Capital Structure and Technology Investment on Profit Growth: The Moderating Role of Operational Efficiency in ASEAN Islamic Banks

Fahmi Ilham Fadjar; Ulfi Kartika Oktaviana

doi:10.36908/isbank.v12i1.1824

Authors

Fahmi Ilham Fadjar Fakultas Ekonomi, Universitas Islam Negeri Maulana Malik Ibrahim
Ulfi Kartika Oktaviana Fakultas Ekonomi, Universitas Islam Negeri Maulana Malik Ibrahim Malang

DOI: https://doi.org/10.36908/isbank.v12i1.1824

Keywords:

Capital Structure, Technology Investment, Operational Efficiency, Profit Growth, Asean Islamic Banks, Panel Data, Moderating Effect

Abstract

This study examines the effect of capital structure and technology investment, proxied by non-interest expenses, on profit growth, with operational efficiency serving as a moderating variable in ASEAN Islamic banks. Unlike previous studies that primarily examine operational efficiency as a direct determinant of financial performance, this study evaluates its moderating role while employing non-interest expenses as an operational proxy for technology investment in the ASEAN Islamic banking context. Panel data from 26 Islamic banks during 2020–2024 were analyzed using the Random Effects Model (REM) and Moderated Regression Analysis (MRA). The results indicate that capital structure has no significant effect on profit growth (β = –28.942; p = 0.454), whereas technology investment has a positive and significant effect (β = 75.824; p = 0.004). Operational efficiency does not significantly moderate the relationship between capital structure and profit growth (β = 13.701; p = 0.173), but it significantly moderates the relationship between technology investment and profit growth through a negative interaction effect (β = –51.815; p = 0.037), indicating that the profitability benefits of technology investment depend on efficient operational cost management. These findings provide empirical evidence that technology investment contributes to sustainable profit growth only when supported by operational efficiency, thereby extending the application of X-Efficiency Theory in explaining financial performance within ASEAN Islamic banks.

Downloads

Download data is not yet available.

References

Alshehadeh, A. R., & Al-Khawaja, H. A. (2022). Financial Technology as a Basis for Financial Inclusion and its Impact on Profitability: Evidence from Commercial Banks. International Journal of Advances in Soft Computing and Its Applications, 14(2), 125–138. https://doi.org/10.15849/IJASCA.220720.09

Amalia, A. J., Purbayati, R., & Nurasman, M. S. (2024). CAR , LLP , and CIR : Determinants of Islamic Commercial Banks ’ Financial Performance in Indonesia. Indonesian Journal of Economics and Management, 5(1), 109–122.

Ayinuola, T. F., & Gumel, B. I. (2023). The Impact of Cost-to-Income Ratio on Bank Performance in Nigeria. International Journal of Multidisciplinary and Current Educational Research (IJMCER), 5(Special Edition), 125–137. https://doi.org/10.35536/lje.2011.v16.isp.a12

Azizzah, L. R. N., & Susanti, D. (2023). Pengaruh Tingkat Kesehatan Bank Terhadap Pertumbuhan Laba Perusahaan (Studi Pada Bank BUMN Yang Terdaftar Di BEI Periode 2008-2021). Jurnal Ecogen, 6(4), 551. https://doi.org/10.24036/jmpe.v6i4.15334

Barlian, E. (2018). Metodologi penelitian kualitatif & kuantitatif. In osf.io. OSF. https://osf.io/ucjd_v1

Dibie, I., & Nworie, G. O. (2025). Disruptive technological innovation and profit growth of Small Scale Enterprises in Ebonyi State. Nworie, Gilbert Ogechukwu, 11(1), 115–139.

Dirna, F. C., Rachmawati, R., Firmansyah, F., Sam, M., Jaya, A. I., Arifin, A., & Abubakar, A. (2025). Statistika Deskriptif: Konsep dan Metode. In Star Digital Publishing. Star Digital Publishing.

