






































AL-IQTISHAD
                            Journal of Islamic Economics

Volume VII (2), July 2015

The Journal is published by Faculty of Shariah and Law Syarif Hidayatullah State Islamic 
University Jakarta in coorporation with The Indonesian Association of Islamic Economist. 

This journal focused on Islamic Economics and Finance studies. 
The Journal is published twice a year on January and July.

Editor in Chief
M. Nur Rianto Al Arif

Vice Editor
Maman Rahman Hakim

Sofyan Rizal
A. Chairul Hadi

Languange Editor
Ummi Kultsum

Layout and Typesetting
Farhan Mustofa

Secretariat
Ahmad Sumedi

Fitriadi

Reviewer
Muhammad Amin Suma (UIN Syarif Hidayatullah Jakarta)
Fathurrahman Djamil (UIN Syarif Hidayatullah Jakarta)
Asep Saepudin Jahar (UIN Syarif Hidayatullah Jakarta)
Amiur Nuruddin (IAIN Sumatera Utara)
Didin Hafidudhin (Universitas Ibn Khaldun)
Djoni Hartono (Universitas Indonesia)
Ahmad Hidayat Buang (Universiti Malaya Malaysia)
Margareth Gfrerer (DAAD, Germany)
Ahmad Mujahiddin (UIN Suska Riau)
Md. Sujimon  (Kolej Pengajian Islam Johor Malaysia)
Ashraf MD Hasyim (ISRA, Malaysia)
Abdurrahman Haqqi (Universitas Islam Brunei)
M. Hudaib (Adam Smith Business School, Glasgow Univ.UK)

Editorial Office
Faculty of Shariah and Law Syarif Hidayatullah State Islamic University Jakarta

Jl. Ir. H. Juanda 95, Ciputat, South Tangerang, Banten -15412-. 
Phone (+6221) 74711537, Fax. (+6221) 7491821

Website: www.journal.uinjkt.ac.id; Email: editor.iqtishad@yahoo.com



CONTENT

141 The Impact of Financial Liberalization on Islamic Banks’s Efficiency in 
Indonesia

 Wiwiek Rabiatul Adawiyah

151 Effects of Service Quality, Customer Trust, and Customer Religious 
Commitment on Customer Satisfaction and Loyalty of Islamic Banks in East 
Java

 Rachmad Hidayat, Sabarudin Akhmad, Machmud

165 Peer Group Effects on Moslem Consumer’s Decision To Purchase Halal-
Labeled Cosmetics

 Muniaty Aisyah

181 The Intellectural Capital Effect on Financial Performances at Islamic 
Insurance

 Rizqon Halal Syah Aji & Kurniasih

197 Capital Market Integration: Palestine and Israeli Experience
 Tulus Suryanto & Abdul Razak Abdul Hadi

207 The Effect of Productive Zakah Mentoring on The Wealth of Mustahik
 Rizky Andriati & Nurul Huda

217 The Image of Financial Institution as Islamic Bank in Mediation Service 
Quality and Customer Satisfaction on Customer Loyalty in Purwokerto

 Chandra Warsito

229 Financial Ratio and Its Influence to Profitability in Islamic Banks
 Erika Amelia

241 Human Resources Development of Sharia Banking: Phenomenological 
Approach

 Burhanuddin Yusuf

251 Application of Pattern of Islamic State Revenue Policy to Improve The Ability 
of Indonesia’s Fiscal

 Any Setianingrum



Wiwiek Rabiatul Adawiyah: The Impact of Financial Liberalization  141

THE IMPACT OF FINANCIAL LIBERALIZATION ON 
ISLAMIC BANK’S EFFICIENCY IN INDONESIA

Wiwiek Rabiatul Adawiyah1 

Abstract. The Impact of Financial Liberalization on Islamic Bank’s 
Efficiency in Indonesia. The aim of this research is analyze the state of efficiency 
demonstrated by foreign banks, as aggressor, as compared to that of the local banks 
– government banks and Islamic banks during the period 2009-2012. Data 
Envelopment Analysis (DEA) with intermediation approach is used as the main 
tool of analysis. Input variable chosen are deposit, asset, and personnel expenses. 
Meanwhile loan and income are chosen as output variable. To find out the difference 
of efficiency between foreign banks and islamic banks, this study use parametric 
different test of Independent Sample T-test. The study indicates that foreign banks 
are less efficient if compared to the local banks, especially Islamic banks and Sharia 
Business Units. It is also evidenced that there is no significant difference between 
the efficiency of foreign and Islamic banks during the period 2009-2012.

