The Role of Company Size in Moderating the Effects of Islamic Corporate Governance and Sharia Compliance on the Financial Performance of Sharia Commercial Banks in Indonesia
DOI:
https://doi.org/10.65310/ea950x76Keywords:
Company Size, Financial Performance, Islamic Corporate Governance, Sharia Compliance, Zakat Performance Ratio.Abstract
This study examines the effects of Islamic Corporate Governance (ICG) and Sharia Compliance on the financial performance of Islamic Commercial Banks in Indonesia, while assessing the moderating role of company size. The study employed a quantitative approach using secondary panel data obtained from the annual reports of Islamic Commercial Banks during the 2020–2024 period. The population consisted of 14 Islamic Commercial Banks registered with the Financial Services Authority (OJK), from which eight banks were selected through purposive sampling, resulting in 40 firm-year observations. Financial performance was measured using Return on Assets (ROA), whereas Sharia Compliance was represented by the Profit Sharing Ratio (PSR) and Zakat Performance Ratio (ZPR). Panel data regression and Moderated Regression Analysis (MRA) were performed using EViews 12. The findings indicate that Islamic Corporate Governance, Profit Sharing Ratio, and Zakat Performance Ratio do not significantly influence financial performance. Company size also fails to moderate the relationships between Islamic Corporate Governance and ROA as well as between Profit Sharing Ratio and ROA. However, company size significantly moderates the relationship between Zakat Performance Ratio and financial performance, indicating that larger Islamic banks are more capable of translating zakat performance into improved profitability. These findings highlight that improving financial performance in Islamic banking requires not only stronger governance and Sharia compliance practices but also effective organizational capacity to optimize their implementation.
Downloads
References
Abdullah, K., Jannah, M., Aiman, U., Hasda, S., Fadilla, Z., Taqwin, Masita, Ardiawan, K. N., & Sari, M. E. (2022). Metodologi Penelitian Kuantitatif. In N. Saputra (Ed.), Yayasan Penerbit Muhammad Zaini.
Afdal, H. F., & Agustin, H. (2023). Pengaruh Sharia Compliance dan Islamic Corporate Governance terhadap Kinerja Keuangan Perbankan Syariah. Jurnal Eksplorasi Akuntansi, 5(2), 718–730. https://doi.org/10.24036/jea.v5i2.791
Alabdullah, T. T. Y., Ahmed, E. R., & Jebna, A. K. (2022). Corporate Governance System and Firm Financial Performance. Acta Scientific Computer Sciences, 4(6). https://www.actascientific.com/ASCS/ASCS-04-0286.php
Ananda, C. Z., & Erinos. (2020). Pengaruh Islamic Corporate Governance Dan Islamic Corporate Social Responsibility Terhadap Kinerja Perbankan Syariah. Jurnal Eksplorasi Akuntansi, 2(1), 2065–2082. https://doi.org/10.24036/jea.v2i1.198
Anggraini, D., & Mariana. (2023). Pengaruh Islamic Corporate Governance (ICG), Islamic Corporate Social Responsibility (ICSR), Dan Intellectual Capital (IC) Terhadap Kinerja Perbankan Syariah di Indonesia. Jurnal Akuntansi Unesa, 11(2), 118–127. https://journal.unesa.ac.id/index.php/akunesa/
Anwar, & Nursan, M. (2025). Analisis Regresi Data Panel Dengan Aplikasi Eviews. Pustaka Bangsa.
Ardila, D., Andriana, I., & Ghazarma, R. (2023). Analisis Kinerja Keuangan Perbankan pada Bank Umum Syariah di Indonesia. Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(1), 1–15. https://doi.org/DOI: 10.47467/alkharaj.v5i1.1091
Azahra, N., Harahap, R. F., Wibowo, M. R., & Tinendung, R. A. (2023). Pengaruh Sharia Compliance Terhadap Kinerja Keuangan pada Bank Umum Syariah di Indonesia. Jurnal Kapital Deli Sumatera, 1(2). https://journal.unds.ac.id/index.php/kds/article/view/187
Basuki, A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi dan Bisnis (Pertama). UMY.
