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INVESTIGATING THE ROLE OF ISSUING CORPORATE ISLAMIC BOND AND SELECTED DETERMINANTS ON FIRM'S PROFITABILITY
Corresponding Author(s) : Najmudin
Humanities & Social Sciences Reviews,
Vol. 8 No. 5 (2020): September
Abstract
Purpose of the study: The purpose of this study is to investigate the effect of corporate Islamic bond issuance, internal and macroeconomic factors on firm's profitability. The internal factors involved potentially as determinants of profitability are leverage and firm size. Meanwhile, the macroeconomic factors are economic growth and the inflation rate.
Methodology: The sample is taken from companies listed at Indonesia Stock Exchange (IDX) and selected from 24 companies. The sample is 21 companies whose data completely and issued the Islamic bond during the period 2012 until 2018. Moreover, the panel data regression was employed as an analytical tool to test the data.
Main Findings: The results suggest that Islamic bond issuance and financial leverage have a negative influence on profitability, firm size has no significant influence on profitability, and economic growth and inflation rate have a positive influence on profitability.
Applications of this study: A firm, as well as an investor, must consider the lower Islamic bond issuance and debt proportion. Besides, they should anticipate decreased economic growth and the inflation rate.
Novelty/Originality of this study: This study observes evidence from Indonesia Stock Exchange (IDX) that develops the previous studies and adds references for further studies about Islamic bond issuance. Also, it combines Islamic fund source and firm-specific internal as well as macroeconomic factors (economic growth and inflation rate) macroeconomics factors insert what are the macroeconomic factor which affects the profitability of the business to give a clear picture of how the effect of all factors on profitability.
Keywords
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- Abdul-Rahman, A. A. A. (2017). The Relationship Between Solvency Ratios and Profitability Ratios: Analytical Study in Food Industrial Companies Listed in Amman Bursa. International Journal of Economics and Financial Issues, 7(2), 86-93.
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- Atidhira, A. T., &Yustina, A. I. (2017). The Influence of Return on Assets, Debt to Equity Ratio, Earning per Share, and Company Size on Share Returns in Property and Real Estate Companies. Journal of Applied Accounting and Finance, 1(2), 128-146.
- Aviliani, Siregar, H., Maulana, T. N. A., &Hasanah, H. (2015). The Impact of Macroeconomic Condition on The Bank's Performance in Indonesia. Bulletin of Monetary, Economics, and Banking, 17(4), 379-402. https://doi.org/10.21098/bemp.v17i4.503 DOI: https://doi.org/10.21098/bemp.v17i4.503
- Baker, M., &Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 DOI: https://doi.org/10.1111/1540-6261.00414
- Bhutta, N. T., & Hasan, A. (2013). Impact of Firm Specific Factors on Profitability of Firms in Food Sector. Open Journal of Accounting, 02(02), 19-25. https://doi.org/10.4236/ojacct.2013.22005 DOI: https://doi.org/10.4236/ojacct.2013.22005
- Çerkezi, M. S. A. (2013). A literature review of the trade−off theory of capital structure. ILIRIA International Review, 3(1). https://doi.org/10.21113/iir.v3i1.103 DOI: https://doi.org/10.21113/iir.v3i1.103
- Chaudhry, I. S., Ayyoub, M., & Imran, F. (2013). Does Inflation Matter for Sectoral Growth in Pakistan? An Empirical Analysis. Pakistan Economic and Social Review, 51(1), 71-92.
- Demirgüç-Kunt, A., & Huizinga, H. (1998). Determinants of Commercial Banks Interest Margins and Profitability: Some International Evidence. The World Bank Economic Review, 13(2), 379-408. https://doi.org/10.1093/wber/13.2.379 DOI: https://doi.org/10.1093/wber/13.2.379
- Dewi, V. I., Soei, C. T. L., &Surjoko, F. O. (2019). The Impact of Macroeconomic Factors on Firms' Profitability (Evidence from Fast Moving Consumer Good Firms Listed on Indonesian Stock Exchange). Academy of Accounting and Financial Studies Journal, 23(1), 1-6.
- DoÄŸan, M. (2013). Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
- Egbunike, C. F., &Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research, 3(2), 142-168. https://doi.org/10.1108/AJAR-09-2018-0029 DOI: https://doi.org/10.1108/AJAR-09-2018-0029
- GarcÃa-Herrero, A., Gavilá, S., &Santabárbara, D. (2009). What explains the low profitability of Chinese banks? Journal of Banking & Finance, 33(11), 2080-2092. https://doi.org/10.1016/j.jbankfin.2009.05.005 DOI: https://doi.org/10.1016/j.jbankfin.2009.05.005
- Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3), 745-761. https://doi.org/10.1016/j.jce.2013.02.006 DOI: https://doi.org/10.1016/j.jce.2013.02.006
- Gul, S., Irshad, F., & Zaman, K. (2011). Factors Affecting Bank Profitability in Pakistan. Romanian Journal of Economic Forecasting, 14(39), 61-87.
