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All Journal IIJSE Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Henny Setyo Lestari
Universitas Trisakti, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Key Factors Impacting Profitability in Indonesian Commercial Banks: Financial Ratio, Macroeconomic, and Ownership Structure Amalia Mega Berliana; Grecia Alvionita Simanjorang; Villia Nikmatul Khasanah; Henny Setyo Lestari; Farah Margaretha
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i1.5576

Abstract

Profitability is essential for assessing company performance and attracting investors. This study aims to examine the effect of non-interest income, size, loan loss provision, capital adequacy ratio, overheads, non-performing loans, inflation, interest rate, and foreign ownership on the profitability of commercial banks in Indonesia. Using a quantitative approach, secondary data from the Indonesia Stock Exchange, Central Bureau of Statistics, Bank Indonesia, and company websites were analyzed over seven years (2017-2023) from 32 commercial banks, resulting in 224 financial statement data points. Panel data regression analysis with Eviews 12 was employed. The results indicate that non-interest income, size, inflation, interest rate, and foreign ownership do not significantly affect profitability. However, loan loss provision, capital adequacy ratio, overheads, and non-performing loans significantly impact profitability. These findings highlight the importance of managing problematic loans, maintaining a robust capital adequacy ratio, and improving operational efficiency to enhance profitability. The study suggests that company managers should also consider other factors such as financing decisions, asset utilization, tangibility, sales growth, and age to maximize profitability. Future research should explore different sectors and extend the study period to identify additional factors influencing corporate profitability, thereby providing deeper insights for strategic decision-making to improve financial performance.
Banking Health Indicators and Their Impact on Credit Risk in the Indonesian Banking Sector Kelvin Pratama; Akmal Sulistomo; Henny Setyo Lestari; Farah Margaretha
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 2 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i2.6316

Abstract

Credit risk is inherent in the banking sector, as banks extend credit to the public as a primary source of income. Banks supervised by the Financial Services Authority (Otoritas Jasa Keuangan, OJK) are required to prioritize prudential principles, leading the OJK to monitor risk management in banking through the Non-Performing Loan (NPL) ratio. Various factors can contribute to an increase in credit risk for banks. This study aims to analyze banking-related factors and macroeconomic factors that may influence credit risk. The independent variables related to banking include SIZE, ROA, liquidity, bank capital, and asset quality, while the macroeconomic variables include GDP growth, inflation rate, and unemployment rate. The study employs a panel data regression method with a sample of 42 conventional banks listed on the Indonesia Stock Exchange from 2019 to 2023. The results reveal that liquidity and asset quality have a significant positive impact on credit risk, whereas bank capital, GDP growth, inflation rate, and unemployment rate have a significant negative impact on credit risk. Meanwhile, firm size, profitability, and the OEI ratio do not significantly influence credit risk. This research provides insights for financial managers in managing credit risk while considering macroeconomic conditions when making decisions. Additionally, for investors, the findings offer valuable perspectives on the factors to consider when evaluating banking institutions for investment purposes.
Faktor-Faktor Penentu Efisiensi Operasional Perbankan di Indonesia Henny Setyo Lestari; Hartini Hartini; Wafi Suryo Laksono; M. Hussin Abdullah
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7865

Abstract

This study aims to determine the factors that affect the operating efficiency of banking in Indonesia. This study uses the Pane Datal method. The data used during the period 2019-2023 were obtained from the Indonesia Stock Exchange. The dependent variable used in this study is operating efficiency. While the independent variables are credit risk, return on assets, return on equity, equity to asset ratio, deposit to liability ratio, total expense ratio, bank size, equity to liability ratio and ratio of loans loss provisions to net interest income. The results of this study indicate that return on assets has a positive effect on operating efficiency, while return on equity and loans loss provisions to net interest income have a negative effect on operating efficiency of banking in Indonesia and the credit risk ratio, equity to asset ratio, deposit to liability ratio, total expense ratio, bank size and equity to liability ratio do not affect operating efficiency of banking in Indonesia. It is hoped that the results of this study can be used by investors to determine the factors of operating efficiency of banking in Indonesia.
Pengaruh Dewan Direksi, Kepemilikan, dan Implementasi SDG terhadap Kinerja Keuangan di Sektor Konsumen Non-Siklikal Indonesia Syntia Feby Berliana; Stefani Dyah Retno Pudyanti; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8396

