Main Article Content
Abstract
This research’s goal is to compose the dominant element and sub elements from the strenghts, weaknesses, opportunities, threats (SWOT) in Islamic Commercial Banks in increasing funding sources through the issuance of public shares. In Indonesia, until the end of 2020, there are only 3 Islamic Banks that have issued shares. The Analytical Network Process, from indepth interviews, is used in this research to reveal the knowledge and experience of experts. Strengths and opportunities are the dominant element of SWOT. Owner promotion (strength), financial performance’s reduction (weakness), broad investor base (opportunity), and complex emission formality (threat) are the dominant sub-elements of SWOT.
Abstrak
Penelitian ini bertujuan untuk merumuskan elemen dan sub-elemen dominan dari SWOT pada Bank Umum Syariah dalam meningkatkan sumber pendanaan melalui penerbitan saham publik. Di Indonesia hingga akhir tahun 2020 baru 3 bank syariah yang telah menerbitkan saham. Penelitian ini menggunakan Analytical Network Process berdasarkan data primer dari wawancara mendalam untuk menggali pengetahuan dan pengalaman para praktisi ahli. Unsur dominan dari SWOT adalah kekuatan dan diikuti dengan peluang. Sub elemen yang dominan yaitu: dukungan pemilik (kekuatan), kinerja keuangan yang menurun (kelemahan), basis investor yang luas (peluang), dan formalitas emisi yang kompleks (ancaman).
Keywords
Article Details
Copyright (c) 2023 Ida Syafrida, Taufik Awaludin, Herbirowo Nugroho
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
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- Syafrida I, Aminah I. Faktor Perlambatan Pertumbuhan Bank Syariah Di Indonesia Dan Upaya Penanganannya. Jurnal Ekonomi & Bisnis PNJ. 2015;14(1):13473. doi: 10.32722/eb.v14i1.753
- Syafrida I. 2015. Pasar Modal. Jakarta: PNJ Press
- Manopo WF. Faktor-Faktor Yang Memengaruhi Struktur Modal Perbankan Yang Go Public di BEI Tahun 2008-2010. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi. 2013 Jun 1;1(3). doi: 10.35794/emba.v1i3.1872
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- Kim W, Weisbach MS. Motivations for public equity offers: An international perspective. Journal of Financial Economics. 2008 Feb 1;87(2):281-307. doi: 10.1016/j.jfineco.2006.09.010
- Sulong Z, Embi NA, Ariffin MR. Performance of Initial Public Offerings: Does Shariah Compliance Extensiveness Make A Difference. International Journal of Accounting, Finance and Business. 2017;2(6):190-205.
- Sekaran U, Bougie R. Research Methods For Business, A Skill Building Approach, John Willey & Sons. Inc. New York. 2003.
- Saunders M, Lewis P, Thornhill A. Research methods for business students. Pearson education; 2009.
- Savitri, E. & Awaludin, T. 2020. Dampak Penerbitan Saham Terhadap Profil Image Bank Umum Syariah. Proceedings (Vol. 1, No. 1)
- Wieland J. The ethics of governance. Business Ethics Quarterly. 2001 Jan 1:73-87. doi: 10.2307/3857870
- Sirgy MJ. Measuring corporate performance by building on the stakeholders model of business ethics. Journal of business ethics. 2002 Feb;35(3):143-62. doi: 10.1023/A:1013856421897
- Booth RA. Going public, selling stock, and buying liquidity. Entrepreneurial Bus. LJ. 2007;2:649.
- García-Pérez-de-Lema D, Duréndez A, Mariño T. A strategic decision for growth, financing and survival of Small and Medium Family Businesses: Going Public in an Alternative Stock Market (MAB). Economics and Finance Review. 2011;1(8):31-42.
