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Does asset quality matter in relationship between bank capital on lending growth?
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The purpose of this research examines the effect of bank capital on lending growth with moderation of asset quality of banking sector listed in Indonesia Stock Exchange (IDX).

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  1. International Journal of Management (IJM)
    Volume 10, Issue 5, September-October 2019, pp. 38–47, Article ID: IJM_10_05_004
    Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=10&IType=5
    Journal Impact Factor (2019): 9.6780 (Calculated by GISI) www.jifactor.com
    ISSN Print: 0976-6502 and ISSN Online: 0976-6510
    © IAEME Publication

    DOES ASSET QUALITY MATTER IN
    RELATIONSHIP BETWEEN BANK CAPITAL ON
    LENDING GROWTH?
    Ahmad Aziz Putra Pratama
    Master of Science in Management, Department of Management,
    Faculty of Economics and Business, Airlangga University
    Jl. Airlangga No. 4-6, Surabaya 60286, Indonesia

    ABSTRACT
    Mostly, loans are important source of income for banks and capital is used to absorb
    shocks during a bank’s worst periods. Credit risk is a major concern for the banking
    industry as the ratio of bad loans increases. The purpose of this research examines the
    effect of bank capital on lending growth with moderation of asset quality of banking
    sector listed in Indonesia Stock Exchange (IDX). This study used Fixed Effect Model.
    Data obtained from the company’s financial report published in 2009-2018 period.
    Dependent variable in this research is lending growth proxied with Net Loan Growth.
    Independent variable used bank capital proxied with Capital Adequacy Ratio (CAR).
    Moderating Variable in this research used asset quality proxied with Non Performing
    Loan (NPL). In addition, controlling variable in this study are liquidity level, firm size
    and bank performance. The results showed that bank capital has a significant positive
    effect on lending growth, while the bad asset quality mitigates the positive effect of bank
    capital on lending growth. This results are in line with policies that have been made by
    Otoritas Jasa Keuangan (OJK) about maintaning capital adequacy ratio and non
    performing loan.
    Keywords: Lending Growth; Net Loan Growth; Bank Capital; Asset Quality; Lending
    Behavior
    Cite this Article: Ahmad Aziz Putra Pratama, Does Asset Quality Matter in
    Relationship Between Bank Capital on Lending Growth?, International Journal of
    Management, 10 (5), 2019, pp. 38–47.
    http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=10&IType=5

    1. INTRODUCTION
    Banks are part of the instruments of banking (Moussa & Chedia, 2016; Setiawan & Pratama,
    2019). Banks are the part of financial institutions with an intermediary function that bridges
    those who need funds and those who have more funds (Latumaerissa, 2014). The bank is one
    of the financial institutions whose business operations collect funds from third parties in a bank
    deposit and give it back to those who need it in the form of credit or loans and other forms in
    order to facilitate economic flows (Rivai, Basir, Sudarto, & Veithzal, 2013). Exactly, credit is

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  2. Ahmad Aziz Putra Pratama

    literally the granting of funds from the excess funds to those who need funds based on the trust
    of both parties (Rose & Hudgins, 2013). The credit function provides services to the agent who
    need funds and improving the business sector (Latumaerissa, 2014). The biggest source of
    income for a bank business comes from the contribution of the large number of loans extended
    (Berger & Bouwman, 2013; Moussa & Chedia, 2016). Banks in Indonesia still use the credit
    business sector as their main source of income (Junaidi, Sulastri, Isnurhadi, & Adam, 2019;
    Raharjo, 2014; Setiawan & Pratama, 2019; Subandi & Ghozali, 2013; Thalib, 2016). Better
    value of income margins can be obtained through effective and efficient management (Raharjo,
    2014; Rivai et al., 2013).
    Loan has an important role in the operations of a bank (Bayoumi & Melander, 2008). The
    biggest source of income for a bank business comes from the contribution of the large number
    of loans extended (Berger & Bouwman, 2013; Moussa & Chedia, 2016). Banks in Indonesia
    still use the credit business sector as their main source of income (Junaidi et al., 2019; Raharjo,
    2014; Setiawan & Pratama, 2019; Subandi & Ghozali, 2013; Thalib, 2016). Better value of
    income margins can be obtained through effective and efficient management (Raharjo, 2014;
    Rivai et al., 2013). As an intermediary institution, banks must be able to manage the availability
    of owned capital so that there is no shortage of funds in carrying out their business activities
    (Kim & Sohn, 2017). Bank capital adequacy is an important concern because it will affect the
    operational activities of a bank (Berger & Bouwman, 2013; Berrospide & Edge, 2010; Carlson,
    Shan, & Warusawitharana, 2013; Cornett, McNutt, Strahan, & Tehranian, 2011; Gambacorta
    & Marques-Ibanes, 2011; Kim & Sohn, 2017).