Keywords : efficiency, data envelopment analysis, foreign banks, Islamic banks

Abstrak. Dampak Liberalisasi Keuangan Terhadap Efisiensi Bank Syariah 
di Indonesia. Tujuan dari penelitian ini adalah menganalisis tingkat efisiensi 
bank asing, sebagai agresor, dibandingkan dengan bank lokal - bank pemerintah 
dan bank syariah selama periode 2009-2012. Teknik analisis menggunakan Data 
Envelopment Analysis (DEA). Variabel input yang dipilih adalah deposito, aset, 
dan biaya gaji. Sementara pinjaman dan pendapatan dipilih sebagai variabel 
output. Untuk mengetahui perbedaan efisiensi antara bank asing dan bank 
syariah, studi ini menggunakan uji beda parametrik Independent Sample T-test. 
Hasil penelitian menunjukkan bahwa tingkat efisiensi bank asing tidak lebih 
tinggi jika dibandingkan dengan bank lokal, khususnya bank Islam dan Unit 
Usaha Syariah. Penelitian ini juga membuktikan bahwa tidak ada perbedaan 
yang signifikan antara efisiensi bank asing dan Islam selama periode 2009-
2012.

Kata Kunci: efisiensi, analisis DEA, bank asing, bank syariah

First draft: January, 10th 2015, Revision: February, 27th 2015, Accepted: March, 20th  2015
1Faculty of Economics and Business University of Jenderal Soedirman. Jl. Prof. Dr. H.R. 

Boenyamin No. 709, Grendeng Purwokerto 53122
Email: wiwiekra@gmail.com



Al-Iqtishad: Vol. VII No. 2, Juli 2015 142

Introduction
Increase in foreign participation in the financial sector of emerging market 

brings benefits the host countries in the form of better technology and financial 
systems as well as from increased competition stimulated by new entrants. Does 
foreign banks always prominent? Claessens et al (2001) highlights that foreign banks 
earn greater profits than domestic banks in developing countries, but the opposite 
in developed countries, because foreign banks adopt better technology compared to 
banks in the developing countries. The banking system plays an important role in 
the economic development of any countries. As intermediary institutions, banking 
industries are required to have good performance (Sutawijaya and Lestari, 2009). 
Among successful indicators of bank performance is efficiency which refers to a 
measure of the deviation between actual performance and desired performance 
(Mester, 2003). As a consequence, a bank should minimize waste and eliminate 
unnecessary operational costs in order to be efficient. Managements of banks 
are aiming at rigorously cut costs in order to improve efficiency and ultimately 
profitability.  Efficiency brings benefits in the form of positive spread (Karimzadeh, 
2012). Thus it is a kind of survival strategy for financial institution in today’s no-
growth worlds.

The measurement of economic efficiency lies on determining the extent of 
technical and possibly allocative efficiency in an organization. Efficiency can be 
measured using parametric approaches and non-parametric approach (Deb, 2012). 
The parametric technique uses a pre-specified functional form for efficiency frontier, 
which may result in an inaccurate efficiency measurement (Berger and Humphrey, 
1997). Economists have employed frontier efficiency measurement techniques to 
measure the productive performance of banks. Frontier efficiency measurement 
techniques use a production possibility frontier to map a locus of potentially 
technically efficient output. 

This study employs the non-parametric frontier method, Data Envelopment 
Analysis (DEA) to examine whether the foreign banks are relatively more efficient 
than the Islamic banks. The empirical results reveal that increasing foreign bank 
entry is associated with increasing profitability, growing overhead expenses and 
rising non-performing loans in Indian public sector banks (Kalluru and Bhat, 2009). 
Therefore, it is interest to investigate whether that condition will be happened as 
well as to the State-owned banks, and especially Islamic banks (BUS) and Sharia 
Business Units (UUS) in Indonesia. 

