213 
REFERENCES 
Abbas, Q., Hunjra, A. I., Azam, R. I., Ijaz, M. S., & Zahid, M. (2014). Financial 
performance of banks in Pakistan after Merger and Acquisition. Journal of Global 
Entrepreneurship Research, 4(1), 1-15. 
Abdul Kadir, H, Habibullah, M.Z., Siong Hook, L & Mohamed, A. (2014). Market 
structure and bank competition conditions in Malaysia. Journal of Technology 
Management and Business, 1(2), 1-34. 
Abdul Majid, M.Z. & Sufian, F.  (2007a).  Market structure and competition in an 
emerging market: evidence from Malaysian Islamic banking industry. Journal of 
Economic Cooperation, 2(28), 99-121. 
Al‐Saidi, M., & Al‐Shammari, B. (2013). Board composition and bank performance in 
Kuwait: an empirical study. Managerial auditing journal. 
Abdul Majid, M.Z. & Sufian, F. (2007b). Consolidation and competition in an emerging 
market: An empirical test for the Malaysian banking industry. Economic Change 
and Restructuring, 39, 105-124 
Abdulazeez, D. A., Suleiman, O., & Yahaya, A. (2016). Impact of merger and 
acquisitions on the financial performance of deposit money banks in Nigeria. 
Arabian Journal of Business and Management Review, 6(4), 1-5. 
Acock, A. C. (2013). Discovering structural equation modeling using Stata. College 
Station, TX: Stata Press Books. 
  Aggarwal, P., & Garg, S. (2022). Impact of mergers and acquisitions on accounting-
based performance of acquiring firms in India. Global Business Review, 23(1), 
218–236. https://doi.org/10.1177/0972150919852009  
Aik, N. C., Hassan, M. K., Hassan, T., & Mohamed, S. (2015). Productivity and 
Spillover effect of mergers and acquisitions in Malaysia. Management Research 
Review, 38(3), 320-344. 
Akinyi, R. T. (2019). Mediating effect of financial leverage on the relationship between 
firm size and financial performance of sugar firms in Western 
Kenya. International Journal of Education and Research, 7(9), 219-228. 
Aladwan, M. S. (2015). The impact of bank size on profitability; an empirical study on 
listed Jordanian commercial banks. European Scientific Journal, 11(34), 217–
236. 
Albaity, M., Mallek, R. S., & Noman, A. H. M. (2019). Competition and bank stability 
in the MENA region: The moderating effect of Islamic versus conventional banks. 
Emerging Markets Review, 38, 310-325. 
Allen, F., & Santomero, A. M. (1997). The theory of financial intermediation. Journal 
of Banking & Finance, 21(11-12), 1461-1485. 
  
214 
Almeida, H., Campello, M., & Hackbarth, D. (2011). Liquidity mergers. Journal of 
Financial Economics, 102(3), 526-558. 
Al-Muharrami, S., & Matthews, K. (2009). Market power versus efficient-structure in 
Arab GCC banking. Applied Financial Economics, 19(18), 1487-1496 
Al-Muharrami, S., Matthews, K., & Khabari, Y. (2006). Market structure and 
competitive conditions in the Arab GCC banking system. Journal of Banking & 
Finance, 30(12), 3487-3501. 
Al‐Sharkas, A. A., Hassan, M. K., & Lawrence, S. (2008). The impact of mergers and 
acquisitions on the efficiency of the US banking industry: Further 
evidence. Journal of Business Finance & Accounting, 35(1‐2), 50-70. 
Altunbaş, Y., & Marqués, D. (2008). Mergers and acquisitions and bank performance 
in Europe: The role of strategic similarities. Journal of Economics and 
Business, 60(3), 204-222. 
Amene, T. B., & Alemu, G. A. (2019). Determinants of financial performance in private 
banks: A case in Ethiopia. African Journal of Business Management, 13(9), 291-
308. 
Amihud, Y., DeLong, G. L., & Saunders, A. (2002). The effects of cross-border bank 
mergers on bank risk and value. Journal of International Money and 
Finance, 21(6), 857-877. 
Andre, P., Kooli, M., & L'her, J. F. (2004). The long-run performance of mergers and 
acquisitions: Evidence from the Canadian stock market. Financial Management, 
33(4), 27-43. 
Andrieş, A. M. (2009). Theories regarding financial intermediation and financial 
intermediaries–a survey. The USV Annals of Economics and Public 
Administration, 9(2), 254-261. 
Ang, S. J., Iddrisu, M. A., Lee, T. C., Loo, X. H., & Ong, S. H. (2017). Malaysian banks 
efficiency after merging: evidence from data envelopment analysis (DEA) and 
financial ratios analysis (Bachelor’s thesis). Universiti Tunku Abdul Rahman. 
Anginer, D., Demirguc-Kunt, A., & Zhu, M. (2014). How does competition affect bank 
systemic risk?. Journal of financial Intermediation, 23(1), 1-26. 
Antoniadis, I., Alexandridis, A., & Sariannidis, N. (2014). Mergers and acquisitions in 
the Greek banking sector: An event study of a proposal. Procedia Economics and 
Finance, 14, 13-22. 
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation 
of error components models. Journal of Econometrics, 68(1), 29-51. 
Askari, H., Iqbal, Z., & Mirakhor, A. (2011). New issues in Islamic Finance and 
Economics: progress and challenges (Vol. 753). New York, NY: John Wiley & 
Sons. 
  
215 
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-
specific and macroeconomic determinants of bank profitability. Journal of 
International Financial Markets, Institutions and Money, 18(2), 121-136. 
Augustine, B. D. (2019, August 18). GCC Islamic banks headed for more M&A deals. 
Gulfnews. https://gulfnews.com/business/banking/gcc-islamic-banks-headed-
for-more-ma-deals-1.65877261  
Banal‐Estañol, A., & Ottaviani, M. (2007). Bank mergers and diversification: 
implications for competition policy. European Financial Management, 13(3), 
578-590. 
Bank Negara explains rationale for bank mergers (1999, August 11). The Star. 
https://mir.com.my/lb/econ_plan/contents/press_release/110899merge.htm  
Barra, C., & Zotti, R. (2019). Bank Performance, Financial Stability And Market 
Concentration: Evidence From Cooperative And Non‐Cooperative Banks. Annals 
of Public and Cooperative Economics, 90(1), 103-139. 
Barros, C. P., & Caporale, G. M. (2012). Banking consolidation in Nigeria, 2000–
2010. Journal of African Business, 13(3), 244-252. 
Barth, J. R., Caprio, G., & Levine, R. (2006). Rethinking bank regulation: Till angels 
govern. Cambridge: Cambridge University Press. 
Beccalli, E., & Frantz, P. (2010). What are the determinants of mergers and acquisitions 
in banking?. In New issues in financial institutions management (pp. 171-199). 
London: Palgrave Macmillan. 
Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2010). Islamic vs. conventional 
banking: Business model, efficiency and stability. Journal of Banking & 
finance, 37(2), 433-447. 
Benston, G. J., Hunter, W. C., & Wall, L. D. (1995). Motivations for bank mergers and 
acquisitions: Enhancing the deposit insurance put option versus earnings 
diversification. Journal of Money, Credit and Banking, 27(3), 777-788 
Bentler, P. M. (1990). Comparative fit indexes in structural models. Psychological 
Bulletin, 107(2), 238. 
Berger, A.N. (1995). The profit-structure relationship in banking-tests of market-power 
and efficient-structure hypotheses. Journal of Money, Credit and Banking, 27(2), 
404-431. 
Bertrand, O., & Betschinger, M. A. (2012). Performance of domestic and cross-border 
acquisitions: Empirical evidence from Russian acquirers. Journal of Comparative 
Economics, 40(3), 413-437. 
Bhyrovabhotla, N. (2012). Resource dependency theory: renaissance and extensions—
a conceptual basis. SSRN Electronic 
Journal. https://dx.doi.org/10.2139/ssrn.2015273  
  
