Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.

7( 2)1*

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Profitability Determinants and the Impact of Global Financial Crisis: A Panel Data Analysis of Malaysian Islamic Banks
+uha,ad +uda A,ir Shaharuddin A-delha.i, /,-a0a1 Facult0 of /cono,ics and +ua,alat( 2ni3ersit0 Sains Isla, +ala0sia 2SI+#( 4andar 4aru Nilai( 71$))( Nilai( Negeri Se,-ilan( +ala0sia. 1 /-,ail of the corres"onding author5 a,"0a2))760ahoo.co, Abstract 7his "a"er is conducted to identif0 the deter,inants of "rofita-ilit0 of Isla,ic -an.s o"erating in +ala0sia and e8a,ine the effect of the glo-al financial crisis on the "rofita-ilit0 of these -an.s. !anel data esti,ation is e,"lo0ed with un-alanced data on se3enteen Isla,ic -an.s( using 9uarterl0 data for the "eriod of 2))7 to 2)1). 7he rando, effect ,odel was s"ecificall0 used to achie3e the stud0 o-:ecti3es. 7he e,"irical results indicate that o3erhead e8"enses ratio( loans ratio( de"osits ratio( technical efficienc0 and -an. si;e ha3e a "ositi3e significant effect in deter,ining -an.s< "rofita-ilit0. +eanwhile( the inflation rate has a negati3e significant effect in deter,ining -an.s< "rofita-ilit0. 7he findings of stud0 indicate that ca"ital and reser3es( li9uidit0 ratio( -an.s< age( gross do,estic "roduct growth rate( =ross do,estic "roduct "er ca"ita and concentration ratio are not a-le to e8"lain the 3aria-ilit0 of "rofita-ilit0 of Isla,ic -an.s. 7he stud0 also re3eals that the "rofita-ilit0 of Isla,ic -an.s is negati3el0 affected -0 the glo-al financial crisis. Keywords5 Isla,ic 4an.s( 4an. "rofita-ilit0( +ala0sia( glo-al financial crisis( "anel data ! Introd"ction 7he -an.ing s0ste, in +ala0sia is a dual s0ste,( where Isla,ic -an.s function in co-e8istence with con3entional -an.s. 7he dual financial s0ste, has "ro3ed to -e 3ia-le as ,ore co,"etiti3e and so"histicated Isla,ic financial "roducts ha3e -een introduced into the Isla,ic -an.ing industr0 and gained "o"ularit0 and e3en "reference a,ongst the custo,ers +uda > Jalil 2))7#. 7he industrial structure of the -an.ing institutions "artici"ating in the Isla,ic -an.ing s0ste, has changed with the li-erali;ation of the Isla,ic -an.ing industr0( which leads to the entr0 of foreign Isla,ic -an.s into the +ala0sian -an.ing. +eanwhile( the Isla,ic -an.?s su-sidiaries ha3e e,erged to o"erate alongside full-fledged Isla,ic -an.s. 7hus( +ala0sian Isla,ic -an.s ha3e o"erated in a 3er0 co,"etiti3e industr0. In 2)1)( there were a total of se3enteen Isla,ic -an.ing institutions acti3el0 o"erating in the countr0 4an. Negara +ala0sia( 2)11#. 7he "erfor,ance of -an.s is related to changes in their en3iron,ent and econo,ic conditions +uda( 199*#. In 199$( +ala0sia suffered a contraction in the =ross @o,estic !roduct =@!# growth due to the Asian financial crisis which originated fro, 7hailand. In addition( during the financial crisis in 2))$( +ala0sia had not -een s"ared fro, this e8ternal shoc.. 7he shoc. was trans,itted to the +ala0sian econo,0 in the fourth 9uarter of 2))$. Aith the slowdown of do,estic econo,ic acti3ities( o3erall loan a""lications in the countr0 showed a declining trend. Boan a""lications slowed down for -oth the -usiness and household sectors( thus( +ala0sian financial institutions and -an.s ha3e -eco,e affected -0 this financial crisis Choon > +ah-Dui( 2)1)#. 7he results of this stud0 ,ight differ fro, the results of "re3ious studies in a wa0 that o-:ecti3e of this stud0 is to deter,ine the 3aria-les that can affect the "rofita-ilit0 of Isla,ic -an.s in +ala0sia after the li-erali;ation of the Isla,ic -an.ing industr0 and ( during the glo-al financial crisis 2))$. Studies of -an. "rofita-ilit0 are an i,"ortant tool towards the i,"ro3e,ent of -an. "erfor,ance and also towards the deter,ination of ,anage,ent "lanning to hel" in increasing the chance for the -an.s to sur3i3e in co,"etiti3e ,ar.ets. Studies of -an. "rofita-ilit0 are i,"ortant for the i,"ro3e,ent of the econo,0 since -an.s contri-ute to econo,ic growth. 7he rest of this "a"er is organi;ed as follows5 section 2 discusses the e8isting literature on -an. "rofita-ilit0( section * "resents the data and e8"lains the research ,ethodolog0( section % "resents the results and discussion( and section E "resents the conclusion of the stud0. #! $iterat"re %e&iew !rofit is an i,"ortant factor for the sur3i3al of a fir, and one of the crucial indicators of its "erfor,ance. 4an.s are s"ecific t0"es of fir,s and therefore( the rate of "rofit is 3er0 critical to -an. "erfor,ance. Aor. on identif0ing the -an.s "rofita-ilit0 deter,inants has recei3ed ,uch attention fro, researchers. Short 1979# and 4our.e 19$9# were a,ong the first who e8a,ined the deter,inants of -an. "rofita-ilit0. Following the,( a lot of studies ha3e -een done to e8a,ine the "rofita-ilit0 deter,inants( for e8a,"le( Dassan > 4ashir 2))*#( Naceur 2))*#( Sanusi > Is,ail 2))E#( Aasiu;;a,an > 7ar,i;i 2)1)#( @ietrich > Aan;enrie 2)1)#( Idris et al.( 2)11#( Chrawish et al.( 2)11# and Rah,an et al.( 2)12#. +ost of these studies find that -an. s"ecifics(

