Journal of Finance and Islamic Banking
Full Lenght Article
Should Sharia Banks Go Public: Analysis Using The RGEC Method
Abstract
Recently, the OJK has encouraged Shariah banks to go public to obtain new funding sources for business expansion, increasing corporate value and image. In fact, are Sharia Banks that go public better than non-go public. Therefore, this study aims to test whether the health of Sharia Banks that go public is better than non-go public. Observation data used 122 Sharia Banks during the 2014-2022 period. Using an independent sample t-test and RGEC health indicators, we find that Sharia Banks that go public have better health than non-go public but are not significantly different. These results also indicate why Sharia Banks go public are not as many as Conventional Banks. Sharia Banks adhere to the principle of prudence, including going public. If going public does not significantly change the health and performance of a Shariah Bank, the initiative to go public needs to be careful because ownership will transfer to shareholders. It will be a problem if shareholders do not understand Sharia principles.
Keywords
Declarations
Publisher's Note
Universitas Islam Negeri Raden Mas Said Surakarta remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
References
Awal, S. 2022. 46 Daftar Emiten Perbankan di Bursa Efek Indonesia 2022. Stockbit. https://snips.stockbit.com/investasi/emiten-perbankan.
Brau, J. C. 2012. Why Do Firms Go Public? Journal of Entrepreneurial Finance, 9(1): 1–44.
Budi, H. P. 2017. Analisis Kinerja Keuangan Bank Go Public Dan Bank Non Go Public Di Indonesia. JIMMU: Jurnal Imu Manajemen, 2(2): 1–8.
Chancharat, N., Krishnamurti, C., & Tian, G. 2012. Board Structure and Survival of New Economy IPO Firms. Corporate Governance: An International Review, 20(2): 144–163.
Harahap, A. S. 2011. Proses Initial Public Offering (Ipo) Di Pasar Modal Indonesia. Forum Ilmiah Volume, 8(2): 131–138.
Hasan, A., & Parera, S. 2021. Komparasi Kinerja Bank Syariáh Sebelum dan Sesudah Go Public. Islamadina: Jurnal Pemikiran Islam, 22(1): 1–20.
Karyadi, Ibnu, & Hartono, J. 2006. Analisis kinerja keuangan PT Bank Mandiri (Persero) Tbk. sebelum dan sesudah Go Public dengan menggunakan Surat Keputusan Direksi Bank Indonesia (BI) Nomor 30/277/Kep/Dir Tanggal 19 Maret 1998 tentang tata cara penilaian tingkat kesehatan bank umum. Universitas Gadjah Mada. http://etd.repository.ugm.ac.id/penelitian/detail/30960.
Kinyua, J., M., N. P., Gathaiya, R. N., & Kithitu, J. W. 2013. Effects of Initial Public Offer on Performance of Companies Quoted at the Nairobi Stock Exchange. International Journal of Management & Business Studies., 2(1): 81–84.
Lestari, H. T., Tripuspitorini, F. A., & Setiawan. 2020. Risk Profile, Good Corporate Governance, Earning, dan Capital dalam Memprediksi Financial Distress pada Bank Umum Syariah di Indonesia. Jurnal Akuntansi Dan Ekonomi FE UN PGRI Kediri, 5(2): 100–111.
Marsandy, C., Deviyanti, D. R., & Setiawati, L. 2018. Analisis kinerja keuangan perusahaan sebelum dan sesudah go public pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia. Junal Informasi Akuntansi Mulawarman, 3(4): 1–14.
Munira, M., Astuti, S. B., & Damayanti, A. 2022. Analisis Kinerja Perbankan Syariah Di Indonesia Menggunakan Konsep Shariah Maqashid Index. RELEVAN, 3(1): 41–55.
Mustajab, R. 2023. Jumlah Bank Umum di Indonesia Tersisa 106 Unit pada 2022. DataIndonesia.id. https://dataindonesia.id/keuangan/detail/jumlah-bank-umum-tersisa-106-unit-pada-2022.
Myers, S., & Majluf. 1994. Corporate Financing and Investment Decision When Firms have information Investors Do not Have. Journal of Finance Economics, 13: 187–221.
Nugraheni, A. P., ISyafrida, & Muchtasib, A. B. 2021. Perbandingan Efisiensibank Umum Syariah Go Publicdan Non Go Public. Jurnal Syarikah, 7(1): 1–10.
Panu, N. H. S., S.Saerang, I., & Maramis, J. B. 2017. Analisis Komparasi Tingkat Kesehatan Bank Pembangunan Daerah Go Public Dan Non Go Public Berdasarkan Risk Profile, Earning, Dan Capital. Jurnal Emba, 5(2): 2437–2448.
Pastusiak, R., Bolek, M., Malaczewski, M., & Kacprzyk, M. 2016. Company Profitability Before and After IPO. Is it a Windows Dressing or Equity Dilution Effect? Prague Economic Papers, 25(1): 1–13.
Permana, D., & Marwardika, N. T. 2022. Analisis Perbedaan Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offering. Jurnal Eksis, 18: 19–34.
Rajan, R. G. 1992. Insiders and Outsiders: The Choice Between Informed and Arm’s Length Debt. Journal of Finance, 47: 1367–1400.
Ratu Dintha Insyani Zukhruf Firdausi Sulaksana, & Supriatna, N. 2019. Pengaruh Initial Public Offering (IPO) Terhadap Kinerja Perusahaan. Jurnal Riset Akuntansi Dan Keuangan, 7(1): 19–28.
Rizal, F., & Humaidi, M. 2021. Analisis Tingkat kesehatan Bank Syariah 2015-2020. Etihad: Journal of Islamic Banking and Finance, 1(1): 12–22.
Triyanta, A. 2016. Hukum Perbankan Syariah Regulasi, Implementasi dan Formulasi Kepatuhannya terhadap Prinsip-Prinsip Islam. Malang: Setara Press.
Utama, C. 2006. Mengukur Tingkat Keshatan bank di Indonesia. Bina Ekonomi, 10(1): 48–56.
Wirajunayasa, P. A. A., & Putri, I. A. M. A. D. 2017. Analisis Kinerja Keuangan Perusahaan Sebelum Dan Sesudah Initial Public Offerings. E-Jurnal Akuntansi Universitas Udayana, 19(3): 1916–1942.
Yuli, A. 2006. Analisis Kinerja Perusahaan Perbankan Sebelum Dan Sesudah Menjadi Perusahaan Publik Di Bursa Efek Jakarta (Bej). Jurnal Riset Akuntansi Dan Keuangan, 2(1): 1–11.
Yuliarni, T., Maryati, U., & Ihsan, H. 2016. Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI). Jurnal Akuntansi & Manajemen, 11(1): 25–37.
Copyright and permissions
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Bibliographic Information
