دوره 30، شماره 3 - ( پاییز 1404 )                   دوره30 شماره 3 صفحات 0-0 | برگشت به فهرست نسخه ها

XML English Abstract Print

Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:
Mohammadbeigi S. (2025). The Nonlinear Relationship Between Capital Structure and Performance of Islamic Banks: Evidence from Selected Countries. JEPR. 30(3),
URL: http://eprj.ir/article-1-2321-fa.html
محمدبیگی سعید.(1404). رابطه غیرخطی ساختار سرمایه و عملکرد بانک‌های اسلامی: شواهدی از کشورهای منتخب فصلنامه پژوهشنامه اقتصاد و برنامه ریزی 30 (3)

URL: http://eprj.ir/article-1-2321-fa.html

رابطه غیرخطی ساختار سرمایه و عملکرد بانک‌های اسلامی: شواهدی از کشورهای منتخب
سعید محمدبیگی*
دکتری فلسفه اقتصاد اسلامی، موسسه آموزشی پژوهشی امام خمینی، قم، ایران ، beigi.1992@gmail.com
چکیده:   (381 مشاهده)
این مقاله به ارزیابی رابطه غیرخطی میان ساختار سرمایه و عملکرد مالی بانک‌های اسلامی در کشورهای منتخب سازمان همکاری اسلامی طی دوره ۲۰۱۰–۲۰۲۰ پرداخته است. با استفاده از پنل داده‌های متوازن 125 بانک و 1375 مشاهده سالانه، ابتدا مدل‌های خطی پنل اثرات ثابت و دینامیک  برای آزمون اثر مستقیم نسبت حقوق صاحبان سهام به دارایی‌ها بر بازده دارایی و بازده حقوق صاحبان سهام برآورد شد. سپس، با بهره‌گیری از مدل رگرسیون پنل آستانه‌ای دینامیک، دو نقطه شکستی در سطوح 12% و 18% شناسایی گردیدند که حاکی از تأثیر مثبت و معنادار نسبت سرمایه تا آستانه اول، کاهش ملایم در آستانه میانی و کندی محسوس در آستانه بالاتر است. آزمون‌های ثبات ساختار، بازنمونه‌گیری تصادفی با 1000 بازنمونه‌گیری و برآوردهای جایگزین با معیارهای NIM و Z‑Score اعتبار و پایداری این یافته‌ها را تأیید نموده است. تحلیل‌های منطقه‌ای نشان می‌دهد که شدت اثر سرمایه بر عملکرد در حوزه خلیج فارس بیشتر از سایر مناطق است و تفاوت‌های مقرراتی و عمق بازار بر آستانه‌های بهینه سرمایه تأثیرگذار است. نتایج این پژوهش نشان می‌دهد که در تعیین نسبت هدف سرمایه، بانک‌های اسلامی می‌بایست میان مزایای سپر مالیاتی و هزینه‌های نمایندگی در سطوح متوسط و اثرات افزایش هزینه‌های ورشکستگی و پیچیدگی عملیاتی در سطوح بالا تعادل برقرار کنند. یافته‌های این تحقیق از دو جنبه نظری و عملی حائز اهمیت است: اولاً، برای تنظیم سیاست‌های نظارتی منطقه‌ای منعطف و بهبود چارچوب‌های سرمایه‌ای بانک‌های اسلامی کاربرد دارد. ثانیاً، این یافته‌ها فرضیه ریسک کارایی (احتمال کاهش بهره‌وری عملیاتی) و فرضیه ارزش حق امتیاز (ارزش نهفته در مزیت‌های رقابتی و برند) را تأیید می‌کند.
واژه‌های کلیدی: ساختار سرمایه، بانک‌های اسلامی، ساختار سرمایه بهینه، اقتصاد اسلامی
     
