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All Journal Journal of Islamic Economics and Business Manexia
Euis Bandawaty
Universitas Islam As-Syafi'iyah
Religion Economics, Econometrics & Finance Social Sciences

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Exposure Symmetry and Volatility Transmission: A Structural Theory of Portfolio Diversification Euis Bandawaty
Manexia: Journal of Business, Management, and Creative Economy Vol. 1 No. 1 (2025): Strategic Architecture Under Persistent Market Volatility
Publisher : UDEX Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66203/manexia.01106

Abstract

Persistent market volatility has become a structurally embedded condition of contemporary competitive environments, yet diversification research continues to conceptualize corporate scope primarily in terms of breadth, relatedness, and performance outcomes. Although prior scholarship explains how firms respond to turbulence through dynamic capabilities, governance mechanisms, and organizational learning, it under-theorizes how portfolio structure itself conditions volatility transmission. This paper develops a structural theory of portfolio diversification by introducing the construct of exposure symmetry, defined as a firm-level configuration in which volatility transmission across segments is attenuated through balanced dependency intensity, differentiated covariance structures, and capital redeployability elasticity. We argue that diversification effectiveness under persistent volatility depends not merely on scope expansion but on the architecture through which exposure is distributed and interconnected. The framework specifies three interdependent structural dimensions—exposure concentration intensity, exposure covariance structure, and structural elasticity—and advances propositions explaining how exposure architecture moderates the relationship between sustained volatility and strategic instability. By shifting attention from configurational classification toward volatility transmission mechanisms, this study extends diversification theory and clarifies the structural foundations of strategic stability under sustained turbulence.
Fluctuation of Credit Risk and Company Size on Liquidity Gunardi Gunardi; Akhmad Najibul Khairi Syai; Kholdorov Sardor Umarovich; Muhammad Al Mighwar; Euis Bandawaty; Dewi Kartikaningsih
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.45134

Abstract

This study aims to provide empirical evidence on the effect of credit risk and company size on liquidity in the banking sector. Liquidity is an important aspect in assessing a bank's financial performance because it reflects the institution's ability to meet short-term obligations and maintain operational continuity. This study focuses on Bank Mandiri, which consistently shows liquidity stability during the 2013–2023 period, even amidst various economic conditions. The research approach used is quantitative with a time series regression model. Secondary data is obtained from Bank Mandiri's audited annual financial statements. The dependent variable, namely liquidity, is measured using the Loan to Deposit Ratio (LDR); while the independent variables are credit risk measured by the Non-Performing Loan (NPL) ratio, and company size measured by the natural logarithm of total assets. To ensure the validity of the model, classical assumption tests such as normality, multicollinearity, heteroscedasticity, and autocorrelation are carried out. The results of the study show that credit risk and company size have a positive and significant effect on liquidity, both partially and simultaneously. This finding indicates that increasing credit risk encourages banks to strengthen liquidity reserves, and large-scale companies have wider access to funding. This result differs from several previous studies, indicating that institutional characteristics and risk management strategies can affect the direction and strength of the relationship between variables. This study contributes to the literature by presenting time-series evidence on the determinants of liquidity at one of the largest state-owned banks in Indonesia.
Capital Structure and Speed of Adjustment in Indonesian Listed Firms: Does Sharia Compliance Affect the Adjustment Speed? Euis Bandawaty; Woro Anglia Banda Sutomo; Heny Herawati; Sri Lestari; Juliana; Mohd Halim; Yayan Hendayana
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.47568

Abstract

This study investigates how Sharia compliance and Islamic debt constraints influence capital structure and its adjustment speed among non-financial firms listed on the Indonesia Stock Exchange (2013–2023). Challenging the assumption that Sharia-compliant firms are always more conservative in debt usage, this research integrates Sharia-based variables into a dynamic Partial Adjustment Model (PAM) using the Generalized Method of Moments (GMM). The model incorporates target leverage, adjustment speed, and Sharia principles through compliance status and debt-to-equity ratio (DER) thresholds. Empirical results reveal that Sharia-compliant firms, while maintaining DER within the 45% limit, tend to use more debt and adjust faster toward target leverage. These findings suggest that Sharia norms enhance rather than constrain financial efficiency. The study underscores the strategic role of sukuk and values-based financing in promoting disciplined and adaptive capital structures, with key implications for regulators, firms, and investors.
Co-Authors Akhmad Najibul Khairi Syai Gunardi Heny Herawati Juliana Kartikaningsih, Dewi Kholdorov Sardor Umarovich Mohd Halim Muhammad Al Mighwar Sri Lestari Woro Anglia Banda Sutomo Yayan Hendayana