- Brau JC, Francis B, Kohers N. The choice of IPO versus takeover: Empirical evidence. The Journal of usiness. 2003 Oct;76(4):583-612. doi: 10.1086/377032
- Chaddad FR, Reuer JJ. Investment dynamics and financial constraints in IPO firms. Strategic Entrepreneurship Journal. 2009 Mar;3(1):29-45. doi: 10.1002/sej.65
- Lee YJ, Lee JD. Strategy of start-ups for IPO timing across high technology industries. Applied Economics Letters. 2008 Sep 26;15(11):869-77. doi: 10.1080/13504850600820650
- Bildik R, Yilmaz MK. The market performance of initial public offerings in the Istanbul Stock Exchange. Available at SSRN 952526. 2006 Dec. doi: 10.2139/ssrn.952526
- Benninga S, Helmantel M, Sarig O. The timing of initial public offerings. Journal of financial economics. 2005 Jan 1;75(1):115-32. doi: 10.1016/j.jfineco.2003.04.002
- Mori. 2000. SMEs Attitude to Social Responsibility. January – February
- Certo ST, Covin JG, Daily CM, Dalton DR. Wealth and the effects of founder management among IPO‐stage new ventures. Strategic management journal. 2001 Jun;22(6‐7):641-58. doi: 10.1002/smj.182
- Guo RJ, Lev B, Zhou N. The valuation of biotech IPOs. Journal of accounting, auditing & finance. 2005 Oct;20(4):423-59. doi:10.1177%2F0148558X0502000407
- Harjoto M, Garen J. Inside ownership beyond the IPO: the evolution of corporate ownership concentration. Journal of Corporate Finance. 2005 Sep 1;11(4):661-79. doi: 10.1016/j.jcorpfin.2004.08.002
- Asker J, Farre-Mensa J, Ljungqvist A. Corporate investment and stock market listing: A puzzle?. The Review of Financial Studies. 2015 Feb 1;28(2):342-90. doi: 10.1093/rfs/hhu077
References
Standard D. 2020. State of the global Islamic economy 2020-2021 report. 2020. May available at: https://cdn.salaamgateway.com/reports/pdf/456642acf95a783db590e5b104cae94046047101.pdf
[UNCTAD]. United Nation Conference on Trade and Development. 2020. World Investment Report 2020. Jenewa(SW): UNCTAD, available at: https://unctad.org/system/files/officialdocument/wir2020_en,pdf
[CIIF] Cambridge Institute of Islamic Finance. 2019. Global Islamic Finance Report 2019. available at: http://www.gifr.net/publications/gifr2019/ifci.pdf
[OJK] Otoritas Jasa Keuangan. 2020. Laporan publikasi statistik perbankan syariah. Jakarta(ID): OJK
[OJK] Otoritas Jasa Keuangan. 2020. Laporan Publikasi roadmap perbankan syariah 2020-2025. Jakarta(ID): OJK
Syafrida I, Aminah I. Faktor Perlambatan Pertumbuhan Bank Syariah Di Indonesia Dan Upaya Penanganannya. Jurnal Ekonomi & Bisnis PNJ. 2015;14(1):13473. doi: 10.32722/eb.v14i1.753
Syafrida I. 2015. Pasar Modal. Jakarta: PNJ Press
Manopo WF. Faktor-Faktor Yang Memengaruhi Struktur Modal Perbankan Yang Go Public di BEI Tahun 2008-2010. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi. 2013 Jun 1;1(3). doi: 10.35794/emba.v1i3.1872
Puspita GC, Kusumaningtias R. Pengaruh Struktur Aktiva, Profitabilitas, Kebijakan Dividen Terhadap Struktur Modal Pada Perbankan Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2005-2009. AKRUAL: Jurnal Akuntansi. 2010 Oct 18;2(1):76-91. doi: 10.26740/jaj.v2n1.p76-91
Susyanti J. Profitabilitas, Pertumbuhan Aktiva, Ukuran Perusahaan, Struktur Aktiva, dan Likuiditas Terhadap Struktur Modal PT Bank Syariah “X” TBK.. Iqtishoduna. 2008. doi: 10.18860/iq.v0i0.268
Poulsen AB, Stegemoller M. Moving from private to public ownership: selling out to public firms versus initial public offerings. Financial Management. 2008 Mar;37(1):81-101. doi:10.1111/j.1755-053X.2008.00005.x
Kim W, Weisbach MS. Motivations for public equity offers: An international perspective. Journal of Financial Economics. 2008 Feb 1;87(2):281-307. doi: 10.1016/j.jfineco.2006.09.010
Sulong Z, Embi NA, Ariffin MR. Performance of Initial Public Offerings: Does Shariah Compliance Extensiveness Make A Difference. International Journal of Accounting, Finance and Business. 2017;2(6):190-205.
