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THESIS

STRUCTURE CONDUCT PERFORMANCE


ANALYSIS TOWARD ISLAMIC BANKING IN
INDONESIA FOR 2011-2015

Proposed As One Of Terms To Solve Education Program In Islamic Banking


Bachelor Of Applied Science Accounting Department
State Polytechnic Of Semarang

Arranged by:
ALFI MAGHFURIYAH
NIM. 4.42.13.1.01

ISLAMIC BANKING STUDIY PROGRAM


ACCOUNTING DEPARTMENT STATE POLYTECHNIC OF
SEMARANG
2017

i
APPROVAL SHEET OF THESIS

Name : Alfi Maghfuriyah.

NIM. : 4.42.13.1.01.

Department/Study Program : Accounting/Sharia Banking.

Title Of Study : Structure Conduct Performance Analysis

Toward Islamic Banking In Indonesia

For 2011-2015.

Has been approved by:

Preceptor I,

Sam'ani, S.E., M.M. Semarang, ...... ... ............


NIP. 196710251997021003

Preceptor II,

Dr. Sartono, S.E., M.Si. Semarang, ...... ... ............


NIP. 196108191990031001

ii
THE EXAM PAGE APPROVAL OF THESIS

Thesis has been successfully defended on the Board of Examiners and accepted as
a requirement needed for obtaining a degree as Bachelor of Applied Science on
Sharia Banking Study Program of the Accounting Department at State Polytechnic
of Semarang, for:

name : Alfi Maghfuriyah.


NIM. : 4.42.13.1.01.
Department/Study Program : Accounting/Sharia Banking.
Title Of Study : Structure Conduct Performance Analysis
Toward Islamic Banking In Indonesia
For 2011-2015.

BOARD OF EXAMINERS

Examiner I Examiner II Examiner III

(.........................) (........................) (........................)

Chairman Secretary

(............................) (...........................)

Semarang, June 2017


The Head of Accounting Department

Siti Arbainah, S.E., M.M.


NIP. 196412301990032002

iii
Originality Statement

I am who undersigned the bellows, Alfi Maghfuriyah, NIM. 4.42.13.1.01 states that
thesis entitled "Structure Conduct Performance Analysis Toward Islamic Banking
In Indonesia For 2011-2015" is my own work and partially or fully do not
plagiarizied others, opinion, idea, or other invention of another Involved parties in
this thesis already quoted and referenced based on scientific and ethical rules.

Semarang, June 2017

Alfi Maghfuriyah

iv
THE APPROVAL SHEET OF SCIENTIFIC PUBLICATION

I am who undersigned below:


Name : Alfi Maghfuriyah.
NIM. : 4.42.13.1.01.
Department/Study Program : Accounting/Sharia Banking.
Title of Study : Structure Conduct Performance
Toward Analysis In Islamic Banking
Indonesia For 2011-2015.

For the sake of science, approve to give non-exclusive royalty free right of my thesis
to State Politechnic of Semarang, Including equipment required. The right give
authority to Accounting department of State Politechnic of Semarang to store,
transform into other media, is maintained in the form of databases, treat and publish
this thesis for science purpose, as long as the put my identify as the author and
copyright owner.
I hereby arrange the statement truly.

Semarang, June 2017


Approved by:
Preceptor I, Writer,

Sam'ani, S.E., M.M. Alfi Maghfuriyah


NIP. 196710251997021003 NIM. 4.42.13.1.01

Preceptor II,

Dr. Sartono, S.E., M.Si.


NIP. 196108191990031001

v
MOTTO AND DEDICATION

MOTTO

"And bahwasannya man no gain other than what has been earned, and that the
businesses that would later be shown (to him)".
(Surah An-Najm: 39-40)

"Nabi Muhammad SAW said: Do not want to be like everyone else, except as
these two. First, people who were given God his great wealth and spend it
properly. Secondly, the person who was given Allah al-wisdom and he behaved
accordingly and teach it to others ".
(Bukhari)

"Allah will not change the state of a people before they change things
themselves".
(QS. Ar-Ra'd: 11)

DEDICATION

This thesis, I dedicate to:

1. Both parents dear who has cared for lovingly, educate, provide everything you
need, and chanted with great sincerity.
2. Large families and the teachers who have supported and prayed unconditionally.
3. Large families force of Islamic Banking Studies Program 2013-2017, this paper
may be useful.
4. Semarang State Polytechnic beloved alma mater.

vi
PREFACE

Assalaamu'alaikum Wr. Wb.

Praise the writer always prayed to Allah SWT Rabb Supreme Court, which rules
the universe and its contents, which has given His guidance to me so it can complete
the thesis titled " Structure Conduct Performance Analysis Toward Islamic Banking
In Indonesia For 2011-2015".