پژوهشی: پژوهشي | موضوع مقاله: اقتصاد اسلامی
دریافت: 1404/2/3 | پذیرش: 1404/10/7 | انتشار الکترونیک: 1405/3/2
فهرست منابع
1. Alabdulkarim, N., Kalyanaraman, L., & Alhussayen, H. (2024). The impact of firm size on the relationship between leverage and firm performance: evidence from Saudi Arabia. Humanities and Social Sciences Communications. [DOI:10.1057/s41599-024-04211-x]
2. Al Tamimi, H. (2010). Determinants of Capital Structure: Evidence from UAE Banks. Journal of Risk Finance.
3. Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies. [DOI:10.2307/2297968]
4. Barnett, V., & Lewis, T. (1994). Outliers in Statistical Data. Wiley.
5. Bashir, A. H. M. (2003). Determinants of profitability in Islamic banks: Some evidence from the Middle East. Islamic Economic Studies, 11(1), 31-57.
6. Beck, N., & Katz, J. N. (1995). What to Do (and Not to Do) with Time-Series Cross-Section Data. American Political Science Review. [DOI:10.2307/2082979]
7. Beck, T., Demirgüç Kunt, A., & Merrouche, O. (2013). Islamic vs. Conventional Banking: Business Model, Efficiency and Stability. Journal of Banking & Finance. [DOI:10.1016/j.jbankfin.2012.09.016]
8. Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065-1102. [DOI:10.1016/j.jbankfin.2005.05.015]
9. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics. [DOI:10.1016/S0304-4076(98)00009-8]
10. Bolarinwa, S. T., Olayeni, R. O., & Vo, X. V. (2021). Is there a nonlinear relationship between nonperforming loans and bank profitability? Managerial and Decision Economics. [DOI:10.1002/mde.3262]
11. Boss, M., et al. (2006). Macro-Financial Risks of Banking System in Switzerland. Swiss National Bank Working Papers.
12. Bukair, A. (2014). Determinants of the Capital Structure of Islamic Banks. Jurnal Ilmiah Ekonomi Islam, 7(01), 152.
13. Central Banks Reports (National Statistical Agencies of OIC Countries).
14. Cheikh Tourad, B. (2024). The Impact of Capital Structure on Islamic Bank's Profitability Evidence from the Top Islamic Finance Countries for the Period 2003-2022.
15. Çolak, G., & Aysan, A. F. (2013). The Impact of Sukuk and Market Competition on Islamic Bank Performance: A Regional Analysis. International Journal of Islamic and Middle Eastern Finance and Management.
16. Doornik, J. A., & Hansen, H. (2008). An omnibus test for univariate and multivariate normality. Oxford Bulletin of Economics and Statistics, 70(s1), 927-939. [DOI:10.1111/j.1468-0084.2008.00537.x]
17. Dusuki, A. W., & Abdullah, N. I. (2007). Why do Malaysian customers patronise Islamic banks?. International Journal of Bank Marketing.
18. Financial performance and stability in Islamic banks: Evidence from GCC countries. (2017). Corporate Ownership & Control, 14(4). [DOI:10.22495/cocv14i4art9]
19. Risk and performance of Islamic and conventional banks under capital regulation. (2023). Asian Journal of Sustainable Banking and Finance.
20. Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). McGraw-Hill.
21. Hansen, B. E. (1992). The Likelihood Ratio Test under Nonstandard Conditions: Testing the Markov Switching Model of GNP. Journal of Applied Econometrics, 7(S), S61-S82. [DOI:10.1002/jae.3950070506]
22. Hansen, B. E., & Seo, B. (2002). Testing for two-regime threshold cointegration in vector error-correction models. Journal of Econometrics. [DOI:10.1016/S0304-4076(02)00097-0]
23. Ho, T. S. Y., & Wong, S. K. (2001). A Study of the Relationship between Corporate Governance Structures and the Extent of Voluntary Disclosure. Journal of International Accounting, Auditing and Taxation. [DOI:10.1016/S1061-9518(01)00041-6]
24. Ibrahim, M., & Abdul‐Latiff, A. R. (2014). Capital structure and risk-return trade‐off: Evidence from the GCC Islamic bank market. International Review of Financial Analysis, 36, 145-152.
25. Iqbal, M., Molyneux, P., Iqbal, M., & Molyneux, P. (2005). Efficiency in Islamic banking. Thirty Years of Islamic Banking: History, Performance and Prospects, 88-104. [DOI:10.1007/978-0-230-50322-9_6]
26. Iqbal, Z., & Mirakhor, A. (2011). An Introduction to Islamic Finance: Theory and Practice. Wiley Finance. [DOI:10.1002/9781118390474]
27. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. [DOI:10.1016/0304-405X(76)90026-X]
