The profitability of islamic banks and voluntary disclosure: empirical insights from Yemen

Figures & data

Table 1. Studies Related to Islamic Banks

Author	Size/Country	Data	No. of Disclosure Items	Time limit	Analysis Techniques Used
Hassan and Harahap(2010)	7 Islamic banks/seven countries	Secondary	78 Items	2006	1-Content Analysis
Ahamed, 2017	6 Islamic banks/Indonesia and Malaysia	Secondary	78 Items	2007–2011.	1-Content Analysis 2-Disclosure Index
Farook, Kabir Hassan and Lanis. (2011)	47 Islamic banks	Secondary	32 Items	2007	1-Regression Analysis 2-Descriptive Statistics
Inten and Devi(2017)	14 Islamic banks/Indonesia and Malaysia	Secondary	43 Items	2010–2014	1-Z test 2-ISR index 3-Content Analysis
Darmadi, 2013	7 Islamic Banks/Indonesian	Secondary	72 Items	2010	1-Content Analysis
Harun (2016)	39 Islamic banks/GCC (Gulf Countries Council)	Secondary	-	2010–2014	1-Content Analysis 2-OLS Regression 3-Disclosure Index
Ullah, 2013	7 Islamic banking/Bangladesh	Secondary	203 Items	2011	1-Average, Percentage, 2-Standard Deviation, 3-Co-Variance
Abdullah et al., 2014	67 Islamic banks/Southeast Asian and the GCC	Secondary	81 Items	2009	1-Descriptive Statistics 2-Multiple Regression
Rahman et al., 2016	21 Islamic banks/Bahrain and Malaysian	Secondary	78 Items	2007 to 2011	1-Ethical Identity Index 2-Regression
Wardayati and Wulandari(2014)	10 Islamic banks/Indonesia and Malaysia	Secondary	-	2010–2012	1-Content Analysis 2-t-test/Mann -Whitney.
Rini, 2014	33 Islamic Banks/Indonesia	Primary	24 questions with 8 dimensions	2011	Null
Ahmad & Ben Daw, 2015	Islamic banks/Libyan Islamic banks	Primary and Secondary	-	2010 to 2013	1-Content Analysis. 2-Questionnaire
Srairi(2015)	27 Islamic banks/five Arab Gulf countries.	Secondary	-	2011–2013	1-Content Analysis 2-Disclosure Index

Figure 1. Framework of the study.

Table 2. Voluntary Information Categories

Category	Number of Information Items	%	References
(A) Background about the Islamic banks/general information	19	7.14	(Hossain, 2008), (Hossain& Hammami, 2009), (Kribat, 2009), (Al-Shammari, 2013), (Barros, Boubaker, & Hamrouni, 2013), and (A. A.-M. M. Hawashe, 2014).
(B) Financial ratios and other information	24	9.03	(Harahap, 2003), (Hossain & Taylor, 2007), (Hossain, 2008), (Hossain & Hammami, 2009), (Kribat, 2009), (Al-Shammari, 2013), (Barros, Boubaker, & Hamrouni, 2013), and (A. A.-M. Hawashe, 2016).
(C) Corporate governance information	72	27.06	(Harahap, 2003), (Hossain, 2008), (Hossain & Hammami, 2009), (Kribat, 2009), (Al-Shammari, 2013), (Darmadi, 2013), (Rahman & Bukair, 2013), (Barros, Boubaker, & Hamrouni, 2013), (Srairi, 2015), (A. A.-M. M. Hawashe, 2014), and (A. A. Hawashe, 2016).
(D) Financial statements information	110	41.34	(Harahap, 2003), (Hossain, 2008) (Kribat, 2009), and (A. A.-M. M. Hawashe, 2014).
(E) Corporate social disclosure	10	3.76	(Hossain, 2008), (Hossain & Hammami, 2009), (Al-Shammari, 2013), (Barros, Boubaker, & Hamrouni, 2013), and (A. A.-M. M. Hawashe, 2014).
(F) Zakat information	16	6.02	(Harahap, 2003), (Al-Shammari, 2013), and (Rahman & Bukair, 2013).
(G) Other information	15	5.65	(Hossain & Taylor, 2007), (Hossain, 2008), and (Hossain & Hammami, 2009).

