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

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: (384 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

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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]

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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.

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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.

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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]

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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.

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