The Impact of Intellectual Capital, Islamic Corporate Governance, and Zakat Disclosure on the Financial Performance of Islamic Commercial Banks in Southeast Asia
DOI:
https://doi.org/10.21580/economica.2023.14.1.19300Keywords:
Intellectual Capital, Islamic Corporate Governance, Zakat Disclosure, Financial PerformanceAbstract
Islamic commercial banks play a vital role in Southeast Asia’s financial sector, adhering to sharia principles that shape banking operations and performance. This study examines the impact of intellectual capital (VACA, VAHU, STVA), Islamic corporate governance (BOD, AC, BOC, DPS), and zakat disclosure (ZD) on financial performance. Using a quantitative approach, it analyzes secondary panel data from 2016–2022, with 81 observations, employing EViews 10. The findings reveal that VACA, STVA, BOD, AC, BOC, and DPS have no significant impact on financial performance. However, VAHU positively affects financial performance, while ZD has a significant negative effect. Collectively, all independent variables significantly influence financial performance, with an R² of 48%, indicating that 48% of financial performance is explained by these factors, while 52% is influenced by others. These results emphasize the importance of human capital efficiency and zakat transparency in shaping financial performance. Governance structures may require further refinement to enhance their impact. Future research should explore additional variables, extended study periods, and alternative methodologies to deepen the understanding of financial performance drivers in Islamic commercial banking.
Downloads
References
Abdallah, M. Ben, & Bahloul, S. (2021). Disclosure , Shariah governance and financial performance in Islamic banks. Journal Borsa Istanbul, 5(3), 234–254. https://doi.org/10.1108/AJEB-03-2021-0038
Ahmad, E. F. (2019). The Effect Of Zakat And Islamic Corporate Sosial Responsibility (ICSR) On Company Performance. Indonesia Journal Of Business And Economics, 2(1).
Alam, M. K., Rahman, M. M., Runy, M. K., Adedeji, B. S., & Hassan, M. F. (2022). The influences of Shariah governance mechanisms on Islamic banks performance and Shariah compliance quality. Asian Journal of Accounting Research, 7(1), 2–16. https://doi.org/10.1108/AJAR-11-2020-0112
Ali, S., Murtaza, G., Hedvicakova, M., Jiang, J., & Naeem, M. (2022). Intellectual capital and financial performance : A comparative study. Frontiers in Psychology, 13(August), 1–12. https://doi.org/10.3389/fpsyg.2022.967820
Alia, N., Djatnika, D., & Tamara, D. A. D. (2022). Pengaruh Intellectual Capital terhadap Kinerja Keuangan Bank Umum Syariah. Journal of Applied Islamic Economics and Finance, 3(1), 74–87. https://doi.org/https://doi.org/10.35313/jaief.v3i1.3779
Anggriyanti, K. J., & Syafruddin, M. (2021). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Bank Syariah Di Indonesia. Diponegoro Journal Of Accounting, 10(2), 1–14.
Aprilina, V. (2013). Pengaruh Modal Intelektual Terhadap Kinerja Keuangan Perbankan di Indonesia. JRAK, 4(2), 14–31.
Auliyah, R., & Basuki, B. (2021). Ethical Values Reflected on Zakat and CSR : Indonesian Sharia Banking Financial Performance. Journal of Asian Finance, Economics and Business, 8(1). https://doi.org/10.13106/jafeb.2021.vol8.no1.225
Azizah, J., & NR, E. (2020). Pengaruh Dewan Komisaris, Komite Audit, dan Dewan Pengawas Syariah Terhadap Kinerja Perbankan Syariah. Jurnal Eksplorasi Akuntansi, 2(1), 2554–2569.
Endraswati, H. (2018). Gender Diversity in Board of Directors and Firm Performance : A Study in Indonesia Sharia Banks. Review of Integrative Business and Economics Research, 7(1), 299–311.
