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All Journal Journal of Business Management and Islamic Banking
Sri Astuti Nasir
Management, Universitas Negeri Makassar
Economics, Econometrics & Finance Education

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Exploring the Impact of Financial Risk on Firm Value: The Moderating Effect of Profitability in Islamic Banking Indri Iswardhani; Mahesh Luthia; Rostina; Sri Astuti Nasir; Nur Fadilah Ayu Sandira
Journal of Business Management and Islamic Banking Vol.5 No.1 (2026)
Publisher : UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jbmib.0501-03

Abstract

Purpose—This study aims to examine the impact of financial risks such as market risk (NIM), liquidity risk (CR), and financing risk (NPF) on firm value (PBV) in Islamic banking, with profitability (ROA) as a moderating variable. Design/methodology/approach—This study performs Moderated Regression Analysis to analyze the interaction effects of financial risks on firm value, considering Return on Assets as a moderator. The research covers data from 2018 to 2025, focusing on Islamic banks. Findings—Results indicate that NIM, when moderated by ROA, has a significant positive impact on PBV, suggesting that profitability plays a key role in enhancing firm value. However, CR and NPF, when moderated by ROA, do not show a significant impact on PBV. The inclusion of ROA modestly increases the model’s ability to explain the variation, with NIM being the most significant predictor of firm value. Research implication/limitation—The study contributes to a better understanding of how profitability interacts with financial risks in Islamic banking, highlighting the role of market risk in firm value and the moderating effect of ROA on the relationship between risk factors and firm value. Originality/value—This study is limited by its focus on Islamic banks within a specific context and the use of selected financial risk proxies, which may limit the applicability of the findings. The results imply that Islamic banks should prioritize improving profitability and market risk management to improve firm value.
Co-Authors Indri Iswardhani Mahesh Luthia Nur Fadilah Ayu Sandira Rostina