Dwinanda, I. Z., & Sulistyowati, C. (2021). The Effect Of Credit Risk And Liquidity Risk On Bank. 6(2), 255–266. https://doi.org/10.20473/jiet.v6i2.31144

Fadhil, M., Aris, M., Saputra, I., & Syahrial, M. (2024). Perbandingan Kebijakan Ekonomi Syariah di Negara Negara Islam. Socius: Jurnal Penelitian Ilmu-Ilmu Sosia, 1(July), 183–193. https://doi.org/10.5281/zenodo.12525882%0APerbandingan

Faisal, Y. (2018). Pengaruh Tingkat Kesehatan Bank Syariah Dan Maqasyid Syariah Indeks Terhadap Pertumbuhan Laba Dengan Good Corporate …. Al-Masraf: Jurnal Lembaga Keuangan Dan ….

Febriyanti, S., & Aini, N. (2022). Faktor-faktor yang mempengaruhi pertumbuhan laba pada Bank Umum Konvensional yang terdaftar di BEI periode tahun 2018-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 946–957. https://doi.org/10.32670/fairvalue.v5i2.2340

Hamdan, M. N., Gharaibeh, O. K., Quran, A. Z. A.-, & Nusairat, N. M. (2021). The Impact Of Information Technology Investment On The Financial Performance. 20(6), 1–12.

IFSB. (2025). Islamic Financial Services Industry Stability Report 2025 Navigating Shallow Waters: Addressing Structural Vulnerabilities and Shoring Up Resilience to Global Shocks. Islamic Financial Services Board, 1–68.

Jinggili, F. A., Mardi, Susanti, S., & Respati, D. K. (2022). Analisis Kecukupan Modal Pada Bank Konvensionaldi Indonesia. Jurnal Akuntansi Dan Pajak, 22(2), 2022, Hal. 520-529 ANALISIS, 22(2), 520–529.

Keliuotytė-Staniulėnienė, G., & Smolskytė, G. (2019). Possibilities for Financial Technology Sector Development and its Impact on Banking Sector Profitability in Lithuania. Economics and Culture, 16(1), 12–23. https://doi.org/10.2478/jec-2019-0002

Kurniawati, L., Wardana, G. K., & Hafizi, M. R. (2025). The Effect Of Liquidity , Leverage , Capital , Efficiency , And Asset Quality On Islamic Banks Profitability In Asia. FINANSIA : Jurnal Akuntansi Dan Perbankan Syariah, 8(2). https://doi.org/10.32332/finansia.v8i2.10454

Leibenstein, H. (1979). X-efficiency: From concept to theory. Challenge, 22(4), 13–22.

Lestari, R. D., Wardana, G. K., & Hakim, A. (2025). Profitability of Islamic Banks in the World: Solvency, Liquidity and Capital Adequacy Factors with Moderation of Firm Size. Al-Mashrafiysh: Jurnal Ekonomi, Keuangan Dan Prbankan Syariah, 9(1), 1–21.

Nafiah, P. A. (2023). Pengembangan Layanan Perbankan Digital Dalam Perbankan Syariah Di Indonesia. Institut Agama Islam Uluwiyah, 7(2).

Nurmaulidia, K. R., Listari, S. P., Aulia, Y. V., Rosyada, A., & Febriani, M. (2024). Analisis Perkembangan Ekonomi Syariah Di Asia Tenggara Pasca Berdirinya BRICS. 2(2), 238–246.

Putri, S. G. D., Kamarni, N., & Primayesa, E. (2024). Efisiensi Perbankan Syariah di Negara Asean : Stochastic Frontier Analysis (SFA). Journal of Education Research, 5(4), 5259–5271. https://doi.org/10.37985/jer.v5i4.1776

Qothrunnada, & Wardana, G. K. (2021). Analisis Tingkat Kesehatan Dan Ukuran Perusahaan Terhadap Pertumbuhan Laba Bank Umum Syariah di Indonesia. 06(2022), 145–160.

Rivaldi, D., & Dompak, T. (2024). Tantangan Dan Peluang Negara Asean Dalam Perbandingan Sumber Daya Manusia ( SDM ) Di Era Digital. Prosiding Seminar Nasional Ilmu Sosial & Teknologi (SNISTEK) Tahun 2024, 6, 232–239.