216 
Bianconi, M., & Tan, C. M. (2019). Evaluating the instantaneous and medium-run 
impact of mergers and acquisitions on firm values. International Review of 
Economics & Finance, 59, 71-87. 
Bikker, J.A. & Haaf, K. (2002). Measures of competition and concentration in the 
banking industry: A review of the literature. Economic and Financial Modelling, 
9, 53-98. 
Bittlingmayer, G. (1985). Did antitrust policy cause the great merger wave? The Journal 
of Law and Economics, 28(1), 77-118. 
Blomkvist, M., Felixson, K., & Loflund, A. (2019). Do bidders pay cash for 
underleveraged targets?. Economics Bulletin, 39(1), 547-553. 
Bonaime, A., Gulen, H., & Ion, M. (2018). Does policy uncertainty affect mergers and 
acquisitions?. Journal of Financial Economics, 129(3), 531-558. 
Bothwick, J. & Leibowitz, H. (2017). 2017 M&A report. Harvard Law School Forum 
on Corporate Governance. https://corpgov.law.harvard.edu/2017/06/01/2017-
ma-report/ 
Bourkhis, K., & Nabi, M. S. (2013). Islamic and conventional banks’ soundness during 
the 2007–2008 financial crisis. Review of Financial Economics, 22(2), 68–77. 
http://doi.org/10.1016/j.rfe.2013.01.001 
Boyd, J. H., Levine, R., & Smith, B. D. (2001). The impact of inflation on financial 
sector performance. Journal of monetary Economics, 47(2), 221-248. 
Brown, F. R. (2014). Determinants of selected banks' performance in the pre and post 
merger period: The case of Nigeria (Unpublished master’s thesis). Eastern 
Mediterranean University (EMU). http://hdl.handle.net/11129/1315  
Buehler, S., Kaiser, C., & Jaeger, F. (2006). Merge or fail? The determinants of mergers 
and bankruptcies in Switzerland, 1995–2000. Economics Letters, 90(1), 88-95. 
Cabanda, E., & Pajara-Pascual, M. (2007). Merger in the Philippines: Evidence in the 
corporate performance of William, Gothong, and Aboitiz (WG&A) shipping 
companies. Journal of Business Case Studies (JBCS), 3(4), 87-100. 
Chandera, Y., & Atmaja, L. S. (2014). Cross-border mergers and acquisitions in china: 
a test of the free cash flow hypothesis. The Indonesian Capital Market 
Review, 6(2), 87-97. https://doi.org/10.21002/icmr.v6i2.3591  
Choi, J., & Russell, J. S. (2004). Economic gains around mergers and acquisitions in 
the construction industry of the United States of America. Canadian Journal of 
Civil Engineering, 31(3), 513-525. 
Choi, S. H., & Jeon, B. N. (2011). The impact of the macroeconomic environment on 
merger activity: evidence from US time-series data. Applied Financial 
Economics, 21(4), 233-249. 
  
217 
Chowdhury, M. A. F., Haque, M. M., Alhabshi, S. O., & Masih, A. M. M. (2016). 
Socioeconomic development and its effect on performance of Islamic banks: 
dynamic panel approaches. In Macroprudential regulation and policy for the 
Islamic Financial Industry (pp. 229-243). Springer, Cham. 
Cigola, M., & Modesti, P. (2008). A note on mergers and acquisitions. Managerial 
Finance, 34 (4), 221-238. 
Čihák, M., & Hesse, H. (2010). Islamic banks and financial stability: An empirical 
analysis. Journal of Financial Services Research, 38(2-3), 95-113. 
Criste, A., & Lupu, I. (2014). The central bank policy between the price stability 
objective and promoting financial stability. Procedia Economics and Finance, 8, 
219-225. 
Cybo-Ottone, A., & Murgia, M. (2000). Mergers and shareholder wealth in European 
banking. Journal of Banking & Finance, 24(6), 831-859. 
Daley, J., Matthews, K., & Whitfield, K. (2008). Too-big-to-fail: Bank failure and 
banking policy in Jamaica. Journal of International Financial Markets, 
Institutions and Money, 18(3), 290-303. 
Daniya, A. A., Onotu, S., Abdulrahman, Y., & Muhammed, D. Y. (2016). Impact of 
merger and acquisitions on the financial performance of deposit money banks in 
Nigeria. 
Damodaran, A. (2005). The value of synergy. SSRN Electronic Journal, 132-146. 
https://dx.doi.org/10.2139/ssrn.841486  
De Haan, J., Poghosyan, T. (2012). Bank size, market concentration, and bank earnings 
volatility in the US. Journal of International Financial Markets, Institutions and 
Money, 22, 35-24. 
De Matos, J. A. (2018). Theoretical foundations of corporate finance. Princeton, NJ: 
Princeton University Press. https://doi.org/10.1515/9780691188478  
Diaconu, I. R., & Oanea, D. C. (2015). Determinants of Bank's Stability. Evidence from 
CreditCoop. Procedia Economics and Finance, 32, 488-495. 
Diaconu, R.-I., & Oanea, D.-C. (2014). The Main Determinants of Bank’s Stability. 
Evidence from Romanian Banking Sector. Procedia Economics and Finance, 
16(May), 329–335. http://doi.org/10.1016/S2212-5671(14)00810-7  
Diantimala, Y. (2018). The mediating effect of sustainability disclosure on the 
relationship between financial performance and firm value. Journal of 
Accounting, Finance and Auditing Studies, 4(2), 32-48. 
Dickerson, A. P., Gibson, H. D., & Tsakalotos, E. (1997). The impact of acquisitions 
on company performance: Evidence from a large panel of UK firms. Oxford 
Economic Papers, 49(3), 344-361. 
  