- Hanifa, M. H., Masih, M., & Bacha, O. I. (2015). Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models. Pacific-Basin Finance Journal, 34, 233-252. https://doi.org/10.1016/j.pacfin.2015.02.004 DOI: https://doi.org/10.1016/j.pacfin.2015.02.004
- Hasni, H., Saad, N. M., & Mohamad, N. E. A. (2017). Does of Sukuk Issue Influence the Profitability Performance of Public Listed Firm in Malaysia? International Journal of Industrial Management, 3, 61-68. https://ijim.ump.edu.my/images/IJIM-3/IJIM3-6.pdf
- Hovakimian, A., Opler, T., & Titman, S. (2001). The Debt-Equity Choice. The Journal of Financial and Quantitative Analysis, 36(1). https://doi.org/10.2307/2676195 DOI: https://doi.org/10.2307/2676195
- Isık, O., Aydın Unal, E., &Unal, Y. (2017). The Effect of Firm Size on Profitability: Evidence from Turkish Manufacturing Sector. Pressacademia, 6(4), 301-308. https://doi.org/10.17261/Pressacademia.2017.762 DOI: https://doi.org/10.17261/Pressacademia.2017.762
- Jabbary, H., Hajiha, Z., &Labeshka, R. H. (2013). Investigation of The Effect of Agency Cost on Firm Performance of Listed Firm in Tehran Stock Exchange. European Online Journal of Natural and Social Sciences, 2(3), 771-776.
- Jensen, M. C., &Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
- Jibran, S., Wajid, S. A., Waheed, I., & Muhammad, T. M. (2012). Pecking at Pecking Order Theory: Evidence from Pakistan's Non-financial Sector. Journal of Competitiveness, 4(4), 86-95. https://doi.org/10.7441/joc.2012.04.06 DOI: https://doi.org/10.7441/joc.2012.04.06
- John, A. O., & Adebayo, O. (2013). Effect of Firm Size on Profitability: Evidence from Nigerian Manufacturing Sector. Prime Journal of Business Administration and Management (BAM), 3(9), 1171-1175.
- Kartikasari, D., &Merianti, M. (2016). The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies in Indonesia. International Journal of Economics and Financial Issues, 6(2), 409-413.
- Kazmierska-Jozwiak, B., Marszałek, J., &Sekuła, P. (2015). Determinants of Debt-Equity Choice – Evidence from Poland. EMAJ: Emerging Markets Journal, 5(2), 1-8. https://doi.org/10.5195/EMAJ.2015.76 DOI: https://doi.org/10.5195/EMAJ.2015.76
- Kraus, A., &Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4). https://doi.org/10.1111/j.1540-6261.1973.tb01415.x DOI: https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
- Leland, H. E., & Pyle, D. H. (1977). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2). https://doi.org/10.2307/2326770 DOI: https://doi.org/10.2307/2326770
- Markopoulou, M. K., & Papadopoulos, D. L. (2009). Capital Structure Signaling Theory: Evidence from The Greek Stock Exchange. Portuguese Journal of Management Studies, 14(3), 217-238.
- Maudos, J. n., &Fernández de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance, 28(9), 2259-2281. ttps://doi.org/10.1016/j.jbankfin.2003.09.004 DOI: https://doi.org/10.1016/j.jbankfin.2003.09.004
- Meero, A. A. (2015). The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks. International Journal of Economics and Finance, 7(12). https://doi.org/10.5539/ijef.v7n12p140 DOI: https://doi.org/10.5539/ijef.v7n12p140
- Mehmood, S. (2012). Effect of Different Factors on Gross Domestic Product: A Comparative Study of Pakistan and Bangladesh. Academy of Contemporary Journal, 6(1), 11-22.
- Mimouni, K., Smaoui, H., Temimi, A., & Al-Azzam, M. d. (2019). The impact of Sukuk on the performance of conventional and Islamic banks. Pacific-Basin Finance Journal, 54, 42-54. https://doi.org/10.1016/j.pacfin.2019.01.007 DOI: https://doi.org/10.1016/j.pacfin.2019.01.007
- Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks' profitability and stability? Emerging vs. advanced economies. Journal of Banking & Finance, 37(8), 2920-2937. https://doi.org/10.1016/j.jbankfin.2013.04.031 DOI: https://doi.org/10.1016/j.jbankfin.2013.04.031
- Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and The Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443.
