Impact of Islamicity on the productivity of conventional and Islamic banks in selected southeast Asian countries

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Hasrul Nizam Mamat , Fakarudin Kamarudin , Mohsin Ali , Hafezali Iqbal Hussain
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Abstract

This study provides a new understanding of how bank-specific characteristics, the macroeconomic environment, and Islamicity affect the productivity of conventional banks (CBs) and Islamic banks (IBs) in selected Southeast Asian countries. The data of 153 banks, collected between 2015 and 2020, were used, and the influence of the selected factors was investigated by using panel data approaches, as well as the data envelopment analysis-based Malmquist productivity index (DEA-MPI). In the first-stage analysis, bank productivity was measured by using total factor productivity changes (TFPC), and in the second-stage analysis, panel regression analysis was performed, specifically, multiple panel regression analysis, which employed pooled ordinary least squares, a fixed-effects model, and a random-effects model. Parametric and nonparametric (Mann–Whitney and Kruskall–Wallis) tests found that the IBs were more progressive than the CBs. The findings indicated that unlike the IBs, change in the productivity of the CBs was adversely affected by economic Islamicity, as well as legal and governance Islamicity, which indicated that macroeconomic and legal structures that leaned toward Islamic values adversely affected the CBs. Meanwhile, the IBs were likely to be structured in line with such values and thus can mitigate the adverse impact of various factors. Both groups were negatively affected by human and political rights Islamicity, which indicated the use of a setup that could not benefit from Islamic values. This finding lends credence to the arguments in the literature that IBs mirror CBs in practice to remain competitive in their pricing based on market principles. The IBs were found to benefit from international relations Islamicity, which bodes well for the competitiveness of new players against the ancient setup of CBs in the globalized world.

伊斯兰化对部分东南亚国家传统银行和伊斯兰银行生产力的影响
本研究对特定东南亚国家的银行特点、宏观经济环境和伊斯兰性如何影响传统银行(CBs)和伊斯兰银行(IBs)的生产率提供了新的认识。研究使用了 2015 年至 2020 年间收集的 153 家银行的数据,并通过面板数据方法以及基于数据包络分析的马尔奎斯特生产率指数(DEA-MPI)研究了所选因素的影响。在第一阶段分析中,使用全要素生产率变化(TFPC)衡量银行生产率;在第二阶段分析中,进行了面板回归分析,特别是多重面板回归分析,采用了集合普通最小二乘法、固定效应模型和随机效应模型。参数和非参数(Mann-Whitney 和 Kruskall-Wallis)检验发现,综合预算组比预算组更具有进步性。研究结果表明,与伊斯兰机构不同,伊斯兰企业生产率的变化受到经济伊斯兰化以及法律和治理伊斯兰化的不利影响,这表明偏向伊斯兰价值观的宏观经济和法律结构对伊斯兰企业产生了不利影响。与此同时,伊斯兰机构的结构可能符合这些价值观,因此可以减轻各种因素的不利影响。这两个群体都受到人权和政治权利伊斯兰化的不利影响,这表明所采用的结构无法从伊斯兰价值观中受益。这一发现证实了文献中的论点,即国际商业银行在实践中照搬商业银行的做法,以便在基于市场原则的定价中保持竞争力。研究发现,国际商业银行受益于国际关系的伊斯兰性,这预示着在全球化世界中,新的参与者将有能力与传统的商业银行竞争。
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来源期刊
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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