218 
Dogru, T., Kizildag, M., Ozdemir, O., & Erdogan, A. (2020). Acquisitions and 
shareholders' returns in restaurant firms: The effects of free cash flow, growth 
opportunities, and franchising. International Journal of Hospitality Management, 
84, 102327. 
Dubofsky, P. & Varadarajan, P. R. (1987). Diversification and measures of performance 
additional empirical evidence. Academy of Management Journal, 30(3), 597- 608. 
Dwa, S., & Shah, A. K. (2017). A study on merger and operating performance of 
commercial banks of Nepal. Journal of Business and Social Sciences 
Research, 2(1-2), 85-107. 
Elnahas, A. M., Hassan, M. K., & Ismail, G. M. (2017). Religion and mergers and 
acquisitions contracting: The case of earnout agreements. Journal of Corporate 
Finance, 42, 221-246. 
Erel, I., Jang, Y., Minton, B. A., & Weisbach, M. S. (2017). Corporate liquidity, 
acquisitions, and macroeconomic conditions. Journal of Financial and 
Quantitative Analysis, 56(2), 443-474. 
Fang, J., Lau, C. K. M., Lu, Z., Tan, Y., & Zhang, H. (2019). Bank performance in 
China: A Perspective from Bank efficiency, risk-taking and market 
competition. Pacific-Basin Finance Journal, 56, 290-309. 
Fayed, M. E. (2013). Comparative performance study of conventional and Islamic 
banking in Egypt. Journal of Applied Finance and Banking, 3(2), 1-14. 
Fithria, A., & Sholihin, M. (2018). Analyzing The performance of Indonesian Islamic 
rural banks: does bank size matter?. International Journal of Islamic Economics 
and Finance Research, 1(2 December), 54-68. 
Focarelli, D., & Pozzolo, A. F. (2001). The patterns of cross-border bank mergers and 
shareholdings in OECD countries. Journal of Banking & Finance, 25(12), 2305-
2337. 
Fu, X. M., Lin, Y. R., & Molyneux, P. (2014). Bank competition and financial stability 
in Asia Pacific. Journal of Banking & Finance, 38, 64-77. 
Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell 
us? Evidence from firms that make many acquisitions. The Journal of Finance, 
57(4), 1763-1793. 
Gajurel, D.P. & Pradhan, R.S. (2012). Concentration and competition in the Nepalese 
banking industry. Journal of Economics, Business and Finance, 1(1), 5-16. 
Galetić, F., & Obradović, T. (2018). Measuring concentration of the banking market of 
the republic of croatia. In 6th International OFEL Conference on Governance, 
Management and Entrepreneurship. New Business Models and Institutional 
Entrepreneurs: Leading Disruptive Change. April 13th-14th, 2018, Dubrovnik, 
Croatia (pp. 598-625). Zagreb: Governance Research and Development Centre 
(CIRU). 
  
219 
Gamra, S. B., & Plihon, D. (2011). Revenue diversification in emerging market banks: 
implications for financial performance. arXiv preprint arXiv:1107.0170. 
Ganiyy, A. A., Ahmad, N. H., & Zainol, Z. (2017). The mediating effects of profitability 
on the liquidity risk and cost efficiency of Islamic banks in selected 
countries. Journal of Islamic Economics, Finance, and Banking, 13(3), 130-150. 
Garbois, C., Gourp, C., Von Pock, A., Bhatnagar, M. (2012). The future of Islamic 
Banking. Seoul: A. T. Kearney. 
Gattoufi, S., Al-Muharrami, S., & Al-Kiyumi, A.  (2009).  The impact of mergers and 
acquisitions on the efficiency of GCC banks. Banks and Bank Systems, 4(4), 94-
101. 
Gattoufi, S., Al-Muharrami, S., & Shamas, G. (2014). Assessment of mergers and 
acquisitions in GCC banking. International Journal of Accounting and 
Finance, 4(4), 358-377. 
Gaughan, P. A. (2010). Mergers, acquisitions, and corporate restructurings. New 
York, NY: John Wiley & Sons. 
Geiger, F., & Schiereck, D. (2014). The influence of industry concentration on merger 
motives—empirical evidence from machinery industry mergers. Journal of 
Economics and Finance, 38(1), 27-52. 
Ginevičius, R., & Čirba, S. (2007). Determining market concentration. Journal of 
Business Economics and Management, 8(1), 3-10 
Goddard, J., Molyneux, P. & Wilson, J.O.S. (2004a). Dynamics of growth and 
profitability in banking. Journal of Money, Credit and Banking, 36(6), 1069-
1090. 
Goetz, M. R. (2018). Competition and bank stability. Journal of Financial 
Intermediation, 35, 57-69. 
Goldberg, L. G., & Rai, A. (1996). The structure-performance relationship for European 
banking. Journal of Banking & Finance, 20(4), 745-771. 
González, L. O., Razia, A., Búa, M. V., & Sestayo, R. L. (2017). Competition, 
concentration and risk taking in Banking sector of MENA countries. Research in 
International Business and Finance, 42, 591-604. 
González, L. O., Razia, A., Búa, M. V., & Sestayo, R. L. (2019). Market structure, 
performance, and efficiency: Evidence from the MENA banking sector. 
International Review of Economics & Finance, 64, 84-101. 
Goyal, K. A., & Joshi, V. (2011). Mergers in Banking Industry of India: Some Emerging 
Issues. Asian Journal of Business and Management Sciences, 1(2), 157-165. 
  
220 
Gregoriou, A., Gupta, J., & Healy, J. (2016). Does Islamic banking increase the liquidity 
of stocks? An application to the Kingdom of Bahrain. Journal of International 
Financial Markets, Institutions and Money, 42, 132-138. 
Gu, V. C., Cao, R. Q., & Wang, J. (2019). Foreign ownership and performance: 
mediating and moderating effects. Review of International Business and Strategy, 
29(2), 86-102. https://doi.org/10.1108/RIBS-08-2018-0068 
Guan, X., Tian, G., & Tian, G. (2019). The mediating effect of corporate social 
responsibility on governance structure and investment efficiency based on PLS-
SEM. Ekoloji, 28(107), 3579-3591. 
Guo, W. C., & Yang, C. C. (2013). Are bank mergers procyclical or countercyclical? 
Theory and evidence from Taiwan. Applied Financial Economics, 23(1), 1-14. 
Hair Jr, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least 
squares structural equation modeling (PLS-SEM). European Business Review, 
26(2), 106-121. 
Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). 
Taking stock of what we know about mergers and acquisitions: A review and 
research agenda. Journal of management, 35(3), 469-502. 
Hair, J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2013). partial least squares 
structural equation modeling: Rigorous applications, better results and higher 
acceptance. Long Range Planning, 46(1-2), 1-12. 
Hakim, A., & Chkir, A. (2014). Market structure and concentration in Islamic and 
conventional banking. International Journal of Financial Services 
Management, 7(3-4), 246-267. 
Hankir, Y., Rauch, C., & Umber, M. P. (2011). Bank M&A: A market power 
story?. Journal of Banking & Finance, 35(9), 2341-2354. 
Hassan, M. K., & Bashir, A. H. M. (2003). Determinants of Islamic banking 
profitability. In 10th ERF Annual Conference, Morocco (Vol. 7, pp. 2-31). 
Hayes, A. F. (2009). Beyond Baron and Kenny: Statistical mediation analysis in the 
new millennium. Communication Monographs, 76(4), 408-420. 
Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance 
improve after mergers?. Journal of Financial Economics, 31(2), 135-175. 
Heron, R., & Lie, E. (2002). Operating performance and the method of payment in 
takeovers. Journal of Financial and Quantitative Analysis, 37(1), 137-155. 
Hitt, M., Harrison, J., Ireland, R. D., & Best, A. (1998). Attributes of successful and 
unsuccessful acquisitions of US firms. British Journal of Management, 9(2), 91-
114. 
  
