Analisis Pengaruh Pembiayaan Bagi Hasil Terhadap Profitabilitas Dengan Risiko Pembiayaan Sebagai Variabel Mediasi

Abstract

This study aims to analyze the effect of profit-sharing financing, consisting of mudharabah and musyarakah, on the profitability of Islamic Rural Banks (Bank Perkreditan Rakyat Syariah or BPRS) in East Java, with financing risk as a mediating variable. Profitability is measured using Return on Assets (ROA), while financing risk is proxied by the Non-Performing Financing (NPF) ratio. The research adopts a quantitative approach with explanatory research design and employs path analysis using panel data. The data used are secondary, collected from the annual financial reports of 9 BPRS that meet the sampling criteria during the 2021–2024 period, totaling 36 observations. The results indicate that mudharabah financing has a positive effect on both financing risk and profitability. Musyarakah financing has a negative effect on financing risk and a positive effect on profitability. Financing risk negatively affects profitability. The mediation analysis using the Sobel test reveals that financing risk mediates the relationship between mudharabah financing and profitability but does not mediate the relationship between musyarakah financing and profitability. These findings are aligned with the Islamic agency theory, which emphasizes the importance of trust and transparency in the agency relationship to manage risks and improve profitability. Overall, the model explains 33.98% of the variation in the profitability of BPRS in East Java.