DETERMINAN STRUKTUR MODAL: STUDI EMPIRIS PADA PERUSAHAAN SHARIA COMPLIANCE DAN NON SHARIA COMPLIANCE DI INDONESIA

DWI MARTUTININGRUM, Prof. Dr. Eduardus Tandelilin, M.B.A.

2021 | Tesis | MAGISTER SAINS MANAJEMEN

Penelitian ini bertujuan untuk menganalisis pengaruh determinan struktur modal pada perusahaan terdaftar di Bursa Efek Indonesia (BEI) tahun 2011-2019. Sampel dipecah menjadi Sharia Compliance (SC) dan Non Sharia Compliance (NSC). Perusahaan SC disaring dengan konsistensinya terdaftar dalam daftar Indeks Saham Syariah Indonesia (ISSI) selama periode pengamatan. Profitabilitas, growth opportunities, ukuran perusahaan, tangibilitas, dan risiko bisnis dipilih sebagai determinan struktur modal sebagaimana dinyatakan sebagai determinan paling konsisten menurut literatur. Hasil penelitian menunjukkan profitabilitas sebagai determinan paling kuat dan konsisten pada sampel SC dan tangibilitas pada sampel NSC. Pengaruh yang beragam diperoleh dengan menggunakan pengukuran struktur modal nilai buku dan nilai pasar serta dengan sampel SC dan NSC. Setiap pengaruh yang dihasilkan merefleksikan pola keputusan pendanaan perusahaan.

This study aims to analyze the effect of the determinants of capital structure using Indonesian listed firms in Indonesia Stock Exchange (BEI) in 2011-2019. The sample is splitted into Sharia Compliance (SC) and Non Sharia Compliance (NSC) using the list from Indeks Saham Syariah Indonesia (ISSI). SC firms are screened for their consistency in the ISSI list during the observation period. Profitability, growth opportunities, firm size, tangibility, and business risk are chosen as determinants of capital structure as stated as the most consistent determinants according to literature. The results show that profitability is the strongest and the most consistent determinant for SC firms and tangibility for NSC firms. Various effects are obtained by utilizing book value and market value as the the measurement of the capital structure. The different sample measurements also contribute to the variation of the result. Each of the result reflects the company's funding decision pattern.

Kata Kunci : determinants of capital structure, profitability, growth opportunities, firms size, tangibility, business risk, book value, market value.