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International Journal of Islamic Economics and Business Sustainability

Abstract

Purpose – This study examines the effect of corporate sukuk issuance on the profitability of non-bank public companies in Indonesia, distinguishing between the size of sukuk issuance and its contractual structure (Ijarah versus Mudharabah).

Design/methodology/approach – Using a balanced panel of 19 non-bank public companies listed on the Indonesia Stock Exchange that issued Ijarah or Mudharabah sukuk between 2015 and 2023 (171 firm-year observations), Return on Assets (ROA) is regressed on contemporaneous and one-year-lagged sukuk issuance size, a firm-year sukuk-structure dummy, and four control variables (current ratio, net profit margin, total asset turnover, and long-term debt). The fixed-effects regression uses 152 observations after the first year for each firm is excluded because its within-sample lag is unavailable. Model selection is based on the Chow, Hausman, and Lagrange Multiplier tests.

Findings – Contemporaneous sukuk issuance size does not significantly affect ROA, but its one-year lag has a significant negative effect, indicating a delayed erosion of profitability following larger issuances. The sukuk-structure dummy is significant and positive, showing that Mudharabah issuers exhibit higher ROA than Ijarah issuers. Current ratio and net profit margin are significant positive determinants of ROA.

Implications – Issuers should pair sukuk issuance with disciplined deployment of proceeds into productive assets and weigh the flexibility of profit-sharing structures against the payment certainty of lease-based structures. Regulators may strengthen disclosure on the use of sukuk proceeds, and investors should look beyond issuance size to structure and asset-utilization track record.

Originality/value – The study contributes firm-level evidence from Indonesia's non-bank corporate sukuk market by jointly modelling the size and structural dimensions of sukuk issuance, including a lagged size effect, within a single fixed-effects model over a nine-year panel.

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