28. Meero, A. A. (2015). The relationship between capital structure and performance in Gulf countries banks: A comparative study between Islamic banks and conventional banks. International Journal of Economics and Finance, 7(12), 140-154. [DOI:10.5539/ijef.v7n12p140]
29. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261-297.
30. Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575-592. [DOI:10.2307/2327916]
31. Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives. [DOI:10.1257/jep.15.2.81]
32. Pasiouras, F., Tanna, S., & Zopounidis, C. (2008). Evaluating Bank Profitability: Evidence from European Banking Sector. European Journal of Operational Research.
33. Pathan, S., & Faff, R. (2013). Does it pay to be different? An analysis of alternative bank business models. Journal of Banking & Finance, 37(8), 3049-3067. [DOI:10.1016/j.jbankfin.2012.12.016]
34. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, No. 0435. [DOI:10.2139/ssrn.572504]
35. Rabaa, S., & Younes, Z. (2016). Economic growth and financial performance of Islamic banks. econstor.
36. Rahman, M. M., & Hasan, I. (2013). Comparative corporate governance of Islamic and conventional banks: International evidence. Journal of Corporate Finance.
37. Sheikh, N. A., & Qureshi, T. (2017). Capital Structure in Islamic and Conventional Banks. [DOI:10.1108/IMEFM-10-2015-0119]
38. Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance. [DOI:10.1111/j.1540-6261.1997.tb04820.x]
39. Siegel, S., & Castellan, N. J. (1988). Nonparametric Statistics for the Behavioral Sciences (2nd ed.). McGraw-Hill.
40. Srairi, S. (2010). Cost and profit efficiency of conventional and Islamic banks in GCC countries. Journal of Productivity Analysis, 34(1), 45-62. [DOI:10.1007/s11123-009-0161-7]
41. Toumi, K., Viviani, J.-L., & Louhichi, W. (2012). Alternative Financial Decision Principles: Theoretical Foundations of Islamic Banks' Capital Structure. In Recent Developments in Alternative Finance. [DOI:10.1108/S1571-0386(2012)0000022013]
42. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. MIT Press.
43. Alabdulkarim, N., Kalyanaraman, L., & Alhussayen, H. (2024). The impact of firm size on the relationship between leverage and firm performance: evidence from Saudi Arabia. Humanities and Social Sciences Communications. [DOI:10.1057/s41599-024-04211-x]
44. Al Tamimi, H. (2010). Determinants of Capital Structure: Evidence from UAE Banks. Journal of Risk Finance.
45. Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies. [DOI:10.2307/2297968]
46. Barnett, V., & Lewis, T. (1994). Outliers in Statistical Data. Wiley.
47. Bashir, A. H. M. (2003). Determinants of profitability in Islamic banks: Some evidence from the Middle East. Islamic Economic Studies, 11(1), 31-57.
48. Beck, N., & Katz, J. N. (1995). What to Do (and Not to Do) with Time-Series Cross-Section Data. American Political Science Review. [DOI:10.2307/2082979]
49. Beck, T., Demirgüç Kunt, A., & Merrouche, O. (2013). Islamic vs. Conventional Banking: Business Model, Efficiency and Stability. Journal of Banking & Finance. [DOI:10.1016/j.jbankfin.2012.09.016]
50. Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065-1102. [DOI:10.1016/j.jbankfin.2005.05.015]
51. Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics. [DOI:10.1016/S0304-4076(98)00009-8]
52. Bolarinwa, S. T., Olayeni, R. O., & Vo, X. V. (2021). Is there a nonlinear relationship between nonperforming loans and bank profitability? Managerial and Decision Economics. [DOI:10.1002/mde.3262]
53. Boss, M., et al. (2006). Macro-Financial Risks of Banking System in Switzerland. Swiss National Bank Working Papers.
54. Bukair, A. (2014). Determinants of the Capital Structure of Islamic Banks. Jurnal Ilmiah Ekonomi Islam, 7(01), 152.
55. Central Banks Reports (National Statistical Agencies of OIC Countries).
56. Cheikh Tourad, B. (2024). The Impact of Capital Structure on Islamic Bank's Profitability Evidence from the Top Islamic Finance Countries for the Period 2003-2022.
57. Çolak, G., & Aysan, A. F. (2013). The Impact of Sukuk and Market Competition on Islamic Bank Performance: A Regional Analysis. International Journal of Islamic and Middle Eastern Finance and Management.
58. Doornik, J. A., & Hansen, H. (2008). An omnibus test for univariate and multivariate normality. Oxford Bulletin of Economics and Statistics, 70(s1), 927-939. [DOI:10.1111/j.1468-0084.2008.00537.x]