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financial structure and ,acroecono,ic deter,inants are a-le to e8"lain the changes in -an. "rofita-ilit0. Sanusi > Is,ail 2))E# e8a,ine the deter,inants of Isla,ic -an.s< "rofita-ilit0 in +ala0sia. 2sing fifteen sa,"les of full-fledged Isla,ic -an.s and Isla,ic windows during the "eriod of 199E - 2))%( this stud0 suggests that( high "rofita-ilit0 tends to -e associated with -an.s that hold a relati3el0 high ratio of total loans o3er total assets and growth of total assets. 7he results also show that( the =@! growth rate has no i,"act on -an. "rofita-ilit0. Also( Aasiu;;a,an > 7ar,i;i 2)1)# ha3e e8a,ined the deter,inants of the "rofita-ilit0 of si8teen Isla,ic -an.s in +ala0sia during the "eriod of 2))E- 2))$. 7he stud0 has found out that ca"ital and asset 9ualit0 ha3e an in3erse relationshi" with -an. "rofita-ilit0( while li9uidit0 and o"erational efficienc0 ha3e a "ositi3e influence. 7he =@! and inflation ha3e a "ositi3e relationshi" with -an. "rofita-ilit0. Bater( Idris et al.( 2)11# find that the -an. si;e is the ,ost i,"ortant factor in e8"laining the 3ariation of "rofita-ilit0 for Isla,ic -an.ing institutions in +ala0sia -0 using nine Isla,ic -an.s for the "eriod of 2))7- 2))9. In line with this stud0( Dasan > @ridi 2)1)# e8a,ine the "erfor,ance of Isla,ic -an.s and con3entional -an.s during the recent glo-al crisis in 2))$ -0 loo.ing at the i,"act of the crisis on "rofita-ilit0( credit and asset growth. 7he results suggest that the Isla,ic -an.s of these countries ha3e -een affected differentl0 during the crisis. Sufian > Da-i-ullah 2)1)# e8a,ine the deter,inants of Indonesian -an.s< "rofita-ilit0 during the "eriod of 199)F2))E using return on the asset as a "ro80 for "rofita-ilit0. 7he findings indicate that si;e and o3erhead costs are negati3el0 related to -an. "rofita-ilit0. 7he i,"act of econo,ic growth and -an.ing sector concentration are "ositi3e during the "re-crisis and crisis "eriods. +oreo3er( the Asian financial crisis e8erts a negati3e and significant i,"act on the "rofita-ilit0 of Indonesian -an.s. Ja3aid et al.( 2)11# e8a,ines the deter,inants of -an. "rofita-ilit0 in !a.istan. 7he "anel data during the "eriod fro, 2))% to 2))$ is used. 7he results show that -an. si;e has a negati3e and significant i,"act on "rofita-ilit0. Also( the i,"act of loans is not significant towards "rofita-ilit0. /9uit0 and de"osits ha3e a "ositi3e and significant i,"act on "rofita-ilit0. In the sa,e conte8t( Ali et al.( 2)11# also( e8a,ine the "rofita-ilit0 indicators of !a.istani co,,ercial -an.s during 2))6-2))9.7he findings suggest that the "rofita-ilit0 see,s to ha3e -een "ositi3el0 affected -0 si;e( o"erating efficienc0 and asset ,anage,ent( and negati3el0 -0 ca"ital. 7he =@! is found to "ositi3el0 affect on "rofita-ilit0( -ut( the Inflation rate is found to ha3e a negati3e effect on "rofita-ilit0. Chrawish et al.( 2)11# loo. into the factors that ,ight affect the Jordanian Isla,ic -an.s< "rofita-ilit0 during the "eriod of 2))E to 2))9. 7he anal0sis re3eals that there is a significant and negati3e relationshi" -etween return on assets and the -an. si;e( total lia-ilities( =@! growth rate and Inflation rate. In case of Ara-ic Isla,ic -an.s also( S,aoui and 4en Salah 2)11# use "anel data of %% Isla,ic 4an.s in the =ulf Goo"eration Gouncil o3er the "eriod of 199E-2))9 to e8a,ine the deter,inants of "rofita-ilit0. 7he results find that ca"ital strength is "ositi3el0 related to the "rofita-ilit0 of Isla,ic 4an.s( -ut the i,"act of li9uidit0 on -an. "rofita-ilit0 is insignificantl0 related. 7he results also show that o3erhead and efficienc0 are negati3el0 and significantl0 related to "rofita-ilit0( whereas the results of =@! growth( inflation and si;e are found "ositi3el0 and significantl0 related to -an. "rofita-ilit0. '! Data and Methodolo(y 7he data of -an.-s"ecific 3aria-les are collected fro, 9uarterl0 -alance sheet and inco,e state,ents o-tained fro, +ala0sian Isla,ic -an.s. Regarding the ,acroecono,ic 3aria-les( the data is collected fro, the @e"art,ent of Statistics( +ala0sia 3arious issues#. 7his stud0 uses an un-alanced "anel for the "eriod fro, the first 9uarter of 2))7 to the fourth 9uarter of 2)1). In order to e8a,ine the deter,inants of Isla,ic -an.s< "rofita-ilit0( "anel data ,ulti"le regression has -een a""lied to anal0;e the cross-section and ti,e series data to find out the relationshi" -etween de"endent 3aria-le and inde"endent 3aria-les( therefore the "anel data esti,ation techni9ue is utili;ed. !ooled &rdinar0 Beast S9uares !&BS#( Fi8ed /ffects +odels F/+#( and Rando, /ffects +odels R/+# are t0"es of "anel anal0tic ,odels. 'arious tests ha3e -een "erfor,ed using /cono,etrics "rogra, /-'iews 7.1 software for anal0;ing the data and "roducing the regression results. 3.1 Estimation Model In the stud0( esti,ations for two ,odels are ,ade and the stud0 ado"ts a ste"-wise regression ,odel to -uild the ,odels and a3oid se3ere ,ulticollinearit0 "ro-le,s. 7he regression ,odels can -e written as follows5 +odel 1 R&A H I) J K1&D7A J K2B&7A J K*@7A J K%=@!=R J KE=@!!G J K6G&NG J K7@@FJ L Ahere5 R&A H Return on Assets as the de"endent 3aria-le. And the Inde"endent 3aria-les are5 &D7A H &3erhead /8"enses o3er 7otal Assets B&7A H Boans financing# o3er 7otal Assets @7A H @e"osits o3er 7otal Assets

