Pengaruh kinerja keberlanjutan bebasis Maqashid Syariah terhadap nilai perusahaan Bank Syariah Asia dimoderasi inovasi teknologi, modal intelektual dan profitabilitas (sertifikat hak cipta)

This study investigates the impact of Maqashid Shariah based sustainability performance (SA) on the firm value (FV) of Islamic banks in Asia, while examining the moderating effects of technological innovation (IT), intellectual capital (IC), and profitability (ROA). The population consists of the top 100 Islamic banks listed in the Strongest Islamic Banks ranking by The Asian Banker, with the study covering the period from 2016 to 2024. Using purposive sampling, a final sample of 34 banks meeting data availability criteria was selected. Panel data analysis with Feasible Generalized Least Squares (FGLS) was employed to address issues of heteroskedasticity, autocorrelation, and cross-sectional dependence. The results reveal that SA has a negative but insignificant effect on firm value, while IT also shows a negative marginal effect. IC exhibits a positive and significant effect, whereas ROA unexpectedly demonstrates a negative yet significant influence on firm value. The interaction tests show that SA×IT improves firm value, SA×ROA strengthens profitability’s contribution to value creation, while SA×IC weakens the positive role of intellectual capital. These findings suggest that sustainability initiatives alone do not directly enhance firm value unless reinforced by financial stability or technological legitimation mechanisms. The study concludes that the valuation of Islamic banks remains more sensitive to financial and intangible resource dynamics than to standalone sustainability reporting. Practically, the results imply that Islamic banks should align sustainability strategies with digital innovation and knowledge management to optimize value creation