Penentu-Penentu Struktur Modal Perusahaan yang Sahamnya Masuk Jakarta Islamic Index

Astiwi Indriani, Endang Tri Widyarti

Abstract

Penelitian ini dilakukan untuk menganalisis faktor-faktor yang mempengaruhi struktur modal (Debt to Equity Ratio/DER) perusahaan yang sahamnya aktif dalam Jakarta Islamic Index periode tahun 2003-2005, dengan menggunakan variabel pertumbuhan penjualan, pertumbuhan aset, Return on Asset (ROA), ukuran perusahaan serta likuiditas. Penentuan struktur modal perusahaan yang efeknya masuk kategori efek syariah merupakan kebijakan yang diambil manajemen untuk memperoleh sumber dana yang dapat digunakan perusahaan secara maksimal dengan memenuhi ketentuan syariah. Dengan purposive sampling didapatkan sampel sebanyak 11 perusahaan. Hasil regresi menunjukkan bahwa ROA berpengaruh negatif, dan ukuran perusahaan (size firm)  berpengaruh positif terhadap DER.


This study investigates the factors that influence capital structure i.e. debt to equity ratio (DER). Sales growth, asets growth, Return on Aset (ROA), firm size and liquidity are used as independent variable The determination of capital structure is management policy to obtain  funds that can be used optimally. Syaria stocks have certain capital structure rule. Sample of this study is active stocks in Jakarta Islamic  Index traded in the period of 2003-2005. Using purposive sampling, 11 stocks are included as sample. The result shows that Return on Aset effect negatively and firm size has positive influence on Debt Equity Ratio.

Keywords

Growth of sales; Growth of assets; ROA; Size; Liquidity

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