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=@!=R H =ross @o,estic !roduct =rowth Rate =@!!G H =ross @o,estic !roduct !er Ga"ita G&NG H Goncentration Ratio @@F H @ifferent -etween @o,estic and Foreign 4an.s I is interce"t( K is regression coefficient and( L is an error ter,. +odel 2 R&A H I) J K1GR7A J K2BA7A J K*7/ J K%INF J KEB&=7A J K6B&=A=/ J M7=FG J L Ahere5 R&A H Return on Assets as the de"endent 3aria-le. And the Inde"endent 3aria-les are5 GR7A H Ga"ital and Reser3es o3er 7otal Assets BA7A H Bi9uid o3er 7otal Assets 7/ H 7echnical /fficienc0 INF H Annual Inflation Rate B&=7A H 4an. Si;e B&=A=/ H 4an. Age =FG H =lo-al Financial Grisis I is interce"t( K is regression coefficient and( L is an error ter,. 3.2 Measures of Profitability In the literature( there are se3eral ratios used to ,easure the "rofita-ilit0 of -an.s. 7his stud0 uses return on assets R&A# as the de"endent 3aria-le( regarded to -e ,easura-le for Isla,ic -an.s and also it shows the "rofit earned "er unit of assets. In addition( it reflects the ,anage,ent?s a-ilit0 to utili;e the -an.s< financial and real in3est,ent resources to generate "rofits. R&A is a -etter "ro80 for -an. "rofita-ilit0 as o""osed of R&/ -ecause R&/ disregards financial le3erage Fla,ini et al( 2))9#. For these reasons R&A is considered for this stud0 and it is calculated as net inco,e after the ta8 di3ided -0 total assets. 3.3 Determinants of bank's profitability 7he literature on -an.s< "rofita-ilit0 e8"lains "rofita-ilit0 through internal and e8ternal deter,inants. Internal deter,inants or -an. s"ecific factors are under the control of -an. ,anage,ent. /8ternal deter,inants are go3erned -0 the effect of the ,acroecono,ic en3iron,ent on -an.s< "erfor,ance. Ga"ital and reser3es GR7A# are one of the i,"ortant sources of funds for the -an.. Ga"ital and reser3es to total assets is included in this stud0 -ecause it identifies -an. ca"itali;ation and the a-ilit0 of a -an. to handle losses with shareholders. &3erhead e8"enses ratio &D7A# refers to an ongoing e8"enses of o"erating a -usiness. 7he o3erhead e8"ense is usuall0 used to grou" e8"enses that are necessar0 to the continued functioning of the -usiness. 7he o3erhead is o-tained -0 di3iding "ersonnel and o3erhead e8"enses -0 total assets. +ost of the literature on -an.s "rofita-ilit0 argues that reduced e8"enses i,"ro3e the "erfor,ance and hence( raise the "rofita-ilit0 of -an.s( i,"l0ing a negati3e relationshi" -etween o"erating e8"enses ratio and "rofita-ilit0 4our.e 19$9#. Boans ratio B&A7# is used to esti,ate the co,"onent of the inco,e that is attri-uta-le to ,anage,ent 9ualit0. It is co,"uted -0 total loans o3er total assets. Boans of -an. are e8"ected to generate "rofit and to -e the ,ain source of inco,e( hence are e8"ected to ha3e a "ositi3e i,"act on -an. "rofita-ilit0. @e"osits ratio @7A# is total de"osits fro, custo,ers and de"osits fro, -an.s and other financial institutions all de"osits including Non-+udhara-ah Fund and +udhara-ah Fund# as a "ercentage of total assets. @e"osits of the -an.s are considered the ,ain source of -an. funding and hence( it has an i,"act on the "rofita-ilit0 of the -an.s. Bi9uidit0 Ratio BA7A# is defined as the e8tent to which the -an. has funds a3aila-le to ,eet the withdrawal de,and of de"ositors. Gash( short ter, funds and de"osits and "lace,ents with -an.s and financial institutions di3ided -0 total assets is used to ,easure the li9uidit0 ratios. 4an.s need a,ounts of li9uidit0 de"ending on their growth rate( 3aria-ilit0 in financing( de"osit acti3ities and the regulations of the Gentral 4an.. 7hese instru,ents carr0 low inco,esN hence a high li9uidit0 ratio indicates e8cess li9uidit0 and is "otentiall0 indicati3e of low "rofits. 7echnical /fficienc0 7/# refers to the a-ilit0 of a -an. to ,ini,i;e in"ut or ,a8i,i;e out"ut# use gi3en a target out"ut or s"ecific in"uts#. 7he efficienc0 ratio gi3es a ,easure of how effecti3el0 a -an. is o"erating. !re3ious studies ha3e confir,ed that efficienc0 is one of the ,ost i,"ortant factors in e8"laining differences in "rofita-ilit0 across the -an.s. 7echnical efficienc0 is ,easured using the @ata /n3elo",ent Anal0sis @/A# ,ethod Sufian et al.( 2)12#. Inflation rate INF# is defined as a sustained general rise in "rices in an econo,0 where-0 a high inflation rate is associated with higher costs as well as higher inco,e. In the case of Isla,ic -an.s( 4ashir 2))*# re"orts that inflation ,a0 i,"act "erfor,ance "ositi3el0 if a larger "ortion of Isla,ic -an.s< "rofits accrues fro, direct in3est,ent( shareholding andOor other trade acti3ities +ura-ahah#. Inflation ,a0 ha3e a negati3e effect on -an.