This thesis aims to analyze the significance of variables influence the market
structure consisting of Concentration Ratio (CR), Hiershman-Herfindahl Index
(HHI), Market Share of Deposits (MSD) and Market Share of Saving (MSS) on the
performance of Islamic banking in Indonesia 2011-2015 using the approach
Structure Conduct Performance (SCP). In addition, this thesis is organized to meet
one of the requirements in completing the Bachelor of Applied Science Education
Program on Islamic Banking Study Program Accounting Department State
Polytechnic of Semarang.

In the preparation of this paper, the author can not be separated from the support,
guidance, and cooperation from various parties. Therefore, on this occasion the
author would like to thank:
1. Ir. Supriyadi, M.T., as Director of the State Polytechnic of Semarang.
2. Dr. Amid Jusmi, S.E., M.Si., Akt., as a Long Chairman of the Accounting
Department, Semarang State Polytechnic.
3. Siti Arbainah, SE, MM, as a New Chairman of the Accounting Department, State
Polytechnic of Semarang.
4. Dr. Sartono, S.E., M.Si., as a Chairman of the Islamic Banking Study Program
State Polytechnic of Semarang and Advisor II for your patience, sincerity, and
science never stop gushing in guiding completing this thesis.
5. Sam'ani, S.E., M.M., as a Advisor I for the patience, sincerity, and science never
stop gushing in guiding completing this thesis.

vii
6. Dr. Sri Hardiningsih HS, Dra., M. Hum., As a mentor non-formal English for
your patience, sincerity, and science never stop gushing in guiding completing
this thesis.
7. Suryani Sri Lestari, S.E., M.Bus., As the faculty trustee PS-4B class who have
provided guidance and motivation during the study period inIslamic Banking
Study Program Accounting Department State Polytechnic of Semarang.

8. The entire faculty and faculty of Islamic Banking Study Program and the
teachers who have to equip a variety of science and useful advices during the
study period in Islamic Banking Study Program Accounting Department State
Polytechnic of Semarang.

9. Mr. Asmawi and Mrs. Suamsiyah and large families who have given love,
chanting, and the support of all time so that it can be at this point.

10. Best friend Ananda, Fatia, Zahwa, Devinda, Elita, Iin, Pipit, Isna, and Wulan are
always entertaining, support, pray, and help during the study period in Islamic
Banking Study Program Accounting Department State Polytechnic of Semarang
and Andriyan Eka Sapta, Isnaini Fitriasari, Wulan Apriyani, and Nurul Aina
Mardhiyyah on unity, struggle, science is divided, and prayers were spoken as a
partner for the completion of this thesis.

11. All friends of PS-4A and PS-4B 2013 generation on togetherness, teamwork,
family, and struggle together during the study period in Islamic Banking Study
Program Accounting Department State Polytechnic of Semarang.

12. The big family of UKM Jazirah, KSEI Jazirah State Polytechnic of Semarang
and the Islamic Students Association (HMI) POLINES Commissariat on various
internal and external experiences that have been awarded during his tenure.

13. All parties that can not be mentioned one by one, thank you for your support and
prayers were given.

The author realizes that in terms of writing, presentation, and the choice of words
and discussion of the material in this thesis is still less than perfect word.

viii
Therefore, the authors expect the advice and criticism from all sides for the
improvement of this thesis. Authors hope this research can be useful for interested
parties.

Wassalaamu'alaikum Wr. Wb.

Semarang, June 2017


Author,

Alfi Maghfuriyah

ix
Alfi Maghfuriyah; Structure Conduct Performance Analysis Toward Islamic
Banking In Indonesia For 2011-2015; Bachelor Degree Thesis Of Accounting
Department State Polytechnic Of Semarang; Sam'ani, S.E., M.M., Dr. Sartono,
S.E., M.Si .; June; 2017; 136.

ABSTRACT

This research use the Structure Conduct Performance (SCP) paradigm which the
research aim is to analyze the significance of market structure variables consisting
of Concentration Ratio (CR), the Herfindahl-Hiershman Index (HHI), Market Share
of Deposit (MSD), and Market Share of Saving (MSS) on the performance of
Islamic banking in Indonesia for 2011-2015.
The population in this research is all Islamic commercial banks in Indonesia. The
sampling technique used is purposive sampling technique. The sample in this
research is 10 (ten) Islamic commercial banks in Indonesia roomates purposive
sampling fulfill the criteria. The models of analysis in this research using a model
of regression analysis of the data panel. While the analysis technique in this research
use F test, coefficient determination test (R2) and t test by using a program of
Eviews 8.0.
The results Showed that the Concentration Ratio (CR) has negative and
insignificant effect on the ROA, the Herfindahl-Hiershman Index (HHI) has
positive and significant effect on ROA, Market Share of Deposit (MSD) has
positive and significant effect on ROA and Market Share of Saving (MSS) has
positive and insignificant effects on ROA.