221 
Hooper, D., Coughlan, J., & Mullen, M. (2008). Evaluating model fit: a synthesis of the 
structural equation modelling literature. In 7th European Conference on Research 
Methodology for Business and Management Studies (pp. 195-200). Academic 
Conferences Limited.  
Horn, C. W., & Fischer, J. J. (2021). Does monetary policy affect mergers and 
acquisitions? In Beiträge zur Jahrestagung des Vereins für Socialpolitik 2021: 
Climate Economics. ZBW - Leibniz Information Centre for Economics, Kiel, 
Hamburg 
Hox, J. J., & Bechger, T. M. (1998). An introduction to structural equation modeling. 
Family Science Review, 11, 354-373. 
Huber, C. (2014). Introduction to structural equation modeling using Stata [PowerPoint 
slides]. California Association for Institutional Research. https://cair.org/wp-
content/uploads/sites/474/2015/07/HuberC-SEMWorkshop.pdf  
Iankova, S. (2014). Main factors of success in mergers and acquisitions’ 
performance. Годишник на Стопанския факултет на СУ „Св. Климент 
Охридски “, 12(1), 373-389. 
Ibrahim, M. A., & Shariff, M. N. M. (2016). Mediating role of access to finance on the 
relationship between strategic orientation attributes and SMEs performance in 
Nigeria. International Journal of Business and Society, 17(3). 
https://doi.org/10.33736/ijbs.537.2016  
Ibrahim, M. H., & Rizvi, S. A. R. (2017). Do we need bigger Islamic banks? An 
assessment of bank stability. Journal of Multinational Financial 
Management, 40, 77-91. 
Ibrahim, M. H., & Rizvi, S. A. R. (2018). Bank lending, deposits and risk-taking in 
times of crisis: A panel analysis of Islamic and conventional banks. Emerging 
Markets Review, 35, 31-47. 
Iqbal, Z. (2008). The impact of consolidation on Islamic financial services 
industry. Islamic Economic Studies, 15(2), 79-103. 
Ismail, A., Davidson, I., & Frank, R. (2009). Operating performance of European bank 
mergers. The Service Industries Journal, 29(3), 345-366. 
Ismail, T. H., Abdou, A. A., & Annis, R. M. (2011). Exploring Improvements of Post-
Merger Corporate Performance: The Case of Egypt. IUP Journal of Business 
Strategy, 8(1) 7-24. 
Jallow, M. S., Masazing, M., & Basit, A. (2017). The effects of mergers & acquisitions 
on financial performance: Case study of UK Companies. International Journal of 
Accounting & Business Management, 5(1), 74-92. 
Jatkar, K. (2012). Need for mergers and acquisitions in banking industry of 
India. IBMRD's Journal of Management & Research, 1(1), 64-69. 
  
222 
Jensen, M. C. (1987). The free cash flow theory of takeovers: A financial perspective 
on mergers and acquisitions and the economy. In Proceedings of a conference 
sponsored by Federal Reserve Bank of Boston (pp. 102-143). 
https://dx.doi.org/10.2139/ssrn.350422  
Kaakeh, A., Hassan, M. K., & van Hemmen Almazor, S. F. (2018). Attitude of Muslim 
minority in Spain towards Islamic finance. International Journal of Islamic and 
Middle Eastern Finance and Management, 11(2), 213-230. 
Kahf, M. (1999). Islamic banks at the threshold of the third millennium. Thunderbird 
International Business Review, 41 (4-5), 445–60. doi:10.1002/tie.4270410409. 
Kallow, A. S. (2017, December 12). Muhith: New banks won’t be a problem. 
DhakaTribune. 
https://archive.dhakatribune.com/business/banks/2017/12/12/muhith-new-
banks-no-problem  
Kandil, T., & Chowdhury, D. (2014), Islamic banks’ mergers and acquisitions–impacts 
on performance and financial crisis in the United Kingdom. In The developing 
role of Islamic banking and finance: from local to global perspectives (pp. 119-
140). Emerald Group Publishing Limited. 
Karim, N. A., Al-Habshi, S. M. S. J., & Abduh, M. (2016). Macroeconomics indicators 
and bank stability: A case of banking in Indonesia. Buletin Ekonomi Moneter dan 
Perbankan, 18(4), 431-448. 
Kasman, S., & Kasman, A. (2015). Bank competition, concentration and financial 
stability in the Turkish banking industry. Economic Systems,39(3),502–517. 
doi:10.1016/j.ecosys.2014.12.003 
Katib, M. N. (2004). Market structure and performance in the Malaysian banking 
industry: a robust estimation. In 8th Capital Markets Conference, Indian Institute 
of Capital Markets Paper. 
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=872266  
Katib, M. N., & Mathews, K. (2000). A non-parametric approach to efficiency 
measurement in the Malaysian banking sector. The Singapore Economic 
Review, 44(2), 89-114. 
Kaufman, G. G. (2014). Too big to fail in banking: What does it mean?. Journal of 
Financial Stability, 13, 214-223. 
Khaddafi, M., Heikal, M., & Nandari, A. (2017). Analysis Z-score to predict bankruptcy 
in banks listed in Indonesia Stock Exchange. International Journal of Economics 
and Financial Issues, 7(3), 326-330. 
Khalil, F., & Siddiqui, D. A. (2019). Comparative Analysis of Financial Performance 
of Islamic and Conventional Banks: Evidence from Pakistan. SSRN Electronic 
Journal. https://dx.doi.org/10.2139/ssrn.3397473  
  