- Muharam, H., Mawardi, W., Arfinto, E. D., &Najmudin. (2019). Volatility spillovers under difference in the degree of market integration: Evidence from the selected Asian and Eastern European stock markets. Journal of International Studies, 12(1), 134-150. ttps://doi.org/10.14254/2071-8330.2019/12-1/9 DOI: https://doi.org/10.14254/2071-8330.2019/12-1/9
- Muharam, H., Wahyudi, S., Pangestuti, I. R. D., &Najmudin. (2018). Interaction of Islamic and Conventional Stock Markets and the Economic Connectivity. Journal of Advanced Research in Law and Economics,IX(2(32)), 591-602. https://doi.org/10.14505/jarle
- Myers, S. C., &Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 DOI: https://doi.org/10.1016/0304-405X(84)90023-0
- Naceur, S. B. (2003). The Determinant of The Tunisian Banking Industry Profitability: Panel Evidence. UniversiteLibre de Tunis working papers, 10.
- Najmudin, Shaferi, I., Wahyudi, S., &Muharam, H. (2017). Dynamic Bilateral Integration of Stock Markets and Its Driving Factors. Journal of Applied Economic Sciences,XII(2(48)), 506-522.
- Öner, C. (2018). Inflation: Prices on The Rises. Retrieved December, 27th 2019, from https://www.imf.org/external/pubs/ft/fandd/basics/inflat.htm
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- Panda, B., &Leepsa, N. M. (2017). Agency theory: Review of Theory and Evidence on Problems and Perspectives. Indian Journal of Corporate Governance, 10(1), 74-95. https://doi.org/10.1177/0974686217701467 DOI: https://doi.org/10.1177/0974686217701467
- Pervan, M., &Višić, J. (2012). Influence of Firm Size on Its Business Success. Croatian Operational Research Review (CRORR), 3, 213-223.
- Said, A. (2011). Does The Use of Sukuk (Islamic Bonds) Impact Islamic Banks Performances? A Case Study of Relative Performances During 2007-2009. Middle Eastern Finance and Economics, 12, 65-76.
- Serrasqueiro, Z., & Caetano, A. (2014). Trade-Off Theory Versus Pecking Order Theory: Capital Structure Decisions in a Peripheral Region of Portugal. Journal of Business Economics and Management, 16(2), 445-466. https://doi.org/10.3846/16111699.2012.744344 DOI: https://doi.org/10.3846/16111699.2012.744344
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References
Abdul-Rahman, A. A. A. (2017). The Relationship Between Solvency Ratios and Profitability Ratios: Analytical Study in Food Industrial Companies Listed in Amman Bursa. International Journal of Economics and Financial Issues, 7(2), 86-93.
Afshar, T. A. (2013). Compare and Contrast Sukuk (Islamic Bond) with Conventional Bonds, Are They Compatible? The Journal of Global Business Management, 9(1), 44-52.
Ahmad, N., Salman, A., &Shamsi, A. F. (2015). Impact of Financial Leverage on Firm's Profitability: An Investigation From Cement Sector of Pakistan. Research Journal of Finance and Accounting, 6(7), 75-80.
Atidhira, A. T., &Yustina, A. I. (2017). The Influence of Return on Assets, Debt to Equity Ratio, Earning per Share, and Company Size on Share Returns in Property and Real Estate Companies. Journal of Applied Accounting and Finance, 1(2), 128-146.
Aviliani, Siregar, H., Maulana, T. N. A., &Hasanah, H. (2015). The Impact of Macroeconomic Condition on The Bank's Performance in Indonesia. Bulletin of Monetary, Economics, and Banking, 17(4), 379-402. https://doi.org/10.21098/bemp.v17i4.503 DOI: https://doi.org/10.21098/bemp.v17i4.503
Baker, M., &Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 DOI: https://doi.org/10.1111/1540-6261.00414
Bhutta, N. T., & Hasan, A. (2013). Impact of Firm Specific Factors on Profitability of Firms in Food Sector. Open Journal of Accounting, 02(02), 19-25. https://doi.org/10.4236/ojacct.2013.22005 DOI: https://doi.org/10.4236/ojacct.2013.22005
Çerkezi, M. S. A. (2013). A literature review of the trade−off theory of capital structure. ILIRIA International Review, 3(1). https://doi.org/10.21113/iir.v3i1.103 DOI: https://doi.org/10.21113/iir.v3i1.103
Chaudhry, I. S., Ayyoub, M., & Imran, F. (2013). Does Inflation Matter for Sectoral Growth in Pakistan? An Empirical Analysis. Pakistan Economic and Social Review, 51(1), 71-92.