The purpose of this study is to analyze the state of efficiency demonstrated by 
foreign banks compared to the local banks, which are government banks and Islamic 
banks. Evan, Hofler and Payne (2006) state that foreign banks have substantially 
better efficiency scores than all categories of domestic banks. Other researcher also 



Wiwiek Rabiatul Adawiyah: The Impact of Financial Liberalization  143

examined that foreign banks are more efficient than the local banks in developing 
countries, and the foreign bank entry has a rather negative impact on the local bank 
efficiency (see Fathi, 2010). However, different researcher finds that foreign banks 
are not more efficient than Islamic banks (see Saif and Yaseen, 2005, Sufian and 
Habibullah, 2010). To fill the research gap, this study examines to test theory related 
to banks’ efficiency in foreign banks and Islamic banks.

Literature Review
DEA is a popular technique to evaluate bank efficiency performance and 

productivity improvement which combining all input and output data of the bank 
in a single measures (Deb, 2012). 

Therefore, the DEA efficiency score for a specific firm is defined not by an 
absolute standard but is relative to the other firms under considerations (Tahir et 
al, 2009). 

The efficiency of the banking technique is measured by calculating the ratio 
between output and input. DEA will calculate banks using n inputs to produce 
outputs of different m (Miller and Noulas, 1996 in Sutawijaya and Lestari, 2009). 
Bank efficiency is measured as follows:

 

DEA assumes that each DMU will have weight that maximize of efficiency 
ratio (maximize total weighted output/total weighted input) (Muharam and 
Pusvitasari, 2007). Assumption of this efficiency ratio made DEA research is using 
orientation output in calculating efficiency technique, but both of these assumptions 
would have obtained the same results ( Sutawijaya and Lestari, 2009: 58). An DMU 
can be said as efficient relatively if it dual value equal to 1 (efficiency value of 100 
percent). Contrarily when the dual value is less than 1, then DMU is considered 
not efficient relatively (experiencing inefficient) (Silkman, 1986; Nugroho, 1995 in 
Huri and Susilowati, 2004).

Measurement model engineering approach banks on the assumption frontier 
is divided into two types, namely (Sutawijaya and Lestari, 2009): First, DEA CCR 
model ( Charnes - Cooper - Rhodes , 1978). The assumption that is used in this 
model is Constant Return to Scale (CRS). Some linear program transformed into 
ordinary linear program in term of primal or dual, as follows:

Maximization:



Al-Iqtishad: Vol. VII No. 2, Juli 2015 144

Function limitations and constraints:

The efficiency of each bank is calculated using linier program to maximize 
the amount of output that weighted from the s bank. Constraints weighted sum of 
inputs must be equal to one for s banks, while constraints for all banks are weighted 
output minus the weighted sum of inputs must be less or equal to 0. This means that 
all banks will be in or under reference of frontier performance which is straight line 
that cuts axis origin (Insukirdo in Sutawijaya and Lestari, 2009).

Second, BCC DEA models (Bankers, Charnes and Cooper, 1984). The 
assumption that is used in this model is Variable Return to Scale (VRS). Some 
linear program transformed into ordinary linear program in term of primal or dual, 
as follows:

Maximization

Function limitations and constraints:

Where Uo can be a positive or negative value.

Banker, Charnes and Cooper with the method of variable returns to scale 
(VRS) finally is known as CCR model (Charnes-Cooper-Rhodes) and BCC 
(Banker-Charnes-Cooper) (Amrillah, 2010). CCR assumes the existence of CRS. 
The mean of assumption CRS is that the proportional changes at all levels of the 
input will produces the same proportional change in the output level. Meanwhile, 
BCC assumes the existence of VRS. The mean of VRS assumption is that all the 
units that will produce measurable changes at various levels of output and the 
assumption that the scale can affect the efficiency of production. In this study will 
only use the input orientation approach assuming CRS, because the approach of 



Wiwiek Rabiatul Adawiyah: The Impact of Financial Liberalization  145

input orientation to find out how much reduction in inputs that to be done by the 
DMUs that have poor performance for improving its performance.

Determining input-output which are used to calculate efficiency is one of 
important phases either when using parametric method or non parametric method. 
Input variable is the one which if increases, the other factors being constant, the 
efficiency unit would decreases and if decreases, the efficiency would increase and 
output variable is the one which if increases, the other things being equal, the 
efficiency would increase and vice versa (Nia et al, 2012). 