Table 3. Measurements of the Study Variables

Variables	Notation	Proxy/Measurement	Predicted Sign	Data source	Prior studies
Dependent variables
Profitability	ROA	$RO{A}_{it}=\frac{NetPro{f}_{it}}{TotalAsset{s}_{it}}$	±	Annual reports	(Bose et al., 2017; Bouzgarrou et al., 2017; Su-jane Chen et al., 2017; Djalilov & Piesse, 2016; Fan et al., 2017; Ferreira, Mendonça, & Bernardo, 2018; Finger et al., 2018; Javaid & Alalawi, 2018; E. A. Al-homaidi et al., 2018; E. A. Al-homaidi et al., 2019; Al-Homaidi et al., 2019).
	ROE	$RO{E}_{it}=\frac{NetPro{f}_{it}}{TotalEquit{y}_{it}}$	±	Annual reports	(Almaqtari et al., 2019; Finger et al., 2018; Fredriksson & Moro, 2014; Javaid & Alalawi, 2018; Lee & Hsieh, 2013; Louzis et al., 2012; Malichov & Mária, 2015; Olson & Zoubi, 2017; Ozili & Uadiale, 2017; Peng et al., 2017).
	PAT	PAT = (Net Income—Dividends on Preferred Stock)/Average Outstanding Shares	±	Annual reports	(Albertazzi & Gambacorta, 2010; Kumari & Pattanayak, 2017; Al-sartawi & Reyad, 2019).
Independent Variables
The total voluntary disclosure index	TVDI	Disclosure index, 1 if the bank disclosed or 0 otherwise	NA	Annual reports	(Al-Shammari, 2013; Rahman & Bukair, 2013; A. A.-M. Hawashe, 2016; Darmadi, 2013; Harahap, 2003; Hossain & Taylor, 2007; Kribat, 2009; Srairi, 2015; Yuen et al., 2009).
Contrlling variables
Bank age	BAGE	It has been in service for many years from its start until 2014	±	Annual reports	(E. A. Al-homaidi et al., 2020; Ben Selma Mokni & Rachdi, 2014; Dietrich & Wanzenried, 2011; A. A.-M. M. Hawashe, 2014; Kribat et al., 2013; Ben Selma Mokni & Rachdi, 2014; Raida et al., 2017; Shi & Wu, 2017).
Bank size	BSIZE	Natural logarithm of total assets	±	Annual reports	(Al-Homaidi et al., 2020; Köster & Pelster, 2017; Olson & Zoubi, 2017; Pasiouras & Kosmidou, 2007; Petria et al., 2015; Roman & Camelia, 2015; Saona, 2016; Shi & Wu, 2017; Trad et al., 2017).

Table 4. Descriptive Statistics

Variables	Ob. No	Maximum	Minimum	Mean	Std. Dev.
ROA	30	0.02	0.00	0.01	0.00
ROE	30	0.25	0.14	0.17	0.03
PAT	30	239,890,426*	2,503,057*	13,713,339*	44,235,556*
BACG	30	0.74	0.16	0.41	0.12
FR	30	0.25	0.17	0.20	0.01
CGI	30	0.35	0.14	0.25	0.05
FSI	30	0.80	0.65	0.73	0.04
CSD	30	0.40	0.00	0.15	0.13
ZAK	30	0.40	0.27	0.31	0.05
OTH	30	0.73	0.33	0.51	0.12
BSIZE	30	23.67	16.66	18.95	1.57
BAGE	30	19	3	11.50	4.18

Note: ROA is the ratio of net bank income to total assets, ROE is the ratio of net profit to equity of investors, PAT is the ratio of company profit after tax, EPS is the ratio of net profit after tax to total outstanding shares (%), BACG is background of Islamic banks, FR is the financial ratios, CGI is the corporate governance information, FSI is the financial statements information, CSD is the corporate social disclosure, ZAK is the zakat information, OTH is the other information about Islamic banks, BSIZE is the ratio measured by total assets (%) and BAGE is the ratio measured by the number of years since establishment.

