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All Journal Journal of Managerial Sciences and Studies
Indriana Kristiawati
Stiamak Surabaya
Humanities Decision Sciences, Operations Research & Management Social Sciences

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Mitigating Market Power in Banking: Cost Efficiency and the Path Toward Consumer Welfare Mahjudin Mahjudin; Indriana Kristiawati; Muchammad Ilham SAM
Journal of Managerial Sciences and Studies Vol. 3 No. 2 (2025): Agustus: Journal of Managerial Sciences and Studies
Publisher : PT. Mawadaku Sukses Solusindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61160/jomss.v3i2.80

Abstract

Purpose – This study investigates the association between cost efficiency and the welfare performance of Islamic banks in Indonesia, focusing on the social costs of market power. The analysis covers both privately owned and state-owned Islamic banks over the period 2009–2017. Design/methodology/approach – The research utilizes Ordinary Least Squares (OLS), Fixed Effects (FE) panel regression, and Quantile Regression (QR) models to account for unobserved heterogeneity and improve policy applicability. To address potential endogeneity and reverse causality, the Two-Stage Least Squares Instrumental Variable (2SLS-IV) method is employed. Findings – Empirical results demonstrate a significant positive link between cost efficiency and banks’ welfare performance, implying that improving efficiency can mitigate welfare losses. Furthermore, the impact of cost efficiency on welfare outcomes varies depending on the bank’s familiarity with local market dynamics. QR results highlight that while cost efficiency may not eliminate welfare losses at the lower quantiles (Q.25–Q.50), it remains a critical factor in minimizing such losses.
Macroeconomic Determinants, Efficiency, and Policy Drivers of Welfare Performance in Islamic Fintech: The Mediating Role of Systematic Risk in Indonesia Adi Suroso; Indriana Kristiawati; Naurah Aurelia Mahjudin
Journal of Managerial Sciences and Studies Vol. 3 No. 2 (2025): Agustus: Journal of Managerial Sciences and Studies
Publisher : PT. Mawadaku Sukses Solusindo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61160/jomss.v3i2.81

Abstract

This study explores the influence of macroeconomic fundamentals, cost efficiency, and corporate policy decisions on the welfare performance of Islamic financial technology (FinTech) firms in Indonesia—an emerging economy. The analysis adopts a sequential approach, incorporating systematic risk and firm performance as mediating variables. Specifically, the study examines the indirect effect of macroeconomic variables on firm performance and firm value through systematic risk, while also assessing the mediating role of firm performance in transmitting the effects of macroeconomic factors and corporate decisions. Grounded in agency theory and capital structure theory, the study employs panel data from listed Islamic FinTech institutions in Indonesia, with active trading records on the Indonesia Stock Exchange during the 2017–2019 period. The results reveal that macroeconomic indicators—namely inflation, interest rates, exchange rates, and GDP growth—significantly affect systematic risk, which in turn influences firm performance, subsequently impacting firm value. Additionally, corporate policies such as managerial incentives and financial leverage exhibit strong direct effects on firm performance and, indirectly, on firm value. However, capital expenditures appear to have no statistically significant effect on either outcome. Notably, firm performance functions as an essential mediating variable in the relationship between exchange rates, systematic risk, and policy factors—specifically managerial incentives—and the welfare performance of Islamic FinTech firms.
Co-Authors Adi Suroso Mahjudin Mahjudin Muchammad Ilham SAM Naurah Aurelia Mahjudin