The Effect of DER, CAR, and ROA on Liquidity with Firm Size as a Moderating Variable in Islamic Commercial Banks (BUS) During the 2020–2024 Period
Abstract
Liquidity is a critical factor in ensuring the operational stability of Islamic banking institutions. This study aims to examine the effects of the Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR), and Return on Assets (ROA) on bank liquidity, measured by the Financing to Deposit Ratio (FDR). In addition, this research investigates the moderating role of firm size in Islamic Commercial Banks in Indonesia during the 2020–2024 period. This study adopts a quantitative approach using secondary data derived from the published annual financial statements of Islamic Commercial Banks. The data were analyzed using moderated regression analysis to assess both direct and interaction effects among variables. The findings reveal that DER has a negative and significant effect on liquidity, indicating that higher leverage tends to reduce the bank’s ability to maintain adequate liquidity levels. Conversely, CAR shows a positive and significant effect on liquidity, highlighting the importance of sufficient capital in supporting liquidity stability. Meanwhile, ROA does not have a significant influence on liquidity. Furthermore, the moderation analysis indicates that firm size strengthens the relationship between CAR and liquidity, suggesting that larger banks are better able to utilize their capital to maintain liquidity. However, firm size does not moderate the relationship between DER and ROA on liquidity. These results underline the vital role of capital adequacy in sustaining the liquidity performance of Islamic banks.
Downloads
References
Adebiyi, O. (2021). Effect of Capital Structure, Liquidity on Performance: Evidence from Deposit Money Banks in Nigeria. Research Journal of Finance and Accounting.
Agustin, F., & Sumiyarsih, S. (2025). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan Terhadap Kebijakan Hutang pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2020–2023. Journal of Accounting Law Communication and Technology.
Bank Indonesia. (2025). Laporan Tahunan Bank Indonesia 2025. https://www.bi.go.id
Berlian, B., Marbun, E. T. N., Lestari, F. P., Datubara, K., Magdalena, Dika, M. S., Napa, Lestari, P., Yulandari, R., Aulia, S., & Saputri, T. (2025). Pengaruh Likuiditas, Solvabilitas, Profitabilitas Terhadap Opini Audit: Studi Empiris Pada Laporan Keuangan Tahun 2019–2023 Perusahaan Perbankan Yang Terdaftar di BEI. Economic Reviews Journal.
Cakhyaneu, A., & Apriyani, R. (2022). Determinan Capital Buffers Bank Umum Syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan.
Evrilyan, H., & Septiarini, D. (2020). Determinasi Tingkat Solvabilitas Pada Perusahaan Asuransi Jiwa Syariah Periode 2014–2018. Jurnal Ekonomi Syariah Teori dan Terapan.
Faisal, A., Hasanah, A., & Adam, A. M. (2021). Pengaruh Fundamental Perusahaan dan Reaksi Pasar Modal Sebelum dan Saat Pandemi Covid-19 Terhadap Return Saham (Studi Kasus Jakarta Islamic Index Periode 2016–2020). Jurnal Ekonomi Syariah Teori dan Terapan.
Fathiyyah, S. N., & Muflih, M. (2023). Determinants of Islamic Banking Profitability: A Comparative Analysis of Indonesia and Malaysia. Jurnal Ekonomi Syariah Teori dan Terapan.
Goso, G. (2022). The Influence of Capital Structure, Liquidity, and Company Size on Sulselbar Bank’s Profitability. Enrichment: Journal of Management.
Gumanti, T. A. (n.d.). Teori Sinyal dalam Manajemen Keuangan.
Gunawan, R. A., & Manda, G. S. (2021). Pengaruh Non Performing Financing (NPF), Capital Adequacy Ratio (CAR) dan Inflasi terhadap Likuiditas. Eqien-Jurnal Ekonomi dan Bisnis, 8(1), 203–210.
Kasmir. (2019). Analisis Laporan Keuangan (1st ed.). Rajawali Pers.
Kurnia, N., & Bakhri, S. (2025). Analisis Komparasi Kinerja Bank Umum Syariah di Indonesia Menggunakan Maqashid Sharia Index. Velocity: Journal of Sharia Finance and Banking, 5(1), 74–87.
Madi, R. A., & Arifin, D. S. (2019). Pengaruh Likuiditas, Leverage, Ukuran Perusahaan dan Pertumbuhan Penjualan terhadap Profitabilitas.
Maharani, D. P., Roza, F., Wijayanti, F. G., & Nopiah, R. (2024). Islamic Bank Performance and Macroeconomic Variables During Economic Turbulence. Economics, Business, Accounting & Society Review.
Nihayah, I., & Aryani, Y. (2022). Implementation of Risk Management and Capital Structure on Financial Performance: A Study of Islamic Banking in Indonesia. Journal of Business and Management Studies.
Prastiwi, I. E., Tho’in, M., & Kusumawati, O. A. (2021). Faktor Internal yang Mempengaruhi Likuiditas Bank Syariah: Analisis Rasio Capital Adequacy Ratio (CAR), Dana Pihak Ketiga (DPK), Non Performing Financing (NPF). Jurnal Ilmiah Ekonomi Islam, 7(2), 1107–1116.
Pratiwi, E. M., & Yudiana, F. E. (2023). Peran Islamic Corporate Social Responsibility dalam Memediasi Pengaruh Ukuran Perusahaan, Leverage, Likuiditas, dan Kecukupan Modal terhadap Kinerja Keuangan. Journal of Accounting and Digital Finance.
Rahmawati, M. P., & Ikram, S. (2025). The Influence of Profitability and Liquidity on Firm Value with Firm Size as a Moderating Variable. Vol. 05, No. 06. https://doi.org/10.59141/jrssem.v5i6.1293
Septiarini, D. F., Hisan, U. F. C., Matsahri, M., & Filianti, D. (2021). Capital Buffer, Risk, Profitability, Size, and Macroeconomics: Empirical Study on Islamic Banks. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah.
Silom, D., Saerang, I. S., & Rumokoy, L. (2023). Pengaruh Global Economic Policy Uncertainty, Likuiditas, Leverage, dan Firm Size terhadap Kinerja Perusahaan Sub Sektor Pariwisata, Hotel dan Restoran yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi.
Stephanie, F., & Ruslim, H. (2021). Pengaruh Rasio Keuangan terhadap Kinerja Keuangan Perusahaan Asuransi. Jurnal Kontemporer Akuntansi.
Sugiyono. (2020). Metode Penelitian Kuantitatif, Kualitatif, dan R&D.
Sulistyandari, Kusumah, A., Fikri, K., & Bakaruddin. (2023). Can Firm Size as a Moderating Variable Enhance Profitability in Islamic Banks in Indonesia? Jurnal Manajemen Teknologi, 22(3), 300–319. https://doi.org/10.12695/jmt.2023.22.3.6
Sumarni, R., Gustina, I., & Nurfitriani, N. (2023). Pengaruh Likuiditas dan Struktur Modal terhadap Profitabilitas pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2019–2021. Jurnal Akuntansi dan Keuangan, 12(1), 42–48.
Wulansari, K. (2023). Pengaruh Rasio Profitabilitas, Solvabilitas dan Likuiditas dengan Ukuran Perusahaan sebagai Variabel Moderasi terhadap Harga Saham (Studi pada Bank Pembangunan Daerah). Cakrawala Repositori IMWI.
Copyright (c) 2026 Deni Prastiono, Santi Rahmawati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
