah: Kinerja Keuangan, Pelaporan Sosial Islam Dan Nilai Perusahaan
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Published:
Mar 10, 2023
Keywords:
Financial Performance, Islamic Social Reporting, Firm Value, Maqashid Sharia Index
Main Article Content
Abstract
Firm value influences investor perceptions to support the company's sustainability. The study aimed to analyze the effect of financial performance and islamic social reporting on firm value and the role of the maqashid sharia index in moderating financial performance and islamic social reporting on the company value of Islamic Commercial Banks in Indonesia. The research method used is quantitative. The sampling technique used purposive sampling with a sample of 6 Islamic Commercial Banks registered with the Financial Services Authority for 2017-2021. The data analysis method used in this study is SEM-PLS with the SmartPLS version 4.0.8.7 application. The results showed that the variables of financial performance and islamic social reporting had a significant effect on firm value. Then, the maqashid sharia index as a moderator variable cannot moderate the relationship between financial performance and islamic social reporting on firm value. Thus, the Maqashid sharia index is a moderator predictor because it can only independently influence the dependent variable.
Article Details
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Section
Islamic Banking
Copyright (c) 2023 Dwi Rismayanti, Esy Nur Aisyah
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Sulistiyo, F., & Yuliana, I. (2019). Pengaruh Profitabilitas dan Kecukupan Modal terhadap Nilai Perusahaan dengan Islamic Social Report ( ISR ) sebagai Variabel Moderasi ( Studi pada Bank Umum Syariah Indonesia Tahun 2014-2018 ). Jurnal Manajemen Dan Keuangan, 8(2), 238–255. https://doi.org/https://doi.org/10.33059/jmk.v8i2.1703
Sutrisno, & Widarjono, A. (2018). Maqashid Shariah Index, Banking Risk and Performance Cases in Indonesian Islamic Banks. Asian Economic and Financial Review, 8(9), 1175–1184. https://doi.org/10.18488/journal.aefr.2018.89.1175.1184
Utomo, W. P. A., Achyani, F., & Zulfikar. (2022). The Effect of Islamic Social Reporting , and Good Corporate Governance on Firm Value Using the Maqashid Syariah Index as a Moderating Variable. Advances in Economics, Business and Management Research, 655, 358–370. https://doi.org/https://doi.org/10.2991/aebmr.k.220602.048
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Aisyah, S. (2022). The Role of Financial Performance as a Mediator Between Good Corporate Governance and Firm Value. Atestasi: Jurnal Ilmiah Akuntansi, 5(1), 255–268. https://doi.org/https://doi.org/10.33096/atestasi.v5i1.1080
Alisa, D. N., & Aryani, D. N. (2022). Profitability , Growth Opportunity and Capital Structure on Firm Value at Non-Go Public Banks. East Asian Journal of Multidisciplinary Research (EAJMR), 1(7), 1395–1404. https://doi.org/https://doi.org/10.55927/eajmr.v1i7.938
Arianugrahini, I., & Firmansyah, E. A. (2020). Determinan Pengungkapan Islamic Social Reporting (ISR) pada Bank Umum Syariah (BUS) di Indonesia. Perisai : Islamic Banking and Finance Journal, 4(2), 88–101. https://doi.org/10.21070/perisai.v4i2.841
Bi. (2021a). Laporan Ekonomi & Keuangan Syariah 2021.
Bi. (2021b). Majalah Bank Indonesia BICARA. 2021.
Fitria, D., & Irkhami, N. (2021). Ukuran Perusahaan Sebagai Pemoderasi Pengaruh Struktur Modal , Profitabilitas , dan Islamic Social Reporting Terhadap Nilai Perusahaan Pada Bank Umum Syariah. Jurnal Ilmiah Ekonomi Islam, 7(03), 1629–1643. https://doi.org/http://dx.doi.org/10.29040/jiei.v7i3.3584
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the result of PLS-SEM. European Business Review.
Hasanah, N. T., Widiyanti, N. W., & Sudarno, S. (2017). Analisis Pengaruh GCG dan Kinerja Keuangan Terhadap Pengungkapan Islamic Social Reporting (ISR). E-Journal Ekonomi Bisnis Dan Akuntansi, 5(2), 115–120. https://doi.org/https://doi.org/10.19184/ejeba.v5i2.8645
Kamaliah. (2020). Disclosure of Corporate Social Responsibility (CSR) and its Implications on Company Value as A Result of the Impact of Corporate Governance and Profitability. International Journal of Law and Management, 62(4), 339–354. https://doi.org/10.1108/IJLMA-08-2017-0197
Khoiriyah, R. (2020). The Effect of Islamic Social Reporting on Firm Value (Case Study on Islamic Banks In Indonesia). Journal of Research in Business, Economics, and Education, 2(4), 821–830.
