Pengaruh Yield Rate dan Inflasi terhadap Risiko Pembiayaan Mudharabah: Peran Pandemi Covid-19 sebagai Pemoderasi

Abstract

This study analyzes the functional relationship between the risks of mudharabah financing and the yield rate and inflation by placing the Covid-19 pandemic as a moderating variable. Using monthly data from 2014.6 to 2021.1, the applied quantitative model consists of linear regression and moderated regression analysis, which is then estimated using the ordinary least squares (OLS) approach. The study pointed out that the yield rate and inflation positively and significantly affect financing risk. Likewise, the Covid-19 pandemic also significantly increased mudharabah financing risk. The moderating effect of the pandemic on the influence of yield rates and inflation on financing risk is negative and significant. For pre-pandemics, the two predictor variables positively affect financing risk. The higher the yield rate and inflation, the higher the financing risk, and conversely, a decrease in yield rate and inflation significantly reduce financing risk. During a pandemic, the risk of mudharabah financing increased along with the decline of the yield rate and inflation.