Capital Structure and Banking Performance in Dual Banking System in Indonesia

https://doi.org/10.35912/josfe.v2i1.1665
Veröffentlicht: Jan 14, 2026

Abstract:

Purpose: The study aims to investigate the impact of capital structure on the financial performance of Indonesia's dual banking system, encompassing Conventional Commercial Banks (BUK) and Sharia Commercial Banks (BUS).

Methodology/Approach: Utilizing panel data regression, the study examined 9 Conventional and 9 Sharia banks in Indonesia from 2013 to 2019. Key metrics included ROA, ROE, EAR, DER, company size, and economic growth.

Results/Findings: EAR, DER, and economic growth positively and significantly impacted the ROA and ROE of conventional banks. For Sharia banks, company size and economic growth had a positive impact, while EAR and DER negatively influenced ROA and ROE.

Conclusion: This research highlights the differing impacts of capital structure on financial performance between conventional and Sharia banks in Indonesia, demonstrating that while economic growth benefits both, the influence of capital structure varies, especially for Sharia banks.

Limitations: The study is limited by the number of banks sampled (9 BUKs and 9 BUSs) and the timeframe (2013-2019), which may affect the generalizability of the results.

Contribution: Offers critical insights for policymakers and bankers in optimizing capital structure strategies in Indonesia's dual banking system.

Autor/innen:
1 . Vera Melinda
IPB University, West Java, Indonesia
2 . Ranti Wiliasih
IPB University, West Java, Indonesia
3 . Mohammad Iqbal Irfany
IPB University, West Java, Indonesia
4 . Daffa Aqomal Haq
IPB University, West Java, Indonesia
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Ausgabe & Rubrik
Bd. 2 Nr. 1 (2026): January
Articles
Creative-Commons-Lizenz
Dieses Werk steht unter der Lizenz Creative Commons Namensnennung - Weitergabe unter gleichen Bedingungen 4.0 International.
Literaturhinweise

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    Berliana, A. M., Simanjorang, G. A., Khasanah, V. N., Lestari, H. S., & Margaretha, F. (2025). Key Factors Impacting Profitability in Indonesian Commercial Banks: Financial Ratio, Macroeconomic, and Ownership Structure. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(1), 1125-1144. doi:https://doi.org/10.31538/iijse.v8i1.5576

    Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The effect of capital structure on firm value: A study of companies listed on the Vietnamese stock market. International Journal of Financial Studies, 11(3), 100. doi:https://doi.org/10.3390/ijfs11030100

    Ceesay, E. K., & Moussa, Y. M. (2022). Pooled ordinary least-square, fixed effects and random effects modelling in a panel data regression analysis: A consideration of international commodity price and economic growth indicators in 35 Sub-Saharan African countries. International Journal of Technology Transfer and Commercialisation, 19(1), 23-44. doi:https://doi.org/10.1504/IJTTC.2022.123075

    Efendi, A. F. W., & Wibowo, S. S. A. (2017). Pengaruh debt to equity ratio (DER) dan debt to asset ratio (DAR) terhadap kinerja perusahaan di sektor keuangan yang terdaftar di bursa efek indonesia. Journal of Applied Managerial Accounting, 1(2), 157-163. doi:https://doi.org/10.30871/jama.v1i2.503

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    Ferriswara, D., Sayidah, N., & Agus Buniarto, E. (2022). Do corporate governance, capital structure predict financial performance and firm value?(empirical study of Jakarta Islamic index). Cogent Business & Management, 9(1), 1-15. doi:https://doi.org/10.1080/23311975.2022.2147123

    Larasati, A. E. D., & Adityawarman, A. (2016). Pengaruh Struktur Modal dan Karakteristik Bank terhadap Kinerja Keuangan Bank Syariah (Studi Empiris pada Bank Syariah Malaysia Tahun 2012-2014). Diponegoro Journal of Accounting, 5(3), 33-42.