Table 5. Correlation Matrix

Variables	ROA	ROE	PAT	BACG	FR	CGI	FSI	CSD	ZAK	OTH	BSIZE	BAGE
ROA	1
ROE	0.71	1
PAT	0.48	0.21	1
BACG	−0.44	−0.15	−0.40	1
FR	−0.2	−0.28	−0.43	0.22	1
CGI	−0.21	−0.02	−0.50	0.52	0.31	1
FSI	−0.04	0.06	−0.21	0.43	0.05	0.73	1
CSD	−0.41	−0.38	−0.25	0.26	0.33	0.16	−0.10	1
ZAK	−0.01	0.01	−0.16	0.37	−0.00	0.76	0.70	−0.03	1
OTH	−0.13	−0.21	0.07	−0.10	0.33	−0.39	−0.45	0.17	−0.30	1
BSIZE	0.23	0.13	0.67	0.04	−0.41	−0.05	0.29	−0.19	0.29	−0.10	1
BAGE	−0.43	−0.23	−0.46	0.72	0.30	0.75	0.68	0.40	0.60	−0.26	0.05	1

Note: ROA is the ratio of net bank income to total assets, ROE is the ratio of net profit to equity of investors, PAT is the ratio of company profit after tax, EPS is the ratio of net profit after tax to total outstanding shares (%), BACG is background of Islamic banks, FR is the financial ratios, CGI is the corporate governance information, FSI is the financial statements information, CSD is the corporate social disclosure, ZAK is the zakat information, OTH is the other information about Islamic banks, BSIZE is the ratio measured by total assets (%) and BAGE is the ratio measured by the number of years since establishment.

Table 6. Multiples Regression Analysis

Variables	ROA	ROE	PAT
C	0.062 (5.510)***	0.120 (2.22)**	8,353,166 (1.778)*
BACG	−0.003 (−1.880)*	−0.103 (−2.063)*	−3,760,547 (−2.138)**
FR	−0.004 (−0.680)	−0.273 (−2.37)**	−4,032,778 (−1.076)
CGI	−0.006 (−2.024)**	−0.207 (−2.094)**	−5,622,926 (−1.453)
FSI	0.055 (4.332)***	0.047 (0.302)	−5,383,100 (−0.404)
CSD	−0.002 (−2.670)**	−0.064 (−2.531)**	−1,598,530 (−2.758)***
ZAK	0.005 (1.270)	−0.227 (−2.347)**	8,887,162 (2.430)**
OTH	−0.004 (−1.429)	0.061 (1.470)	93,499 (0.035)
BSIZE	−0.001 (−2647)**	−0.007 (−3.454)***	323,417 (1.911)*
BAGE	−0.010 (−7.633)***	0.006 (4.178)***	−6,249,670 (−3.954)***
R-squared	0.88	0.78	0.58
Adjusted R-squared	0.81	0.66	0.36
Observation	30	30	30
F-statistic	13.68	6.56	2.59
Prob(F-statistic)	0.00	0.00	0.04

Note: *** means significant at 0.01(p ≤ 0.01), ** means significant at 0.05 (p ≤ 0.05) and *means significant at 0.10 (p ≤ 0.10). BACG is background of Islamic banks, FR is the financial ratios, CGI is the corporate governance information, FSI is the financial statements information, CSD is the corporate social disclosure, ZAK is the zakat information, OTH is the other information about Islamic banks, BSIZE is the ratio measured by total assets (%) and BAGE is the ratio measured by the number of years since establishment.

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