Benamraoui, A., Moussa, T., & Alsohagy, M. H. (2023). Islamic banks’ Sharia compliance disclosure: an international evidence Available to Purchase. Accounting Resarch Journal, 36(4). https://doi.org/10.1108/ARJ-07-2022-0157
Cahya, P. A., & Kusumaningtias, R. (2021). Pengaruh Islamic Corporate Governance Dan Intellectual Capital Terhadap Kinerja Bank Umum Syariah. Jurnal Akuntansi, 15(2), 66–79. https://doi.org/10.37058/jak.v15i2.1926
Desta, S. Y., Subagiyo, R., & Usdeldi, U. (2022). Pengaruh Sharia Compliance Terhadap Kinerja Keuangan Dengan Mediasi Kinerja Maqashid Syariah Pada Perbankan Syariah. An-Nisbah: Jurnal Ekonomi Syariah, 9(1), 76–108. https://doi.org/10.21274/an.v9i1.5485
Djuwita, D., Eka Setiowati, N., & Kulsum, U. (2019). The Influence of Sharia Compliance and Islamic Corporate Governance on Financial Performance of Sharia Commercial Bank. Al-Amwal: Jurnal Ekonomi Dan Perbankan Syari’Ah , 11(2), 205–220. https://doi.org/10.24235/amwal.v11i2.4072
Fitriani, Suriyanti, L. H., & Ramashar, W. (2022). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Economics, Accounting and Business Journal, 2(1), 27–40. https://jom.umri.ac.id/index.php/ecountbis/article/view/199
Fridayani, J. A., & Kusuma, S. E. (2023). Statistika Inferensial (T. O. Kusumajati (ed.)). Sanata Dharma University Press.
Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (10th ed.). Universitas Diponegoro.
Gujarati Damodar. (2023). Basic Econometrics 4th Edition. McGraw – Hill.
Hakim, L. (2021). Manajemen Perbankan Syariah. Duta Media Publishing.
Hasana, S. M. (2022). Islamic corporate governance. In M. A. Amrulloh (Ed.), Review of Islamic Economics (Vol. 9, Issue 1). UIN Mataram Press.
Hayati, S. R., & Ramadhani, M. H. (2021). Analisis Kinerja Keuangan Bank Umum Syariah Melalui Pendekatan Islamicity Performance Index. Jurnal Ilmiah Ekonomi Islam, 7(2), 970–979. https://doi.org/10.29040/jiei.v7i2.2253
Hidayah, S., & Yasin, A. (2023). Corporate Governance, Financing Risk, Shariah Compliance dan Earning Mangement Terhadap Kinerja Keuangan Bank Umum Syariah di Indonesia. Jurnal Ekonomika Dan Bisnis Islam, 6(3), 244–257. https://journal.unesa.ac.id/index.php/jei
Himawan, F. A. (2021). Pengaruh Intellectual Capital, Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen Dan Komite Audit Terhadap Kinerja Keuangan Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi (Pada Perusahaan Jasa Keuangan yang terdaftar di BEI). Jurnal Manajemen Bisnis, 24(1), 1–21. https://esensijournal.com/index.php/esensi/article/view/154
Iba, Z., & Wardhana, A. (2024). Analisis Regresi dan Analisis Jalur Untuk Riset Bisnis (M. Pradana (ed.)). Eureka Media Aksara.
Isfanza, N., & Sugiarto. (2021). Peran Intellectual Capital dalam Meningkatkan Pengaruh Good Corporate Governance Dan Sharia Compliance terhadap Kinerja Keuangan Perbankan. Journal of Islamic Business and Economics, 3(2), 117–135. http://jos.unsoed.ac.id/index.php/ijime
Islamiah, C., Mashudi, & Asiyah, B. N. (2023). Company Size as a Moderation Variable Of Sharia Compliance And Good Corporate Governance on Financial Performance (Study on Sharia Commercial Bank 2016-2021). Journal of Economics, Business and Accounting Research, 7(3), 1310–1320. https://doi.org/https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Jaya, I. M. L. M. (2023). Metode Penelitian Kuantitatif dan Kualitatif. Quadrant.
