Pengaruh Kebijakan Struktur Modal terhadap Kinerja  Emiten Syariah di Jakarta Islamic Index

Muhammad Arif

doi:10.24952/masharif.v8i2.3213

Pengaruh Kebijakan Struktur Modal terhadap Kinerja Emiten Syariah di Jakarta Islamic Index

Muhammad Arif (Institut Agama Islam Negeri Padangsidimpuan, Indonesia)

Abstract

Penelitian ini bertujuan untuk menganalisis kebijakan struktur modal terhadap kinerja emiten di Jakarta Islamic Index (JII). Struktur modal pada emiten penerbit saham syariah berbeda dengan emiten non syariah karena adanya pembatasan utang berbasis bunga terhadap aset perusahaan yang diterapkan saat screening saham syariah. Metode yang digunakan adalah kuantitatif deskriptif verifikatif melalui pendekatan Partial Least Square (PLS). Populasi penelitian adalah seluruh emiten yang terdaftar di JII periode 2014 s.d 2018. Sampel yang digunakan adalah emiten yang konsisten terdaftar pada JII. Hasil penelitian membuktikan bahwa struktur modal yang digunakan oleh emiten syariah di JII memiliki pengaruh positif sebesar 52.1%. Hasil ini membuktikan bahwa emiten syariah di JII boleh mempergunakan komponen struktur modal yaitu utang dengan syarat harus dapat mendorong kinerja perusahaan dan bilamana utang yang digunakan hanya sebagai komponen pendorong nilai perusahaan (harga saham) tanpa dibuktikan dengan kinerja maka hasil yang didapatkan akan berdampak negative, hasil ini sesuai dengan trade off theory.

Abstract

This study aims to analyze the capital structure policy on the performance of issuers listed on the Jakarta Islamic Index (JII). The capital structure of Islamic stock issuers has different from non-Islamic issuers due to interest-based debt restrictions on company assets applied at the screening of Islamic stocks. The method used in this research is quantitative descriptive verification, which is analyzed the Partial Least Square (PLS). The population is all issuers registered in the JII for the period 2014 to 2018. The sample used that are consistently listed on the JII. The results study prove that the capital structure used by Islamic issuers in the JII has a positive effect of 52.1%. The results of this study prove that Islamic issuers in the JII may use the capital structure component, namely debt on the condition that it is able to encourage company performance and if debt is used only as a driving component of firm value (stock price) without being proven by performance, the results obtained will have a negative impact, this study are in accordance with the trade off theory.

Keywords

Capital Structure, Profitability, Company Value

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DOI: https://doi.org/10.24952/masharif.v8i2.3213