Demirgüç-Kunt, A., & Huizinga, H. (1998). Determinants of Commercial Banks Interest Margins and Profitability: Some International Evidence. The World Bank Economic Review, 13(2), 379-408. https://doi.org/10.1093/wber/13.2.379 DOI: https://doi.org/10.1093/wber/13.2.379
Dewi, V. I., Soei, C. T. L., &Surjoko, F. O. (2019). The Impact of Macroeconomic Factors on Firms' Profitability (Evidence from Fast Moving Consumer Good Firms Listed on Indonesian Stock Exchange). Academy of Accounting and Financial Studies Journal, 23(1), 1-6.
DoÄŸan, M. (2013). Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
Egbunike, C. F., &Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research, 3(2), 142-168. https://doi.org/10.1108/AJAR-09-2018-0029 DOI: https://doi.org/10.1108/AJAR-09-2018-0029
GarcÃa-Herrero, A., Gavilá, S., &Santabárbara, D. (2009). What explains the low profitability of Chinese banks? Journal of Banking & Finance, 33(11), 2080-2092. https://doi.org/10.1016/j.jbankfin.2009.05.005 DOI: https://doi.org/10.1016/j.jbankfin.2009.05.005
Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3), 745-761. https://doi.org/10.1016/j.jce.2013.02.006 DOI: https://doi.org/10.1016/j.jce.2013.02.006
Gul, S., Irshad, F., & Zaman, K. (2011). Factors Affecting Bank Profitability in Pakistan. Romanian Journal of Economic Forecasting, 14(39), 61-87.
Hanifa, M. H., Masih, M., & Bacha, O. I. (2015). Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models. Pacific-Basin Finance Journal, 34, 233-252. https://doi.org/10.1016/j.pacfin.2015.02.004 DOI: https://doi.org/10.1016/j.pacfin.2015.02.004
Hasni, H., Saad, N. M., & Mohamad, N. E. A. (2017). Does of Sukuk Issue Influence the Profitability Performance of Public Listed Firm in Malaysia? International Journal of Industrial Management, 3, 61-68. https://ijim.ump.edu.my/images/IJIM-3/IJIM3-6.pdf
Hovakimian, A., Opler, T., & Titman, S. (2001). The Debt-Equity Choice. The Journal of Financial and Quantitative Analysis, 36(1). https://doi.org/10.2307/2676195 DOI: https://doi.org/10.2307/2676195
Isık, O., Aydın Unal, E., &Unal, Y. (2017). The Effect of Firm Size on Profitability: Evidence from Turkish Manufacturing Sector. Pressacademia, 6(4), 301-308. https://doi.org/10.17261/Pressacademia.2017.762 DOI: https://doi.org/10.17261/Pressacademia.2017.762
Jabbary, H., Hajiha, Z., &Labeshka, R. H. (2013). Investigation of The Effect of Agency Cost on Firm Performance of Listed Firm in Tehran Stock Exchange. European Online Journal of Natural and Social Sciences, 2(3), 771-776.
Jensen, M. C., &Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Jibran, S., Wajid, S. A., Waheed, I., & Muhammad, T. M. (2012). Pecking at Pecking Order Theory: Evidence from Pakistan's Non-financial Sector. Journal of Competitiveness, 4(4), 86-95. https://doi.org/10.7441/joc.2012.04.06 DOI: https://doi.org/10.7441/joc.2012.04.06
John, A. O., & Adebayo, O. (2013). Effect of Firm Size on Profitability: Evidence from Nigerian Manufacturing Sector. Prime Journal of Business Administration and Management (BAM), 3(9), 1171-1175.
Kartikasari, D., &Merianti, M. (2016). The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies in Indonesia. International Journal of Economics and Financial Issues, 6(2), 409-413.