223 
Khan, H. H., Ahmad, R. B., & Chan, S. G. (2018). Market structure, bank conduct and 
bank performance: Evidence from ASEAN. Journal of Policy Modeling, 40(5), 
934-958. 
Khan, M. M., & Bhatti, M. I. (2008). Islamic banking and finance: on its way to 
globalization. Managerial Finance, 34(10), 708-725. 
Kiel, G., & Nicholson, G. (2003). Board composition and corporate performance: how 
the Australian experience informs contrasting theories of corporate governance. 
Corporate Governance: An International Review, 11(3), 189-205. 
Kline, R. B. (2015). Principles and practice of structural equation modeling. New 
York, NY: Guilford Press.  
Köhler, M. (2014). Which banks are more risky? The impact of business models on 
bank stability. Journal of Financial Stability, 16, 195-212. 
http://doi.org/10.1016/j.jfs.2014.02.005 
Kosmidou, K., Pasiouras, F., Doumpos, M., & Zopounidis, C. (2006). Assessing 
performance factors in the UK banking sector: a multicriteria 
methodology. Central European Journal of Operations Research, 14(1), 25-44. 
Kouser, R., & Saba, I. (2011). Effects of Business combination on financial 
performance: Evidence from Pakistan's banking sector. Australian Journal of 
Business and Management Research, 1(8), 54-64. 
Kumar, R. (2009). Post‐merger corporate performance: an Indian 
perspective. Management Research News, 32(2), 145-157. 
https://doi.org/10.1108/01409170910927604   
Kunwar, K. (2018). Market structure and performance of commercial banks: Empirical 
evidence from Nepal. Journal of Business and Management, 5, 33-41. 
Kwenda, F., Oyetade, D., & Dobreva, R. (2017). Factors affecting the long-term post-
acquisition performance of BRICS firms engaging in cross-border mergers and 
acquisitions. Acta Universitatis Danubius. Œconomica, 13(2), 220-233. 
Lang, L. H., Stulz, R., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: 
The case of bidder returns. Journal of Financial Economics, 29(2), 315-335. 
Larasati, N. D., Agustina, Y., Istanti, L. N., & Wijijayanti, T. (2018). Do merger and 
acquisition affect on company’s financial performance? Sriwijaya International 
Journal of Dynamic Economics and Business, 1(4), 375-386. 
Lau, B., Proimos, A., & Wright, S. (2008). Accounting measures of operating 
performance outcomes for Australian mergers. Journal of Applied Accounting 
Research, 9(3), 168-180. https://doi.org/10.1108/09675420810919720  
Lepetit, L., Nys, E., Rous, P., & Tarazi, A. (2008). The expansion of services in 
European banking: Implications for loan pricing and interest margins. Journal of 
Banking & Finance, 32(11), 2325-2335. 
  
224 
Levine, R., Caprio, G., & Barth, J. (1999). Banking systems around the globe: do 
regulation and ownership affect performance and stability? Washington, DC: 
World Bank. http://hdl.handle.net/10986/18839  
Li, X., Tripe, D. W., & Malone, C. B. (2017). Measuring bank risk: An exploration of 
z-score. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.2823946  
Li, X., Tripe, D., Malone, C., & Smith, D. (2020). Measuring systemic risk contribution: 
The leave-one-out z-score method. Finance Research Letters, 36, 101316. 
Liargovas, P., & Repousis, S. (2011). The impact of mergers and acquisitions on the 
performance of the Greek banking sector: An event study approach. International 
Journal of Economics and Finance, 3(2), 89-100. 
Linder, J. C., & Crane, D. B. (1993). Bank mergers: integration and 
profitability. Journal of Financial Services Research, 7(1), 35-55. 
Liu, X., & Zou, H. (2008). The impact of Greenfield FDI and mergers and acquisitions 
on innovation in Chinese high-tech industries. Journal of World Business, 43(3), 
352-364. 
Lloyd-Williams, D. M., Molyneux, P., & Thornton, J. (1994). Market structure and 
performance in Spanish banking. Journal of Banking & Finance, 18(3), 433-443. 
Lommerud, K. E., Olsen, T. E., & Straume, O. R. (2006). Cross border mergers and 
strategic trade policy with two-part taxation: is international policy coordination 
beneficial? (No. SP II 2006-24). WZB Discussion Paper. 
Lu, S. (2018). The Pattern of M & A Integration: A Literature Review. American 
Journal of Industrial and Business Management, 8(02), 313. 
Mahesar, H. A., Kalhoro, M., & Jariko, M. A. (2016). The role of mergers on market 
structure in the banking industry of Pakistan. Gomal University Journal of 
Research, 32(1), 46-56. 
Malatesta, P. H. (1983). The wealth effect of merger activity and the objective functions 
of merging firms. Journal of Financial Economics, 11(1-4), 155-181. 
Mantravadi, P., & Reddy, A. V. (2008). Relative size in mergers and operating 
performance: Indian experience. Economic and Political Weekly, 42(39), 3936-
3942. 
Marembo, J. O. (2012). The impact of mergers and acquisition on the financial 
performance of commercial banks in Kenya (Unpublished master’s thesis). 
University of Nairobi. http://erepository.uonbi.ac.ke/handle/11295/14554 
Markides, C. C., & Ittner, C. D. (1994). Shareholder benefits from corporate 
international diversification: Evidence from US international 
acquisitions. Journal of International Business Studies, 25(2), 343-366. 
  
225 
Martin, K. J. (1996). The method of payment in corporate acquisitions, investment 
opportunities, and management ownership. The Journal of Finance, 51(4), 1227-
1246. 
Maraj R. (2016), Governor of Central bank of Bahrain, 
https://www.arabianbusiness.com/more-mergers-urged-for-islamic-banks-
says-central-bank-of-bahrain-655686.html 
Massoudi, A. & Fontanella-Khan, J. (2016, December 30). M&As boom set to continue 
in 2017. Financial Times. https://www.ft.com/content/0e9afdce-cdb6-11e6-b8ce-
b9c03770f8b1  
Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. 
The Journal of Finance, 62(4), 1851-1889. 
Maulidar, A., & Majid, M. S. A. (2020). Do good corporate governance and financing 
risk management matter for Islamic banks’ performance in 
Indonesia? ETIKONOMI, 19(2), 169-184. 
Mayerl, J., & Andersen, H. (2019). Recent developments in structural equation 
modeling with panel data. In J. Mayerl, T. Krause, A. Wahl, & M. Wuketich 
(Eds.), Einstellungen und Verhalten in der empirischen Sozialforschung (pp. 415-
449). Springer VS. https://doi.org/10.1007/978-3-658-16348-8_17  
McCarthy, K. (2017). Mergers and acquisitions: does the government have a role to 
play? Faculty of Economics and Business Blog. 
https://www.rug.nl/feb/blog/blog-24-03-2017-mergers-and-acquisitions-does-
the-government-have-a-role-to-play?lang=en  
Mcclure, B. (2009). Mergers and acquisitions: introduction. Investopedia. 
http://www.investopedia.com/university/mergers/  
McDonald, R. P., & Ho, M.-H. R. (2002). Principles and practice in reporting structural 
equation analyses. Psychological Methods, 7(1), 64–
82. https://doi.org/10.1037/1082-989X.7.1.64 
McQuitty, S. (2004). Statistical power and structural equation models in business 
research. Journal of Business Research, 57(2), 175-183. 
Megginson, W. L., Morgan, A., & Nail, L. (2004). The determinants of positive long-
term performance in strategic mergers: Corporate focus and cash. Journal of 
Banking & Finance, 28(3), 523-552. 
Mensi, S., & Zouari, A. (2010). Efficient structure versus market power: Theories and 
empirical evidence. International journal of Economics and Finance, 2(4), 151-
166. 
Micco, A., Panizza, U., & Yanez, M. (2007). Bank ownership and performance. Does 
politics matter?. Journal of Banking & Finance, 31(1), 219-241. 
  