Faozan, A., Syah, T. A., Kusuma, H., & Adawiyah, W. R. (2023). Good Corporate Governance and ModeratingThe Influence of Intellectual Capital on The Financial Performance: The Study of The Islamic Banking Industry. Corporate & Business Strategy Review, 4(2), 225–237. https://doi.org/10.22495/cbsrv4i2siart2
Farihah, S. M., & Setiawan, S. (2020). Determinan Intellectual Capital terhadap Profitabilitas di Bank Syariah : Pengujian Mediasi Kinerja Keuangan dan Kinerja Non Keuangan. Jurnal Samudra Ekonomi & Bisnis, 11(2), 151–165. https://doi.org/10.33059/jseb.v11i2.1996
Fauzi, I., & Firmansyah, A. (2023). Corporate Social Responsibility Disclosure, Intellectual Capital Disclosure, Risk Disclosure, Cost of Capital: Moderating Role of Earnings Management. Accounting Analysis Journal, 12(1), 50–70. https://doi.org/10.15294/aaj.v12i1.66185
Ghozali, I., Ratmono, D. (2013). Analisis Multivariat dan Ekonometrika: Teori, Konsep dan Aplikasi dengan Eviews 8. Badan Penerbit Universitas Diponegoro.
Ghozali, M., Azmi, M. U., & Nugroho, W. (2019). Perkembangan Bank Syariah Di Asia Tenggara : Sebuah Kajian Historis. FALAH Jurnal Ekonomi Syariah, 4(1), 44–55.
Harahap, D. A., & Hairunnisah, A. I. (2017). Pengaruh Npl, Ldr, Gcg , Nim , Roa , Roe , Car ,Bopo Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Dari Tahun 2010 - 2014. the Effect of Npl, Ldr, Gcg , Nim , Roa , Roe , Car ,Bopo Towards the Stock Price in Banking. Jurnal Dimensi, 6(1), 22–40. https://doi.org/10.33373/dms.v6i1.522
Hasanah, S. T. (2012). Pendeteksi Outlier Pada Regresi Nonlinier Dengan Metode Statistik Likelihood Displacement (LD). Jurnal CAUCHY, 2(3).
Hidayat, T., Triwibowo, E., & Marpaung, N. V. (2021). Pengaruh Good Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(1), 1–18.
Ikbal, A., & Abdullah. (2023). The Influence of Intellectual Capital, and Capital Structure on Financial Performance. Ilomata International Journal of Tax & Accounting, 4(4), 913–927.
Indrayani, T., & Anwar, S. (2022). Analisis Pengaruh Intellectual Capital, Profit Sharing Ratio, Zakat Performance Ratio, Islamic Income Ratio Dan Income Diversification terhadap Return On Asset. Jurnal Akuntansi, 2(2), 271–281.
Intia, L. C., & Azizah, S. N. (2021). Pengaruh Dewan Direksi, Dewan Komisaris Independen, Dan Dewan Pengawas Syariah Terhadap Kinerja Keuangan Perbankan Syariah di Indonesia. JRKA, 7(2), 46–59.
L., K. S. (2016). Pengaruh Good Corporate Governance Terhadap Harga Saham (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa FEB, 2(2).
Lestari, S. D., Paramu, H., & Sukarno, H. (2016). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perbankan Syariah di Indonesia. Jurnal Ekonomi Dan Keuangan, 20(3), 346–366.
Majumder, M. T. H., Ruma, I. J., & Akter, A. (2023). Does intellectual capital affect bank performance ? Evidence from Bangladesh. LBS Journal of Management & Research, 21(2), 171–185. https://doi.org/10.1108/LBSJMR-05-2022-0016
Marjuki. (2023). Pengaruh Zakat , Islamic Corporate Social Responsibilty , Dewan Pengawas Syariah dan Leverage Terhadap Kinerja Keuangan Bank Umum Syariah Tahun 2017-2018. Journal Islamic Accounting Competency, 3(1), 54–72.