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"rofita-ilit0 if wages and other costs are growing faster than the rate of inflation. =ross do,estic "roduct growth rate =@!=R# ,easures the national out"ut of an econo,0. Real =@! ,easures the actual increase in goods and ser3ices and e8cludes the i,"act of rising "rices. 7he =@!=R reflects the conditions of the econo,0 in the wa0 that a growing econo,0 will "ro3ide a growing de,and for -an.ing ser3ices and lower ris. as o""osed to the shrin.ing econo,0. =@! is a,ong the ,ost co,,onl0 used ,acroecono,ic indicators to ,easure the total econo,ic acti3it0 within an econo,0. =@!=R is e8"ected to -e in a "ositi3e relation with "rofita-ilit0. =ross do,estic "roduct "er ca"ita =@!!G# ,easures the total out"ut of a countr0 that ta.es the =@! and di3ides it -0 "o"ulation. In other words( =@!!G ta.es into account the a3erage =@! "er "erson in the econo,0 and see, to reflect the "ro"ensit0 to s"end. 7he -igger the e8"enditure will lead to econo,ic growth. 7hus( =@! "er ca"ita is used to chec. the i,"act of the le3el of "rofita-ilit0 of -an.s. 4an. si;e B&=7A# is considered an i,"ortant deter,inant of its "erfor,ance. Industrial econo,ic theor0 "ostulates that if an industr0 is su-:ect to econo,ies of scale( large institutions will -e ,ore efficient( and thus are a-le to "roduce ser3ices at a lower cost. Barger si;e is e8"ected to ha3e a "ositi3e effect on -an. "rofita-ilit0. 7he natural logarith, of the -an.?s total assets is used as a ,easure of -an. si;e. 4an. age A=/# is the nu,-er of wor.ing 0ears for each -an.. Newl0 esta-lished -an.s are not "articularl0 "rofita-le in their first 0ear of o"eration( as the0 "lace greater e,"hasis on increasing their ,ar.et share( rather than on i,"ro3ing "rofita-ilit0 Athanasoglou et al.( 2))$#. @es"ite this( a stud0 -0 @ietrich > Aan;enrie 2)1)# o-ser3ed that newer -an.s see, to -e ,arginall0 ,ore "rofita-le than older -an.s. 7his indicates that newer -an.s are a-le to "ursue successfull0 new "rofit o""ortunities. In this stud0( we include the age 3aria-le in order to see the effect -ecause there is a significant difference in the age of +ala0sian Isla,ic -an.s. Goncentration ratio G&NG# is ,easured -0 the "ro"ortion of total assets held -0 the largest -an. in the -an.ing sector. Studies related to deter,inants of -an. "rofita-ilit0 are -ased on the structure-conduct-"erfor,ance theor0 SG!#( which "ro"oses that ,ar.et concentration lowers the cost of collusion -etween fir,s and thus( resulting in higher "rofits. 7he idea that the "rofits of fir,s are deter,ined -0 the concentration le3el of the ,ar.et is "ro"osed -0 4ain 19E1#. Following hi,( a lot of studies ha3e ,odelled the SG! theor0 to e8"lain the "rofita-ilit0 of -an.s. 7he =lo-al financial crisis =FG# is a du,,0 3aria-le and it is included to e8a,ine the effect of the e3ent on the "rofita-ilit0 of the do,estic Isla,ic -an.s and foreign Isla,ic -an.s in +ala0sia. It is indicated -0 P1Q for the "eriod of the crisis that is( 9% 2))$( 91 2))9( 92 2))9 and 9* 2))9# and P)Q for the other "eriods. 7he difference -etween @o,estic and Foreign 4an.s @@F# is a du,,0 3aria-le included to in3estigate whether there is a difference in the "rofita-ilit0 -etween do,estic and Foreign Isla,ic -an.s. It is indicated -0 P1Q for do,estic Isla,ic -an.s and P)Q for Foreign Isla,ic -an.s. )! %es"lts and disc"ssion 4.1 Model 1 7a-le 1 See a""endi8# re"orts the descri"ti3e statistics of the 3aria-les used in the regression anal0ses. 7he results indicate that( on a3erage( the +ala0sian Isla,ic -an.s ha3e an R&A of ).17R o3er the entire "eriod fro, 912))7 to 9%2)1). 7he 3alues of s.ewness and .urtosis for the 3aria-les included in the ta-le indicate that the data are nor,al distri-ution or 3er0 close to nor,al distri-ution. 7o ascertain whether there is a ,ulticollinearit0 "ro-le, in the ,odels( this stud0 uses the 3ariance inflation factor 'IF#. 7a-le 2 and 7a-le * See a""endi8# "resent the 3ariance inflation factor 'IF# -etween the inde"endent 3aria-les in the ,ode 1 and the ,odel 2 res"ecti3el0 to test the ,ulticollinearit0 "ro-le,. 7he results of the 3ariance inflation factors 'IF# for the 3aria-les included in the two ,odels are -etween 1.12 and 2.79#. 7his indicates that the ,odels do not suffer fro, an0 ,ulticollinearit0 "ro-le,s -ecause all 'IF 3alues are less than E.) Snee( 197*#. 7a-le % See a""endi8# dis"la0s three esti,ation ,ethods in the "anel data statistics( using the !ooled &rdinar0 Beast S9uares !&BS#( the Fi8ed /ffects F/+# and the Rando, /ffects ,ethod R/+#. 7o identif0 which ,odel is a""ro"riate( the !&BS ,odel or the R/+( 7he 4reusch-!agan Bagrange ,ulti"lier B+# test is used. Aith the high chi-s9uared statistics( the stud0 re:ected the null h0"othesis in fa3our of the R/+ ,odel. 7he result "resented in the a""endi8( ta-le E shows that the "anel rando, effects regression ,odel is a""ro"riate. 7he Daus,an test is used -0 calculating the "-3alue !ro-Schi2# to deter,ine the use of F/+ or R/+. 7he result of the Daus,an test statistics in the ta-le 6 See a""endi8# re"orts that Rando, /ffects +odel is the a""ro"riate "anel data esti,ator. 7he Ahite test is used in this stud0 to detect the "resence of heteros.edasticit0( that Ahite heteros.edasticit0 test -eing one of the ,ost widel0 used. 7he result of the heteros.edasticit0 Ahite test in the ta-le 7 See a""endi8# finds e3idence of heteros.edasticit0. 7he "ro-le, of heteros.edasticit0 is corrected using the Ahite "rocedure auto,aticall0.

