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All Journal Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Journal of Islamic Monetary Economics and Finance Indonesian Capital Market Review Journal of Indonesian Economy and Business Tax Accounting Applied Journal Journal of Islamic Economic Laws
Mamduh M. Hanafi
Faculty Of Economics And Business, Universitas Gadjah Mada
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Does Institutional Quality Matter in the Relationship Between Competition and Bank Stability? Evidence from Asia Muizzuddin Muizzuddin; Eduardus Tandelilin; Mamduh Mahmadah Hanafi; Bowo Setiyono
Journal of Indonesian Economy and Business Vol 36 No 3 (2021): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (205.721 KB) | DOI: 10.22146/jieb.v36i3.1428

Abstract

Introduction/Main Objectives: This study aims to investigate whether competition impacts bank stability. Furthermore, the study also analyzes the role of institutional quality in a country, such as voice and accountability, political stability, government effectiveness, regulatory quality, the rule of law, and control of corruption, forming the effect of competition on bank stability. Background Problem: Analysis of the relationship between competition and bank stability has been at the center of academic and policy debate. However, the theoretical and empirical research has not concluded whether bank competition leads to more or fewer stable banks. Novelty: We consider institutional quality's role in mitigating the negative impact of competition on bank stability, which has mainly been under-elaborated in prior studies, particularly in using measures from The World Bank’s Worldwide Governance Indicators, which measure how the institutions of each country influence bankers’ and the people's behavior, as part of the cultural system. Research Methods: Using a sample of 427 Asian commercial banks from 2011 to 2019, we employ the generalized method of moments (GMM) estimator and consider loan growth and the cost to income ratio as instrumental variables. Findings/Results: We find robust evidence that competition erodes bank stability. Besides, better institutional quality, especially government effectiveness, regulatory quality, the rule of law, and corruption control in each country are important aspects that promote bank stability and mitigate the negative impact of competition on bank stability. Conclusion: Competition has a negative impact on bank stability. Meanwhile, the quality of institutions can both promote bank stability and mitigate this negative relationship.
A LITERATURE REVIEW OF UPDATED ISLAMIC CORPORATE GOVERNANCE ELEMENTS: IMPLICATIONS FOR INDONESIA Lestari, Irna Puji; Hanafi, Mamduh Mahmadah; Wardhana, Leo Indra
Journal of Islamic Monetary Economics and Finance Vol 11 No 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2305

Abstract

This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs. ACKNOWLEDGEMENT The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
DETECTING OF PROBABILITY OF FINANCIAL STATEMENT FRAUD USING FRAUD HEXAGON MODEL: Evidence from Indonesian Public Companies Sahda Purnama Sari; Mamduh Mahmadah Hanafi
Tax Accounting Applied Journal Vol 2, No 1 (2023): May 2023
Publisher : DIPONEGORO UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/taaij.2023.17984

Abstract

Many of Indonesian public companies had proven guilty that have committed financial statement fraud.The purpose of this research is for detecting financial statement fraud using fraud hexagon model consists of pressure, opportunity, rationalization, ccompetence, arrogance & collusion variabels. The sample in this reaserch specifically chose companies that were proven to have committed financial statement fraud and used logistical regression estimation technique assisted by STATA 14.The results of this reaserch shows that pressure proxied by financial stability, rationalization proxied by total accruals and collusion proxied by state owned enterprises (SOEs) have positive effect significantly on probability of financal statement fraud. Consequently, change of receivables, change of directors, CEO education, CEO narcissism, managerial ownership and CEO duality have negative effect on probability of financial statement fraud. meanwhile, external pressure, financial target, ineffective monitoring and auditor switching have no efffect on probability of financial statement fraud. The fraud hexagon model  can be used for financial statement fraud detection because the results support the collusion variable proxied by state owned enterprises (SOEs) which indicates that regulation, supervision and punishment are still weak for parties proven to have committed financial statement fraud.
The Effect of Intellectual Capital towards Firm Performance and Risk with Board Diversity as a Moderating Variable: Study in ASEAN Banking Firms Innayah, Maulida Nurul; Pratama, Bima Cinintya; Hanafi, Mamduh Mahmadah
JDM (Jurnal Dinamika Manajemen) Vol 11, No 1 (2020): March 2020
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v11i1.21487

Abstract

This paper finds out the impact of intellectual capital on firm performance and risk. Moreover, this paper also examines whether the board diversity in terms of gender and nationality can strengthen the effect of intellectual capital towards firm performance and risk that operates in banking industries in ASEAN. The data in this study obtained from Bloomberg and OSIRIS database and also the firm’s annual reports over the period of 2012-2016 (375 observations) and conducted in ASEAN countries, namely Indonesia, Philippines, Malaysia, Singapore, and Thailand. The results find that the efficient and effective use of intellectual capital will make the firms achieved higher performance. Meanwhile, intellectual capital can help reduce credit risk. In the interaction effect, the result is consistent with social psychology theory and shows that the presence of board diversity actually reduces firm performance and increases risk.
Analysis of IPO Underpricing Fluctuation: Empirical Study in Indonesia Stock Exchange Hanafi, Mamduh M.
JDM (Jurnal Dinamika Manajemen) Vol 7, No 2 (2016): September 2016
Publisher : Department of Management, Faculty of Economics and Business, Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v7i2.8197

