Exploring the Impact of Financial Risk on Firm Value: The Moderating Effect of Profitability in Islamic Banking
DOI:
https://doi.org/10.14421/jbmib.0501-03Keywords:
Market risk, Liquidity risk, Credit risk, Profitability, Firm value, Islamic BankingAbstract
Purpose—This study aims to examine the impact of financial risks such as market risk (NIM), liquidity risk (CR), and financing risk (NPF) on firm value (PBV) in Islamic banking, with profitability (ROA) as a moderating variable.
Design/methodology/approach—This study performs Moderated Regression Analysis to analyze the interaction effects of financial risks on firm value, considering Return on Assets as a moderator. The research covers data from 2018 to 2025, focusing on Islamic banks.
Findings—Results indicate that NIM, when moderated by ROA, has a significant positive impact on PBV, suggesting that profitability plays a key role in enhancing firm value. However, CR and NPF, when moderated by ROA, do not show a significant impact on PBV. The inclusion of ROA modestly increases the model’s ability to explain the variation, with NIM being the most significant predictor of firm value.
Research implication/limitation—The study contributes to a better understanding of how profitability interacts with financial risks in Islamic banking, highlighting the role of market risk in firm value and the moderating effect of ROA on the relationship between risk factors and firm value.
Originality/value—This study is limited by its focus on Islamic banks within a specific context and the use of selected financial risk proxies, which may limit the applicability of the findings. The results imply that Islamic banks should prioritize improving profitability and market risk management to improve firm value.
References
Aji, I. K., & Manda, G. S. (2021). Pengaruh Risiko Kredit Dan Risiko Likuiditas Terhadap Profitabilitas Pada Bank BUMN. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 4(1), 36–45. https://doi.org/10.26533/jad.v4i1.748
Akbar, A., Eril, Abdullah, M. W., & Awaluddin, M. (2022). Manajemen Risiko di Perbankan Syariah. Milkiyah: Jurnal Hukum Ekonomi Syariah, 1(2), 51–56. https://doi.org/10.46870/milkiyah.v1i2.230
Aprilia, N., & Manda, G. S. (2023). Pengaruh Profitabilitas, Dan Struktur Modal Terhadap Nilai Perusahaan Bank Umum Syariah (Studi Empiris Perusahaan Bank Umum Syariah di Indonesia Periode 2017 s.d 2021). Innovative: Journal Of Social Science Research, 3(3), 4916–4931.
Aprilia, W., & Hapsari, N. (2021). Pengaruh Tingkat Kesehatan Bank Melalui Metode RGEC Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Perbankan Yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020). Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan, 16(2), 13–27. https://doi.org/10.32832/neraca.v16i2.5432
Aulia, A., & Avriyanti, S. (2024). Pengaruh Profitabilitas terhadap Nilai Perusahaan pada Perbankan yang Terindeks Di LQ45 Periode Tahun. JAPB, 7(2), 1168–1185. https://doi.org/10.35722/japb.v7i2.1071
A’yun, Q. (2025). Pengaruh risiko pembiayaan, risiko likuiditas, risiko operasional dan risiko solvabilitas terhadap profitabilitas dengan DPK sebagai variabel moderasi [Undergraduate, Universitas Islam Negeri Maulana Malik Ibrahim]. http://etheses.uin-malang.ac.id/82141/
Basri, M., Thamrin, K. M. H., & Andriana, I. (2023). Pengaruh Risiko Bank adn Fundamental Makroekonomi terhadap Nilai Perusahaan dengan Variabel Moderasi Profitabilitas pada Perusahaan Perbankan di Indonesia. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(3), 1315–1334. https://doi.org/10.47467/alkharaj.v6i3.3775
Chasanah, N. M., & Prasetyo, A. (2020). Pengaruh Risiko Likuiditas dan Pertumbuhan Penjualan Terhadap Harga Saham pada Perusahaan Properti dan Real Estate. Majalah Ekonomi, 25(1), 75–83. https://doi.org/10.36456/majeko.vol25.no1.a2454
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling Theory: A Review and Assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Devica, F. S., Huda, M. I., & Marzuki, A. S. (2025). Disparitas Pemberian Kredit Bank Konvensional dan Pembiayaan Bank Syariah terhadap UMKM: Analisis Yuridis. ANALISIS, 15(01), 62–83. https://doi.org/10.37478/als.v15i01.5227
Devy, V. I., & Manunggal, S. A. M. (2023). Pengaruh Rasio Profitabilitas, Rasio Likuiditas dan Risiko Keuangan Terhadap Harga Saham Perusahaan yang Terdaftar BEI Periode 2019-2021. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(1), 441–457. (Manajemen Keuangan). https://doi.org/10.31955/mea.v7i1.2957
Dwitanto, A. R., Manurung, A. H., & Machdar, N. M. (2023). Determinants of Net Interest Margin in Indonesian Banking Industry: The Moderating Role of Central Bank Interest Rate. Journal of Business, Management, and Social Studies, 3(2), 66–78. https://doi.org/10.53748/jbms.v3i2.59
Fabozzi, F. J. (2010). Financial Risk Management. John Wiley and Sons.