226 
Miles, J., & Shevlin, M. (2007). A time and a place for incremental fit indices. 
Personality and individual differences, 42(5), 869-874. 
Mirzaei, A. (2011). The effect of market power on stability and performance of Islamic 
and conventional banks. Islamic Economic Studies, 130(545), 1-37. 
Mirzaei, A., Moore, T., & Liu, G. (2013). Does market structure matter on banks’ 
profitability and stability? Emerging vs. advanced economies. Journal of Banking 
& Finance, 37(8), 2920-2937. 
Mitchell, K., & Onvural, N. M. (1996). Economies of scale and scope at large 
commercial banks: Evidence from the Fourier flexible functional form. Journal 
of Money, Credit and Banking, 28(2), 178-199. 
Mitchell, M. and Mulherin, H. (1996) The impact of industry shocks on takeover and 
restructuring activity, Journal of Financial Economics, 41, 193–229. 
Mohamed, S. E., & Sidiropoulos, M. G. (2010). Another look at the determinants of 
foreign direct investment in MENA countries: an empirical investigation. Journal 
of Economic Development, 35(2), 75. 
Mohammed, N., Ismail, A. G., & Muhammad, J. (2016). Concentration and competition 
in dual banking industry: a structural approach. Jurnal Ekonomi Malaysia, 50(2), 
49-70. 
Molyneux, P., & Forbes, W. (1995). Market structure and performance in European 
banking. Applied Economics, 27(2), 155-159. 
More mergers urged for Islamic banks, says Central Bank of Bahrain (2016, December 
8). Arabian Business. https://www.arabianbusiness.com/more-mergers-urged-
for-islamic-banks-says-central-bank-of-bahrain-655686.html 
Morris, T. (2004). Bank mergers under a changing regulatory environment. 
Sociological Forum, 19(3), 435-463. 
https://doi.org/10.1023/B:SOFO.0000042556.75328.8b  
Moutsianas, K. A., & Kosmidou, K. (2016). Bank earnings volatility in the UK: Does 
size matter? A comparison between commercial and investment banks. Research 
in International Business and Finance, 38, 137-150. 
Muhammad, H., Waqas, M., & Migliori, S. (2019). The impact of M&A on bank’s 
financial performance: Evidence from emerging economy. Corporate Ownership 
& Control, 16(3), 52-63. 
Nafti, O., Boumediene, S. L., Khouaja, S., & Ayed, W. B. (2017). The determinants of 
world Islamic banks efficiency: empirical analysis using a non parametric 
approach. Journal of Applied Business Research (JABR), 33(2), 363-347. 
Nair, A., Trendowski, J., & Judge, W. (2008). [Review of the book The theory of the 
growth of the firm by E. T. Penrose]. Academy of Management Review, 33(4), 
1026-1028. https://doi.org/10.5465/amr.2008.34425026  
  
227 
Narayana, B. V. (2012). Resource Dependency Theory: Renaissance and Extensions—
A Conceptual Basis. Available at SSRN 2015273. 
Namazi, M., & Namazi, N. R. (2016). Conceptual analysis of moderator and mediator 
variables in business research. Procedia Economics and Finance, 36, 540-554. 
Naseri, M., Bacha, O. I., & Masih, M. (2020). Too small to succeed versus too big to 
fail: how much does size matter in banking?. Emerging Markets Finance and 
Trade, 56(1), 164-187. 
Neely, W. P., & Rochester, D. P. (1987). Operating performance and merger benefits: 
The savings and loan experience. Financial Review, 22(1), 111-130. 
Neto, P., Brandão, A., & Cerqueira, A. (2010). The macroeconomic determinants of 
cross border mergers and acquisitions and greenfield investments. IUP Journal of 
Business Strategy, 7(1/2), 21. 
Nguyen, M., Skully, M., & Perera, S. (2012). Market power, revenue diversification 
and bank stability: Evidence from selected South Asian countries. Journal of 
International Financial Markets, Institutions and Money, 22(4), 897-912. 
Nicoló, G. D., Bartholomew, P., Zaman, J., & Zephirin, M. (2004). Bank consolidation, 
internationalization, and conglomeration: Trends and implications for financial 
risk. Financial Markets, Institutions & Instruments, 13(4), 173-217. 
Nitzl, C., Roldan, J. L., & Cepeda, G. (2016). Mediation analysis in partial least squares 
path modeling. Industrial management & data systems, 116(9), 1849-1864. 
https://doi.org/10.1108/IMDS-07-2015-0302 
Nor, F. M. (2014). Malaysian mergers and acquisitions: selected researches and cases. 
Bangi: Penerbit Universiti Kebangsaan Malaysia. 
Nor, F. M., & Ismail, R. (2006). Methods of payment, direct takeovers and privately-
held targets: evidence of bidder's return on takeovers. Jurnal Pengurusan (UKM 
Journal of Management), 25, 19-45. 
Nor, F. M., & Ramlee, S. (1995). Post-performance of Malaysian acquired firms: a 
preliminary study. Jurnal Pengurusan, 14, 11-25. 
Nor, F. M., Shaharuddin, A., Nawai, N., Marzuki, A., & Abdullah, W. Z. W. (2018). 
Intermediary Role Performance Analysis of Malaysian Islamic and conventional 
banks. Jurnal Pengurusan (UKM Journal of Management), 53, 93-105. 
Nurwati, E., Achsani, N. A., Hafidhuddin, D., & Nuryartono, N. (2014). Market 
structure and bank performance: empirical evidence of Islamic Banking in 
Indonesia. Asian Social Science, 10(10), 105. 
Papadakis, V. M., & Thanos, I. C. (2010). Measuring the performance of acquisitions: 
An empirical investigation using multiple criteria. British Journal of 
Management, 21(4), 859-873. 
  
228 
Paroush, J. (1995). The effect of merger and acquisition activity on the safety and 
soundness of a banking system. Review of Industrial Organization, 10(1), 53-67. 
Pawlowska, M. (2005). Competition, concentration, efficiency, and their relationship 
in the Polish banking sector (NBP Working Papers 32). Narodowy Bank Polski, 
Economic Research Department. 
Perotti, E. C., & Suarez, J. (2002). Last bank standing: What do I gain if you 
fail?. European Economic Review, 46(9), 1599-1622. 
Perry, P. (1992). Do banks gain or lose from inflation?. Journal of Retail 
Banking, 14(2), 25-31. 
Peters, M. R. (2014). Resource dependency & transaction costs: investigating recent 
mergers in the US rental-car industry. Journal of Management and Marketing 
Research, 15, 1-6. 
Petmezas, D. (2009). What drives acquisitions?: Market valuations and bidder 
performance. Journal of Multinational Financial Management, 19(1), 54-74. 
Petre, M & Rugg, G, (2010). The unwritten rules of PhD research. London: McGraw-
Hill Education (UK). 
Pfeffer, J., & Salancik, G. R. (2003). The external control of organizations: A resource 
dependence perspective. Stanford, CA: Stanford University Press. 
Piesse, J., Lee, C. F., Lin, L., & Kuo, H. C. (2013). Merger and acquisition: Definitions, 
motives, and market responses. In C.-F. Lee & A. C. Lee (Eds.), Encyclopedia of 
finance (pp. 541-554). Springer.   
Piloff, S. J., & Santomero, A. M. (1998). The value effects of bank mergers and 
acquisitions. In Y. Amihud & G. Miller (Eds.), Bank mergers & acquisitions (pp. 
59-78). Springer US. 
Pintér, E. (2011). Mergers and acquisitions in the Financial Services 
Industry. International Journal of Social Sciences and Human Studies, 3(1), 93-
102. 
Polemis, M. L., & Paleologos, J. M. (2014). Too big to merge? Evidence from the US 
banking sector. Applied Economics Letters, 21(11), 782-785. 
Preacher, K. J., & Hayes, A. F. (2004). SPSS and SAS procedures for estimating 
indirect effects in simple mediation models. Behavior Research Methods, 
Instruments, & Computers, 36(4), 717-731. 
Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for 
assessing and comparing indirect effects in multiple mediator models. Behavior 
Research Methods, 40(3), 879-891. 
  