Keywords: Concentration Ratio (CR), Hiershman-Herfindahl Index (HHI),


Market Share of Deposit (MSD), and Market Share of Saving
(MSS), and ROA.

x
Alfi Maghfuriyah; Analisis Structure Conduct Performance Perbankan Syariah Di
Indonesia Periode 2011-2015; Skripsi Sarjana Terapan Jurusan Akuntansi
Politeknik Negeri Semarang; Samani, S.E, M.M., Dr. Sartono, S.E., M.Si.; Juni;
2017; 136.

ABSTRAKSI

Penelitian ini menggunakan pendekatan Structure Conduct Performance (SCP).


Penelitian ini bertujuan untuk menganalisis signifikansi pengaruh variabel struktur
pasar yang terdiri dari Concentration Ratio (CR), Herfindahl-Hiershman Index
(HHI), Market Share of Deposit (MSD), and Market Share of Saving (MSS)
terhadap kinerja perbankan syariah di Indonesia periode 2011-2015.

Populasi dalam penelitian ini adalah seluruh bank umum syariah di Indonesia.
Teknik pengambilan sampel yang digunakan adalah teknik purposive sampling.
Sampel pada penelitian ini adalah 10 (sepuluh) bank umum syariah di Indonesia
yang memenuhi kriteria purposive sampling. Model analisis dalam penelitian ini
menggunakan model analisis regresi data panel. Sedangkan teknik analisis dalam
penelitian ini menggunakan uji F, uji koefisien determinasi (R2) dan uji t dengan
menggunakan program Eviews 8.0.

Hasil penelitian menunjukkan bahwa Concentration Ratio (CR) berpengaruh


negatif dan tidak signifikan terhadap ROA, Herfindahl-Hiershman Index (HHI)
berpengaruh positif dan signifikan terhadap ROA, Market Share of Deposit (MSD)
berpengaruh positif dan signifikan terhadap ROA dan Market Share of Saving
(MSS) berpengruh positif dan tidak signifikan terhadap ROA.

Kata Kunci: Concentration Ratio (CR), Herfindahl-Hiershman Index (HHI),


Market Share of Deposit (MSD), and Market Share of Saving
(MSS), dan ROA

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TABLE OF CONTENTS

Page
TITLE PAGE ................................................................................................. i
THE APPROVAL SHEET OF THESIS ...................................................... ii
THE EXAM PAGE APPROVAL OF THESIS ........................................... iii
ORIGINALITY STATEMENT .................................................................... iv
THE APPROVAL SHEET OF SCIENTIFIC PUBLICATIONS ............. v
MOTTO AND DEDDICATION ................................................................... vi
PREFACE ....................................................................................................... vii
ABSTRACT .................................................................................................... x
ABSTRAKSI .................................................................................................... xi
TABLE OF CONTENTS ............................................................................... xii
LIST OF FIGURES ....................................................................................... xvii
LIST OF TABLES ......................................................................................... xviii
CHAPTER I INTRODUCTION................................................................... 1
1.1. Background ............................................................................................... 1
1.2. Research Problem ..................................................................................... 12
1.3. Purposes And Benefits Of Research ......................................................... 14
1.3.1. Research Purposes .......................................................................... 14
1.3.2. Benefits Of Research ...................................................................... 14
1.3.2.1. Theoretical Benefits ........................................................... 15
1.3.2.2. Practical Benefits ............................................................... 15
1.4. Systematic Of Writing .............................................................................. 15
CHAPTER II LITERATURE REVIEW ..................................................... 17
2.1. Literature Review ...................................................................................... 17
2.1.1. Comparison Of Structure Conduct Performance (SCP)
With Structure Efficiency ............................................................... 17
2.1.2. Structure Conduct Performance (SCP) ........................................... 20
2.1.3. Market Structure ............................................................................. 23
2.1.4. Market Concentration ..................................................................... 25

