Nikmah Choirul, Hung Rern-Jay
Department of Tropical Agriculture and International Cooperation, National Pingtung University of Science and Technology, Pingtung, 91201, Taiwan.
Faculty of Economics and Business, Universitas Negeri Surabaya, Surabaya, 60231, Indonesia.
Heliyon. 2024 Jun 8;10(11):e32740. doi: 10.1016/j.heliyon.2024.e32740. eCollection 2024 Jun 15.
The ASEAN Economic Community (AEC) presents both opportunities and challenges to Shariah-compliant firms (SCF) that have particular rules concerning business activities and financial ratios following Islamic principles. The SCF has to maintain the ratio of interest-based debt to total assets as well as non-permissible income, where these restrictions may impact both firm performance and firm value, particularly in the AEC era. Therefore, the SCF has to utilize internal factors to strengthen the firm while also considering the external factor of macroeconomics. The purpose of this paper is to examine the internal factors-firm age, size and efficiency (FASE), financial leverage, foreign ownership- and macroeconomics affecting financial performance and firm value of SCFs, including the effects both pre- and post-AEC. This study applies structural equation modelling-partial least square (SEM-PLS) to analyze 103 non-financial firms that were continuously listed on the Islamic Shariah Stock Index (ISSI) from 2011 to 2020. The results showed that FASE and macroeconomics had a significant positive influence on firm performance. Moreover, financial leverage, foreign ownership and the AEC participation showed a negative effect on firm performance. In addition, there was a positive relationship between FASE and firm value, as well as firm performance and firm value of SCFs. Finally, the findings from this study may help stakeholders determine policies that involve both internal and macroeconomic situations, as well as the potential effect of the AEC on the enhancement of firm performance and firm value.
东盟经济共同体（AEC）给遵循伊斯兰教法的企业（SCF）带来了机遇和挑战，这类企业在商业活动和财务比率方面有遵循伊斯兰原则的特定规则。遵循伊斯兰教法的企业必须维持基于利息的债务与总资产以及非许可收入的比率，而这些限制可能会影响企业绩效和企业价值，尤其是在东盟经济共同体时代。因此，遵循伊斯兰教法的企业必须利用内部因素来增强企业实力，同时还要考虑宏观经济的外部因素。本文的目的是研究影响遵循伊斯兰教法企业的财务绩效和企业价值的内部因素——企业年龄、规模和效率（FASE）、财务杠杆、外资所有权——以及宏观经济因素，包括东盟经济共同体成立前后的影响。本研究应用结构方程模型-偏最小二乘法（SEM-PLS）来分析2011年至2020年期间持续列于伊斯兰教法股票指数（ISSI）的103家非金融企业。结果表明，FASE和宏观经济对企业绩效有显著的正向影响。此外，财务杠杆、外资所有权和东盟经济共同体的参与对企业绩效有负面影响。此外，FASE与企业价值之间存在正相关关系，遵循伊斯兰教法企业的企业绩效和企业价值之间也存在正相关关系。最后，本研究的结果可能有助于利益相关者确定涉及内部和宏观经济状况的政策，以及东盟经济共同体对提升企业绩效和企业价值的潜在影响。