59. Dusuki, A. W., & Abdullah, N. I. (2007). Why do Malaysian customers patronise Islamic banks?. International Journal of Bank Marketing.
60. Financial performance and stability in Islamic banks: Evidence from GCC countries. (2017). Corporate Ownership & Control, 14(4). [DOI:10.22495/cocv14i4art9]
61. Risk and performance of Islamic and conventional banks under capital regulation. (2023). Asian Journal of Sustainable Banking and Finance.
62. Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). McGraw-Hill.
63. Hansen, B. E. (1992). The Likelihood Ratio Test under Nonstandard Conditions: Testing the Markov Switching Model of GNP. Journal of Applied Econometrics, 7(S), S61-S82. [DOI:10.1002/jae.3950070506]
64. Hansen, B. E., & Seo, B. (2002). Testing for two-regime threshold cointegration in vector error-correction models. Journal of Econometrics. [DOI:10.1016/S0304-4076(02)00097-0]
65. Ho, T. S. Y., & Wong, S. K. (2001). A Study of the Relationship between Corporate Governance Structures and the Extent of Voluntary Disclosure. Journal of International Accounting, Auditing and Taxation. [DOI:10.1016/S1061-9518(01)00041-6]
66. Ibrahim, M., & Abdul‐Latiff, A. R. (2014). Capital structure and risk-return trade‐off: Evidence from the GCC Islamic bank market. International Review of Financial Analysis, 36, 145-152.
67. Iqbal, M., Molyneux, P., Iqbal, M., & Molyneux, P. (2005). Efficiency in Islamic banking. Thirty Years of Islamic Banking: History, Performance and Prospects, 88-104. [DOI:10.1007/978-0-230-50322-9_6]
68. Iqbal, Z., & Mirakhor, A. (2011). An Introduction to Islamic Finance: Theory and Practice. Wiley Finance. [DOI:10.1002/9781118390474]
69. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. [DOI:10.1016/0304-405X(76)90026-X]
70. Meero, A. A. (2015). The relationship between capital structure and performance in Gulf countries banks: A comparative study between Islamic banks and conventional banks. International Journal of Economics and Finance, 7(12), 140-154. [DOI:10.5539/ijef.v7n12p140]
71. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261-297.
72. Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575-592. [DOI:10.2307/2327916]
73. Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives. [DOI:10.1257/jep.15.2.81]
74. Pasiouras, F., Tanna, S., & Zopounidis, C. (2008). Evaluating Bank Profitability: Evidence from European Banking Sector. European Journal of Operational Research.
75. Pathan, S., & Faff, R. (2013). Does it pay to be different? An analysis of alternative bank business models. Journal of Banking & Finance, 37(8), 3049-3067. [DOI:10.1016/j.jbankfin.2012.12.016]
76. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, No. 0435. [DOI:10.2139/ssrn.572504]
77. Rabaa, S., & Younes, Z. (2016). Economic growth and financial performance of Islamic banks. econstor.
78. Rahman, M. M., & Hasan, I. (2013). Comparative corporate governance of Islamic and conventional banks: International evidence. Journal of Corporate Finance.
79. Sheikh, N. A., & Qureshi, T. (2017). Capital Structure in Islamic and Conventional Banks. [DOI:10.1108/IMEFM-10-2015-0119]
80. Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance. [DOI:10.1111/j.1540-6261.1997.tb04820.x]
81. Siegel, S., & Castellan, N. J. (1988). Nonparametric Statistics for the Behavioral Sciences (2nd ed.). McGraw-Hill.
82. Srairi, S. (2010). Cost and profit efficiency of conventional and Islamic banks in GCC countries. Journal of Productivity Analysis, 34(1), 45-62. [DOI:10.1007/s11123-009-0161-7]
83. Toumi, K., Viviani, J.-L., & Louhichi, W. (2012). Alternative Financial Decision Principles: Theoretical Foundations of Islamic Banks' Capital Structure. In Recent Developments in Alternative Finance. [DOI:10.1108/S1571-0386(2012)0000022013]
84. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. MIT Press.
بازنشر اطلاعات
Creative Commons License این مقاله تحت شرایط Creative Commons Attribution 4.0 International License قابل بازنشر است.

کلیه حقوق این وب سایت متعلق به فصلنامه پژوهشنامه اقتصاد و برنامه ریزی می باشد.

طراحی و برنامه نویسی : یکتاوب افزار شرق

© 2026 CC BY-NC 4.0 |

Designed & Developed by : Yektaweb