    Distribution of Loans
    (Billion IDR)
    80,00,000
    70,00,000
    60,00,000
    50,00,000
    40,00,000
    30,00,000
    20,00,000
    10,00,000
    0
    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

    Commercial Bank Loan BPR Loan Total Loan

    Figure 1.1 Distribution of loans in Indonesia during 2008-2017 period
    Traditional monetary theory has largely ignored the role of bank equity (Van den Heuvel,
    2002). Bank-centered accounts of how monetary policy affects the real economy usually focus
    on the role of reserves and reserve requirements in determining the volume of demand deposits
    and, in the case of the bank lending channel, bank loans. Despite this evidence, the role of bank
    capital and capital requirements in the monetary transmission mechanism has received much
    less attention. The traditional interpretation of the “bank lending channel” focuses on the effects
    of reserve requirements on demand deposits, while no attention is paid to bank equity. So, bank
    capital is interpreted as an “irrelevant” balance-sheet item (Gambacorta & Marques-Ibanes,
    2011; Van den Heuvel, 2002). It was only recently that bank capital has been taken into account
    in the context of the “bank lending channel”.

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  3. Does Asset Quality Matter in Relationship Between Bank Capital on Lending Growth?

    For bank, the word capital has a special meaning. The capital accounts play several roles in
    supporting the daily operations and ensuring the long run viability of banks. Capital performs
    such indispensable functions as providing a cushion of protection against risk and promoting
    public confidence in the long term viability of a banks. Moreover, capital has become the
    centerpiece of supervision and regulation today. The lever that regulators can pull whenever
    the alarm bell sounds in an effort to prevent the collapse of a bank. Indeed, it is difficult to name
    anything else on the balance sheet of bank that performs so many vital tasks.
    Earlier empirical investigations in Indonesia concerning determinant of bank loan (Satria &
    Subegti, 2010), the effect of bank capital on performance (Raharjo, 2014; Subandi & Ghozali,
    2013; Thalib, 2016), bank risk (Kamaludin, Darmansyah, & Usman, 2015) and sustainability
    growth rate (Junaidi et al., 2019). Previous research only examined the effect of bank capital
    on lending, but did not recognized moderating effect of asset quality on lending growth. The
    novelty of this research is moderating effect of asset quality in relationship between bank capital
    on lending growth. This study proved that bad asset quality mitigates the positive effect of bank
    capital on lending growth. This finding proved “risk absorption” theory (Berger & Bouwman,
    2009; Diamond & Rajan, 2001). This results are in line with policies that have been made by
    Otoritas Jasa Keuangan (OJK) about maintaning capital adequacy ratio (minimum 8%) and
    non performing loan (maximum 5%). In addition, This findings suggests that bank must
    consider to manage its capital and asset quality before make future lending decision. Empirical
    studies on this research can be can be used as a consideration of the central bank to establish
    policies relating to bank asset quality, lending and capital adequacy that must be owned.