Fahriani, A. (2022). Pengaruh Risiko Pembiayaan dan Efisiensi Operasional Terhadap Profitabilitas. BJRM (Bongaya Journal of Research in Management), 5(1), 26–35. https://doi.org/10.37888/bjrm.v5i1.335
Firmansah, I. R., & Sari, I. (2024). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan LQ45 Sub Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Maneksi, 13(1), 59–66. https://doi.org/10.31959/jm.v13i1.2058
Hanum, J. A. P., & Rahayu, Y. (2023). Pengaruh Likuiditas, Profitabilitas dan Risiko Keuangan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 12(5). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5220
Hartini, H., & Marhandrie, D. (2022). Pengaruh Profitabilitas, Risiko Finansial dan Harga Saham Terhadap Nilai Perusahaan Bank Syariah Indonesia (BSI) Di BEI Periode Tahun 2014—2021. Jurnal Ilmiah Ekotrans & Erudisi, 2(1), 104–111. https://doi.org/10.69989/9wgz3f07
Hasanah, U. N., Mas’ud, M., & Zakariah, J. (2023). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Food and Beverages yang Terdaftar di Bursa Efek Indonesia. Innovative: Journal Of Social Science Research, 3(3), 8901–8914.
Iswardhani, I. (2025). Analisis Pengaruh Risiko Keuangan terhadap Fluktuasi Harga Saham dengan Moderasi Profitabilitas pada Sektor Perbankan: Analysis of the Influence of Financial Risk on Stock Price Fluctuations with Moderation of Profitability in the Banking Sector. Jurnal Aplikasi Manajemen Dan Bisnis, 6(1), 52–66. https://doi.org/10.5281/zenodo.17239320
Iswardhani, I., Rahmat, M. R. A., Sandira, N. F. A., Sarah, N., & Nasir, S. A. (2026). Pengaruh Risiko Likuiditas dan Risiko Kredit terhadap Kinerja Keuangan pada Bank Digital Periode 2020-2024. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(1), 662–670.
Krahara, Y. D., Susanto, S., Chakim, M. H. R., Abbas, M. A. Y., Maradidya, A., Jannah, M., Lestari, R. F., Hendrawan, A., Gusnafitri, Yustini, S., Taruna, M. S., Wulandari, R. W., Tadjie, G. S., Iswardhani, I., Milzam, M., Noerhatini, P., Ikraman, & Aulia, D. (2025). Manajemen Risiko Keuangan: Teori dan Aplikasi. In Sada Kurnia Pustaka. Sada Kurnia Pustaka. https://repository.sadapenerbit.com/index.php/books/catalog/book/239
Mara, U. L., & Munandar, A. (2024). Pengaruh Profitabilitas, Ukuran Bank, dan Non-Performing Loan terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Mediasi. Scientific Journal of Reflection : Economic, Accounting, Management and Business, 7(1), 148–163. https://doi.org/10.37481/sjr.v7i1.791
Mosey, A. C., Tommy, P., & Untu, V. N. (2018). Pengaruh Risiko Pasar dan Risiko Kredit Terhadap Profitabilitas pada Bank Umum BUMN yang Terdaftar di BEI Periode 2012-2016. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(3). https://doi.org/10.35794/emba.6.3.2018.20217
Mulyana, A., Susilawati, E., Fransisca, Y., Arismawati, M., Madrapriya, F., Phety, D. T. O., Putranto, A. H., Fajriyah, E., Kurniawan, R., Asri, Y. N., Milasari, L. A., & Sumiati, I. (2024). Metode Penelitian Kuantitatif. TOHAR MEDIA.