Maryati, S., & Anggraini, T. (2023). Influence of the Board of Commissioners , Board of Directors , Audit Committee , and Investment Opportunity Set on Financial Performance Audit , dan Investment Opportunity Set terhadap Kinerja Keuangan. Indonesia Journal of Business Analytics, 3(2), 127–148.
Mollah, M. A. S., & Rouf, M. A. (2022). The Impact of Intellectual Capital on Commercial Banks’ Performance: Evidence From Bangladesh. Journal of Money and Business, 2(1), 82–93. https://doi.org/10.1108/JMB-07-2021-0024
Muhanik, U., & Septiarini, D. F. (2017). Pengaruh Intellectual Capital Terhadap Return On Asset Pada Bank Umum Syariah Di Indonesia Periode Q1.2013.Q4.2014. Jurnal Ekonomi Syariah Teori Dan Terapan, 4(1).
Muzahid, M., Lukman, Aryati, Wijaya, I., & Isra, M. (2023). Analisa Good Corporate Governance Terhadap Kinerja Perusahaan Pada Emiten Jakarta Islamic Index 70. Jurnal Ekonomi Dan Bisnis, 25(1), 9–18.
Nadila, D. L., Annisa, A. A., & Arna, D. (2021). Pengaruh GCG, Intellectual Capital, dan CAR Terhadap Kinerja Keuangan Dengan Islamic Social Reporting Index Sebagai Variabel Intervening. Jurnal Ekonomi Dan Perbankan Syariah, 7(2).
Natalia, M., & Maimunah, M. (2022). Pengaruh IC Terhadap Financial Performance Perusahaan ( Perusahaan Manufaktur Food and Beverage 2018-2020 ). Prosiding National Seminar on Accounting UKMC, 1(1), 209–217.
Nirino, N., Ferraris, A., Miglietta, N., & Invernizzi, A. C. (2022). Intellectual Capital: The Missing Link in The Corporate Social Responsibility-Financial Performance Relationship. Journal of Intellectual Capital, 23(2), 420–438. https://doi.org/10.1108/JIC-02-2020-0038
Nurmalia, G., & Ardana, Y. (2019). Analisis Pelaporan Zakat , ICSR , Dewan Pengawas Syariah dan Leverage dalam Mengungkapkan Kinerja Bank Umum Syariah di Indonesia. Cakrawala: Jurnal Studi Islam, 14(2), 113–122.
Ousama, A. A., Hammami, H., & Abdulkarim, M. (2020). The Association Between Intellectual Capital and Financial Performance in the Islamic Banking Industry An Analysis of the GCC Banks. Internasional Journal of Islamic and Middle Eastern Finance and Management, 13(1), 75–93. https://doi.org/10.1108/IMEFM-05-2016-0073
Permata, O., Wahyudi, I., & Tiswiyanti, W. (2020). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perbankan Syariah (Studi Kasus Pada Bank BRI Syariah Kota Jambi). Jambi Accounting Review (JAR), 1(3), 231–244.
Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2022). Cross-Region Comparison Intellectual Capital and Its Impact on Islamic Banks Performance. Economies, 10(61), 1–15.
Prasojo, P., Yadiati, W., Fitrijanti, T., & Sueb, M. (2023). Exploring The Relationship Between Intellectual Capital and Maqasid Sharia-Based Performance: The Moderating Role of Sharia Governance. Journal of Islamic Marketing, 14(8). https://doi.org/10.1108/JIMA-07-2021-0226
Putri, H. B. I., & Muhammad, R. (2024). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(2), 206–218. https://doi.org/10.47467/alkharaj.v6i2.2743
Putri, R. E., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan , Financial Technology dan Inklusi Keuangan terhadap Kinerja Keuangan Pengusaha. Riset & Jurnal Akuntansi, 6(2), 1664–1676.
Qoyum, A. (2017). Lembaga Keuangan Islam di Indonesia. Elmatera Publishing.
Ramdiani, N. N., & Yadnyana, I. K. (2013). Pengaruh Good Corporate Governance dan Kinerja Keuangan pada Harga Saham Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2009-2011. Fakultas Ekonomi Universitas Udayana, 2(1), 1–17.