Karadayi, N. (2023). Determinants of Return on Assets. European Journal of Business and Management Research, 8(3). https://doi.org/10.24018/ejbmr.2023.8.3.1938
Kurniasari, D., Lubis, A. T., & Kamal, M. (2019). Determinasi Pengungkapan Sharia Compliance Berdasarkan Standar AAOIFI pada Bank Syariah di Asia Tenggara. Jurnal Akuntansi Dan Keuangan Islam, 7(2), 103–120. https://journal.sebi.ac.id/index.php/jaki/article/view/95/83
Lestari, S. (2020). Pengaruh Sharia Compliance dan Islamic Corporate Governance Terhadap Kinerja Keuangan Bank Umum Syariah. Jurnal Ekonomi Islam, 1(2), 123–142. https://doi.org/10.48144/neraca.v16i2.496
Lisna, Hasbuddin, & Asni, N. (2024). Pengaruh Corporate Governance dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Sub Sektor Perbankan Yang Terdaftar DI BEI. Jurnal Media Kuntansi Perpajakan, 10(2), 232–245. https://doi.org/http://journal.uta45jakarta.ac.id/index.php/MAP
Mansoor, M., Ellahi, N., Hassan, A., Malik, Q. A., Waheed, A., & Ullah, N. (2020). Corporate governance, Shariah governance, and credit rating: A cross-country analysis from asian islamic banks. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–15. https://doi.org/10.3390/joitmc6040170
Mardian, S. (2021). Tingkat Kepatuhan Syariah di Lembaga Keuangan Syariah. Jurnal Akuntansi Dan Keuangan Islam, 3(1), 57–68. https://doi.org/10.35836/jakis.v3i1.41
Maslihatin, A., & Riduwan. (2020). Analisis Kepatuhan Syariah Pada Bank Syariah: Studi Kasus Bank Pembiayaan Rakyat Syariah. Jurnal Manajemen Perbankan Syariah, 4(1). https://doi.org/10.32483/maps.v4i1.47
Muchtar, E. H. (2021). Corporate Governance: Konsep dan Implementasinya Pada Emiten Saham Syariah. Penerbit Adab.
Mujaddid, A., & Edy, N. (2023). Analisis Rasio Sebagai Alat Ukur Kinerja Keuangan. Jurnal Akuntasi Dan Keuangan Entitas, 3(1), 56–70. https://doi.org/10.65378/entitas.v3i1.95
Nasihin, I., Purwandari, D., Ardiansyah, H. N., Kartika, E., & Prawatiningsih, D. (2025). Faktor Penentu Nilai Perusahaan : Peran Ukuran Perusahaan dan Profitabilitas di Indonesia. Gorontalo Accounting Journal, 8(1), 152–164. https://doi.org/10.32662/gaj.v8i1.4007
Novianti, N., Wijaya, I., & Pinory, C. M. S. (2025). Peran Corporate Governance Dalam Memediasi Pengaruh Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Bisnis Dan Manajemen, 5(1), 118–131. https://journal.moestopo.ac.id/index.php/jmb
Novianti, S. (2023). Kinerja Keuangan Bank Umum Syariah Pada Perbankan Syariah Di Indonesia Setelah Masa Pandemi Covid-19. Jurnal Ilmiah Ekonomi Dan Bisnis, 20(2), 230–237. https://doi.org/10.31849/jieb.v20i2.16745
Novitri, R. W., & Adi, S. W. (2024). Pengaruh Islamic Corporate Governance, Sharia Complience dan Islamic Social Reporting Terhadap Kinerja Keuangan Perbankan Syariah. Journal for the Economics, Management and Technology, 8(3), 1029–1038. https://doi.org/10.35870/emt.v8i3.2801
Nugroho, T. C., & Sunarya, P. A. (2024). Analisis Laporan Keuangan Dalam Mengukur Kinerja Keuangan Perusahaan Makanan dan Minuman di Indonesia. Ijacc, 5(1), 1–12. https://doi.org/10.33050/ijacc.v5i1.3098
Ovami, D. C. (2020). Sharia Compliance dan Kinerja Keuangan pada Bank Syariah di Indonesia. Jurnal Mutiara Akuntansi, 5(2), 12. https://e-journal.sari-mutiara.ac.id/index.php/JMA/article/view/1273
Paramita, R. W. D., Rizal, N., & Sulistyan, R. B. (2021). Metode Penelitian Kuantitatif (Ketiga). WidyaGama Press.
