Liquidity–Leverage Trade-Off and Profit Amplification in Palestinian Takaful Insurers: A Secondary-Evidence Synthesis and Re-Interpretive Analysis of Panel Estimates, 2018–2022
Year: 2026
Type: article
Abstract: Penelitian ini mengkaji kembali bukti mengenai determinan profitabilitas dua perusahaan asuransi Takaful yang tercatat di Bursa Palestina pada periode 2018–2022 dengan sudut pandang berbeda, yaitu trade-off likuiditas–leverage dan peran leverage dalam memperbesar (amplifikasi) imbal hasil ekuitas. Dengan desain sintesis bukti sekunder, studi ini menafsirkan ulang statistik deskriptif, korelasi, regresi variabel tunggal, serta estimasi efek tetap dan gabungan (10 observasi perusahaan-tahun) dari studi sumber, lalu mentriangulasikannya dengan literatur takaful. Indikator turunan berupa efek terstandar satu simpangan baku, rasio amplifikasi ROE terhadap ROA, dan stabilitas tanda serta signifikansi menunjukkan bahwa likuiditas berhubungan negatif dan leverage berhubungan positif dengan ROA maupun ROE, signifikan pada taraf 5% di seluruh spesifikasi. Kenaikan likuiditas satu simpangan baku berkaitan dengan penurunan ROA sebesar 2,06–2,93 poin persentase dan ROE sebesar 5,66–8,06 poin persentase, sedangkan koefisien ROE 2,2–2,9 kali lebih besar daripada koefisien ROA, secara garis besar sejalan dengan pengganda ekuitas sekitar 3,3–3,7. Ukuran perusahaan hanya signifikan terhadap ROA pada model efek tetap, sementara tangibilitas aset, pertumbuhan PDB, dan inflasi tidak signifikan di semua model, sehingga manajer Takaful perlu mengelola likuiditas sebagai penyangga yang terukur dan menggunakan leverage secara hati-hati karena efek amplifikasinya bekerja dua arah. Penelitian ini berkontribusi dengan membaca ulang estimasi panel asuransi Takaful Palestina melalui kerangka trade-off likuiditas–leverage, menerjemahkan koefisien regresi menjadi efek terstandar dan rasio amplifikasi ROE/ROA, serta menunjukkan bahwa leverage memperbesar imbal hasil ekuitas secara dua arah sehingga menjadi dasar kuantitatif bagi manajemen dalam mengkalibrasi penyangga likuiditas dan struktur modal. This study re-examines the evidence on the profitability drivers of the two Takaful insurers listed on the Palestine Exchange during 2018–2022 through a different lens, namely the liquidity–leverage trade-off and the way leverage amplifies equity returns. Using a secondary-evidence synthesis design, it re-interprets the descriptive statistics, correlations, single-variable regressions, and fixed-effects and pooled estimates (10 firm-year observations) reported in the source study and triangulates them with the takaful literature. Derived indicators, namely standardized one-standard-deviation effects, ROE-to-ROA amplification ratios, and sign-and-significance stability, show that liquidity is negatively and leverage positively related to both ROA and ROE, significant at the 5% level in every specification. A one-standard-deviation rise in liquidity is associated with a 2.06–2.93 percentage-point fall in ROA and a 5.66–8.06 percentage-point fall in ROE, while ROE coefficients are 2.2–2.9 times larger than ROA coefficients, broadly consistent with an equity multiplier of about 3.3–3.7. Firm size is significant only for ROA under fixed effects, whereas asset tangibility, GDP growth, and inflation are insignificant throughout, implying that Takaful managers should treat liquidity as a managed buffer and use leverage cautiously because its amplification works in both directions. This study contributes by re-reading the panel estimates of Palestinian Takaful insurers through a liquidity–leverage trade-off lens, translating regression coefficients into standardized effects and ROE/ROA amplification ratios, and showing that leverage amplifies equity returns in both directions, thereby providing a quantitative basis for managers to calibrate liquidity buffers and capital structure.
Author: Adnan Qubbaja
Institution: Palestine Ahliya University
Language: Indonesian
Subfield: Accounting
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7225201616