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7a-le $ See a""endi8# re"resents the results of the rando, effect ,odel regression. Also( the results "ro3ide the 3alue of @ur-in-Aatson and are shown that there is no e3idence of serial correlation in the ,odel 1. 7he first -an. characteristics 3aria-le o3erhead to total assets &D7A# has a "ositi3e and significant i,"act on the R&A. 7he result suggests that high "rofits earned -0 Isla,ic -an.s ,a0 -e a""ro"riated in ter,s of higher o3erhead wages and salaries# which is in line with the /8"ense-!reference -eha3iour theor0. 7his result also wor.s consistentl0 with the findings of so,e other related studies( i.e.( Naceur 2))*#N Al +anaseer 2))7#N 4ennaceur > =oaied 2))$#. Boans to total assets B&7A# ha3e "ositi3e and statisticall0 highl0 significant effect on the R&A. 7his result is consistent with what is e8"ected( that Isla,ic -an.s "la0 the inter,ediar0 role -etween the lenders and -orrowers( which reflects ,ore de"osits are transfor,ed into loans. Dence( higher lending generates higher inco,e. @e"osits to total assets @7A# ha3e a "ositi3e and significant i,"act on the R&A. 7his result is in line with si,ilar studies that ha3e focused on -an.s? "rofita-ilit0 such as Al-Jarrah > /l-Ri,awi 2)1)#N Ja3aid et al.( 2)11# and Rah,an et al.( 2)12#. In su,,ari;ing the results of B&7A and @7A su""ort the 3iew that ,ore de"osits will enhance the lending ca"acit0 and once the0 ha3e -een transfor,ed into loans will lead to higher "rofits. For the ,acroecono,ic 3aria-les( the result re3eals that =@!=R has an insignificant i,"act on the R&A. Si,ilar results for the insignificant i,"act for the =@!=R in -an.s< "rofita-ilit0 can -e found in the other studies for e8a,"les( Sanusi > Is,ail 2))E#N Al +anaseer 2))7#N Bi. Tu9i 2))$# and Sufian 2)11#. 7he esti,ate also shows that =ross do,estic "roduct "er ca"ita =@!!G# has an insignificant i,"act on the R&A. /arlier studies -0 Al +anaseer 2))7#N 4ennaceur > =oaied 2))$# and Fla,ini et al.( 2))9# ha3e also found a si,ilar result. For the i,"act of the structural 3aria-les( the results indicate that the concentration ratio G&NG# has a "ositi3e i,"act on the R&A. Dowe3er( the relationshi" is not significantN hence it is not confir,ed whether this finding can su""ort the structure - conduct - "erfor,ance theor0. Dowe3er( other studies such as Al +anaseer 2))7#( 4ennaceur > =oaied 2))$#( Fla,ini et al.( 2))9# and Sufian 2)1)# also found si,ilar findings. A du,,0 3aria-le @@F# has a "ositi3e and highl0 statisticall0 significant on the R&A. 7his result suggests that do,estic and foreign Isla,ic -an.s ha3e different "rofita-ilit0( and the do,estic Isla,ic -an.s tend to -e associated with high "rofits. 4.2 Model 2 7a-le 9 See a""endi8# shows three esti,ation ,ethods in the "anel data statistics( using !&BS( F/+ and R/+. 7o identif0 which ,odel is a""ro"riate( the 4reusch-!agan Bagrange ,ulti"lier B+# test and the Daus,an test are shown in ta-le 1) and ta-le 11 res"ecti3el0 See a""endi8#. 7he results of -oth tests suggest that R/+ is the a""ro"riate "anel data esti,ator. 7he e3idence of heteroscedasticit0 is found after a""l0ing Ahite<s heteroscedasticit0 test. 7he result of the test is shown in the ta-le 12 See a""endi8# and it is corrected using the Ahite "rocedure auto,aticall0. 7a-le 1* See a""endi8# re"resents the results of the rando, effect ,odel regression. 7he esti,ation of the rando, effect ,odel "ro3ides the 3alue of @ur-in-Aatson and indicates that there is no e3idence of the "resence of a serial correlation in the ,odel 2. Ga"ital and reser3es to total assets GR7A# ha3e insignificant i,"act on the R&A. 7his result is consistent with other si,ilar studiesN for e8a,"les( Sanusi > Is,ail 2))E# and Said > 7u,in 2)11#. 7he stud0 -0 Sanusi > Is,ail 2))E# has found that the ratio of total e9uit0 ca"ital to total assets of +ala0sia Isla,ic -an.s during the "eriod of 199E-2))% has a negati3e and insignificant i,"act on R&A. Said > 7u,in 2)11# also suggest that the ca"ital to total assets is not significant in influencing the R&A in +ala0sian -an.s. Bi9uidit0 to total assets BA7A# has an insignificant i,"act on the R&A( which is also in tande, with the findings of so,e other related studies. For e8a,"le( Idris et al.( 2)11# e8a,ine the deter,inants of "rofita-ilit0 for nine Isla,ic -an.s in +ala0sia for the "eriod of 2))7-2))9. 7he stud0 finds that li9uidit0 to total assets is insignificant in deter,ining "rofita-ilit0. For the i,"act of the 7echnical /fficienc0 7/#( the result indicates that the 7/ has the e8"ected "ositi3e and significant i,"act on the R&A. 7he result suggests that high "rofits of Isla,ic -an.s are consistent with higher efficienc0. Ne8t( the ,acroecono,ic 3aria-le inflation rate INF# has a negati3e and statisticall0 significant i,"act on R&A. As "ointed out -0 4ashir 2))*# this ,a0 due to the fact that( in the case of Isla,ic -an.s( the inflation ,a0 ha3e a negati3e effect on -an. "rofita-ilit0 if wages and other costs grow faster than the rate of inflation. Accordingl0( this ,a0 suggest that during the "eriod of stud0( Isla,ic -an.s could not accuratel0 "redict the le3els of inflation( and the costs of -an.s had de,onstrated a faster increase than the -an.s< re3enues. In relation to this( this finding is su""orted -0 the results of Chrawish et al.( 2)11# and Ali et al.( 2)11#. Dowe3er( it can -e "ostulated that the Isla,ic -an.s were not a-le to ad:ust its lending rate to the rising cost of the de"osit. 7his