In conducting analysis of banks’ efficiency, there are five main approaches for 
defining inputs and outputs, namely: the production approach, the intermediation 
approach, the operational approach, the profitability approach and the modern 
approach (Nia et al, 2012). Since the intermediation approach has been used 
extensively in determining the inputs and outputs of the bank industry, therefore 
this study adopts this approach. The intermediation approach accounts for the 
cost of resources used and price (value) of outputs produced (Cook, et al, 2000). 
Intermediation approach constitutes a better instrument to study efficiency, and 
gives a more accurate image of how efficiently a bank is using its resources to generate 
profit Berger and Humphrey 1997, Taylor et al, 1998 in Cook, et al, 2000).

Methods

Data employed in this research was secondary data consisted of deposit, asset, 
personnel expense, loan and income of Foreign banks, State-owned Banks, Islamic 
Banks and Sharia Business Units in Indonesia. This secondary data were obtained 
by using observation method on the financial statement of those banks during the 
observation period in 2009-2012. The source of data obtained from official website 
Bank of Indonesia www.bi.go.id.

The populations used in this research are the foreign banks and Islamic banks 
in Indonesia. The sample of this research is chosen by using purposive sampling 
method with the following criteria: First, foreign banks, State-owned Banks, Islamic 
Banks and Sharia Business Units listed in Bank of Indonesia during the period of 
2009-2012. Second, banks provide financial statements during the period 2009-
2012.

The analysis technique used is descriptive and comparative methods. The 
data analysis method of this research is data envelopment analysis (DEA) using 
Banxia Frontier software. Thus, three inputs under the intermediation approach: 
deposit, assets, personnel expenses and two outputs: loan and income are utilized to 
investigate efficiency of foreign banks and Islamic banks. 



Al-Iqtishad: Vol. VII No. 2, Juli 2015 146

Discussion

A unit (bank) said to be efficient if it obtained a score of 100 percent. Banks 
with 100 percent efficiency rate is said to be efficient. Furthermore, the most 
efficient banks will become a benchmark for other units. According to the result 
of calculation DEA analysis with Constant Return to Scale (CRS) assumption by 
using Banxia Frontier software, it can be concluded that from the total of ten foreign 
banks as sample, only four foreign banks that can achieve efficiency score of 100 
percent in 2009. Meanwhile, foreign banks are not efficient but have efficiency 
scores above average in 2009 was Citibank and Deutsche Bank with the efficiency 
of each bank is equal to 99.2 percent and 98.6 percent. 

However, the efficiency score of foreign banks in 2010 declined, which only 
two foreign banks was perfectly efficient. While inefficient foreign banks but have 
efficiency scores above average in 2010 were the Bank of China Limited (98.1 
percent), Citibank (94.6 percent), and The Bank of Tokyo Mitsubishi UFJ (99.2 
percent). In 2010 foreign banks that concluded inefficient was Bank of America, 
Deutsche Bank AG., Standard Chartered Bank, Hongkong & Shanghai Banking, 
and the Royal Bank of Scotland.

In 2011, only two foreign banks can achieve efficiency score of 100 percent, 
which were Deutsche Bank AG and The Bangkok Bank Comp. Ltd. Then the bank 
with the lowest efficiency score in 2011 was The Royal Bank of Scotland.

In 2012, the most efficient foreign bank is Deutsche Bank, JP Morgan Chase 
Bank, The Bangkok Bank Comp. Ltd. and The Hongkong & Shanghai Banking. 
It can be concluded that foreign bank that can maintain the efficiency score of 100 
percent during 2009-2012 was The Bangkok Bank Comp. Ltd.

Table 1. Efficiency Scores of Foreign Banks during 2009-2012

No Bank Efficiency %
2009 2010 2011 2012

1 Bank of America N.A 36.9 41.7 36.6 42.4
2 Bank of China Limited 49.7 98.1 78.9 62.6
3 Citibank N.A 99.2 94.6 79.1 86.0
4 Deutsche Bank AG 98.6 44.9 100.0 100.0
5 JP. Morgan Chase Bank, N.A. 100.0 100.0 26.0 100.0
6 Standard Chartered bank 69.8 72.5 63.7 87.9
7 The Bangkok Bank Comp. Ltd. 100.0 100.0 100.0 100.0
8 The Bank of Tokyo Mitsubishi UFJ 100.0 99.2 92.0 96.0
9 The Hongkong & Shanghai Banking 75.3 78.2 89.6 100.0