Nawari. (2010). Analisis Regresi. Elex Media Komputindo.
Nugroho, G. S., Elwisam, E., & Digdowiseiso, K. (2023). Rgec (Risk Profile, Good Corporate Governance, Earnings, Capital) Study of State-Owned Companies in the Banking Sector Listed on the Indonesian Stock Exchange 2018-2020. Jurnal Syntax Admiration, 4(2), 390–405. https://doi.org/10.46799/jsa.v4i2.881
Pangestuti, D. C., Muktiyanto, A., & Darmawan, I. G. (2022). Role of Profitability, Business Risk, and Intellectual Capital in Increasing Firm Value. Journal of Indonesian Economy and Business, 37(3), 311–338.
Pebrianti, N. P. A., Putra, I. G. C., & Santosa, M. E. S. (2022). Pengaruh Risiko Perusahaan, Profitabilitas terhadap Harga Saham dan Nilai Perusahaan Perbankan yang Terdaftar di BEI. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 4(2), 312–326.
Prabawati, N. P. S., Pradnyani, N. D. A., & Suciwati, D. P. (2021). Pengaruh RGEC (Risk Profile, Good Corporate Governance, Earnings, dan Capital) terhadap Nilai Perusahaan (Studi Kasus Perusahaan Perbankan di BEI 2016-2018) | Jurnal Bisnis dan Kewirausahaan. JBK-Jurnal Bisnis Dan Kewirausahaan. https://ojs.pnb.ac.id/index.php/JBK/article/view/2257
Prihatiningsih, D. (2022). Mudahnya Belajar Statistik Deskriptif. Penerbit CV. SARNU UNTUNG.
Rahadian, D., & Handono, A. A. (2022). The Effect of Risk Based Bank Rating on Firm Value. TRIKONOMIKA, 21(1), 25–29. https://doi.org/10.23969/trikonomika.v21i1.4303
Ramadhan, M. R., Sagita, N., & Hendra, J. (2024). Perbandingan Risiko Pembiayaan pada Bank Syariah dan Bank Konvensional di Indonesia. Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 9(5). https://doi.org/10.30651/jms.v9i5.24609
Sahri, M. Z. (2024). Persamaan dan Perbedaan Bank Konvensional dengan Bank Syariah. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, Dan Akuntansi, 2(1), 50–66. https://doi.org/10.62421/jibema.v2i1.57
Sekaran, U., & Bougie, R. (2016). Research Methods For Business: A Skill Building Approach. John Wiley & Sons.
Suripto, S., Prasetya, V., & Cahyaningati, R. (2022). Comparisonal Analysis of Health Level Conventional Bank in Indonesia before and during the Covid-19 Pandemic with Using the RGEC Method. Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan Dan Pajak, 6(1), 16–32. https://doi.org/10.30741/assets.v6i1.837
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Syahrir, D. K., Wahyudi, I., Susanti, S., Darwant, D., & Qizam, I. (2023). Manajemen Risiko Perbankan Syariah: Manajemen Risiko Perbankan Syariah. AKUA: Jurnal Akuntansi Dan Keuangan, 2(1), 58–64. https://doi.org/10.54259/akua.v2i1.1382
Toni, N., & Silvia. (2021). Determinan Nilai Perusahaan. Jakad Media Publishing.
Wibowo, F. X. P. (2024). SPSS 25 untuk Ekonomi dan Bisnis. Elex Media Komputindo.
Williams, B. (2024). Mastering Financial Risk Management: A Guide to Identifying and Mitigating Financial Risks. Barrett Williams.
Yuniari, N. P. (2023). Pengaruh Inflasi, Suku Bunga BI, Profitabilitas, Risiko Finansial Terhadap Nilai Perusahaan Sektor Properti dan Real Estate Tahun 2019 – 2021 [Universitas Mahasaraswati Denpasar]. https://eprints.unmas.ac.id/id/eprint/2806/
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Journal of Business Management and Islamic Banking
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