Abstract

This study attempts to analyze fluctuation of IPO underpricing in Indonesia market from 1990-2010. This research test three proposed hypotheses: changing risk composition, changing incentives alignment, and changing issuers objective function. The researcher also add other variables as potential explanation for underpricing fluctuation: introduction of book building mechanism in year 2000, industry (finance and non-finance), market return, and privatization (IPO of state owned companies and non-state owned companies). The analysis shows that market return and the introduction of book building mechanism have positive impact on underpricing. However, when both variables in regression equation are included, the effect of market return disappears, while the effect of book building mechanism persists. This finding seems to support Book Building advantage arguments and changing issuers objective functions hypothesis, in the sense that the introduction of book building mechanism changes objective function of parties involved. Final result is a change in IPO under pricing.
Understanding Heterogeneity in Islamic Banking Stability: Explaining Divergent Evidence from Global Studies Dwi Swasana Ramadhan; Mamduh Mahmadah Hanafi; Leo Indra Wardhana
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.17348

Abstract

Financial stability is essential for sustaining economic systems, yet empirical evidence on Islamic banking stability remains heterogeneous across studies. This study aims to provide a comprehensive understanding of Islamic banking stability by emphasizing the conditionality of previous evidence. This study applies a systematic literature review under the PRISMA framework combined with bibliometric mapping based on Scopus-indexed publications to address the ambiguity and differences surrounding the determinants of Islamic banking stability. The fin     dings reveal that the literature is dominated by panel data and dynamic estimation approaches, particularly GMM, while the Z-score remains the most frequently used stability proxy. The results also indicate that research is geographically concentrated in countries with well-developed Islamic financial systems. Furthermore, the study finds that empirical evidence on Islamic banking stability is heterogeneous, showing positive, negative, and mixed relationships depending on the choice of stability proxies, macroeconomic conditions, and research design. The findings suggest that Islamic banking stability is not inherently determined by its Islamic principles, but rather by the effectiveness of risk-sharing mechanisms within a supportive institutional and regulatory environment. This study contributes by providing a structured synthesis of fragmented literature and offers directions for future research to explore underexamined areas such as deposit contracts, Islamic window banks, and Islamic rural banks.
A Literature Review of Updated Islamic Corporate Governance Elements: Implications for Indonesia Irna Puji Lestari; Mamduh Mahmadah Hanafi; Leo Indra Wardhana
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2305

Abstract

This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs. Acknowledgment The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
Sustainability-Based Islamic Corporate Governance and Islamic Banks’ Multi-Performance: Evidence from Indonesia Irna Puji Lestari; Mamduh Mahmadah Hanafi; Leo Indra Wardhana
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2927

Abstract

This study develops a Sustainability-based Islamic Corporate Governance (SICG) index that integrates the roles of the Shariah board, regular board, and sustainable board and examines how it impacts multi-dimensional performance of Islamic banks.   It employs a sample of 15 Islamic commercial banks in Indonesia from 2010 to 2023. The findings reveal that governance elements have a positive impact on particularly financial performance, while its influence on social performance is limited. For environmental and sustainability performance, a positive impact is primarily observed in the roles of the regular and sustainable boards. Further analysis through the Paris Agreement interaction confirms that most of these findings are consistent and support the role of SICG in enhancing various performances of Islamic banks. These results highlight the need for Islamic banks in Indonesia to transition toward SICG and suggest that policymakers facilitate this transformation by developing relevant regulations and guidelines to align governance structures with broader sustainability objectives. Acknowledgment The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
Co-Authors Barsiano, Redik Bima Cinintya Pratama Dwi Swasana Ramadhan Eduardus Tandelilin Fitri Ismiyanti Fitri Ismiyanti Fitri Ismiyanti, Fitri Irna Puji Lestari Irna Puji Lestari Jogiyanto Hartono Leo Indra Wardhana Leo Indra Wardhana Leo Indra Wardhana Lestari, Irna Puji Maulida Nurul Innayah Muhammad Munandar Muhammad Munandar Muizzuddin Muizzuddin R. Heru Kristanto HC Redik Brasiano Sahda Purnama Sari Setiyono Setiyono Setiyono Setiyono Setiyono, Bowo Suad Husnan Suad Husnan Taswan, Taswan Usman Arief Usman Arief