10 The Royal Bank of Scotland 100.0 49.2 25.8 57.6
 Source: Data Processed by Banxia Frontier Software



Wiwiek Rabiatul Adawiyah: The Impact of Financial Liberalization  147

In table 2., it explains that efficiency scores of foreign banks compared to the 
islamic banks (BUS) and Sharia Business Units (UUS). Islamic banks and Sharia 
Business Units was the banks that attained efficiency score of 100 percent during 
2009-2012. As well as it occured to the Bank of America N.A. Third level bank 
that had efficiency score in above average was Bank of China Limited, which the 
bank can achieved 95 percent (2009), 98.1 (2010), 100 percent (2012), then 96.9 
percent in 2012. The rest of sample had fluctuate efficiency score.

Table 2. Efficiency Scores of Foreign Banks, Islamic Banks, and Sharia Business Unit 
during  2009-2012

No Bank Efficiency %
2009 2010 2011 2012

1 Islamic Banks and Sharia Business Unit 100.0 100.0 100.0 100.0
2 Bank of America N.A 100.0 100.0 100.0 100.0
3 Bank of China Limited 95.0 98.1 100.0 96.9
4 Citibank N.A 82.9 99.3 92.0 96.0
5 Deutsche Bank AG 70.5 99.2 89.6 75.6
6 JP. Morgan Chase Bank, N.A. 68.3 40.1 79.1 73.3
7 Standard Chartered bank 64.7 68.0 77.6 73.1
8 The Bangkok Bank Comp. Ltd. 58.2 36.4 63.7 61.7
9 The Bank of Tokyo Mitsubishi UFJ 38.9 72.5 36.6 61.6

10 The Hongkong & Shanghai Banking 35.2 78.2 26.0 57.6
11 The Royal Bank of Scotland 28.3 49.2 25.8 42.4

Source: Data Processed by Banxia Frontier Software

The result of efficiency score of State-owned Banks, Islamic Banks, and Sharia 
Business Unit during 2009-2012 was most same with table 2. Which Islamic Banks, 
and Sharia Business Unit can maintain the efficiency score in 100 percent during 
2009-2012. While state-owned bank that can be said as perfectly efficient bank is 
PT Bank BNI Tbk. during 2010-2011, Pt Bank BRI Tbk., and PT Bank BTN 
Tbk. in 2011. The smallest efficiency score was owned by PT bank Mandiri Tbk 
amounting to 64.2 percent in 2009. 

Table 3. Efficiency Scores of State-owned Banks, Islamic Banks, and Sharia Business 
Unit during 2009-2012

No Bank Efficieny %
2009 2010 2011 2012

1 Islamic Banks and Sharia Business Unit 100.0 100.0 100.0 100.0
2 PT Bank BNI Tbk. 74.8 100.0 100.0 93.5
3 PT Bank BRI Tbk. 92.1 86.1 100.0 84.0