229 
Qatar central bank backs three-way Islamic bank merger (2018, April 3). The Business 
Times. https://www.businesstimes.com.sg/banking-finance/qatar-central-bank-
backs-three-way-islamic-bank-merger 
Ramaswamy, K. P., & Waegelein, J. F. (2003). The influence of long-term performance 
plans, method of payment, and type of acquisition on post-merger financial 
performance. Review of Quantitative Finance and Accounting, 20(2), 115-126.  
Ramaswamy, K., & Waegelein, J. F. (2003). Firm financial performance following 
mergers. Review of Quantitative Finance and Accounting, 20(2), 115-126. 
Ramli, N. A. (2014). Three essays on capital structure determinants (Unpublished 
doctoral dissertation). Lincoln University. 
Ramli, N. A., & Gilbert, N. (2016). Mediation effects of firm leverage in Malaysia: 
partial least squares- structural equation modeling (PLS-SEM). International 
Journal of Economics and Financial Issues, 6(1), 301-307. 
Rani, N., Yadav, S. S., & Jain, P. K. (2016). Financial performance analysis of mergers 
and acquisitions: evidence from India. International Journal of Commerce and 
Management, 25(4), 402-423. https://doi.org/10.1108/IJCoMA-11-2012-0075  
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers 
and acquisitions in ASEAN countries. Research in International Business and 
Finance, 36, 373-387. 
Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition 
performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253. 
Ravichandran, K., Mat-Nor, F., & Mohd-Said, R. (2010). Market-based mergers in 
Indian banking institutions. International Research Journal of Finance and 
Economics, 37, 30-39. 
Rehan, M., Khan, M. I., & Khan, M. K. (2018). Effects of merger and acquisition on 
the profitability of banks. European Academic Research, 6(8), 4029-4044. 
Reinartz, W. J., Haenlein, M., & Henseler, J. (2009). An empirical comparison of the 
efficacy of covariance-based and variance-based SEM. International Journal of 
Research in Marketing, 26(4), 332-344. 
Repon, M.A.H. & Islam, K.M.Z. (2016). Competition and concentration in Bangladeshi 
banking sector: an application of the Panzar-Rosse Model. Finance and Banking 
Studies, 5(1), 16-29. 
Refinitiv, Dealogic and PwC analysis, (2021). 
https://www.pwc.com/gx/en/services/deals/trends.html. Traced on dated 
05/09/2021  
Rhoades, S. A. (1985). Market share as a source of market power: Implications and 
some evidence. Journal of Economics and Business, 37(4), 343-363. 
  
230 
Rinkeviciute, V. & Martinkute-Kauliene, R. 2014. Impact of market concentration on 
the profitability of the Lithuanian banking sector. Business: Theory and Practise, 
15(3), 254-260. 
Rinkevičiūtė, V., & Martinkute-Kauliene, R. (2014). Impact of market concentration on 
the profitability of Lithuanian banking sector. Business: Theory and 
Practice, 15(3), 254-260. 
Rozen-Bakher, Z. (2018). Comparison of merger and acquisition (M&A) success in 
horizontal, vertical and conglomerate M&As: industry sector vs. services sector. 
The Service Industries Journal, 38(7-8), 492-518. 
Rucker, D. D., Preacher, K. J., Tormala, Z. L., & Petty, R. E. (2011). Mediation analysis 
in social psychology: Current practices and new recommendations. Social and 
Personality Psychology Compass, 5(6), 359-371. 
Ruslan, A., Pahlevi, C., Alam, S., & Nohong, M. (2019). The role of efficiency 
mediation in the effect of banks size on bank profitability in Indonesia. 
Hasanuddin Economics and Business Review, 3(1), 49-58. 
Sahul Hamid, F. (2017). The effect of market structure on banks’ profitability and 
stability: Evidence from ASEAN-5 countries. International Economic Journal, 
31(4), 578-598. 
Said, R. M., Nor, F. M., Low, S. W., & Rahman, A. A. (2008). The efficiency effects 
of mergers and acquisitions in Malaysian banking institutions. Asian Journal of 
Business and Accounting, 1(1), 47-66. 
Samad, A. (2008). Market structure, conduct and performance: Evidence from the 
Bangladesh banking industry. Journal of Asian Economics, 19(2), 181-193. 
Samat, Z. (2017). Ex. Chief Executive Officer (CEO) of BIMB Holdings Bhd. said in 
the press conference on 28 & 29 of May. 
Sapozhnikov, M. (2006). Mergers and government policy.  Boston College Working 
Papers in Economics 656. Boston College Department of Economics. 
http://fmwww.bc.edu/ec-p/wp656.pdf  
Sattar, A. R. (2019). Does working capital management play mediating role? 
Determinants of capital structure. European Online Journal of Natural and Social 
Sciences, 8(2), pp-309. 
Savor, P. G., & Lu, Q. (2009). Do stock mergers create value for acquirers? The Journal 
of Finance, 64(3), 1061-1097. 
Schaeck, K., Čihák, M., & Wolfe, S. (2006). Are more competitive banking systems 
more stable? IMF Working Paper No. 2006/143.  
Scholtens, B., & Van Wensveen, D. (2000). A critique of the theory of financial 
intermediation. Journal of Banking & Finance, 24(8), 1243-1251. 
  