Ronggo, S., Abubakar, L., & Handayani, T. (2022). Kesiapan Perbankan Menuju Transformasi Digital Pasca Pandemi Covid-19 Melalui Financial Technology ( Fintech ) Banking Readiness Towards Digital Transformation Post-Covid-19 Pandemic Through Financial Technology ( Fintech ). Jurnal Poros Hukum Padjadjaran, 228–241. https://doi.org/10.23920/jphp .v3i2.764%0AHalama

Sabila, M. R. (2025). Pengaruh Struktur Modal, Profitabilitas, Dan Kualitas Aset Terhadap Stabilitas Keuangan Pada Perbankan Syariah Di Asean. Jurnal Perbankan, 7 (12)

Samosir, H., Siregar, R., & Sari, W. P. (2022). Pengaruh Tingkat Kesehatan Bank Terhadap Pertumbuhan Laba Perusahaan Perbankan Yang Terdaftar Di BEI 2015-2019. Jurnal Ilmiah Akuntansi Keuangan Dan Bisnis (JIKABI), 1(1), 68–79. https://doi.org/10.31289/jbi.v1i1.1062

Sibarani, B. B., Prihatni, R., & Gurendrawati, E. (2025). Kontribusi Fintech Pada Inklusi Keuangan Di Negara Pasar Berkembang-Sebuah Meta Analysis. Jurnal Ilmiah M-Progress, 15(2), 411–423. https://doi.org/10.35968/mpu.v15i2.1466

Singh, V., Avdhesh, S., Shukla, K., & Sinha, S. (2024). The impact of technology on bank cost and efficiency. September, 1–25.

Siswati, A., & Hermansyah, E. N. (2025). Effectiveness of Digital Banking on Financial Performance Case Study on PT Bank Mandiri ( Persero ) Tbk Efektivitas Digital Banking terhadap Kinerja Keuangan Studi Kasus pada PT Bank Mandiri ( Persero ) Tbk. 5(1), 39–51.

Siuwandy, N. C., & Wibowo, T. (2020). Pengaruh Teknologi Finansial Terhadap Strategi Perbankan: Studi Kasus Bank Ocbc Nisp, 1(1), 418–425.

Subekti, W. A. P., & Wardana, G. K. (2022). Pengaruh CAR , Asset Growth , BOPO , DPK , Pembiayaan , NPF dan FDR. 05, 270–285.

Sugiyono. (2020). Metode Penelitian Kuantitatif Kualitatif Dan R&D. Bandung : Alfabeta

Syifa, A., & Binastuti, S. (2024). Pengaruh Risk Profile , Good Corporate Covernance , Earnings , Capital Terhadap Pertumbuhan Laba Pada Bank Digital Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2023. 10, 709–723.

Tambun, S., & Sitorus, R. R. (2025). Pelatihan Olah Data Riset Akuntansi Berbasis Data Panel Dengan Software Stata Pada Model Penelitian Intervening dan Moderating di PDIE Konsentrasi Akuntansi Universitas Trisakti. 5(1), 1–11.

Uran, V. E. A., & Wuryani, E. (2019). Pengaruh Risk Profile, Earnings, Dan Capital Terhadap Pertumbuhan Laba. Jurnal Akuntansi AKUNESA, 7(1).

Wahyudi, Djati, K., & Budiman, A. I. (2021). Analisis Komparatif Kinerja Keuangan Perbankan Syariah Di Asean (Studi Komparatif Bank Syariah Di Indonesia, Brunei Darussalam Dan Malaysia Tahun 2015-2019). JAST Journal of Accounting Science and Technology, 2(2), 174–189.

Wirandana, O., & Manda, G. S. (2024). Pengaruh Risiko Perbankan Terhadap Pertumbuhan Laba ( Studi Kasus Pada Bank Umum Konvensional yang Terdaftar di Bursa Efek Indonesia Periode 2019 - 2023 ). INNOVATIVE: Journal Of Social Science Research, 4(4), 9895–9909.

Wulandari, R., & Rofiuddin, M. (2022). Pengaruh Rasio Keuangan Terhadap Pertumbuhan Laba dengan Ukuran Bank Sebagai Variabel Moderasi: Studi pada Bank Umum Syariah Indonesia Periode 2016-2020. At-Taradhi: Jurnal Studi Ekonomi, 13(1), 57. https://doi.org/10.18592/at-taradhi.v13i1.6041