Al-Iqtishad: Vol. VII No. 2, Juli 2015 148

4 PT Bank BTN Tbk. 98.2 75.5 100.0 77.4
5 PT Bank Mandiri Tbk. 64.2 69.0 84.5 70.7

Source: Data Processed by Banxia Frontier Software

Based on the results obtained that the perfect efficient banks in 2009-2012 
were The Bank of Tokyo Mitsubishi, BUS and UUS. For inefficient banks but had 
efficiency scores above average in 2009 was the Bangkok Bank Comp. Ltd. (95 
percent) and PT. Bank BTN (93.9 percent). While there was eight inefficient banks 
in 2009  including Deutsche Bank, PT. Bank Mandiri Tbk., Standard Chartered 
Bank, Citibank, The Hongkong & Shanghai Banking, PT. Bank BNI Tbk., JP 
Morgan Chase Bank, and PT. Bank BRI Tbk. For inefficient banks but had efficiency 
scores above average in 2010 is JP Morgan Chase Bank (99.3 percent), The Bank 
of Tokyo Mitsubishi UFJ (99.2 percent) and PT. Bank BTN Tbk. (99.2 percent). 
While there ware seven inefficient banks in 2010, including Deutsche Bank, PT. 
Bank Mandiri Tbk., Citibank, Standard Chartered Bank, PT. Bank BNI Tbk, The 
Hongkong & Shanghai Banking, and PT. Bank BRI Tbk. Perfectly efficient bank 
in 2011 were Deutsche Bank, PT. Bank BRI Tbk., The Bangkok Bank Com.Ltd., 
BUS and UUS. Bank that less efficient but had efficiency scores above average in 
2011 was The Bank of Tokyo Mitsubishi UFJ (92 percent). While inefficient banks 
in 2010 were JP Morgan Chase Bank, Standard Chartered Bank, PT. Bank BNI 
Tbk., PT Bank Mandiri Tbk., Citibank, PT. Bank BTN Tbk., The Hongkong and 
Shanghai Banking. For the banks that are less efficient but the level of efficiency was 
above average were The Bank of Tokyo Mitsubishi UFJ (96 percent) and PT. Bank 
BTN Tbk. (79.2 percent). While there are eight banks, namely Citibank, PT. Bank  
Mandiri Tbk., PT. Bank BNI Tbk., The Hongkong & Shanghai Banking, Standard 
Chartered Bank, Deutsche Bank, PT. Bank BRI Tbk., and PT. Bank BTN Tbk.

Table 4. Efficiency Scores of Foreign Banks, State-owned Banks, Islamic Banks, and 
Sharia Business Unit during 2009-2012

No Bank Efficiency %
2009 2010 2011 2012

1 Islamic Banks and Sharia Business Unit 100.0 100.0 100.0 100.0
2 The Bank of Tokyo Mitsubishi UFJ 100.0 100.0 100.0 100.0
3 The Bangkok Bank Comp. Ltd. 95.0 99.3 100.0 96.9
4 PT Bank BTN Tbk. 93.9 99.2 100.0 96.0
5 PT Bank BRI Tbk. 88.3 99.2 92.0 79.2
6 JP. Morgan Chase Bank, N.A. 82.9 85.1 86.7 78.6
7 PT Bank BNI Tbk. 71.6 78.2 79.9 75.6
8 The Hongkong & Shanghai Banking 70.5 74.7 77.0 73.3
9 Citibank N.A 68.3 72.5 76.5 73.1



Wiwiek Rabiatul Adawiyah: The Impact of Financial Liberalization  149

10 Standard Chartered bank 64.7 68.0 68.4 69.6
11 PT Bank Mandiri Tbk. 61.8 68.0 63.7 65.0
12 Deutsche Bank AG 58.2 36.4 26.0 61.7

Source: Data Processed by Banxia Frontier Software

Conclusion

DEA analysis result is known that the average of efficiency local banks is better 
than foreign banks. Which the first rank is occupied by Islamic Banks (BUS) and 
Sharia Business Units (UUS), State-owned Banks and the smallest score is Foreign 
Banks. The average of efficiency Islamic banks during 2009-2012 is 100 percent. 
While the average of efficiency State-owned banks, Islamic banks (BUS) and Sharia 
Business Units (UUS) in sequence are 81.97 percent and 77.26 percent. The result is 
in line with the previous research that conducted by Sufian and Habibullah (2010), 
they states Islamic banks currently exist in all parts of the world and it is seen as an 
alternative system, which has a lot to offer. 

For foreign banks and local banks are already efficient, in order to maintain 
its performance by minimizing the input variables at the same time increasing the 
output variable resulting in productivity, but with due regard to fairness is primarily 
concerned with the cost of labor input variables. For the banks that have not yet 
reached an efficiency score of 100 percent are expected to pay more attention to 
variables that are still not used optimally so as to avoid waste of resources and thus 
increases the efficiency of the bank.

For the Indonesian Bank Regulator and the OJK, to create rules that supports 
the development of the financial industry, especially Islamic finance especially in 
banking. Because Islamic Banking Finance, is a nascent industry in the State of RI 
that the majority Moslem has huge potential. For investors are expected to be able 
to see bank efficiency as consideration in investing their fund in the banks observed. 
Further research who wants to carry out the similar research is suggested to use DEA 
efficiency analysis with VRS (Variable Return to Scale) so that all units measured 
will make change at various outputs, which technology and production scale will 
influence efficiency level.

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	01_Daftar Isi_ok
	02_Wiwiek_ok

