Abstract
The present paper examines the determinants of non-bank financial institutions' (NBFIs) profitability in a developing economy. Specifically working within the Malaysian financial sector, the analysis is confined to the universe of the merchant banks and finance companies operating in the Malaysian financial sector during the period 2000-2004. The results suggest that Malaysian NBFIs with a higher risk exhibits lower profitability level. On the other hand, the large Malaysian NBFIs with high operational expenses exhibits higher profitability level, thus supporting the expense preference behaviour hypothesis. The results suggest that specialisation has no significant relationship with Malaysian NBFIs profitability.
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