    2. HYPOTHESES DEVELOPMENT
    2.1. Bank Capital on Lending Growth
    There are some important connections between the level of bank capital and the strength of the
    lending channel. This study hypotheses can be explained based on the “risk absorption” theory,
    referred to by (Berger & Bouwman, 2009). The effect of bank capital on lending is positive
    under the “risk absorption” theory because bank capital enhances bank’s risk bearing capacity.
    Most studies focus on the linear relationship between bank capital ratio and lending (Berrospide
    & Edge, 2010; Francis & Osborne, 2012; Gambacorta & Mistrulli, 2004; Kim & Sohn, 2017;
    Moussa & Chedia, 2016; Rabab’ah, 2015; Satria & Subegti, 2010; Setiawan & Pratama, 2019),
    performance (Raharjo, 2014; Subandi & Ghozali, 2013; Thalib, 2016), risk-taking (Kamaludin
    et al., 2015), sustainability growth rate (Junaidi et al., 2019) or examine whether a structural
    change occurs following external shocks (Cornett et al., 2011; Gambacorta & Marques-Ibanes,
    2011; Ivashina & Scharfstein, 2010). Brei et al. (2013) and Carlson et al. (2013), however,
    capture the nonlinear effects of a change in the capital ratio on loan growth.
    According to Berrospide & Edge (2010), Gambacorta & Mistrulli (2004), Kim & Sohn
    (2017) proved that the value of CAR has a significant positive effect on lending growth. The
    greater the amount of capital, the higher financial ability to anticipate emergence of losses
    caused by large amount of credit given to debtors. Bank capital has a psychological impact on
    increasing banking confidence in providing credit. This arises because banks have more ability
    to overcome the risk of bad credit that may occur in the future due to investments in risk assets.
    Berger & Bouwman (2013) emphasizes the role of capital as a buffer to absorb shocks to
    earnings. Gambacorta & Mistrulli (2004) find that excess capital exerts a significantly positive
    effect on lending and that the effects of monetary policy and output shocks on bank lending
    differ depending upon the level of bank capitalization. Francis & Osborne (2012) show that
    banks increase their target capital ratios when capital requirements increase, and vice versa.
    Based on the explanation above, the research hypotheses is:

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  4. Ahmad Aziz Putra Pratama

    H1: Bank capital has a positive effect on lending growth.

    2.2. Asset Quality as Moderating Variable
    Banks that have high capital will become lowering their loans due to high bad asset quality as
    indicated by the increasing value of non performing loans (NPL). NPL shows credit quality
    related to default risk. The ratio of noncurrent loans to total loans reflects the quality of the bank
    loan portfolio. While this ratio is a backward-looking measure of loan quality. NPL reflect the
    health of banks through the amount of bad loans. The higher the level of NPL, the worse the
    portfolio quality is. Banks reduce lending by more substantial degrees as loan quality worsens.
    The greater of bad loans cause the loan uncollectible and the impact on bank losses.
    Nonperforming loans will reduce the value of assets owned, resulting in erosion of bank capital.
    There is a need for more capital injections if the value of bad loans and investments in risky
    assets becomes higher (Kim & Sohn, 2017). When banks have high NPL, banks are more likely
    to withhold credit in order to reduce the credit risk of loans. Banks that have a lot of bad loans
    will maintain their capital adequacy ratio in order to be able to cover declining value of assets
    due to investments in risk assets that cause bank losses. Based on the explanation above, the
    research hypotheses is:
    H2: The positive effect of bank capital will be mitigated by bad asset quality

    2.3. Control Variables on Lending Growth
    This study use the additional bank-specific characteristic variables that are considered in the
    literature as important control variables that affect bank lending. This research used three
    control variables such as liquidity level, firm size and bank performance. Liquidity level depicts
    the bank’s ability to absorb liquidity shocks. More liquid banks are able to provide more lending
    by drawing on their stock of liquid assets (Moussa & Chedia, 2016). On the other hand, higher
    liquid assets reduces the proportion of loans granted (Rabab’ah, 2015). According to the “too
    big to fail“ theory, large banks have incentives to take more risk and supplying of more credit
    (Kim & Sohn, 2017). However, large banks can diversify their portfolio in various activities.
    From this perspective, the size effect can be negative (Berger & Udell, 2006; Kim & Sohn,
    2017). Banks with high profitability have strong balance sheets because profitability is related
    to the quality and quantity of capital ratios. In contrast, a higher profitability might supply fewer
    loans to improve the quality of assets.