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is -ecause Isla,ic -an.s used fi8ed rate of financing. 4an. si;e B&=7A# has a "ositi3e and statisticall0 significant i,"act on the R&A. 7his indicates that large -an.s tend to -e "ro3ided with the o""ortunit0 to ha3e greater a-ilit0 to di3ersif0 and utili;e the econo,ies of scale. +an0 e,"irical studies find si,ilar result as e3idenced in Al +anaseer 2))7# and Athanasoglou et al.( 2))$#. Further( -an. age B&=A=/# has an insignificant i,"act on the R&A. 7his result is su""orted -0 @ietrich > Aan;enrie 2)1)# who anal0;e the "rofita-ilit0 of co,,ercial -an.s in Swit;erland. 7he result finds out that newer -an.s see, to -e slightl0 ,ore "rofita-le than older -an.s. 7he glo-al financial crisis =FG# has a negati3e and statisticall0 significant i,"act on R&A. 7his result ,eans that Isla,ic -an.s in +ala0sia are affected -0 the glo-al financial crisis in ter,s of "rofita-ilit0. *! Concl"sion In light of the li-erali;ation of the Isla,ic -an.ing industr0 and the glo-al financial crisis( stud0ing and anal0;ing the deter,inants of the "rofita-ilit0 of +ala0sian Isla,ic -an.s has -eco,e one of the hottest to"ics in ter,s of research. In this conte8t( this stud0 has sought to deter,ine the 3aria-les that can affect the "rofita-ilit0 of Isla,ic -an.s in +ala0sia and to e8a,ine the effect of the glo-al financial crisis 2))$ on the "rofita-ilit0 of these -an.s. !anel data esti,ation has -een a""lied to all Isla,ic -an.s in +ala0sia( using 9uarterl0 data for the "eriod of 2))7 to 2)1) to anal0;e the cross-section and ti,e series data. 7he rando, effect ,odel is s"ecificall0 used to achie3e the stud0 o-:ecti3es. 7he findings in this stud0 indicate that( the o3erhead e8"enses ratio( loans ratio( de"osits ratio( technical efficienc0 and -an. si;e ha3e a "ositi3e significant effect in deter,ining -an.s< "rofita-ilit0. +eanwhile( ca"ital and reser3es( li9uidit0 ratio( -an.s< age( gross do,estic "roduct growth rate( gross do,estic "roduct "er ca"ita and concentration ratio are not a-le to e8"lain the 3aria-ilit0 of Isla,ic -an.?s "rofita-ilit0. 7he stud0 also re3eals that do,estic and foreign Isla,ic -an.s ha3e different "rofita-ilit0 and efficienc0. &ther findings of the stud0 suggest that the "rofita-ilit0 of Isla,ic -an.s is negati3el0 affected -0 the glo-al financial crisis. 7he results of the stud0 suggest that( "olic0 ,a.ers in Isla,ic -an.s should focus ,ore on -an. s"ecifics to increase the "rofita-ilit0 of Isla,ic -an.s( while the0 should for,ulate a""ro"riate "olicies to ena-le the Isla,ic -an.s to -enefit fro, econo,ic growth. For future studies( it is reco,,ended to ha3e a wider sco"e that( this stud0 is confined to Isla,ic -an.s of +ala0sia. It ,ight -e interesting to carr0 out the sa,e research o3er traditional and Isla,ic -an.s in +ala0sia. Another "ossi-le e8tension could include ,ore 3aria-les such as e8change rates as well as the 9ualit0 of the offered ser3ices. %eferences Al +anaseer( +. 2))7#( P7he @eter,inants of Isla,ic and 7raditional 4an. !rofita-ilit05 /3idence fro, the +iddle /astQ( !h@ 7hesis( 2ni3ersit0 of the Aest of /ngland. Ali( C.( A.htar( +. > Ah,ed( D. 2)11#( P4an.-S"ecific and +acroecono,ic Indicators of !rofita-ilit0 /,"irical /3idence fro, the Go,,ercial 4an.s of !a.istanQ( International Journal of Business and o!ial !ien!e( 2 6#( 2*E-2%2. Al-Jarrah( +.( Uiadat( N. > /l-Ri,awi( T. 2)1)#( P7he @eter,inants of the Jordanian<s 4an.s !rofita-ilit05 A Gointegration A""roachQ( Jordan Journal of Business "dministration# 6 2#( 2%7-261. Athanasoglou( !.( 4rissi,is( N. > @elis( @. 2))$#( P4an.-s"ecific( industr0-s"ecific and ,acroecono,ic deter,inants of -an. "rofita-ilit0Q( International $inan!ial Markets Institutions and Money# 1$#( 121F1*6. 4ain( Joe. 19E1#( PRelation of !rofit Rate to Goncentration5 A,erican +anufacturing( 19*6-19%)Q( %uarterly Journal of E!onomi!s( 6E *#( 29*F*2%. 4ashir( A. 2))*#( P@eter,inants of !rofita-ilit0 in Isla,ic 4an.s5 So,e /3idence fro, the +iddle /astQ( Islami! E!onomi! tudies( 11 1#( *1-E7. 4ennaceur( S. > =oaied( +. 2))$#( P7he @eter,inants of Go,,ercial 4an. Interest +argin and !rofita-ilit05 /3idence fro, 7unisiaQ( $rontiers in $inan!e and E!onomi!s( E 1#( 1)6-1*). 4our.e( !. 19$9#( PGoncentration and other deter,inants of -an. "rofita-ilit0 in /uro"e North A,erica and AustraliaQ( Journal of Bankin& and $inan!e( 1* 1#. @ietrich( A. > Aan;enrie( =. 2)1)#( P@eter,inants of 4an. !rofita-ilit0 -efore and @uring the Grisis5 /3idence fro, Swit;erlandQ( '(( 1%#. Fla,ini( '.( +c@onald( G. > Schu,acher( B. 2))9#( P7he @eter,inants of Go,,ercial 4an. !rofita-ilit0 in Su--Saharan AfricaQ( International Monetary $und )orkin& Paper. Dasan( +. > @ridi( J. 2)1)#. P7he /ffects of the =lo-al Grisis on Isla,ic and Gon3entional 4an.s5 A Go,"arati3e Stud0Q. International Monetary $und )orkin& Paper. Dassan( Ca-ir. > 4ashir( A-del-Da,eed. 2))*#( P@eter,inants of Isla,ic 4an.ing !rofita-ilit0Q( Pro!eedin&s of t*e E'$ 1+t* "nnual ,onferen!e( +arra.esh( +orocco.