231 
Seelanatha, L. (2010). Market structure, efficiency and performance of the banking 
industry in Sri Lanka. Banks and Bank Systems, 5(1), 20-31 
Shanmugam, B., & Nair, M. (2004). Mergers and acquisitions of banks in 
Malaysia. Managerial Finance, 30(4), 1-18. 
Shehu, A., Ibrahim, M. A., Mat, N., Nasiru, A., Popoola, O. M. J., Muhammad, M., & 
Kura, K. M. (2013). The mediating effect between some determinants of SME 
performance in Nigeria. Management, 3(4), 237-242. 
Shleifer, A. and Vishny, R. (2003) Stock market driven acquisitions. Journal of 
Financial Economics, 70, 295–489. 
Shrout, P. E., & Bolger, N. (2002). Mediation in experimental and nonexperimental 
studies: new procedures and recommendations. Psychological methods, 7(4), 
422–445. 
Siguaw, J. A., & Diamantopoulos, A. (2000). Introducing Lisrel: A guide for the 
uninitiated. London: Sage Publications. 
Singh, S. B. (2018). Mergers and acquisitions in the telecom industry. Journal of 
Commerce, Economics & Management, 2(1), 18-27. 
Smirlock, M. (1985). Evidence of the (non)-relationship between concentration and 
profitability in banking. Journal of Money, Credit and Banking, 17(1), 69-83. 
Smirnova, Y. (2014). Motives for mergers and acquisitions in the banking sector of 
Kazakhstan. In J.T. Karlovitz (Ed.), Economics questions, issues and problems: 
proceedings of IRI Economics Conference 2014 (pp. 79-98). Komarno: 
International Research Institute. 
Soundarya, M. B., Lavanya, S. M., & Hemalatha, S. (2018). Merger and acquisition of 
business organization and its impact on human resources. Journal of Business 
Strategy, Finance and Management, 1(1), 69-72. 
Srivastava, R. K. (2018). Merger, acquisition–right move or emotional move for 
growth–case study of sun pharmaceutical. International Journal of 
Pharmaceutical and Healthcare Marketing, 12(3), 270-287. 
Straub, T. (2007). Reasons for frequent failure in Mergers and Acquisitions: A 
comprehensive analysis. Wiesbaden: Deutscher Universitätsverlag Wiesbaden 
https://doi.org/10.1007/978-3-8350-9637-0  
Sufian, F. (2011). Benchmarking the efficiency of the Korean banking sector: a DEA 
approach. Benchmarking: An International Journal, 18(1), 107-127. 
Sufian, F., & Habibullah, M. S. (2009). Do mergers and acquisitions lead to higher 
technical and scale efficiency? Counter evidence from Malaysia. African Journal 
of Business Management, 3(8), 340. 
  
232 
Sufian, F., & Habibullah, M. S. (2013). Financial sector consolidation and competition 
in Malaysia. Journal of Economic Studies, 40(3), 390-410.  
Sufian, F., & Habibullah, M. S. (2014). The impact of forced mergers and acquisitions 
on banks’ total factor productivity: empirical evidence from Malaysia. Journal of 
the Asia Pacific Economy, 19(1), 151-185. 
Sun, B., Jing, W., Zhao, X., & He, Y. (2017). Research on market power and market 
structure. International Journal of Crowd Science, 1(3), 210-222. 
https://doi.org/10.1108/IJCS-08-2017-0009  
Tan, H. B., & Hooy, C. W. (2004). Bank merger and bank stock volatility: a post‐
announcement analysis. Managerial Finance, 30(4), 29-47. 
https://doi.org/10.1108/03074350410769010  
The Central Bank decides to establish 6 Islamic banks by merging 17 financial 
transfer companies (2018, May 28). Al-Iqtisad News. https://economy-
news.net/content.php?id=12472  
Tse, T. and K. Soufani, (2001). Wealth effect of takeovers in merger activity eras: 
empirical evidence from the UK. International Journal of Economics of Business, 
8, 365-377. 
Tuch, C., & O'Sullivan, N. (2007). The impact of acquisitions on firm performance: A 
review of the evidence. International Journal of Management Reviews, 9(2), 141-
170. 
Turk-Ariss, R. (2010). On the implications of market power in banking: evidence from 
developing countries. Journal of Banking and Finance, 34, 765-775. 
Uhde, A., & Heimeshoff, U. (2009). Consolidation in banking and financial stability in 
Europe: Empirical evidence. Journal of Banking and Finance, 33(7), 1299–1311. 
doi:10.1016/j.jbankfin. 2009.01.006 
Vander Vennet, R. (1996). The effect of mergers and acquisitions on the efficiency and 
profitability of EC credit institutions. Journal of Banking & Finance, 20(9), 1531-
1558. 
Venturini, S., & Mehmetoglu, M. (2019). plssem: A stata package for structural 
equation modeling with partial least squares. Journal of Statistical Software, 88, 
1-35. 
Wang, Y. J. (2002). Liquidity management, operating performance, and corporate 
value: evidence from Japan and Taiwan. Journal of multinational financial 
management, 12(2), 159-169. 
Wang, G. Y. (2010). The impacts of free cash flows and agency costs on firm 
performance. Journal of service science and management, 3(04), 408. 
Wadhwa, K., & Syamala, S. R. (2015). An empirical examination of efficiency theory 
of mergers in emerging market India. Theoretical Economics Letters, 5(06), 757. 
  
233 
Wahba, H., & Khaled, E. (2015). The mediating effect of financial performance on the 
relationship between social responsibility and ownership structure. Future 
Business Journal, 1(1-2), 1–12. https://doi.org/10.1016/j.fbj.2015.02.001  
Wahid, M. A., & Dar, H. (2016). Stability of Islamic versus conventional banks: A 
Malaysian case. Jurnal Ekonomi Malaysia, 50(1), 111-132. 
Wang, C. K., Huang, C. J., & Lin, C. P. (n.d.). Internationalization, performance and 
the mediating role of operational efficiency: evidence from Taiwan domestic 
banks.  https://www.anzam.org/wp-content/uploads/pdf-
manager/1873_HUANGCHI-JUI_151.PDF  
Weitzel, U., & McCarthy, K. J. (2011). Theory and evidence on mergers and 
acquisitions by small and medium enterprises. International Journal of 
Entrepreneurship and Innovation Management, 14(2-3), 248-275. 
Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data MIT 
press. Cambridge, MA, 108(2), 245-254. 
Wolfe, J., & Sauaia, A. C. A. (2003). The Tobin q as a company performance indicator. 
In Developments in Business Simulation and Experiential Learning: Proceedings 
of the Annual ABSEL conference (Vol. 30). 
 
Yeh, T. M., & Hoshino, Y. (2002). Productivity and operating performance of Japanese 
merging firms: Keiretsu-related and independent mergers. Japan and the World 
Economy, 14(3), 347-366. 
Yook, K. C. (2004). The measurement of post-acquisition performance using 
EVA. Quarterly Journal of Business and Economics, 43(3-4), 67-83. 
Yudistira, D. (2003). Efficiency in Islamic banking: An empirical analysis of 18 banks. 
Department of Economics, Loughborough University, UK. 
https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.471.63&rep=rep1&t
ype=pdf  
Yulia, E. F. N. I. (2017). The mediating effect of investment decisions and financing 
decisions on the effect of corporate risk and dividend policy against corporate 
value. Journal of Advanced Research in Law and Economics (JARLE), 8(23), 40-
51. 
Zhang, Z., Deng, Y., & Tang, S. H. K. (2019). Do Foreign Mergers and Acquisitions 
Increase Acquired Firms’ Innovation? Evidence from Chinese Manufacturing 
Firms. Australian Economic Review, 52(1), 41-60. 
Zhao, X., Lynch Jr, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths 
and truths about mediation analysis. Journal of consumer research, 37(2), 197-
206. 
  
234 
Zou, H., & Simpson, P. (2008). Cross-border mergers and acquisitions in China: An 
industry panel study, 1991–2005. Asia Pacific Business Review, 14(4), 491-512. 
Zulfikar, R. (2019). Estimation model and selection method of panel data regression: 
an overview of common effect, fixed effect, and random effect model. INA-Rxiv 
9qe2b. https://doi.org/10.31227/osf.io/9qe2b