Abstract

This study aims to analyze the effect of board characteristics, ownership attributes, and SDG implementation on corporate financial performance in Indonesia’s consumer non-cyclical sector. The research uses a quantitative approach with secondary data collected from 41 publicly listed companies between 2022 and 2024. Financial and sustainability reports were used as sources, and the data were analyzed using panel data regression. The findings reveal that female board membership and sales growth have a positive impact on long-term capital efficiency (ROCE), while board independence and institutional ownership negatively affect it. Foreign ownership significantly improves short-term profitability (ROA), while SDG implementation shows a trade-off—reducing ROA but enhancing ROCE. Leverage and firm age positively affect ROA but reduce ROCE, whereas firm size shows the opposite pattern. These results underline that governance mechanisms and corporate characteristics have mixed effects on different dimensions of financial performance. The study provides insights for corporate managers to refine governance strategies and for investors to better evaluate firm fundamentals. Future studies are encouraged to include qualitative approaches and cross-sectoral comparisons to broaden the analysis.
The Influence of Corporate Governance, Audit Quality, and Investment Decisions on Firm Performance in the Chemical Manufacturing Industry Subsector in Indonesia Risa Alex Wibowo; Muhammad Ismi Hizana; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8418

Abstract

This study aimed to analyze the influence of corporate governance, audit quality, and investment decisions on the performance of manufacturing companies in the basic and chemical industries sub-sectors listed on the Indonesia Stock Exchange for the period 2020–2024. The research sample consisted of 23 companies selected using the purposive sampling method. Data were obtained from audited financial statements and annual reports, analyzed using panel data regression (FEM and REM) through the E-views 9 application, and considered the potential for endogeneity in the model. The results showed that the size of the board of directors had no effect on the company's performance, while the participation of women on the board had a significant positive influence on performance (ROA, ROE, and ROS). Board size has no effect on ROA and ROS, but has a significant negative effect on ROE. Audit quality, leverage, liquidity, fixed assets, and intangible assets had no effect on ROA and ROE, while company size had a significant positive influence on all three performance indicators. Investment decisions are proven to have no effect on the company's performance. The implication of this research is the importance of increasing regulation and supervision of corporate governance, especially in strengthening the role of women on the board of directors. The government is advised to continue to encourage good governance practices in this sector as a long-term strategy to maintain the stability and sustainability of corporate financial performance
The Impact of Corporate Governance Mechanisms on the Financial Performance of State-Owned Enterprises in Indonesia Elvira Julianti; Niken Yuni Astuti; Henny Setyo Lestari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9492

Abstract

This study examines the impact of corporate governance mechanisms on the financial performance of State-Owned Enterprises (SOEs) in Indonesia. The governance variables analyzed include board size, female board representation, board independence, audit committee, firm age, and leverage. Using panel data from Indonesian SOEs, the results show that board size, female board representation, board independence, audit committee, and firm age do not have a significant effect on financial performance as measured by return on equity (ROE). In contrast, leverage is found to have a significant negative effect on ROE, indicating that higher debt levels tend to reduce equity returns. These findings suggest that, within Indonesian SOEs, financial structure plays a more prominent role in determining profitability than the corporate governance attributes examined in this study.
The Impact of Liquidity on the Financial Performance of Banks Listed on the Indonesia Stock Exchange (IDX) Erina Yanti; Pu Libing; Henny Setyo Lestari; Susy Muchtar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9253

Abstract

This research seeks to examine the impact of credit risk, liquidity, price risk, operational risk, capital adequacy ratio, and loan-to-deposit ratio on the financial performance of banks listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Financial performance is assessed through ROA and ROE. Using purposive sampling, 26 banks that met the criteria were selected and analyzed through panel data regression. The results suggest that companies and investors should also take into account other factors that may influence financial performance. The regression analysis revealed that, individually, the LDR and operational risk (ORISK) significantly affected ROA, while the remaining variables were not significant. However, collectively, all independent variables had a significant impact on ROA, with an adjusted R-squared of 65%, indicating that 65% of ROA variation was explained by these variables. In contrast, for the ROE model, only operational risk (ORISK) showed a significant partial effect, whereas other variables were insignificant. Simultaneously, the independent variables significantly influenced ROE, with an adjusted R-squared of 54%, meaning that 54% of the variation in ROE was accounted for. Overall, operational risk (ORISK) consistently exerted a negative influence on bank profitability under both ROA and ROE measures, whereas the effects of other variables were more limited. These results highlight the critical role of operational risk management in sustaining banking profitability.
The Impact of Working Capital on Financial Performance Moderated by Dividend Policy and Financial Ratios: A Study of Manufacturing Companies in Indonesia Lutfi Adnan Affif; Asfina Nor Husna; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.732