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2.1.5. Market Share ..................................................................................... 28
2.1.6. Behavior ............................................................................................ 29
2.1.6.1. Capital Adequacy Ratio (CAR) ........................................... 30
2.1.6.2. Non Performing Financing (NPF) ........................................ 31
2.1.6.3. Operating Efficiency Ratio (OER) ....................................... 32
2.1.7. Performance ...................................................................................... 33
2.1.7.1. Return On Assets (ROA) ..................................................... 34
2.1.7.2. Factors That Affect On Profitability ..................................... 35
2.2. Previous Research ....................................................................................... 37
2.3. Influence Between Variables ...................................................................... 42
2.3.1. Concentration Ratio (CR) Toward Return On Assets (Roa) ............ 42
2.3.2. Hierschman-Herfindhal Index (HHI) Toward Return On
Assets (Roa) ..................................................................................... 43
2.3.3. Market Share Of Deposit (MSD) Toward Return On Assets
(Roa)................................................................................................. 44
2.3.4. Market Share Of Saving (MSS) Toward Return On Assets
(Roa).................................................................................................. 46
2.4. Theoretical Framework ............................................................................... 48
2.5. Research Hypothesis ................................................................................... 49
CHAPTER III RESEARCH METHODS ...................................................... 51
3.1. Types And Sources Of Data ....................................................................... 51
3.2. Method Of Collecting Data ......................................................................... 51
3.3. Population And Sample .............................................................................. 51
3.4. Identification And Variable Operational Definition ................................... 52
3.4.1. Identification Variables .................................................................... 52
3.4.2. Operational Definition Of Variables ................................................ 52
3.4.2.1. Structural Variables ............................................................ 52
3.4.2.1.1. Variable Return On Assets (ROA) ..................... 52
3.4.2.1.2. Variable Concentration Ratio (CR) .................... 53
3.4.2.1.3. Variable Hirschman-Herfindahl Index (HHI) .... 53
3.4.2.1.4. Variable Market Share Of Deposit (MSD)......... 53
3.4.2.1.5. Variable Market Share Of Saving (MSS)........... 53

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3.4.2.2. Control Variable (Variable Behavior) ................................ 54
3.4.2.2.1. Variable Capital Adequacy Ratio (CAR) .......... 54
3.4.2.2.2. Variable Non Performing Financing (NPF) ....... 54
3.4.2.2.3. Variable Operating Efficiency Ratio (OER) ...... 55
3.5. Panel Data Regression Analysis Model ...................................................... 58
3.6. Regression Model Estimation With Panel Data .......................................... 59
3.6.1. Fixed Coefficient Inter Time And Individuals
(Common Effect Model) .................................................................. 60
3.6.2. Slope Constant But The Intercept Different Between Individuals
(Fixed Effect Model) ........................................................................ 60
3.6.3. Estimates Approach Random Effect Model (REM) ......................... 60
3.7. Selection Of Panel Data Regression Estimation Techniques ..................... 61
3.7.1. Test Chow ......................................................................................... 61
3.7.2. Hausman Test ................................................................................... 61
3.8. Data Analysis Method ................................................................................. 61
3.8.1. Descriptive Analysis ......................................................................... 61
3.9. Testing Data ................................................................................................ 62
3.9.1. Normality Test .................................................................................. 62
3.9.2. Classic Assumption Test .................................................................. 62
3.9.2.1. Multicollinearity Test .......................................................... 62
3.9.2.2. Autocorrelation Test ............................................................ 63
3.9.2.3. Heteroskidastity Test ........................................................... 63
3.10. Market Structure Analysis Of Indonesian Islamic Banking Industry ....... 63
3.11. Islamic Banking Behavior Analysis In Indonesia .................................... 64
3.12. Statistic Test.............................................................................................. 64
3.12.1. Simultaneous Coefficients Regression Test (Test F-Statistics) .... 65
3.12.2. Goodness Of Fit (R2) Test ............................................................ 65
3.12.3. Individual Regression Coefficients Test (Test t-Statistic) ............ 65
CHAPTER IV RESULTS AND DISCUSSION ............................................ 67
4.1. An Overview Of Research Object............................................................... 67
4.1.1. History Of Islamic Banking Industry In Indonesia ........................... 67
4.2. Structure Of Islamic Banking Industry In Indonesia .................................. 69