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    Melinda, V., Wiliasih, R., Irfany, M. I., Haq, D. A., & Camara, B. (2024). Capital Structure and Bank Performance in Indonesia's Dual Banking System. Ekonomi Islam Indonesia, 6(2). doi:https://doi.org/10.58968/eii.v6i2.491

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    Olokoyo, F. O. (2013). Capital structure and corporate performance of Nigerian quoted firms: A panel data approach. African Development Review, 25(3), 358-369. doi:https://doi.org/10.1111/j.1467-8268.2013.12034.x

    Pham, N. H., Hoang, T. M., & Pham, N. T. H. (2022). The impact of capital structure on bank profitability: evidence from Vietnam. Cogent Business & Management, 9(1). doi:https://doi.org/10.1080/23311975.2022.2096263

    Pinasti, W. F., & Mustikawati, R. I. (2018). Pengaruh CAR, BOPO, NPL, NIM dan LDR terhadap profitabilitas bank umum periode 2011-2015. Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 126-142. doi:https://doi.org/10.21831/nominal.v7i1.19365

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    Prijanto, T., & Veno, A. (2017). Pengaruh Ukuran Perusahaan Dan Likuiditas Terhadap Kinerja Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2015). Jurnal Akuntansi dan Sistem Teknologi Informasi, 13(4), 432-441.

    Purwasih, R., & Makrus, M. (2025). The Effect of Capital Structure, Liquidity, and Profitability on Corporate Financial Performance. MANDAR: Management Development and Applied Research Journal, 7(2), 113-123. doi:https://doi.org/10.31605/mandar.v7i2.5135

    Raharjo, D. P. A., Setiaji, B., & Syamsudin, S. (2014). Pengaruh Rasio Car, Npl, Ldr, Bopo, Dan Nim Terhadap Kinerja Bank Umum Di Indonesia. Jurnal Manajemen Dayasaing, 16(2), 7-12. doi:https://doi.org/10.23917/dayasaing.v16i2.2047

    Rionita, K., & Abundanti, N. (2018). Pengaruh struktur modal dan likuiditas terhadap profitabilitas bank yang terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(8), 4094-4123. doi:https://doi.org/10.24843/EJMUNUD.2018.v07.i08.p03

    Safitri, K. D., & Wahyudi, I. (2025). Pengaruh Struktur Modal Terhadap Kinerja Keuangan Bank Komersial Konvensional di Indonesia. Owner: Riset dan Jurnal Akuntansi, 9(4), 3112-3127. doi:https://doi.org/10.33395/owner.v9i4.2773

    Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41. doi:https://doi.org/10.1108/IMEFM-10-2015-0119

    Sodiq, A. (2015). Pengaruh Variabel Makro Ekonomi Terhadap Profitabilitas Bank Syariah Di Indonesia Periode 2009-2014. BISNIS: Jurnal Bisnis dan Manajemen Islam, 3(2), 343-363. doi:https://doi.org/10.21043/bisnis.v3i2.1508

    Sorongan, F. A. (2017). Analisis Pengaruh Car, Loan, Gdp Dan Inflasi Terhadap Profitabilitas Bank Di Indonesia. Jurnal Akuntansi, 10(2), 116-126. doi:https://doi.org/10.25170/jara.v10i2.42

    Sutjipto, H., & Manurung, A. H. (2025). Pengaruh Faktor Internal dan Eksternal Bank Terhadap Kinerja Keuangan Pada Bank Umum di Indonesia. Journal of Capital Markets and Banking, 13(4), 42-73. doi:https://doi.org/10.63607/jcmb.v13i4.40

    Syarif, A., Maulana, B., Salsabila, Z., & Maulana, A. (2023). Financial Performance Of Sharia Commercial Banks In Indonesia: Does Capital Structure Matter. At-Tijaroh: Jurnal Ilmu Manajemen Dan Bisnis Islam, 9(2), 242-252.

    Tomak, S. (2025). The Impact Of Capital Structure On Bank Performance In Turkiye. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(66), 279-292. doi:https://doi.org/10.30794/pausbed.1560266

    Wufron, W. (2017). Pengaruh ukuran perusahaan terhadap kinerja keuangan serta implikasinya terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia. Jurnal Wacana Ekonomi, 16(3), 140-154. doi:https://doi.org/10.52434/jwe.v16i3.404

    Zeitun, R., & Tian, G. G. (2014). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting Business & Finance Journal, Forthcoming, 1(4), 40-61. doi:https://doi.org/10.14453/aabfj.v1i4.3

