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

Astiwi Indriani; Endang Tri Widyarti

doi:10.15294/jdm.v4i1.2424

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

Astiwi Indriani⁽¹⁾, Endang Tri Widyarti⁽²⁾,

DOI: https://doi.org/10.15294/jdm.v4i1.2424

(1) Banyumanik Barat No.6, Semarang
(2) Banyumanik Barat No.6, Semarang

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)Â 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 obtainÂ funds that can be used optimally. Syaria stocks have certain capital structure rule. Sample of this study is active stocks in Jakarta IslamicÂ 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

Full Text:

PDF

References

Abu, M. S. 2011 The Determinants of Capital Structure for Selected Bangladeshi Listed Companies. International Review of Business Research Papers. Vol. 7, No. 2, pp: 21-36.

Abzari, M., Fathi, S & Torosian A. 2012. Inter-Industry Differences in Capital Structure and Product Market Competition: Evidence from Iranian Companies. Interdisciplinary Journal Of Contemporary Research In Business. Vol. 3, No. 9, pp: 395-402.

Barclay, M. J & Smith, C. W. 2005. The Capital Structure Puzzle: The Evidence Revisited. Journal of Applied Corporate Finance. Vol. 17, No. 1, pp: 8-17.

BEJ. 2006. Indonesian Capital Market Directory. Edisi 2006. Jakarta.

Dehning, B., Richardson, Vernon, J & Zmudc, R. W. 2007. The Financial Performance Effects of IT-based Supply Chain Management Systems in Manufacturing Firms. Journal of Operations Management. Vol. 25, No. 4, pp: 806â€“824.

Fan, J. P. H., Titman, S & Twite, G. 2012. An International Comparison of Capital Structure and Debt Maturity Choices. Journal Of Financial And Quantitative Analysis. Vol. 47, No. 1, pp: 23â€“56.

Freedman, M & Jaggi, B. 2005. Global Warming, Commitment to The Kyoto Protocol, and Accounting Disclosures by The Largest Global Public Firms from Polluting Industries. The International Journal of Accounting. Vol. 40, No. 3, pp: 215â€“232.

Freund, C. 2005. Current Account Adjustment in Industrial Countries. Journal of International Money and Finance. Vol. 24, No. 8, pp: 1278â€“1298.

Ghafoor, A. K. 2012. The Relationship of Capital Structure Decisions with Firm Performance: A Study of the Engineering Sector of Pakistan. International Journal of Accounting and Financial Reporting. Vol. 2, No. 1, pp: 245-262.

Graham, J. R & Leary, M. T. 2011. A Review of Empirical Capital Structure Research and Directions for the Future. Annual Review of Financial Economics. Vol. 3, pp: 1-59. Â

Guney, Y., Li L & Fairchild, R. 2011. The Relationship between Product Market Competition and Capital Structure in Chinese Listed Firms. International Review of Financial Analysis. Vol. 20, pp: 41-51.

Harvey, C. R., Lins, K. V. & Roper, A. H. 2004. The Effect of Capital Structure when Expected Agency Costs are Extreme. Journal of Financial Economics. Vol. 74, No. 1, pp: 3â€“30.

Jakarta Stock Exchange. 2004. Jakarta.

Jakarta Stock Exchange. 2005. Jakarta.

Kartika, U. O & Wahyuni, N. 2011. Pengaruh Perubahan Komposisi Jakarta Islamic Index Terhadap Return Saham. Jurnal El-Qudwah. Vol. 1, No. 5, pp: 1-21.

Naha, S & Roy, M. 2011. Product Market Competition And Capital Structure Of Firms: The Indian Evidence. Journal of Quantitative Economics. Vol. 9, No. 2, pp: 140-153.

Ould, N. D. E & Farouk, S. 2011. Examining The Capital Structure Determinants: Empirical Analysis of Companies Traded on Abu Dhabi Stock Exchange. International Research Journal of Finance and Economics. Issue 67, pp: 82-96.

Safavian, M & Sharma, S. 2007. When Do Creditor Rights Work?. Policy Research Working Paper. pp: 2-48.

Saidi. 2004. Faktor-Faktor yang Memepengaruhi Struktur Modal pada Perusahaan Manufaktur Go Public di BEJ Tahun 1997-2002. Jurnal Ekonomi dan Bisnis. Vol. 11, No. 1, pp: 44-58.

Schmukler, S. L & Vesperoni, E. 2006. Financial Globalization and Debt Maturity in Emerging Economies. Journal of Development Economics. Vol. 79, pp: 183-207.

Shahjahanpour, A., Ghalambor, H & Aflatooni, A. 2010. The Determinants of Capital Structure Choice in the Iranian Companies. International Research Journal of Finance and Economics. Issue 56, pp: 167-178.

Sharma, D. S. 2005. The Association between ISO 9000 Certification and Financial Performance. The International Journal of Accounting. Vol. 40, No. 2, pp: 151â€“172.

Suresh, M. A & Kumar. 2012. A Study on Capital Structure with Special Reference to Pharmaceutical Industries in India. European Journal of Social Sciences. Vol. 29, No.3, pp: 343-354.

Vassalou, M & Xing, Y. 2004. Default Risk in Equity Returns. The Journal of Finance. Vol. 59, No. 2, pp: 831â€“868.

Zhang. 2006. Specification Tests of International Asset Pricing Models. Journal of International Money and Finance. Vol. 25, pp: 275-307.