Triple-Layer Themes in ROA Literature: A Bibliometric Mapping and Research Agenda for ARDL Modeling Evidence in Indonesian Banking
DOI:
https://doi.org/10.55606/ijemr.v4i1.297Keywords:
Stagflation, Return On Assets ( ROA), Fintech Lending, Bank Resilience, Econometric ARDL Modeling, Bibliometric AnalysisAbstract
This study aims to map the literature on stagflation, fintech lending, and financial resilience in relation to Return on Assets (ROA) in the Indonesian banking sector, and to propose an ARDL-based research agenda for further development. Using a descriptive-quantitative approach, the bibliometric analysis employs tools such as Publish or Perish and VOSviewer to systematically map both global and domestic scientific publications. This analysis identifies key research trends, thematic linkages, and scholarly collaborations concerning macroeconomic stress, digital disruption, and banking performance. The study integrates bibliometric insights with ARDL-based econometric findings to examine both short- and long-term effects. Unlike previous studies that focus solely on partial variable relationships, this research provides a more holistic perspective by combining literature mapping with empirical modeling. The bibliometric analysis reveals three primary clusters: (1) Fintech Lending, which emphasizes the growth of digital financial services, with a focus on regulation and financial inclusion in the post-COVID-19 era; (2) Macroeconomic Dynamics, which explores stagflation, inflation, and GDP, with ARDL modeling applied for long-term analysis; and (3) Bank Profitability, which examines ROA, credit risk, and liquidity, highlighting the importance of banking resilience. While stagflation and ARDL are less frequently explored in current research, they remain critical in macroeconomic discussions. By combining fintech, financial stability, and macroeconomic factors, this study presents a valuable research direction, particularly for emerging economies like Indonesia.
References
R. Abaidoo and H. Anyigba, “Bank performance variability and strands of inflationary conditions,” *European Journal of Management and Business Economics*, vol. 29, no. 3, pp. 235–253, 2020, doi: 10.1108/EJMBE-09-2018-0100.
R. Abaidoo and E. K. Agyapong, “Financial market uncertainty and the macro economy: the role of governance and institutional quality,” *Economics (Emerald Publishing Limited)*, vol. 26, no. 1, pp. 89–107, 2024, doi: 10.1108/ECON-02-2023-0034.
P. Benigno, P. Canofari, G. Di Bartolomeo, and M. Messori, “Stagflation and fragmentation: the euro area at the crossroads,” *Monetary Affairs and Policy*, 2022. [Online]. Available: https://sep.luiss.it/wp-content/uploads/2022/06/WP4.22-Stagflation-and-fragmentation.-the-euro-area-at-the-crossroads-1.pdf
Y. Liu, “Detailed Review of Stagflation and Recession,” *SHS Web of Conferences*, vol. 169, p. 01057, 2023, doi: 10.1051/shsconf/202316901057.
International Monetary Fund (IMF), “World Economic Outlook: War Sets Back The Global Recovery,” *World Economic Outlook*, April 2022, p. 199. [Online]. Available: https://www.imf.org/en/Publications/WEO/Issues/2022/04/19/world-economic-outlook-april-2022
Badan Pusat Statistik, “Laporan Perekonomian Indonesia 2024,” Jakarta, 2024.
M. A. Chen, Q. Wu, and B. Yang, “How Valuable Is FinTech Innovation?,” *Review of Financial Studies*, vol. 32, no. 5, pp. 2062–2106, 2019, doi: 10.1093/rfs/hhy130.
R. P. Buckley, D. W. Arner, and D. A. Zetzsche, “Driving Digital Financial Transformation in Support of the SDGs - A Strategy to Leverage FinTech for Financial Inclusion, Development, Stability and Integrity,” *SSRN Electronic Journal*, 2019, doi: 10.2139/ssrn.3387359.
U. P. Offiong, K. Szopik-Depczyńska, K. Cheba, and G. Ioppolo, “FinTech as a digital innovation in microfinance companies – systematic literature review,” *European Journal of Innovation Management*, vol. 27, no. 9, pp. 562–581, 2024, doi: 10.1108/EJIM-04-2024-0462.
P. J. Cuadros-Solas, E. Cubillas, and C. Salvador, “Does alternative digital lending affect bank performance? Cross-country and bank-level evidence,” *International Review of Financial Analysis*, vol. 90, p. 102873, 2023, doi: 10.1016/j.irfa.2023.102873.
E. Junarsin, R. Y. Pelawi, J. Kristanto, I. Marcelin, and J. B. Pelawi, “Does fintech lending expansion disturb financial system stability? Evidence from Indonesia,” *Heliyon*, vol. 9, no. 9, p. e18384, 2023, doi: 10.1016/j.heliyon.2023.e18384.
G. Li, E. Elahi, and L. Zhao, “Fintech, Bank Risk-Taking, and Risk-Warning for Commercial Banks in the Era of Digital Technology,” *Frontiers in Psychology*, vol. 13, p. 934053, 2022, doi: 10.3389/fpsyg.2022.934053.