Sekaran U, Bougie R. Research Methods For Business, A Skill Building Approach, John Willey & Sons. Inc. New York. 2003.
Saunders M, Lewis P, Thornhill A. Research methods for business students. Pearson education; 2009.
Savitri, E. & Awaludin, T. 2020. Dampak Penerbitan Saham Terhadap Profil Image Bank Umum Syariah. Proceedings (Vol. 1, No. 1)
Wieland J. The ethics of governance. Business Ethics Quarterly. 2001 Jan 1:73-87. doi: 10.2307/3857870
Sirgy MJ. Measuring corporate performance by building on the stakeholders model of business ethics. Journal of business ethics. 2002 Feb;35(3):143-62. doi: 10.1023/A:1013856421897
Booth RA. Going public, selling stock, and buying liquidity. Entrepreneurial Bus. LJ. 2007;2:649.
García-Pérez-de-Lema D, Duréndez A, Mariño T. A strategic decision for growth, financing and survival of Small and Medium Family Businesses: Going Public in an Alternative Stock Market (MAB). Economics and Finance Review. 2011;1(8):31-42.
Brau JC, Francis B, Kohers N. The choice of IPO versus takeover: Empirical evidence. The Journal of usiness. 2003 Oct;76(4):583-612. doi: 10.1086/377032
Chaddad FR, Reuer JJ. Investment dynamics and financial constraints in IPO firms. Strategic Entrepreneurship Journal. 2009 Mar;3(1):29-45. doi: 10.1002/sej.65
Lee YJ, Lee JD. Strategy of start-ups for IPO timing across high technology industries. Applied Economics Letters. 2008 Sep 26;15(11):869-77. doi: 10.1080/13504850600820650
Bildik R, Yilmaz MK. The market performance of initial public offerings in the Istanbul Stock Exchange. Available at SSRN 952526. 2006 Dec. doi: 10.2139/ssrn.952526
Benninga S, Helmantel M, Sarig O. The timing of initial public offerings. Journal of financial economics. 2005 Jan 1;75(1):115-32. doi: 10.1016/j.jfineco.2003.04.002
Mori. 2000. SMEs Attitude to Social Responsibility. January – February
Certo ST, Covin JG, Daily CM, Dalton DR. Wealth and the effects of founder management among IPO‐stage new ventures. Strategic management journal. 2001 Jun;22(6‐7):641-58. doi: 10.1002/smj.182
Guo RJ, Lev B, Zhou N. The valuation of biotech IPOs. Journal of accounting, auditing & finance. 2005 Oct;20(4):423-59. doi:10.1177%2F0148558X0502000407
Harjoto M, Garen J. Inside ownership beyond the IPO: the evolution of corporate ownership concentration. Journal of Corporate Finance. 2005 Sep 1;11(4):661-79. doi: 10.1016/j.jcorpfin.2004.08.002
Asker J, Farre-Mensa J, Ljungqvist A. Corporate investment and stock market listing: A puzzle?. The Review of Financial Studies. 2015 Feb 1;28(2):342-90. doi: 10.1093/rfs/hhu077