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Idris. A.( Asari. F.( 7aufi.. N.( Sali,. N.( +ustaffa. R. > Jusoff( C. 2)11#( P@eter,inant of Isla,ic 4an.ing Institutions< !rofita-ilit0 in +ala0siaQ( )orld "pplied !ien!es Journal 12 - pe!ial Issue on Bolsterin& E!onomi! ustainability.( )1-)7. Ja3aid. S.( Anwar. J.( Ua,an( C. > A-dulghafoor. 2)11#( P@eter,inants of 4an. !rofita-ilit0 in !a.istan5 Internal Factor Anal0sisQ( Journal of /asar 0ni1ersity( 2* 6#( *79%-*$)%. Choon( =oh. > +ah-Dui( +ichael. 2)1)#( P7he I,"act of the =lo-al Financial Grisis5 7he Gase of +ala0siaQ( 2*ird )orld (et3ork 4lobal E!onomy( 26#. Chrawish. Dusni.( Sia,. Aalid. > Chrawish. Ali. 2)11#( P@eter,inants of Isla,ic 4an. !rofita-ilit05 /3idence fro, JordanQ( Middle Eastern $inan!e and E!onomi!s( Issue.1*( %*-E6. Bi( Tu9i. 2))$#( P@eter,inants of 4an.s< !rofita-ilit0 and its I,"lication on Ris. +anage,ent !ractices5 !anel /3idence fro, the 2C in the !eriod 1999-2))6Q( @issertation( 2ni3ersit0 of Nottingha,. +uda( +uha,,ad. 199*#( P/n3iron,ental &rgani;ation and 4an. !erfor,anceQ( 2n"u-lished !h@ 7hesis( 2ni3ersit0 of +anchester. +uda( +uha,ad. > Jalil( A-dullaah. 2))7#( PIsla,ic Financial !roduct @e3elo",ent5 Shariah Anal0sisQ( Aor.ing !a"er - International Gonference on Isla,ic 4an.ing and Finance IIGi4F#. International Isla,ic 2ni3ersit0 +ala0sia. A"ril 2))7. Naceur( S. 2))*#( P7he @eter,inants of the 7unisian 4an.ing Industr0 !rofita-ilit05 !anel /3idenceQ( 0ni1ersity 5ibre de 2unis 3orkin& paper. Rah,an. Sha,s.( :an. Far;and.( I9-al. Churshed. > Ali( Uafar. 2)12#( P!ara,eters of Gon3entional and Isla,ic 4an.<s !rofita-ilit0 in !a.istan5 /3aluation of Internal FactorQ( 'esear!* Journal of $inan!e and "!!ountin&( * *#( 11-1$. Said( Rasidah. > 7u,in( +ohd. 2)11#( P!erfor,ance and Financial Ratios of Go,,ercial 4an.s in +ala0sia and GhinaQ( International 'e1ie3 of Business 'esear!* Papers( 7 2#( 1E7-169. Sanusi( Nur A;ura. > Is,ail( A-dul =hafar. 2))E#( PA !anel @ata Anal0sis of the @eter,inants of +ala0sian Isla,ic 4an. Returns5 199E-2))%Q( )orkin& Paper in Islami! E!onomi!s and $inan!e# Aor.ing !a"ers )E)%#. Short( 4roc.. 1979#( P7he relation -etween co,,ercial -an. "rofit rates and -an.ing concentration in Ganada( Aestern /uro"e and Ja"anQ( Journal of Bankin& and $inan!e( * *#. S,aoui( D. > 4en Salah( I. 2)11#( P!rofita-ilit0 of Isla,ic 4an.s in the =GG RegionQ( 6in& $a*d 0ni1ersity of Petroleum and Minerals# )orkin& Paper( Saudi Ara-ia. Snee( R. 197*#( PSo,e As"ects of Non &rthogonal @ata Anal0sis5 @e3elo"ing !rediction /9uationsQ( Journal of %uality 2e!*nolo&y( E#( 67-79. Sufian( Fad;lan. 2)1)#( P@e3elo",ents in the "erfor,ance of the +ala0sian -an.ing sector5 o""ortunit0 cost of regulator0 co,"lianceQ( International Journal of Business ,ompetition and 4ro3t*( 1 1#( $E-1)*. Sufian( Fad;lan. 2)11#( P!rofita-ilit0 of the Corean 4an.ing Sector5 !anel /3idence on 4an.- S"ecific and +acroecono,ic @eter,inantsQ( Journal of E!onomi!s and Mana&ement( 7 1#( %*-72. Sufian( F. > Da-i-ullah( S. 2)1)#( PAssessing the I,"act of Financial Grisis on 4an. !erfor,ance5 /,"irical /3idence fro, IndonesiaQ( " E"( E!onomi! Bulletin( 27 *#( 2%E-262. Sufian( F.( Ca,arudin( F. > Noor( N. 2)12#( P@eter,inants of Re3enue /fficienc0 in the +ala0sian Isla,ic 4an.ing SectorQ( Journal of 6in& "bdula7i7 0ni1ersity( 2E 2#( 19E-22%. Aasiu;;a,an( S. > 7ar,i;i( D. 2)1)#( P!rofita-ilit0 of Isla,ic 4an.s in +ala0sia5 An /,"irical Anal0sisQ( Journal of Islami! E!onomi!s# Bankin& and $inan!e( 6 %#( E*-6$. Appendi+ ,able ! Descripti&e statistics /ariables Mean Median .td! De&! .kewness K"rtosis -bs! R&A GR7A &D7A B&7A @7A BA7A 7/ INF =@!=R =@!!G B&=7A G&NG B&=A=/ ).))17 ).)$79 ).))*7 ).E%)$ ).$6)E ).*)66 ).$12* ).)2*E ).)*$E ).)2E1 9.)%$$ ).1$$% 1.176$ ).))1$ ).)79) ).))*7 ).E62* ).$67% ).2792 ).$*$* ).)1$) ).)E*) ).)%)) $.996) ).179E 1.)9$6 ).))19 ).)*E6 ).))1% ).16%% ).)%$7 ).1%%) ).167% ).)26% ).)%69 ).)%62 ).$177 ).)2*9 ).$2$% -1.E7** ).9*7E ).292$ -).E)77 -).6E6% ).$$7% -).$277 ).67*% -).$2%* ).$*)E-).*7*9 ).16$1 ).6229 %.)*9) *.21E% 2.679* 2.61%7 2.$21$ *.*%$E *.)2*2 *.*7*$ 2.E$1E 2.E$E* *.E1$% %.1$69 *.$67E 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6 2*6

