PENGARUH STRUKTUR MODAL TERHADAP PROFITABILITAS EMITEN INDEKS SAHAM SYARIAH INDONESIA
DOI:
https://doi.org/10.14421/EkBis.2018.2.1.1098Keywords:
Struktur Modal, Pofitabilitas, Indeks Saham Syariah Indonesia (ISSI), Teori AgensiAbstract
Abstract
This study aims to examine the capital structure for the profitability of companies into the category of the Indonesian Syariah Stock Index (ISSI). This study uses a sample of 149 companies from 2011 to 2016 which are consistently included in the ISSI list. Return on Assets (ROA), Return on Equity (ROE) as the dependent variable. While Debt to Equity Ratio (DER), Short Term Debt (STD) and Long Term Debt (LTD). Statistical testing using panel data regression with the ramdom fixed effect method. The results of the study are the capital structure that is processed with DAR variable has a significant negative effect on the profitability of the company by measuring ROA and ROE, while the capital structure proxied by STD has a significant positive effect on the profitability of the company by measuring ROA and ROE
Abstrak
Penelitian ini bertujuan untuk mengkaji hubungan struktur modal terhadap profitabilitas perusahaan yang termasuk dalam kategori Indek Saham Syariah Indonesia (ISSI). Penelitian ini menggunakan sampel sebanyak 149 perusahaan dari tahun 2011 sampai 2016 yang secara konsisten masuk dalam daftar ISSI. Return on Assets (ROA), Return on Equity (ROE) sebagai variabel dependen. Sedangakan Debt to Equity Ratio (DER), Short Term Debt (STD) dan Long Term Debt (LTD). Pengujian statistik dengan menggunakan regresi data panel dengan metode ramdom fixed effect. Hasil dari penelitian adalah struktur modal yang di proksikan dengan variabel DAR berpengaruh negatif signifikan terhadap profitabilitas perusahaan dengan pengukuran ROA dan ROE, sedangkan struktur modal yang diproksikan dengan STD berpengaruh positif signifikan terhadap profitabilitas perusahaan dengan pengukuran ROA dan ROE
Downloads
Abstract viewed: 831 times
|
PDF downloaded = 648 times
Revisi Paper downloaded = 0 times
References
Abor, J. (2007). Debt policy and performance of SMEs: evidence from Ghanaian and South African firms. Journal of Risk Finance, 8(4), 364–379.
Abu-Rub, N. (2012). Capital Structure and Firm Performance: Evidence from Palestine Stock Exchange. Journal of Money, Investment and Banking, 23(1), 109–117.
Antoniou, Antonios, Yilmaz Guney, and K. P. (2008). The determinants of capital structure: Capital market-oriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis, 43, 58–92.
Balakrishnan, S. and F. (1993). Asset specificity, firm heterogeneity and capital structure. Strategic Management Journal, 14(1), 3–16.
Besley, Scott & Eugene F. Brigham. 2008. Essentials of Managerial Finance.
Chathoth, P.K. and Olsen, M. D. (2007). The effect of environment risk, corporate strategy, and capital structure on firm performance: an empirical investigation of restaurant firms. Hospitality Management, 26, 502–516.
Chowdhury, Anup & Suman Paul Chowdhury. (2010). Impact of capital structure on firm’s value: Evidence from Bangladesh. Business and Economic Horizons, 3, 111–122.
Cook, Douglas O., and T. T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16, 73–87.
Dawar, V. (2014). Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190–1206. https://doi.org/10.1108/MF-10-2013-0275
Demirguc-Kunt, A. and Maksimovic, V. (1999). Institutions, financial markets and firm debt maturity. Journal of Financial Economics, 54, 295–336.
Ebid, I. E. (2009). The impact of capital structure choice on firm performance: empirical evidence from Egypt. Journal of Risk Finance, 10(5), 477–487.
Fama, Eugene F., and K. R. F. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15, 1–22.
Gleason, K. C., Mathur, L. K., And, & Mathur, I. (2000). The interrelationship between culture, capital structure and performance: evidence from European retailers. Journal of Business Research, 50, 185–191.
Hafsah, Sri Sutra Sari. (2015). Analisis Struktur Modal Terhadap Kinerja Keuangan pada Perusahaan Properti dan Real Estate yang Terdaftar di BEI. Jurnal Riset Akuntansi Dan Bisnis, 15(1), 52–64.
Hasan, Md. Bokhtiar, A. F. M. Mainul Ahsan, Md. Afzalur Rahaman, and M. N. A. (2014). Influence of capital structure on firm performance: Evidence from Bangladesh. Nternational Journal of Business and Management, 9(184–194).
Hossain, Imran, & Md Akram Hossain. (2015). Determinants of capital structure and testing of theories: A study on the listed manufacturing companies in Bangladesh. International Journal of Economics and Finance, 115, 53–74.
Jensen, M. C. (1994). Self Interest, Altruism, Incentives, and Agency Theory. Journal of Applied Corporate Finance, 7, 40–45.
Kane, Alex, Alan J. Marcus, and R. L. M. (1984). How Big Is the Tax-Advantage to Debt. Journal of Finance, 39, 841–855.
Majumdar, S.K. and Chhibber, P. (1999). Capital structure and performance: evidence from a transition economy on an aspect of corporate governance. Public Choice, 98, 287–305.
Miller, Merton H., and M. S. S. (1978). Dividends and Taxes. Journal of Financial Economics, 6, 333–364.
Rouf, M. A. (2015). Capital structure and firm performance of listed non-financial companies in Bangladesh. The International Journal of Applied Economics and Finance, 9, 25–32.
Schiantarelli, F. and A. S. (1997). The maturity structure of debt, determinants and effects on firms performance, evi dence from the United Kingdom and Italy. World Bank Policy Research, Working Paper, 1699.
Shyam-Sunder, Lakshmi & Stewart C. Myers. 1999. Testing Static Trade-off against Pecking Order Models of Capital Structure. Journal of Financial Economics, 51, 219–244.
Simerly, R.L. and Li, M. (2000). Environmental dynamism, capital structure, and performance: a theoretical integration and an empirical test. Strategic Management Journal, 21, 31–49.
Singh, M. and Faircloth, S. (2005). The impact of corporate debt on long-term investment and firm performance. Applied Economics, 37(8), 875–883.
Singh, Shailender, & Amar Singh. (2018). Study on the Relationship of Firm ’ s Performance with Capital Structure-Evidence from Taiwan, 8(3), 307–314.
Van Horne, James C. & John M. Wachowicz, Jr. 2008. Fundamentals of Financial Management, Harlow: Pearson Education.
This work is licensed under a 