    3. METHOD, DATA, AND ANALYSIS
    Quantitative approach is used in this research because the data is presented in the form of
    numbers or nominal with systematic measurement through purposive sampling at 40 banks that
    listed on Indonesia Stock Exchange (IDX) in 2009-2018 period with 355 observations.
    Purposive sampling criteria used in this study are banking sector public companies listed on the
    Indonesia Stock Exchange (IDX), based on conventional principles and not sharia, the financial
    statements provide complete data, presented in rupiah currency (IDR), and does not include
    banking companies with incomplete data.
    Measurements were made based on the company’s financial statements. Research conducted
    to test hypotheses with statistical tools and measured data to produce general inference. This
    study used Fixed Effect Model with STATA Statistics Data Analysis 14.2 Special Edition
    Version as a statistical tool. Kim & Sohn (2017) recommends Fixed Effects Estimators as
    superior alternatives. Roodman (2009) also recommends Fixed Effects Estimators as superior
    alternatives to dynamic system Generalized Method of Moment (GMM). The Fixed Effects
    Method has been extensively used in the literature (Berrospide & Edge, 2010; Cornett et al.,
    2011; Francis & Osborne, 2012). As argued by Brei et al. (2013), nonrandomly selecting a

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  5. Does Asset Quality Matter in Relationship Between Bank Capital on Lending Growth?

    sample from the population of banks is also consistent with the choice of Fixed Effects
    Estimations. Sample selection and operational definitions of variables can be seen in Table 1
    and Table 2.
    Table 1. Sample selection
    Sample Total
    All observation 400
    Lagged observation (-) 40
    Outlayer (-) 5
    Total observation 355
    Note: Measurement through purposive sampling

    Table 2. Operational definitions of variables
    Variable Operational Definition Measurement
    Real growth rate of net (Net loant – net loant-1)/net
    Lending growth LOAN
    loans loant-1
    Value of capital adequacy Bank capital/risk weighted
    Bank capital CAR
    ratio assets
    Loan quality Noncurrent loans to loans NPL Noncurrent loans/total loans
    Ratio of liquid asset to total
    Liquidity level LIQ Total liquid assets/total assets
    assets
    Firm size Logarithm of total assets SIZE logarithm of total assets
    Bank
    Return on total assets ROA Net income/total assets
    performance
    The analysis model in this study was formulated as follows:

    𝐿𝑂𝐴𝑁𝑖,𝑡 = 𝛽0 + 𝛽1 𝐶𝐴𝑅𝑖,𝑡−1 + 𝛽2 𝑁𝑃𝐿𝑖,𝑡−1 + 𝛽3 (𝐶𝐴𝑅 ∗ 𝑁𝑃𝐿)𝑖,𝑡−1 + 𝛽4 𝐿𝐼𝑄𝑖,𝑡−1 + 𝛽5 𝑆𝐼𝑍𝐸𝑖,𝑡−1 + 𝛽5 𝑅𝑂𝐴𝑖,𝑡−1 + 𝑒𝑖,𝑡

    4. RESULTS AND DISCUSSION
    This research used 238 observation (exclude outlier data). Table 3 showed a statistical
    description of the research sample data. Table 4 showed the regression results from panel data
    processing.
    Table 3. Descriptive statistics results
    Variabel N Minimum Maximum Mean Standard Deviation
    LOAN 355 -0.3641 1.9981 0.2354 0.2993
    CAR 355 0.0802 0.8749 0.1987 0.0967
    NPL 355 0.0001 0.1228 0.0285 0.0217
    LIQ 355 0.1094 0.7004 0.3101 0.1561
    SIZE 355 11.3994 15.1216 13.891 0.8541
    ROA 355 -0.1173 0.0390 0.0127 0.0184
    The variable of lending growth (LOAN) has an average of 23.54% shows that the high level
    of credit disbursed by banks every year. The bank capital variable (CAR) has an average of
    19.87% shows the bank capital in this study can be categorized as healthy banks because it has
    value more than 8% (POJK Number 11/POJK.03/2016). The loan quality variable (NPL) has
    an average of 0.0285 less than 5% (POJK Nomor 1/POJK.03/2019) which implies that the
    average bank in this research sample has better loan quality .The variable bank liquidity level
    (LIQ) has an average of 31.01% implies that the banks have sufficient liquidity to manage risk.