  1. Adhitya, T. (2025). Pengaruh Debt To Equity Ratio Terhadap Profitabilitas Lembaga Keuangan (Studi Pada Bank BTPN Syariah Periode 2018-2023). WADIAH, 9(1), 140-160. doi:https://doi.org/10.30762/wadiah.v9i1.1836
  2. Ahmad, A. s., Bone, H., & Kusumawardani, A. (2018). Pengaruh struktur modal terhadap kinerja keuangan pada perusahaan pembiayaan yang terdaftar di bursa efek indonesia 2011-2016. Jurnal Ilmu Akuntansi Mulawarman (JIAM), 3(4), 1-20. doi:https://doi.org/10.29264/jiam.v3i4.3037
  3. Berliana, A. M., Simanjorang, G. A., Khasanah, V. N., Lestari, H. S., & Margaretha, F. (2025). Key Factors Impacting Profitability in Indonesian Commercial Banks: Financial Ratio, Macroeconomic, and Ownership Structure. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(1), 1125-1144. doi:https://doi.org/10.31538/iijse.v8i1.5576
  4. Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The effect of capital structure on firm value: A study of companies listed on the Vietnamese stock market. International Journal of Financial Studies, 11(3), 100. doi:https://doi.org/10.3390/ijfs11030100
  5. Ceesay, E. K., & Moussa, Y. M. (2022). Pooled ordinary least-square, fixed effects and random effects modelling in a panel data regression analysis: A consideration of international commodity price and economic growth indicators in 35 Sub-Saharan African countries. International Journal of Technology Transfer and Commercialisation, 19(1), 23-44. doi:https://doi.org/10.1504/IJTTC.2022.123075
  6. Efendi, A. F. W., & Wibowo, S. S. A. (2017). Pengaruh debt to equity ratio (DER) dan debt to asset ratio (DAR) terhadap kinerja perusahaan di sektor keuangan yang terdaftar di bursa efek indonesia. Journal of Applied Managerial Accounting, 1(2), 157-163. doi:https://doi.org/10.30871/jama.v1i2.503
  7. Fadillah, I. R., Nadiyah, N., Rohmah, L., Haryadi, D., & Wahyudi, W. (2024). Profitability ratio analysis to assess the financial performance. International Journal of Applied Finance and Business Studies, 11(4), 964-969. doi:https://doi.org/10.35335/ijafibs.v11i4.243
  8. Ferriswara, D., Sayidah, N., & Agus Buniarto, E. (2022). Do corporate governance, capital structure predict financial performance and firm value?(empirical study of Jakarta Islamic index). Cogent Business & Management, 9(1), 1-15. doi:https://doi.org/10.1080/23311975.2022.2147123
  9. Larasati, A. E. D., & Adityawarman, A. (2016). Pengaruh Struktur Modal dan Karakteristik Bank terhadap Kinerja Keuangan Bank Syariah (Studi Empiris pada Bank Syariah Malaysia Tahun 2012-2014). Diponegoro Journal of Accounting, 5(3), 33-42.
  10. Mehmetaj, G., & Hajdari, V. (2025). Navigating Financial Performance In Crisis: Investment, Liquidity, And Solvency Of Banks During The Pandemic. Risk Governance & Control: Financial Markets & Institutions, 15(2), 19-30. doi:https://doi.org/10.22495/rgcv15i2p2
  11. Melinda, V., Wiliasih, R., Irfany, M. I., Haq, D. A., & Camara, B. (2024). Capital Structure and Bank Performance in Indonesia's Dual Banking System. Ekonomi Islam Indonesia, 6(2). doi:https://doi.org/10.58968/eii.v6i2.491
  12. Nenu, E. A., Vintil?, G., & Gherghina, ?. C. (2018). The impact of capital structure on risk and firm performance: Empirical evidence for the Bucharest Stock Exchange listed companies. International Journal of Financial Studies, 6(2). doi:https://doi.org/10.3390/ijfs6020041
  13. Olokoyo, F. O. (2013). Capital structure and corporate performance of Nigerian quoted firms: A panel data approach. African Development Review, 25(3), 358-369. doi:https://doi.org/10.1111/j.1467-8268.2013.12034.x
