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All Journal I-Finance Journal
Fanesa Ainun Difri
Universitas Islam Negeri Maulana Malik Ibrahim Malang
Economics, Econometrics & Finance

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ANALYSIS OF FINANCIAL POLICY AND MARKET VALUE OF ISLAMIC BANKS IN THE GCC REGION: THE ROLE OF COMPANY SIZE AS A MODERATING VARIABLE Fanesa Ainun Difri; Eka Wahyu Hestya Budianto
I-Finance Journal Vol 12 No 1 (2026): I-FINANCE: a Research Journal on Islamic Finance
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Raden Fatah Palembang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ifinance.v12i1.35476

Abstract

The global economic dynamics during the 2018–2024 period, marked by the COVID-19 pandemic, energy price fluctuations, and market uncertainty, demanded that Islamic banks in the GCC region maintain stability, efficiency, and corporate value. This associative quantitative study aims to analyze the effects of Free Cash Flow (FCF), Current Ratio (CR), and Debt-to-Equity Ratio (DER) on the firm value of Islamic banks in the GCC region during 2018–2024, with firm size as a moderating variable amidst these global economic shifts. Utilizing secondary data selected through purposive sampling, the data were analyzed using panel data regression with a random effects model and Moderated Regression Analysis (MRA). The partial test results indicate that FCF has a significant negative effect on firm value, whereas CR and DER show no significant effects. In the moderation test, firm size is proven to mitigate (weaken) the relationship between FCF and firm value, but fails to moderate the relationships of CR and DER. Nevertheless, the simultaneous test demonstrates that FCF, CR, and DER collectively exert a significant effect on firm value. The practical implication of these findings emphasizes the importance of optimizing Free Cash Flow management and strengthening corporate governance in GCC Islamic banks to create value and enhance investor confidence.
Co-Authors Eka Wahyu Hestya Budianto