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4.2.1. Market Share Analysis Of Islamic Banking Industry In Indonesia .. 69
4.2.2. Industrial Concentration Level Analysis Of Islamic Banking
In Indonesia ...................................................................................... 71
4.2.3. Behavior Analysis Of Islamic Banking In Indonesia........................ 73
4.3. Regression Estimation With Panel Data ..................................................... 74
4.3.1. Fixed Coefficient Inter Time And Individuals
(Common Effect Model) .................................................................. 74
4.3.2. Slope Constant But Different Intercept Between Individuals
(Fixed Effect Model) ........................................................................ 76
4.3.3. Estimates Approach Random Effect Model (REM) ......................... 78
4.4. Selection of Panel Data Regression Estimation Techniques....................... 81
4.5. Results Of Estimates ................................................................................... 82
4.6. Descriptive Statistics ................................................................................... 85
4.7. Testing Data ................................................................................................ 87
4.7.1. Normality Test .................................................................................. 87
4.7.2. Classic Assumption Test ................................................................... 87
4.7.2.1. Multicolinearity Test ........................................................... 87
4.7.2.2. Autocorrelation Test .............................................................. 88
4.7.2.3. Heteroskidasticity Test .......................................................... 89
4.8. Testing Hypothesis ....................................................................................... 90
4.8.1. Simultaneous Significance Test (Test Statistic F) ............................. 90
4.8.2. The coefficient of determination Test (R2)......................................... 91
4.8.3. Individual Parameter Significance Test (Test Statistic t) ................... 91
4.9. Discussion of Results ................................................................................... 93
4.9.1. Effect Of Variable HHI, CR, MSD, And MSS Simultaneous
To ROA ............................................................................................. 93
4.9.2. Effect Of Variable CR Partial Against ROA ..................................... 94
4.9.3. Effect Of Variable HHI Partial Against ROA ................................... 96
4.9.4. Effect Of Variable MSD Partial To ROA .......................................... 97
4.9.5. Effect Of Variable MSS Against Partial ROA................................... 98
CHAPTER V CLOSING .................................................................................. 101
5.1. Conclusion ................................................................................................... 101

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5.2. Implication .................................................................................................. 102
5.2.1. Theoretical Implications ................................................................... 102
5.2.2. Managerial Implications ................................................................... 102
5.2.3. Policy Implications ........................................................................... 104
5.3. Limitation .................................................................................................... 104
5.4. Suggestion ................................................................................................... 105
BIBLIOGRAPHY ............................................................................................ 106
APPENDIX ....................................................................................................... 113
CURRICULUM VITAE .................................................................................. 126

xvi
LIST OF FIGURES

Page
Figure 1.1. Islamic Financial Index In The World 2015 .................................... 4
Figure 2.1. SCP Framework For Banking Market ............................................. 19
Figure 2.2. Formulation Market Share Islamic Bank ......................................... 29
Figure 2.3. Formulation Of CAR ....................................................................... 31
Figure 2.4. Formulation Of NPF ........................................................................ 32
Figure 2.5. Formulation Of OER ....................................................................... 33
Figure 2.6. The Calculation Of ROA ................................................................. 35
Figure 2.7. Hypothesis 2 .................................................................................... 43
Figure 2.8. Hypothesis 3 .................................................................................... 44
Figure 2.9. Hypothesis 4 .................................................................................... 46
Figure 2.10. Hypothesis 5 .................................................................................... 47
Figure 2.11. Theoretical Framework .................................................................... 49
Figure 4.1. Normality Test Results .................................................................... 87

xvii
LIST OF TABLES

Page
Table 1.1. Total Assets BUS, BU, MS, And Target Market BUS In
Indonesia ........................................................................................... 2
Table 1.2. Indonesian Islamic Banking Financial Ratios Year 2006-2015....... 6
Table 2.1. Market Structure Classification Using HHI ..................................... 27
Table 2.2. Prior research Structure Conduct Performance
Islamic banking ............................................................................... 38
Table 3.1. Identification And Variable Operational Definition ........................ 56
Table 4.1. Developments Office Network And Growth
Islamic Banking Assets .................................................................... 69
Table 4.2. The development of Islamic Banking Market Share
From the Year 2011-2015 ............................................................... 70
Table 4.3. The concentration level of Islamic Banking Industry
in Indonesia ...................................................................................... 72
Table 4.4. Islamic Banking Performance Indicators 2011-2015....................... 73
Table 4.5. Estimation of Common Effect Model .............................................. 75
Table 4.6. Estimates of Fixed Effects Model .................................................... 77
Table 4.7. Estimation Random Effects Model .................................................. 79
Table 4.8. Chow test.......................................................................................... 81
Table 4.9. Hausman test .................................................................................... 82
Table 4.10. Fixed Effect Model Estimation Results .......................................... 83
Table 4.11. Descriptive statistics ....................................................................... 85
Table 4.12. Test Results Multicollinearity ......................................................... 88
Table 4.13. Autocorrelation Test Results With the Durbin-Watson (DW)........ 89
Table 4:14. Test Results Heteroskidastity.......................................................... 90
Table 4:15. Test Results Statistics F .................................................................. 90
Table 4.16. Analysis The coefficient of determination (R2) ............................ 91
Table 4:17. Test Results Statistics t .................................................................. 92

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