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,able #! ,he /ariance Inflation Factor 0/IF12 Model /ariables &D7A B&7A @7A =@!=R =@!!G G&NG @@F

Centered /IF 1.*)67%$ 1.1$1971 1.E6*E21 1.$**2** 2.11*169 1.7)2E62 1.$)$E16

,able '! ,he /ariance Inflation Factor 0/IF12 Model # /ariables GR7A BA7A 7/ INF B&=7A B&=A=/ =FG

Centered /IF 1.6E%7$$ 1.9EE%)% 2.6%9*EE 1.1%E%*7 2.797*E7 1.E%726) 1.121%7E

,able )! %es"lts of Pooled -rdinary $east .3"ares2 Fi+ed 4ffects Model and %andom 4ffects Model with Dependent /ariable %-A2 Model Independent /ariables POLS FEM REM -).)119$7111 -).)1177$111 -).)12$6*111 G ).))%1# ).))E2# ).))1)# ).2%)7*)111 ).%)2*$1111 ).*17)9$111 &D7A ).))27# ).)))1# ).)))*# ).))%)E2111 ).))269)11 ).))*6E$111 B&7A ).))))# ).)126# ).))))# ).))$%92111 ).))9%%6111 ).))96%1111 @7A ).))16# ).))9$# ).))16# -).))1*1* -).))1)7* -).))1)$2 =@!=R ).6616# ).6$)6# ).677%# ).)))*%1 ).)))E*$ ).)))%2* =@!!G ).66$E# ).%*97# ).E%)7# ).))*2E6 ).))122* ).)))21E G&NG ).%)$*# ).7*))# ).9E1)# ).))1$1$111 ).))1766111 ).))17*7111 @@F ).))))# ).))))# ).)))1# ).*$E)71 ).E7)62E ).2E%12* R2 2).*96*$111 12.$66$)111 11.)972*111 F ).))))# ).))))# ).))))# @A 1.EE2$6% 2.1E1)26 1.9*11$E
1 1( 11 and 111 indicate the le3els of significance of 1)( E( 1 "ercent res"ecti3el0

,able *! ,he ."mmary of Bre"sch Pa(an $a(ran(ian M"ltiplier ,est2 Model Ghi- chi-s9uare 1# !ro-Schi2 69.*)% ).))) ,able 5! ,he ."mmary of 6a"sman ,est2 Model Ghi-S9. Statistic 1).1**

!ro-Schi2 ).119

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.7( 2)1*

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,able 7! 8hite 6eteroskedasticity ,est2 Model Ghi-S9- Statistic 11*.721

!ro-Schi2 ).)))

,able 9! %es"lts of %andom 4ffects 4stimate for %-A as Dependent /ariable Independent /ariables Model ( 1 ) -).)12$6*111 G ).))2*# ).*17)9$11 &D7A ).)11$# ).))*6E$111 B&7A ).)))*# ).))96%1111 @7A ).))91# -).))1)$2 =@!=R ).E797# ).)))%2* =@!!G ).%)61# ).)))21E G&NG ).9*21# ).))17*7111 @@F ).))))# ).2E%12* R2 11.)972*111 F ).))))# @A 1.9*11$
1 1( 11 and 111 indicate the significance le3els of 1)( E( 1 "ercent res"ecti3el0.

,able :! %es"lts of Pooled -rdinary $east .3"ares2 Fi+ed 4ffects Model and %andom 4ffects Model with Dependent /ariable %-A2 Model # Independent /ariables POLS FEM REM -).))%17911 -).)121$111 -).))77%)11 G ).)**7# ).)112# ).)119# -).)1%$27111 ).))*%21 -).))6)*6 GR7A ).)))1# ).6E*6# ).279)# ).)))199 ).))29$11 ).))1%%* BA7A ).$%%9# ).)9*$# ).*)$)# ).))%%67111 ).))%*66111 ).))%*E2111 7/ ).))))# ).))71# ).))1%# -).))$E*711 -).))6%** -).))$)$%11 INF ).)%%$# ).117*# ).)*9)# ).)))%*711 ).))1)E)1 ).)))72%11 B&=7A ).)%2%# ).)E*E# ).)*12# -).)))166 -).)))121 -).)))2)) B&=A=/ ).2922# ).7%62# ).%)26# -).)))2)6 -).)))2$% -).)))271 =FG ).*9$9# ).2)11# ).21E%# R2 ).*7%E$2 ).E%6712 ).192*69 19.E)$)*111 11.1171)111 7.7E$17$111 F ).))))# ).))))# ).))))# @A 1.6$6))$ 2.17$)2* 2.)%9EE9
1 1( 11 and 111 indicate the significance le3els of 1)( E( 1 "ercent res"ecti3el0.

129

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.7( 2)1*

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,able ;! ,he ."mmary of Bre"sch Pa(an $a(ran(ian M"ltiplier ,est2 Model 2 Ghi- chi-s9uare 1# !ro-Schi2 %6.11% ).))) ,able ! ,he ."mmary of the 6a"sman ,est2 Model Ghi-S9. Statistic 9.12*

!ro-Schi2 ).2%*

,able #! 8hite 6eteroskedasticity ,est2 Model Ghi-S9- Statistic 9%.226

!ro-Schi2 ).)))

,able '! %es"lts of %andom 4ffects 4stimate for %-A as Dependent /ariable Independent /ariables Model ( 2 ) -).))77%)1 G ).)6$*# -).))6)*6 GR7A ).2%$7# ).))1%%* BA7A ).%96)# ).))%*E211 7/ ).)%$)# -).))$)$%111 INF ).))))# ).)))72%1 B&=7A ).)E*E# -).)))2)) B&=A=/ ).19E)# -).)))271111 =FG ).))E$# R2 ).192*69 7.7E$17$111 F ).))))# @A 2.)%9EE9
1 1( 11 and 111 indicate the significance le3els of 1)( E( 1 "ercent res"ecti3el0.

1*)