Pohan, R., Yahya, S. A., Yudistira, B., & Harahap, M. A. (2024). Analisis Komprehensif Terhadap Pengaruh Implementasi Good Corporate Governance dan Kepatuhan Syariah Terhadap Stabilitas Serta Kinerja Keuangan Lembaga Keuangan Islam di Indonesia. Journal of Islamic Business Management, 4(5), 418–426. https://e-journalbarokahpublisher.com/index.php/JMBS/article/view/211/167
Pramestia, A., & Adityawarman, A. (2024). Dampak Islamic Corporate Governance dan Dewan Pengawas Syariah Terhadap Kinerja Keuangan Bank Syariah (Studi Empiris pada Bank Syariah di Indonesia tahun 2019-2023). Diponegoro Journal of Accounting, 13(4). Retrieved from https://ejournal3.undip.ac.id/index.php/accounting/article/view/47832
Prastyatini, S. L. Y., Wahidah, U., & Jannah, I. (2025). Company Size as a Moderation of ICG and ICSR Islamic Banking Performance. Jurnal Perbankan Syraiah, 6(1), 61–78. https://doi.org/https://doi.org//10.46367/jps.v6i1.2366
Putri, S., & Usamah. (2024). Pengaruh ICG, ISR dan Likuiditas terhadap Kinerja Keuangan dengan Ukuran Perusahaan sebagai Pemoderasi. Business and Economics Conference in Utilization of Modern Technology, 696–704. https://doi.org/https://doi.org/10.31603/conference.14553
Rachman, A., Sunardi, Rahmawati, E., Jannah, L., & Billah, S. (2023). Signifikansi Peran Dewan Pengawas Syariah Dalam Menjamin Kepatuhan Syariah Pada Bank Syariah di Indonesia. Madani Syariah, 6(2), 134–146. https://doi.org/10.51476/madanisyariah.v6i2.517
Sa’adah, L., Nurarifin, M. R., & Fitriana, N. A. (2024). Analisis Rasio Profitabilitas Sebagai Alat Ukur Kinerja Keuangan PT Bank Central Asia. Lokawati : Jurnal Penelitian Manajemen Dan Inovasi Riset, 2(5), 144–155. https://doi.org/10.61132/lokawati.v2i5.1188
Saputra, E., & Suwardi. (2023). Mitigasi risiko kepatuhan bank syariah terhadap prinsip syariah. Jurnal Perbankan Syariah Dan Ekonomi Islam, 1(1), 23–33. http://ejournal.staindirundeng.ac.id/index.php/aliqtishad
Sari, A. K., Hudaya, F., & Imtikhanah, S. (2020). Pengaruh Sharia Compliance, Islamic Corporate Governance, CAR, dan Zakat Terhadap Kinerja Keuangan Bank Umum Syaria. Jurnal Neraca, 16(2), 29–50. https://doi.org/https://doi.org/10.48144/neraca.v16i2.496
Stockemer, D. (2019). Quantitative methods for the social sciences with SPSS and Stata. In Book (Vol. 50, Issue 3). https://doi.org/10.1007/978-3-319-99118-4
Subroto, M. A. A., Najmudin, & Fatoni, A. (2025). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Risiko Ketidakpatuhan Syariah Dalam Bank Umum Syariah di Indonesia.
Tisna, G. A., & Agustami, S. (2022). Pengaruh Good Corporate Governance dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Riset Akuntasni Dan Keuangan, 4(2), 1035–1046. https://doi.org/10.17509/jrak.v4i2.4038
Umiyati, Maisyarah, L., & Kamal, M. (2020). Islamic Corporate Governance and Sharia Compliance on Financial Performance Sharia Bank in Indonesia. Journal of Islamic Economics, 12(1), 33–50. https://doi.org/https://doi.org/10.15408/aiq.v12i1.15053
Usdeldi, Nasir, M. R., & Ahsan, M. (2022). The Mediate Effect Of Sharia Compliance on The Performance of Islamic Banking in Indonesia. Jurnal Keuangan Dan Perbankan, 26(1). https://doi.org/10.26905/jkdp.v26i1.6158
Zahara, U., & Hafizh, M. (2024). Analisis Determinasi Kinerja Keuangan BUS Dengan GCG, Ukuran Bank, Sharia Compliance Dan Manajemen Risiko. Jurnal Ekonomi STIEP, 10(2). https://jurnal.stiepontianak.ac.id/index.php/jes
Zikry, F. (2022). Pengaturan Dan Pengawasan Perbankan Syariah Oleh Ojk Dalam Rangka Memperkuat Good Corporate Governance (Gcg). Al-Mabsut: Jurnal Studi Islam Dan Sosial. http://www.ejournal.iaingawi.ac.id/index.php/almabsut/article/download/638/297
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Elma Halim, Ani Widayati (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
