Determinants of Capital Structure in Companies Listed in The Jakarta Islamic Index

Authors

  • Uus Ahmad Husaeni State Islamic University of Sharif Hidayatullah and Suryakancana University, Indonesia.

DOI:

https://doi.org/10.31436/ijema.v26i2.504

Keywords:

Capital structure, Internal factors, Multiple regression, Sharia issuer, Jakarta Islamic Index

Abstract

Capital structure is permanent financing consisting of long-term debt, preferred stock, and shareholder capital. Therefore, it is necessary to examine whether internal factors including company size, liquidity, ROA (Return on Assets) and sales growth affect the capital structure of companies listed in the Jakarta Islamic Index. This study aims at examining the effect of company size, liquidity, ROA and sales growth on the capital structure. The analysis used in this study was a multiple linear regression analysis. The results showed that company size, liquidity, ROA and sales growth have a significant influence on the capital structure of companies listed in the Jakarta Islamic Index, while the rest was explained by other factors not included in this study.

References

Abzari, M., S. Fathi., and A. Torosian. “Inter-Industry Differences in Capital Structure and Product Market Competition: Evidence from Iranian Companies.†Interdisciplinary Journal of Contempo¬rary Research in Business 3 (2012): 395-402.

Dehning, B., J. Richardson, Vernon., and R.W. Zmudc. “The Financial Performance Effects of IT-based Supply Chain Management Systems in Manufacturing Firms.†Journal of Operations Management 25 (2007): 806–24.

Freedman, M., and B. Jaggi. “Global Warming, Commitment to The Kyoto Protocol, and Account¬ing Disclosures by The Largest Global Public Firms from Polluting Industries.†The International Journal of Accounting 40 (2005): 215-35.

Freund, C. “Current Account Adjustment in Industrial Countries.†Journal of International Money and Finance 24 (2005): 1278-98.

Ghafoor, A.K. “The Relationship of Capital Structure Decisions with Firm Performance: A Study of the Engineering Sector of Pakistan.†International Journal of Accounting and Financial Reporting 2 (2012): 245-62.

Graham, J.R., and M.T. Leary. “A Review of Empirical Capital Structure Research and Directions for the Future.†Annual Review of Financial Economics 3 (2011): 1-59.

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

Hasan, H. Mudrika. “Analisis FaktorFaktor yang Mempengaruhi Struktur Modal.†Jurnal Tepak Managerial Magister Management UNRI 6 (2006): 121-37.

Hassa, Nurrohim. “Pengaruh Profitabilitas, Fixed Aset Ratio, Kontrol Kepemilikan, dan Struktur Aktiva Terhadap Struktur Modal pada Perusahaan Manufaktur di Indonesia.†SINERGI 10 (2008): 11-8.

Hendri, Setyawan., Sutapa. “Analisis Faktor Penentu Struktur Modal: Studi Empiris pada Emiten Syariah di Bursa Efek Jakarta Tahun 2001-2004.†Jurnal Akuntansi dan Keuangan 5 (2006): 203-15.

Husaeni, U.A. “Determinan Profitabilitas pada Bank Pembiayaan Rakyat Syariah di Indonesia.†Ekspansi 9 (2017): 155-63.

Husnan, S. Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. Yogyakarta: UPP AMP YKPN, 2001.

Indriani, A., dan E.T. Widyarti. “Penentu-penentu Struktur Modal Perusahaan yang Sahamnya Masuk Jakarta Islamic Index.†Jurnal Dinamika Manajemen 4 (2013): 59-68.

Joni., dan Lina. “Faktor-Faktor Yang Mempengaruhi Struktur Modal.†Jurnal Bisnis Dan Akuntansi 12, no. 2 (2010): 82-97.

Kartadinata, A. Pembelanjaan, Jakarta: Rineka Cipta, 1999.

Kartika, U.O., dan N. Wahyuni. “Pengaruh Perubahan Komposisi Jakarta Islamic Index Terhadap Return Saham.†Jurnal El-Qudwah 1 (2011): 1-21.

Kartika, Andi. “Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Manufaktur Yang Go Public di BEI.†Dinamika Keuangan dan Perbankan 1 (2009): 105-22.

Kartini., Arianto, Tulus. “Struktur Kepemilikan, Profitabilitas, Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal pada Perusahaan Manufaktur.†Jurnal Keuangan dan Perbankan 12 (2008): 11-21.

Margaretha, F., dan A.R. Ramadhan. “Faktor-Faktor Yang Mempengaruhi Struktur Modal Pada Industri Manufaktur Di Bursa Efek Indonesia.†Jurnal Bisnis Dan Akuntansi 12 (2010): 119-30.

Naha, S., and M. Roy. “Product Market Competition and Capital Structure of Firms: The Indian Evidence.†Journal of Quantitative Economics 9 (2011): 140-53.

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

Prabansari, Y., dan H. Kusuma. “Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Go Public di Bursa Efek Jakarta.†Sinergi Kajian Bisnis dan Manajemen 1 (2005): 1-15.

Riyanto, B. Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta: Yayasan BPFE, 2001.

Safavian, M., and S. Sharma. “When Do Creditor Rights Work?†Policy Research Working Paper (2007): 2-48.

Saidi. “Faktor-Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Manufaktur Go Public di BEJ Tahun 1997-2002.†Jurnal Ekonomi dan Bisnis 11 (2004): 44-58.

Sartono, R.A. Manajemen Keuangan: Teori dan Aplikasi. Yogyakarta: BPFE, 1998.

Schmukler, S.L., and E. Vesperoni. “Financial Globalization and Debt Maturity in Emerging Economies.†Journal of Development Economics 79 (2006): 183-207.

Sharma, D.S. “The Association between ISO 9000 Certification and Financial Performance.†The International Journal of Accounting 40 (2005): 151-72.

Subiyantoro, Edi., and F. Andreani. “Analisis faktor-faktor yang mempengaruhi harga saham (Kasus perusahaan jasa perhotelan yang terdaftar di pasar modal Indonesia).†Jurnal Manajemen dan Kewirausahaan 5 (2004): 171-80.

Suresh, M.A., Kumar. “A Study on Capital Structure with Special Reference to Pharmaceutical Industries in India.†European Journal of Social Sciences 29 (2012): 343-54.

Vassalou, M., and Y. Xing. “Default Risk in Equity Returns.†The Journal of Finance 59 (2004): 831-68.

Wijiyanti, Imelda., N. Anastasia., and Y.W. Gunawan. “Analisis Faktor Fundamental dan Risiko Sistematik Terhadap Harga Saham Properti di BEJ.†Jurnal Akuntansi dan Keuangan 5 (2005): 123-32.

Weston, J.F., dan E.F. Bringham. Manajemen Keuangan. Jakarta: Binarupa Aksara, 1998.

______, dan T.E. Copeland. Manajemen Keuangan. Jakarta: Binarupa Aksara, 1999.

Yanuar, Nanok. “Capital Structure Determinant di Indonesia.†Akuntabilitas 6 (2008): 122-7.

Zhang, X. “Specification Tests of International Asset Pricing Models.†Journal of International Money and Finance 25, no. 2 (2006): 275-307.

Downloads

Published

2018-12-28

How to Cite

Husaeni, U. A. (2018). Determinants of Capital Structure in Companies Listed in The Jakarta Islamic Index. International Journal of Economics, Management and Accounting, 26(2), 443–456. https://doi.org/10.31436/ijema.v26i2.504

Issue

Section

Articles