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  6. Ahmad Aziz Putra Pratama

    The average firm size variable (SIZE) is 13.891. Bank performance variable (ROA) has an
    average of 1.27% indicates that banks in Indonesia have relatively low performance.
    Table 4. Panel data regression test results
    Dependent variable: LOAN (Lending growth)
    Regression: No Moderation Moderated Analysis
    Analysis model: (1) (2)

    Intercept **-1.942 *-2.122
    (0.021) (0.067)
    CAR (Bank capital) ***1.383 **1.846
    (0.008) (0.034)
    NPL (loan quality) *-2.312
    (0.082)
    CAR*NPL ***-7.321
    (0.008)
    LIQ (Liquidity level) ***0.072 **0.177
    (0.007) (0.019)
    SIZE (Firm size) ***0.178 ***0.188
    (0.005) (0.000)
    ROA (Bank performance) ***4.261 ***4.349
    (0.000) (0.000)

    Fixed Effect Yes Yes
    Observations 355 355
    R-Squared 0.214 0.285
    Source: STATA Statistics Data Analysis 14.2 Special Edition Version
    *** ,**,*, indicate significant at 1%, 5%, 10% level
    Based on the results of the regression test, the bank capital proxy by CAR has a significant
    positive effect on lending growth (coefficient 0.1383 with a significance

  7. Does Asset Quality Matter in Relationship Between Bank Capital on Lending Growth?

    operational activities against possible losses from the occurrence of bad loans (Ivashina &
    Scharfstein, 2010). The greater capital indicates that the bank is getting healthier (Latumaerissa,
    2014). Banks that have high capital will be better able to anticipate losses caused by increasing
    the amount of lending (Van den Heuvel, 2002). With better anticipation of losses, banks will
    be more daring to extend larger amounts of credit (Carlson et al., 2013).
    Capital performs such indispensable functions as providing a cushion of protection against
    risk and promoting public confidence in the long term viability of a financial firm. Moreover,
    capital has become the centerpiece of supervision and regulation (Rose & Hudgins, 2013). The
    capital accounts play several roles in supporting the daily operations and ensuring the long run
    viability of financial firms. In the first place, capital provides a cushion against the risk of failure
    by absorbing financial and operating losses until management can address the institution’s
    problems and restore its profitability. Second, capital provides the funds needed to charter,
    organize and operate a financial firm before other sources of funds come flowing in. Third,
    capital promotes public confidence and reassures creditors concerning an institution’s financial
    strength. Capital must also be strong enough to reassure borrowers that a lending institution
    will be able to meet their credit needs even if the economy turns down. Fourth, capital provides
    funds for development of new services and facilities. Most financial service providers
    eventually outgrow the facilities they start with. An infusion of additional capital will permit a
    financial firm to expand into larger quarters or build additional branch offices in order to keep
    pace with its expanding market and follow its customers. Fifth, capital serves as a regulator of
    growth, helping to ensure that growth is sustainable in the long run.
    Capital adequacy is needed if in the future there is bad credit that will reduce the value of
    assets, then what is reduced on the liability side is bank capital itself (Setiawan & Pratama,
    2019). Bank capital will be eroded because it is not possible the bank will reduce third party
    funds (deposits). Banks must reduce their own capital rather than their deposits (Rose &
    Hudgins, 2013). If the bank reduces their deposits, the depositors will not trust the bank. From
    this point of view, banks are considered unable to manage their risks and depositors will suffer
    losses due to declining value of their deposits. If the bank has a capital adequacy exceeding the
    requirements, the bank is considered to be better able to deal with credit risk.