Abstract

This study aims to analyze the impact of working capital on financial performance moderated by dividend policy and financial ratios at manufacturing companies in Indonesia. This research method uses a panel data regression, utilizing Eviews 9.0 software for data processing. The sample for this study includes 47 technology and manufacturing companies listed on the IDX with consistent data available for the 2020–2024 observation period. This study adopts a hypothesis-testing design to analyze the effects of the Cash Conversion Cycle, Leverage, Sales Growth, and Investment Policy on Financial Performance (ROA). Additionally, the model incorporates Size and Inflation as control variables and Dividend Payout Ratio as the moderating variable.
The Impact of Risk Management and Capital Adequacy Ratio on Banking Performance in Indonesia Kurrota A'yuni Aisy; Elfrida Eufunny; Henny Setyo Lestari; Farah Margaretha Leon
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.744

Abstract

This research examines the impact of risk management practices and capital adequacy on banking performance in Indonesia. Bank performance is measured by Return on Assets, while risk management is represented by credit, market, liquidity, and operational risk indicators. Capital Adequacy Ratio is used as a proxy for capital strength, with firm size and firm growth rate serving as control variables. The study applies a quantitative approach using secondary data from the financial statements of 43 commercial banks listed on the Indonesia Stock Exchange during the 2020–2024 period and employs panel data regression with a fixed effects model. The results indicate that the variables jointly have a significant effect on banking performance. Partially, Loan Loss Provision, Operating Expense Ratio, Efficiency Ratio, and Capital Adequacy Ratio have a positive and significant impact on Return on Assets, while the remaining risk indicators and control variables do not show significant effects. These findings indicate that effective credit provisioning, operational efficiency, productive cost management, and adequate capital strength are key factors in improving banking performance and maintaining sector stability.
The Moderating Effect of Market Power on Financial Policies, Cash Conversion Cycle, and Debt Capital Toward Firm Value in Cyclical Industries Oppie Junia Purnamasari Oppie; Fajar Nur Cholis Fajar; Henny Setyo Lestari; Farah Margaretha
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.751

Abstract

This study aims to examine the effect of working capital investment policy, working capital financing policy, cash conversion cycle (“CCC”), and debt capital on firm value, as well as to analyze the moderating role of market power in these relationships. The research focuses on non-financial companies operating in cyclical industries listed on the Indonesia Stock Exchange (“IDX”) during the period 2020–2024. Using a quantitative approach, the study employs panel data regression analysis with a total sample of 40 firms observed over five years, resulting in 200 firm-year observations. Firm value is proxied by Tobin’s Q, while market power is proxied by the firm’s market share, measured as the ratio of firm sales to total sales of all firms in the sample. The empirical analysis is conducted using EViews software with fixed effect and random effect model selection procedures. This research contributes to the financial management literature by integrating working capital policies, debt capital, and market power within a comprehensive framework, particularly in the context of emerging markets and cyclical industries.
Co-Authors Akmal Sulistomo Amalia Mega Berliana Asfina Nor Husna Bhimo Fadhel Musyaffa Elfrida Eufunny Elvira Julianti Erina Yanti Fajar Nur Cholis Fajar Farah Margaretha Farah Margaretha Leon Grecia Alvionita Simanjorang Hartini Hartini Kelvin Pratama Kurrota A'yuni Aisy Lutfi Adnan Affif M. Hussin Abdullah Muhammad Ismi Hizana Muhammad Royyan Arrosyid Niken Yuni Astuti Oppie Junia Purnamasari Oppie Pu Libing Rifqi Abdullah Risa Alex Wibowo Stefani Dyah Retno Pudyanti Susy Muchtar Syntia Feby Berliana Villia Nikmatul Khasanah Wafi Suryo Laksono Wahyu Ramadhan