Khoiriyah, V. N., & Salman, K. R. (2020). The Effect of the Maqashid Sharia Index, Company Size, and Company Age on Islamic Social Reporting. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 11(2), 117–132. https://doi.org/10.18326/muqtasid.v11i2.117-132
Khomsatun, S., Rossieta, H., Fitriany, F., & Nasution, M. E. (2021). Shariah Disclosure, Shariah Supervisory Board and The Moderating Effect of Regulatory Framework: The Impact on Soundness of Islamic Banking. Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics, 28, 291–321. https://doi.org/https://doi.org/10.1108/S1571-038620210000028017
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of profitability, leverage, and liquidity to the firm value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83–94. https://doi.org/10.31933/DIJEFA
Miah, M. D., Suzuki, Y., & Uddin, S. M. S. (2021). The impact of COVID-19 on Islamic banks in Bangladesh : a perspective of Marxian “ circuit of merchant ’ s capital ”. Journal of Islamic Accounting and Business Research, 12(7), 1036–1054. https://doi.org/10.1108/JIABR-11-2020-0345
Nuraeni, A., & Rini, R. (2019). Faktor faktor yang mempengaruhi pengungkapan Islamic Social Reporting. JEBI: Jurnal Ekonomi Dan Bisnis, 4(1).
OECD. (2022). Impacts of the russian invasion of ukraine on financial market conditions and resilience: Assessment of Global Financial Markets. OECD Publishing.
Oktaviana, U. K., Jaya, T. J., & Miranti, T. (2021). The Role of Islamic Social Reporting , Islamic Corporate Governance and Maqashid Syariah Index on Firm Value with Firm Size as Moderation Variable. Advances in Economics, Business and Management Research, 529, 195–201. https://doi.org/https://doi.org/10.2991/assehr.k.210421.028
Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2022). Exploring the Relationship Between Intellectual Capital and Maqashid Sharia-Based Performance: The Moderating Role of Sharia Governance. Journal of Islamic Marketing, ahead-of-p(ahead-of-print). https://doi.org/10.1108/JIMA-07-2021-0226
Pratomo, J., & Nugrahanti, T. P. (2022). Analisis Pengaruh Pengungkapan Islamic Social Reporting Pada Bank Umum Syariah. Jurnal Ilmiah Multi Disiplin Indonesia, 2(1), 274–283.
Radja, F. L., & Artini, L. G. S. (2020). The Effect Of Firm Size , Profitability and Leverage on Firm Value ( Study on Manufacturing Companies Sector Consumer Goods Industry Listed in Indonesian Stock Exchange Period. SSRG International Journal of Economics and Management Studies, 7(11), 18–24. https://doi.org/http://doi.org/10.14445/23939125/IJEMS-V7I11P103
Rahayu, Y. S., & Wardana, G. K. (2021). The Effect of Financial Performance and Dividend Policy On Cumulative Abnormal Return. El Dinar: Jurnal Keuangan Dan Perbankan Syariah, 9(1), 62–76. https://doi.org/https://doi.org/10.18860/ed.v9i1.11453
Rasoolimanesh, S. M., Jaafar, M., & Ramayah, T. (2017). Factors Influencing Residents’ Perceptions toward Tourism Development ; Differences across Rural and Urban World Heritage Sites. Journal of Travel Research, 56(6), 760–775. https://doi.org/10.1177/0047287516662354
Rohmawati, E., & Shenurti, E. (2020). The Influence of Financial Performance and Corporate Social Responsibility on Firm’s Value. Advances in Economics, Business and Management Research, 127, 82–85. https://doi.org/https://doi.org/10.2991/aebmr.k.200309.019
Rusydiana, A. S., & Firmansyah, I. (2017). Efficiency Versus Maqasid Sharia Index An Application on Indonesia Islamic Bank. Shirkah: Journal of Economic and Business, 2(2), 139–165. https://doi.org/https://doi.org/10.22515/shirkah.v2i2.154
Sulistiyo, F., & Yuliana, I. (2019). Pengaruh Profitabilitas dan Kecukupan Modal terhadap Nilai Perusahaan dengan Islamic Social Report ( ISR ) sebagai Variabel Moderasi ( Studi pada Bank Umum Syariah Indonesia Tahun 2014-2018 ). Jurnal Manajemen Dan Keuangan, 8(2), 238–255. https://doi.org/https://doi.org/10.33059/jmk.v8i2.1703
Sutrisno, & Widarjono, A. (2018). Maqashid Shariah Index, Banking Risk and Performance Cases in Indonesian Islamic Banks. Asian Economic and Financial Review, 8(9), 1175–1184. https://doi.org/10.18488/journal.aefr.2018.89.1175.1184
Utomo, W. P. A., Achyani, F., & Zulfikar. (2022). The Effect of Islamic Social Reporting , and Good Corporate Governance on Firm Value Using the Maqashid Syariah Index as a Moderating Variable. Advances in Economics, Business and Management Research, 655, 358–370. https://doi.org/https://doi.org/10.2991/aebmr.k.220602.048
Wardani, E. P., & Nurhayati, P. (2021). Influence of Financial Performance on the Value of Companies With Islamic Social Reporting as A Moderation Variable. International Journal of Economics, Business and Accounting Research (IJEBAR), 2021(3), 1125–1135.