    4.2. Moderating Effect of Asset Quality in Relationship between Bank Capital
    and Lending Growth
    NPL reflect the health of banks through the amount of bad loans. Banks that have high capital
    will become lowering their loans due to high bad asset quality as indicated by the increasing
    value of non-performing loans (NPL). The greater noncurrent loans cause the loan uncollectible
    and the impact on bank losses. When banks have high NPL, banks are more likely to withhold
    their lending in order to reduce the credit risk of loans.
    Maintaining credit quality is very important in making a profit. It is necessary to have an
    analysis of the prospective debtor so that the credit given is classified as healthy and current
    loans (Rose & Hudgins, 2013). Provision of credit without considering the level of credit quality
    can cause future losses. Nonperforming loans will reduce the value of assets owned, resulting
    in erosion of bank capital. Banks reduce lending by more substantial degrees as loan quality
    worsens. There is a need for more capital injections if the value of bad loans and investments
    in risky assets becomes higher (Kim & Sohn, 2017). When banks have high NPL, banks are
    more likely to withhold credit in order to reduce the credit risk of loans. Banks that have a lot
    of bad loans will maintain their capital adequacy ratio in order to be able to cover declining
    value of assets due to investments in risk assets that cause bank losses.

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  8. Ahmad Aziz Putra Pratama

    4.3. Effect of Control Variables on Lending Growth
    Liquidity level, firm size and bank performance have significant positive effect on lending
    growth. Liquidity level depicts the bank’s ability to absorb liquidity shocks. In theory, the
    higher liquidity ratio indicates that the bank is in a better position to meet its stochastic
    withdrawals (Chagwiza, 2014). More liquid banks are able to provide more lending by drawing
    on their stock of liquid assets (Moussa & Chedia, 2016). According to the “too big to fail“
    theory, large banks have incentives to take more risk amid high expectations of government
    bailout to prevent systemic risk, thereby enabling the supplying of more credit (Kim & Sohn,
    2017). The large banks benefit from economies of scale which reduces the cost of production
    and information gathering (Moussa & Chedia, 2016). Furthermore, banks with high
    profitability are likely to have strong balance sheets because profitability is related to the quality
    and quantity of capital ratios. Thus, a positive relationship between profitability and bank
    lending (Moussa & Chedia, 2016).

    5. CONCLUSION
    This study proved “risk absorption” theory on the relationship between bank capital and
    liquidity creation. The effect of bank capital on lending is positive under the “risk absorption”
    theory because bank capital enhances bank’s risk bearing capacity. The higher the bank’s
    capital, the greater the amount of credit that can be distributed. The novelty of this research
    examines the moderating effect of asset quality in relationship between bank capital on lending
    growth. The result proved that the positive effect of bank capital will be mitigated by bad asset
    quality. This findings are in line with policies that have been made by Otoritas Jasa Keuangan
    (OJK) about maintaning mininum capital adequacy ratio (8%) and non performing loan
    (maximum 5%).
    Bank management needs to pay attention to manage capital for measuring the ability of
    banks to provide loans and asset quality. Banks that want to extend their credit need to pay
    attention to these capital variables and managing their risk. With considering this condition,
    banks have greater ability to extend more loans. By analyzing capital adequacy and asset quality
    properly, banks can managed their risk very well. Investors can use the capital reference in
    assessing bank’s health. This information can be used by investors as a reference in determining
    investment choices in banking sector.
    Limitation of this study lies in the use of samples that only bank listed on Indonesia Stock
    Exchange (IDX). Next study may include non-go public and private bank. Better sample might
    represent population characteristics. the greater level of confidence desired, the more samples
    are needed. Further research will be even better if dividing the sample studied based on bank’s
    size. Suggestions for future researchers to add interval period, included crisis period or adding
    factors that affect lending growth from the external side of the banking such as macroeconomic
    factors so that the analysis can provide more accurate inference.

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