Refinitiv. (2022). Islamic Finance Development Report 2022.
Robiyanto, R., Putra, A. R., & Lako, A. (2021). The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms. Contaduría y Administración, 66(1), 1–24.
Samad, K. A., & Said, R. (2016). Zakat Disclosure by Malaysian Islamic Banks. Internasional Business Management, 10(20).
Saputri, F. A., & Setyawan, H. (2021). Pengaruh Pengungkapan Nilai-Nilai Etis Islami Terhadap Profitabilitas pada Perbankan Syariah di Indonesia. Multidisciplinary Journal of Islamic Studies, 01(01), 43–55.
Setiawan, M. A., & Sumiati. (2018). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perbankan Syariah Indonesia. Jurnal Ilmiah Mahasiswa FEB, 6(2).
Sihombing, P. R., Suryadiningrat, Sumarjo, D. A., & Yuda, Y. P. A. C. (2022). Identifikasi Data Outlier (Pencilan) dan Kenormalan Data Pada Data Univariat serta Alternatif Penyelesaiannya. Jurnal Ekonomi Dan Statistik Indonesia, 2(3), 307–315. https://doi.org/10.11594/jesi.02.03.07
Simarmata, R., & Subowo. (2016). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dan Nilai Perusahaan Perbankan Indonesia. Accounting Analysis Journal, 5(1), 1–9.
Supriyanto, S., Shafira, U. M., Wardayani, W., Mediyanti, S., Ciamas, E. S., & Anggraini, D. (2022). Kinerja Bank Syariah Indonesia : Analisis Komparasi Kinerja Keuangan Sebelum dengan Setelah Merjer. Jurnal Ilmiah: Jurnal Ilmu Manajemen, 10(2), 79–84.
Sutisna, E., Pasolo, F., Sutisman, E., & Mariana, L. (2023). The Effect of Intellectual Capital on Financial Companies: Empirical Study from Indonesia. Journal of Humanisties and Social Sciences Innovation, 3(1).
Umboh, F. F., & Dewi, D. M. (2022). Analysis of the Effect of Intellectual Capital on Financial Performance, Revenue Growth, and Value of Manufacturing Companies on the Indonesia Stock Exchange 2016-2019. Open Access Indonesia Journal of Social Sciences, 5(2), 678–686.
Wahyudi, T., & Puspita, G. (2022). Intellectual capital on zakat performance with corporate governance as an intervening variable in sharia commercial banks. Jurnal Ekonomi & Keuangan Islam, 8(2), 250–263.
Wahyuni, S., Pujiharto, Pratama, B. C., & Azizah, S. N. (2023). Analysis of the rate of growth of intellectual capital ability in predicting present and future profitability of Shariancommercial banks in Indonesia. Asian Journal of Accounting Research, 8(2). https://doi.org/10.1108/AJAR-10-2021-0226
Wardani, L., Ainiyah, N., & Imdiddaviq, M. B. (2022). Pengaruh Good Corporate Governance dan Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2016-2020. Seminar Nasional Akuntansi Bisnis Dan Manajemen, 1(1), 119–132. https://doi.org/10.20527/jbp.v11i2.14995
Weqar, F., Sofi, Z. A., & Haque, S. M. I. (2021). Nexus Between Intellectual Capital and Business Performance : Evidence from India. Asian Journal of Accounting Research, 6(2), 180–195. https://doi.org/10.1108/AJAR-07-2020-0064
Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171–180.
Widarjono, A. (2018). Ekonometrika Pengantar dan Aplikasinya Disertai Panduang Eviews. UPP STIM YKPN.
Yousaf, M. (2022). Intellectual capital and firm performance: evidence from certified firms from the EFQM excellence model. Total Quality Management, 33(13). https://doi.org/10.1080/14783363.2021.1972800
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Economica: Jurnal Ekonomi Islam
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), acknowledging its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges and earlier and greater citation of published work (See The Effect of Open Access).
