Pengaruh kinerja keberlanjutan bebasis Maqashid Syariah terhadap nilai perusahaan Bank Syariah Asia dimoderasi inovasi teknologi, modal intelektual dan profitabilitas (sertifikat hak cipta)

https://pdki-indonesia.dgip.go.id/search (2025) Pengaruh kinerja keberlanjutan bebasis Maqashid Syariah terhadap nilai perusahaan Bank Syariah Asia dimoderasi inovasi teknologi, modal intelektual dan profitabilitas (sertifikat hak cipta). EC002025178480,.

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Abstract

This study investigates the impact of Maqashid Shariah based sustainability performance
(SA) on the firm value (FV) of Islamic banks in Asia, while examining the moderating effects of
technological innovation (IT), intellectual capital (IC), and profitability (ROA). The population
consists of the top 100 Islamic banks listed in the Strongest Islamic Banks ranking by The Asian
Banker, with the study covering the period from 2016 to 2024. Using purposive sampling, a final
sample of 34 banks meeting data availability criteria was selected. Panel data analysis with Feasible
Generalized Least Squares (FGLS) was employed to address issues of heteroskedasticity,
autocorrelation, and cross-sectional dependence. The results reveal that SA has a negative but
insignificant effect on firm value, while IT also shows a negative marginal effect. IC exhibits a
positive and significant effect, whereas ROA unexpectedly demonstrates a negative yet significant
influence on firm value. The interaction tests show that SA×IT improves firm value, SA×ROA
strengthens profitability’s contribution to value creation, while SA×IC weakens the positive role
of intellectual capital. These findings suggest that sustainability initiatives alone do not directly
enhance firm value unless reinforced by financial stability or technological legitimation
mechanisms. The study concludes that the valuation of Islamic banks remains more sensitive to
financial and intangible resource dynamics than to standalone sustainability reporting. Practically,
the results imply that Islamic banks should align sustainability strategies with digital innovation
and knowledge management to optimize value creation

Item Type:	Hak Cipta
Keywords:	Sustainability Performance; Maqashid Sharia; Firm Value; Islamic Bank; Technology
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment
Divisions:	Faculty of Economics > Department of Islamic Banking
Depositing User:	Ulfi Kartika Oktaviana
Date Deposited:	24 Nov 2025 14:50

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