Kazmierska-Jozwiak, B., Marszałek, J., &Sekuła, P. (2015). Determinants of Debt-Equity Choice – Evidence from Poland. EMAJ: Emerging Markets Journal, 5(2), 1-8. https://doi.org/10.5195/EMAJ.2015.76 DOI: https://doi.org/10.5195/EMAJ.2015.76
Kraus, A., &Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4). https://doi.org/10.1111/j.1540-6261.1973.tb01415.x DOI: https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
Leland, H. E., & Pyle, D. H. (1977). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2). https://doi.org/10.2307/2326770 DOI: https://doi.org/10.2307/2326770
Markopoulou, M. K., & Papadopoulos, D. L. (2009). Capital Structure Signaling Theory: Evidence from The Greek Stock Exchange. Portuguese Journal of Management Studies, 14(3), 217-238.
Maudos, J. n., &Fernández de Guevara, J. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance, 28(9), 2259-2281. ttps://doi.org/10.1016/j.jbankfin.2003.09.004 DOI: https://doi.org/10.1016/j.jbankfin.2003.09.004
Meero, A. A. (2015). The Relationship between Capital Structure and Performance in Gulf Countries Banks: A Comparative Study between Islamic Banks and Conventional Banks. International Journal of Economics and Finance, 7(12). https://doi.org/10.5539/ijef.v7n12p140 DOI: https://doi.org/10.5539/ijef.v7n12p140
Mehmood, S. (2012). Effect of Different Factors on Gross Domestic Product: A Comparative Study of Pakistan and Bangladesh. Academy of Contemporary Journal, 6(1), 11-22.
Mimouni, K., Smaoui, H., Temimi, A., & Al-Azzam, M. d. (2019). The impact of Sukuk on the performance of conventional and Islamic banks. Pacific-Basin Finance Journal, 54, 42-54. https://doi.org/10.1016/j.pacfin.2019.01.007 DOI: https://doi.org/10.1016/j.pacfin.2019.01.007
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks' profitability and stability? Emerging vs. advanced economies. Journal of Banking & Finance, 37(8), 2920-2937. https://doi.org/10.1016/j.jbankfin.2013.04.031 DOI: https://doi.org/10.1016/j.jbankfin.2013.04.031
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and The Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443.
Muharam, H., Mawardi, W., Arfinto, E. D., &Najmudin. (2019). Volatility spillovers under difference in the degree of market integration: Evidence from the selected Asian and Eastern European stock markets. Journal of International Studies, 12(1), 134-150. ttps://doi.org/10.14254/2071-8330.2019/12-1/9 DOI: https://doi.org/10.14254/2071-8330.2019/12-1/9
Muharam, H., Wahyudi, S., Pangestuti, I. R. D., &Najmudin. (2018). Interaction of Islamic and Conventional Stock Markets and the Economic Connectivity. Journal of Advanced Research in Law and Economics,IX(2(32)), 591-602. https://doi.org/10.14505/jarle
Myers, S. C., &Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 DOI: https://doi.org/10.1016/0304-405X(84)90023-0
Naceur, S. B. (2003). The Determinant of The Tunisian Banking Industry Profitability: Panel Evidence. UniversiteLibre de Tunis working papers, 10.
Najmudin, Shaferi, I., Wahyudi, S., &Muharam, H. (2017). Dynamic Bilateral Integration of Stock Markets and Its Driving Factors. Journal of Applied Economic Sciences,XII(2(48)), 506-522.
Öner, C. (2018). Inflation: Prices on The Rises. Retrieved December, 27th 2019, from https://www.imf.org/external/pubs/ft/fandd/basics/inflat.htm
Oyelade, A. O. (2019). The Impact of Firm Size on Firms Performances in Nigeria: A Comparative Study of Selected Firms in The Building Industry in Nigeria. Asian Development Policy Review, 7(1), 1-9. DOI: https://doi.org/10.18488/journal.107.2019.71.1.11
Panda, B., &Leepsa, N. M. (2017). Agency theory: Review of Theory and Evidence on Problems and Perspectives. Indian Journal of Corporate Governance, 10(1), 74-95. https://doi.org/10.1177/0974686217701467 DOI: https://doi.org/10.1177/0974686217701467
Pervan, M., &Višić, J. (2012). Influence of Firm Size on Its Business Success. Croatian Operational Research Review (CRORR), 3, 213-223.
Said, A. (2011). Does The Use of Sukuk (Islamic Bonds) Impact Islamic Banks Performances? A Case Study of Relative Performances During 2007-2009. Middle Eastern Finance and Economics, 12, 65-76.
Serrasqueiro, Z., & Caetano, A. (2014). Trade-Off Theory Versus Pecking Order Theory: Capital Structure Decisions in a Peripheral Region of Portugal. Journal of Business Economics and Management, 16(2), 445-466. https://doi.org/10.3846/16111699.2012.744344 DOI: https://doi.org/10.3846/16111699.2012.744344
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