Circular Causation Model: Intellectual Capital, Islamic Financial Risk, And Islamic Financial Performance Relationship At Islamic Commercial Banks

Authors

  • Azwirman Universitas Islam Riau
  • Inten Meutia Universitas Sriwijaya
  • Novriadi Universitas Islam Riau
  • Zulnaidi Yaacob Universiti Sains Malaysia

DOI:

https://doi.org/10.54471/iqtishoduna.v14i1.3146

Keywords:

islamic financial performance, intellectual capital, financial risk, circular causation

Abstract

The aim of this research is to investigate how the intellectual capital, Islamic financial risk, and Islamic financial performance are interconnected within Islamic commercial banks, using a circular causation model. The study's population comprises all Islamic commercial banks listed by Bank Indonesia from 2015 to 2020. The sample selection method employed is purposive sampling. A total of 48 annual reports from various companies were analyzed using the circular causation model, and the causal relationships between these variables were explored through simultaneous equations and dynamic Two Stage Least Square (2SLS) methods. The analytical software utilized for this study is EVIEWS 9. The selected samples encompass Bank Syariah Mandiri, Bank Panin Syariah, Bank BNI Syariah, Bank BRI Syariah, Bank Bukopin Syariah, Bank Mega Syariah, Bank Muamalat, and Bank BCA Syariah, for the period spanning from 2015 to 2020.The research findings suggest that Intellectual Capital has no effect on Profit Sharing Ratio and Zakat Performance Ratio. Additionally, the financing, liquidity, capital, and operational risk do not exert any effect on Zakat Performance Ratio, Profit Sharing Ratio, or Equitable Distribution Ratio. From a Circular Causation perspective (TSR), Zakat Performance and Profit-Sharing Ratio, as well as the Equitable Distribution Ratio do not exert any effect on Intellectual Capital, financing, liquidity, capital, and operational risk. Furthermore, Intellectual Capital did not have an effect on financing, capital, and operational risk. Conversely, financing, capital, and operational do not affect Intellectual Capital.

Downloads

Download data is not yet available.

Author Biographies

Azwirman, Universitas Islam Riau

Faculty of Accounting, Universitas Islam Riau, Indonesia
Scopus ID: 57196414554

Inten Meutia, Universitas Sriwijaya

Faculty of Economic , Universitas Sriwijaya, Indonesia
ID Scopus: 57776993500

Novriadi, Universitas Islam Riau

Faculty of Accounting, Universitas Islam Riau, Indonesia
Sinta ID: 6766180

Zulnaidi Yaacob, Universiti Sains Malaysia

Assoc Prof of Accounting, Universiti Sains Malaysia, Malaysia
Scopus ID: 36142496900

References

Abdurrahman, H., & Abdurrahman, Y. (2015). Bisnis & muamalah kontemporer. Bantarjati, Bogor: Al Azhar Fresh Zone Publishing, 2015. https://lib.ui.ac.id/detail?id=20486910&lokasi=lokal#parentHorizontalTab3

Choudhury, M. A. (2000). The Islamic Worldview: Socio-scientific Perspectives. Kegan Paul International. https://books.google.co.id/books?id=d7dHAAAAYAAJ

Creswell, J. W. (2003). Qualitative, quantitative, and mixed methods approaches. Thousand Oaks, CA: Sage.

El‐Bannany, M. (2008). A study of determinants of intellectual capital performance in banks: the UK case. Journal of Intellectual Capital, 9(3), 487–498.

Ellanyndra, M. (2011). Pengaruh Intellectual Capital Terhadap Business Performance Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Skripsi.

Fatah, L. A. (2013). Faktor-Faktor yang Mempengaruhi Pengungkapan Informasi Tanggung Jawab Sosial Perusahaan (CSR-D) pada Laporan Tahunan industri Perbankan Syariah dalam Perspektif Akuntansi Islam. Universitas Trisakti.

Gujarti, D. (2003). Ekonometrika Dasar. Erlangga.

Hameed, S., & Wirman, A. (2005). Alternative Disclosure and Performance Measures for Islamic Banks. https://www.academia.edu/26436671/ALTERNATIVE_DISCLOSURE_and_PERFORMANCE_MEASURES_FOR_ISLAMIC_BANKS

IAI. (2015). Pernyataan Standar Akuntansi Keuangan (PSAK). http://tempdata.iaiglobal.or.id/files/ED AI PSAK 19 (07 Sept 2015).pdf

Indriantoro, N., & Supomo, B. (2009). Metodologi penelitian bisnis untuk akuntansi dan manajemen (1st ed.). BPFE Yogyakarta. https://elibrary.bsi.ac.id/readbook/210252/metodologi-penelitian-bisnis-untuk-akuntansi-dan-manajemen

Khasawneh, A. Y., & Al-Khadash, H. A. (2014). Risk and profitability in Middle East and North Africa banking system: An examination of off balance sheet activities. The International Journal of Business and Finance Research, 8(3), 13–26.

Mawardi, W. (2004). Analisis faktor faktor yang mempengaruhi kinerja keuangan bank umum di Indonesia (studi kasus pada bank umum dengan total asset kurang dari 1 trilyun). Program Pascasarjana Universitas Diponegoro.

Nursatyani, A., & Prasetiono, P. (2011). Analisis Pengaruh Efisiensi Operasi, Risiko Kredit, Risiko Pasar, dan Modal Terhadap Kinerja Keuangan Perbankan (Studi Perbandingan pada Bank Domestik dan Bank Asing di Indonesia Periode 2004-2008). Universitas Diponegoro.

Pulic, A. (1998). Measuring the performance of intellectual potential in knowledge economy. 2nd McMaster Word Congress on Measuring and Managing Intellectual Capital by the Austrian Team for Intellectual Potential, 1–20.

Pulic, A. (2000). VAICTM–An accounting tool for intellectual capital management. International Journal Technology Management, 20(5), 6.

Putriani, & Dian, F. (2010). Pengaruh Struktur Kepemilikan, Tingkat Keuntungan Perusahaan, Risiko Perusahaan Terhadap Kinerja Intellectual Capital (Studi Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2007-2009). https://repofeb.undip.ac.id/id/eprint/6555

Roziq, A., & Danurwenda, H. N. (2015). Pengaruh good corporate governance terhadap corporate social responsibility melalui risiko bisnis dan kinerja keuangan pada bank umum syariah di Indonesia. Jurnal Akuntansi Universitas Jember, 10(1), 90–109.

Sumodiningrat, G. (2007). Ekonometrika Pengantar (2007 BPFE-Yogyakarta (ed.); cet. 2).

Ulum, I. (2007). Pengaruh intellectual capital terhadap kinerja keuangan perusahaan perbankan di Indonesia. Program Pascasarjana Universitas Diponegoro.

Downloads

Published

2025-04-11

How to Cite

Azwirman, Inten Meutia, Novriadi, and Zulnaidi Yaacob. “Circular Causation Model: Intellectual Capital, Islamic Financial Risk, And Islamic Financial Performance Relationship At Islamic Commercial Banks”. IQTISHODUNA: Jurnal Ekonomi Islam 14, no. 1 (April 11, 2025): 301–316. Accessed October 12, 2025. https://ejournal.iaisyarifuddin.ac.id/index.php/iqtishoduna/article/view/3146.

Issue

Section

Artikel