“…The number of studies on modelling a firm's profitability has increased in recent years (e.g., Hirsch and Schiefer, 2016;Lee and Alnahedh, 2016;Hongwei et al, 2017;Islam and Khan, 2019). Some of them focused on cultural/religion-oriented markets from consumer perspective (Aisyah, 2017;Mustafar et al, 2018;Nawawi, Roslin and Hamid, 2018;Shahid, Ahmed and Hasan, 2018;Sriminarti and Nora, 2018;Putri, Daryanti and Ningtias, 2019). However, there is a paucity of research attempts modelling the profitability of halal markets from firm and industry perspectives.…”