  14. Pham, N. H., Hoang, T. M., & Pham, N. T. H. (2022). The impact of capital structure on bank profitability: evidence from Vietnam. Cogent Business & Management, 9(1). doi:https://doi.org/10.1080/23311975.2022.2096263
  15. Pinasti, W. F., & Mustikawati, R. I. (2018). Pengaruh CAR, BOPO, NPL, NIM dan LDR terhadap profitabilitas bank umum periode 2011-2015. Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 126-142. doi:https://doi.org/10.21831/nominal.v7i1.19365
  16. Pinto, P., Hawaldar, I. T., Quadras, J. M., & Joseph, N. R. (2020). Capital structure and financial performance of banks. International Journal of Applied Business and Economic Research, 15(23), 303-312.
  17. Prijanto, T., & Veno, A. (2017). Pengaruh Ukuran Perusahaan Dan Likuiditas Terhadap Kinerja Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2015). Jurnal Akuntansi dan Sistem Teknologi Informasi, 13(4), 432-441.
  18. Purwasih, R., & Makrus, M. (2025). The Effect of Capital Structure, Liquidity, and Profitability on Corporate Financial Performance. MANDAR: Management Development and Applied Research Journal, 7(2), 113-123. doi:https://doi.org/10.31605/mandar.v7i2.5135
  19. Raharjo, D. P. A., Setiaji, B., & Syamsudin, S. (2014). Pengaruh Rasio Car, Npl, Ldr, Bopo, Dan Nim Terhadap Kinerja Bank Umum Di Indonesia. Jurnal Manajemen Dayasaing, 16(2), 7-12. doi:https://doi.org/10.23917/dayasaing.v16i2.2047
  20. Rionita, K., & Abundanti, N. (2018). Pengaruh struktur modal dan likuiditas terhadap profitabilitas bank yang terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(8), 4094-4123. doi:https://doi.org/10.24843/EJMUNUD.2018.v07.i08.p03
  21. Safitri, K. D., & Wahyudi, I. (2025). Pengaruh Struktur Modal Terhadap Kinerja Keuangan Bank Komersial Konvensional di Indonesia. Owner: Riset dan Jurnal Akuntansi, 9(4), 3112-3127. doi:https://doi.org/10.33395/owner.v9i4.2773
  22. Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41. doi:https://doi.org/10.1108/IMEFM-10-2015-0119
  23. Sodiq, A. (2015). Pengaruh Variabel Makro Ekonomi Terhadap Profitabilitas Bank Syariah Di Indonesia Periode 2009-2014. BISNIS: Jurnal Bisnis dan Manajemen Islam, 3(2), 343-363. doi:https://doi.org/10.21043/bisnis.v3i2.1508
  24. Sorongan, F. A. (2017). Analisis Pengaruh Car, Loan, Gdp Dan Inflasi Terhadap Profitabilitas Bank Di Indonesia. Jurnal Akuntansi, 10(2), 116-126. doi:https://doi.org/10.25170/jara.v10i2.42
  25. Sutjipto, H., & Manurung, A. H. (2025). Pengaruh Faktor Internal dan Eksternal Bank Terhadap Kinerja Keuangan Pada Bank Umum di Indonesia. Journal of Capital Markets and Banking, 13(4), 42-73. doi:https://doi.org/10.63607/jcmb.v13i4.40
  26. Syarif, A., Maulana, B., Salsabila, Z., & Maulana, A. (2023). Financial Performance Of Sharia Commercial Banks In Indonesia: Does Capital Structure Matter. At-Tijaroh: Jurnal Ilmu Manajemen Dan Bisnis Islam, 9(2), 242-252.
  27. Tomak, S. (2025). The Impact Of Capital Structure On Bank Performance In Turkiye. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(66), 279-292. doi:https://doi.org/10.30794/pausbed.1560266
  28. Wufron, W. (2017). Pengaruh ukuran perusahaan terhadap kinerja keuangan serta implikasinya terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia. Jurnal Wacana Ekonomi, 16(3), 140-154. doi:https://doi.org/10.52434/jwe.v16i3.404
  29. Zeitun, R., & Tian, G. G. (2014). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting Business & Finance Journal, Forthcoming, 1(4), 40-61. doi:https://doi.org/10.14453/aabfj.v1i4.3