Basel Committee on Banking Supervision, “Evaluation of the impact and efficacy of the Basel III reforms,” Bank for International Settlements, 2022. [Online]. Available: www.bis.org
Otoritas Jasa Keuangan (OJK), “Penguatan Sektor Jasa Keuangan Dalam Menjaga Pertumbuhan Ekonomi: Laporan Kinerja OJK Tahun 2023,” 2024.
M. Aryasari and B. Usman, “Exploring the Impact of Digital Transformation and Banking Factors on the Financial Performance of Conventional Banks Listed on the Indonesian Stock Exchange,” *Jurnal Ekonomi, Bisnis & Entrepreneurship*, vol. 18, pp. 733–756, 2024.
Emeka and A. Kelvin, “ARDL için ayrıntılı bir döküman,” *Journal of Statistical and Econometric Methods*, vol. 5, no. 3, pp. 63–91, 2016.
D. P. Rath, “Low Stagflation Risk in India,” *RBI Bulletin*, vol. 77, pp. 93–104, Dec. 2023.
A. W. Prawira, S. Arifin, and Nuryadi, “The Impact of Spillover Stagflation on Capital Utilization in East Java (in Macroeconomic Perspectives) 2014-2022,” *International Journal of Global Accounting, Management, Education & Entrepreneurship*, vol. 4, no. 1, pp. 49–59, 2023, doi: 10.48024/ijgame2.v4i1.109.
I. B. Chineme and K. A. Okoro, “Impact of Inflation and Stagflation on Economic Growth in Nigeria,” *Sustainability*, vol. 11, no. 1, pp. 1–14, 2019.
M. Fersi, M. Boujelbéne, and F. Arous, “Microfinance’s digital transformation for sustainable inclusion,” *European Journal of Management and Business Economics*, vol. 32, no. 5, pp. 525–559, 2023, doi: 10.1108/EJMBE-10-2022-0332.
C. F. Dharmastuti and J. Laurentxius, “Factors and Benefits that Affect Lender’s Interest in Giving Loans in Peer to Peer (P2P) Lending Platform,” *Binus Business Review*, vol. 12, no. 2, pp. 121–130, 2021, doi: 10.21512/bbr.v12i2.6359.
K. Y. Kwon, P. Molyneux, L. Pancotto, and A. Reghezza, *Banks and FinTech Acquisitions*, vol. 65, no. 1, Springer US, 2024, doi: 10.1007/s10693-022-00396-x.
H. Medyawati, M. Yunanto, and E. Hegarini, “Financial Technology as Determinants of Bank Profitability,” *Journal of Economics, Finance and Accounting Studies*, vol. 3, no. 2, pp. 91–100, 2021, doi: 10.32996/jefas.2021.3.2.10.
J. D. T. Tobing and C. Wijaya, “The effect of peer-to-peer lending and third-party payments on conventional commercial bank profitability in Indonesia,” *International Journal of Management*, vol. 11, no. 5, pp. 691–701, 2020, doi: 10.34218/IJM.11.5.2020.062.
T. R. Panglipursari and U. P. Lesno, “Reinforcing Indonesian Banks’ Earnings Stability: A GCG-Moderated Analysis of Risk Profile, Bank Digitalization, and FinTech P2P Lending,” *Seybold Reports*, vol. 18, pp. 440–453, Jan. 2024, doi: 10.5281/zenodo.10394407.
D. N. Sari, “The effect of the growth of financial technology companies peer to peer lending on the performance of banking in Indonesia,” *Bulletin of Fintech and Digital Economy*, vol. 1, no. 1, pp. 42–60, 2020.
A. W. Prawira and H. Susilowati, “Assessing How FinTech Peer-to-Peer Lending, Banking Digitization, and Banking Credit Risk Affect the Financial Performance of Indonesian Commercial Banks KBMI 4 in Digital Era,” *Jurnal PAMATOR*, vol. 17, no. 4, pp. 620–638, 2024, doi: https://doi.org/10.21107/pamator.v17i4.27944.
L. Judijato and W. S. Astutik, “Fintech and Traditional Banking: A Bibliometric Study of Financial Innovation,” *Western Scientific Interdisciplinary Studies*, vol. 3, no. 3, pp. 528–539, 2025.
Y. Kryvych and T. Goncharenko, “Banking strategic management and business model: bibliometric analysis,” *Financial Markets, Institutions and Risks*, vol. 4, no. 1, pp. 76–85, 2020, doi: 10.21272/fmir.4(1).76-85.2020.
R. K. Sharma, “Bibliometric Analysis of Fintech Trends,” *International Journal of Scientific Research in Engineering and Management*, vol. 8, no. 5, pp. 1–5, 2024, doi: 10.55041/ijsrem33833.
M. Busu, “Analyzing the Impact of the Renewable Energy Sources on Economic Growth at the EU Level Using an ARDL Model,” *Mathematics*, vol. 8, no. 8, 2020, doi: 10.3390/math8081367.
Y. N. Ahmed and H. Delin, “Current Situation of Egyptian Cotton: Econometrics Study Using ARDL Model,” *Journal of Agricultural Science*, vol. 11, no. 10, p. 88, 2019, doi: 10.5539/jas.v11n10p88.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 International Journal of Economics and Management Research
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
